Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company reported a total revenue of 307 million yuan in H1 2025, representing a year-on-year increase of 17.60%, and a net profit attributable to the parent company of 108 million yuan, up 59.01% [1] - The growth in revenue is primarily driven by the domestic market, with domestic product sales increasing by 28.66% year-on-year, while overseas product sales grew by 2.38% [2] - The company's gross margin improved to 49.68% in H1 2025, an increase of 7.59 percentage points year-on-year, attributed to enhanced production efficiency and cost optimization [3] - The demand for ARA and DHA, key products of the company, is expected to grow due to the implementation of new national standards for infant formula and the expiration of major patents held by competitors [4] Summary by Sections Financial Performance - In H1 2025, the company achieved a gross profit margin of 49.68%, with a net profit margin of 35.19%, reflecting strong operational efficiency [3] - The company’s sales expenses decreased by 24.32% year-on-year, while management expenses increased by 21.84% due to acquisition-related costs [3] Market Opportunities - The new national standards for infant formula, effective from February 22, 2023, are expected to drive demand for ARA and DHA [4] - The expiration of DSM's major patents in June 2023 presents an opportunity for the company to increase its market share in overseas ARA sales [4] - The Omega-3 market, particularly for DHA, is expanding into functional foods and clinical nutrition, indicating strong demand across various consumer segments [4] Profit Forecast - The company is projected to achieve net profits of 175.21 million yuan, 212.09 million yuan, and 251.48 million yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 41.06%, 21.05%, and 18.57% [5]

证券之星消息，8月21日，嘉必优（688089）融资买入1702.03万元，融资偿还1237.67万元，融资净买入 464.36万元，融资余额1.73亿元，近3个交易日已连续净买入累计2701.48万元。 | 交易日 | 融资净买入(元) | 融资余额(元) | 占流通市值比 | | --- | --- | --- | --- | | 2025-08-21 | 464.36万 | 1.73亿 | 3.67% | | 2025-08-20 | 270.16万 | 1.68亿 | 3.52% | | 2025-08-19 | 1966.96万 | 1.66亿 | 3.48% | | 2025-08-18 | 320.12万 | 1.46亿 | 2.95% | | 2025-08-15 | -268.69万 | 1.43亿 | 2.98% | 融券方面，当日无融券交易。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 融资融券余额1.73亿元，较昨日上涨2.76%。 | 交易日 | 两融余额(元) | 余额变动(元) | 变动幅度 | | ...

Group 1 - The core point of the news is that Jia Bi You (688089) has seen significant financing activity, with a net financing purchase of 270.16 million yuan on August 20, 2025, and a cumulative net purchase of 2,557.25 million yuan over the last three trading days [1][2][3] - On August 20, 2025, the financing balance reached 1.68 billion yuan, reflecting a 1.63% increase from the previous day [2][3] - The financing net purchases for the previous trading days were 1,966.96 million yuan on August 19 and 320.12 million yuan on August 18, indicating a strong upward trend in investor interest [2][3] Group 2 - The financing balance as a percentage of the circulating market value was 3.52% on August 20, 2025, showing a slight increase from 3.48% on August 19 [2] - The overall margin trading balance (financing and securities lending) was 1.68 billion yuan on August 20, 2025, with a notable increase in activity compared to previous days [3] - There were no securities lending transactions reported on August 20, 2025, indicating a focus solely on financing activities during this period [1][2]

Group 1: Fixed Income Market Insights - The fixed income market has shown a "N" shaped trend this year, with a "see-saw" effect between stocks and bonds re-emerging as market dynamics shift [1][25] - The bond market's main narrative has changed, indicating that current market behavior is driven more by risk appetite and asset reallocation rather than fundamental or liquidity factors [25][26] - The "look at stocks, act on bonds" strategy may continue in the third quarter, with the 10-year government bond yield expected to stabilize in the range of 1.75%-1.80% [1][28] Group 2: Banking Sector Performance - In the first half of 2025, commercial banks reported a net profit of 1.24 trillion yuan, a year-on-year decrease of 1.20%, but with signs of marginal improvement compared to the first quarter [3] - City commercial banks showed the most significant performance improvement, with a total profit of 176.9 billion yuan, a year-on-year decrease of 1.10% but a notable increase in growth rate [3] - The outlook for the banking sector suggests that net interest margins may stabilize in the short term due to regulatory controls on deposit renewals and interbank rates [3] Group 3: Company-Specific Developments - Baiyunshan (600332) achieved a revenue of 41.835 billion yuan in the first half of 2025, a year-on-year increase of 1.93%, with a net profit of 2.516 billion yuan, down 1.31% [6] - The company is focusing on expanding its health product segment and enhancing its international market presence, with significant growth in overseas revenue [6][9] - The company has adjusted its revenue forecasts for 2025-2026 due to increased competition and insufficient demand, lowering expected revenues to 78.013 billion yuan and 81.185 billion yuan respectively [9] Group 4: Energy Sector Insights - Kunlun Energy (00135) reported a revenue of 97.543 billion yuan in the first half of 2025, a year-on-year increase of 4.97%, with a total gas sales volume growth of 10.05% [42][43] - The company's LNG processing and transportation segment performed well, achieving record profitability despite a slight decrease in revenue [43][44] - The outlook for the energy sector remains positive, with expectations for continued growth in gas sales and operational efficiency improvements [43][44] Group 5: Retail and Consumer Goods - Xiaoshangcheng (600415) reported a revenue of 7.713 billion yuan in the first half of 2025, a year-on-year increase of 13.99%, with a net profit growth of 16.78% [10] - The company is focusing on expanding its trade services and has successfully completed trials for various consumer goods, indicating strong potential for future growth [10] - The outlook for the retail sector is optimistic, with expectations for continued growth driven by new market openings and the Belt and Road Initiative [10]

（文章来源：每日经济新闻） 天风证券8月20日发布研报称，给予嘉必优（688089.SH，最新价：28.4元）买入评级。评级理由主要包 括：1）主业——2025H1业绩高增长，受益多维因素驱动；2）拓新——合成生物+AI，加速新领域拓展 效率；3）研发方面，公司生物信息学平台已在本地部署了deepseek-R1大模型；4）成果方面，公司已 拥有较多产品储备，尤其在HMO领域。双方将结合时空多组学等组学技术。风险提示：国际贸易/食品 安全风险，投资及新业务、新产品开发不及预期。 ...

事件：公司发布 2025 年半年报，25H1 实现营收 3.07 亿元，同比增 17.60%， 归母净利润 1.08 亿元，同比增 59.01%；其中单 Q2 实现营收 1.51 亿元，同 比增 4.84%，归母净利润 0.63 亿元，同比增 44.47%，环比增 39.91%。 1、主业——25H1 业绩高增长，受益多维因素驱动： 公司营收同比增长，主要为对国内客户的 ARA 和藻油 DHA 产品销量增加 所致。核心产品下游需求增长的驱动力主要有四：1）得益于新国标对老 国标产品的替换；2）生育补贴促进母婴消费市场回暖；3）头部奶粉品牌 行业集中度提升，核心客户销量增长贡献明显；4）部分大客户藻油 DHA 替换鱼油 DHA 进程加快；公司利润率大幅增长，其中毛利率近 50%，净利 率达 35%，分别较上年同期提升 8 和 9pct。除下游需求旺盛外，更得益于 公司产能效率的提升带来的降本增效。 2、拓新——合成生物+AI，加速新领域拓展效率 公司基于合成生物学底层技术能力，不断推出新的具有生物活性的高价值 分子，持续拓展新的应用场景和新的服务领域： 公司报告 | 半年报点评 嘉必优（688089） 证券研究 ...

2025H1 国内市场新国标红利持续兑现是ARA 与DHA 增长主要驱动因素。 2025Q2 预计国内市场营收仍有增长，国际市场营收因高基数略有所下降（主因雀巢、达能2024Q2 担忧 航运紧张囤货较多）。当前来看，2025Q2 收入环比2025Q1基本持平，连续三个季度收入规模维持在1.5 亿以上，势头依然较好。展望2025H2， DHA 在替代鱼油、健康食品应用等方向上有望带来新增量。 2025H1 业绩高增 2025H1 收入3.07 亿元，同比增17.6%；扣非前后归母净利润1.08 亿、1.00 亿元，同比增59.0%、 88.5%。2025Q2 营收1.51 亿元，同比增4.8%，扣非前后归母净利润0.63、0.59 亿元，同比增44.5%、 71.4%。收购尚未完成，不考虑欧易生物并购后的影响，仅预测上市公司原有业务部分，我们维持2025- 2027 年归母净利润1.92/2.30/2.76 亿元预测，对应EPS 预测1.14/1.37/1.64 元，当前股价对应 24.8/20.7/17.2 倍PE，资产重组有望打开发展空间，维持"买入"评级。 收入规模维持高位，2025H2 有望再接再厉 重 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a record high quarterly profit, maintaining an optimistic outlook for the second half of 2025 [4] - The company's revenue for H1 2025 reached 307 million yuan, a year-on-year increase of 17.6%, with net profit attributable to the parent company growing by 59.0% and 88.5% for the non-deduction and deduction cases respectively [4][5] - The acquisition of Ouyisheng Biological is anticipated to enhance the company's development potential, with a projected cumulative net profit of no less than 270 million yuan from 2025 to 2027 [7] Financial Performance - In Q2 2025, the company's revenue was 151 million yuan, a year-on-year increase of 4.8%, with net profit attributable to the parent company increasing by 44.5% and 71.4% for the non-deduction and deduction cases respectively [4][5] - The gross profit margin in Q2 2025 improved significantly, with a year-on-year increase of 7.24 percentage points, reaching 41.76% [6] - The company forecasts net profits of 192 million, 230 million, and 276 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS predictions of 1.14, 1.37, and 1.64 yuan [4][9] Market Outlook - The domestic market is benefiting from new national standards, driving growth in ARA and DHA products [5] - The company expects continued revenue growth in the domestic market for Q2 2025, while international market revenue may slightly decline due to high base effects [5] - The second half of 2025 is expected to bring additional growth opportunities in the health food sector, particularly for DHA products [5] Valuation Metrics - The current stock price corresponds to P/E ratios of 24.8, 20.7, and 17.2 for the years 2025, 2026, and 2027 respectively [4][9] - The company’s total market capitalization is 4.753 billion yuan, with a circulating market capitalization also at 4.753 billion yuan [1]

据证券之星公开数据整理，近期嘉必优（688089）发布2025年中报。截至本报告期末，公司营业总收入 3.07亿元，同比上升17.6%，归母净利润1.08亿元，同比上升59.01%。按单季度数据看，第二季度营业 总收入1.51亿元，同比上升4.84%，第二季度归母净利润6295.5万元，同比上升44.47%。本报告期嘉必 优盈利能力上升，毛利率同比增幅18.03%，净利率同比增幅36.4%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率49.68%，同比增18.03%，净利率34.68%，同比 增36.4%，销售费用、管理费用、财务费用总计2765.15万元，三费占营收比9.01%，同比减18.49%，每 股净资产9.66元，同比增7.64%，每股经营性现金流0.7元，同比减5.17%，每股收益0.64元，同比增 60.0% 短期借款变动幅度为872.72%,原因:取得银行贷款。 合同负债变动幅度为-40.49%,原因:结转收入。 长期借款变动幅度为129.61%,原因:取得银行借款。 交易性金融资产变动幅度为32290.69%,原因:购买银行理财未到期。 | 项目 | 2024年中报 | 2025年中报 ...

（HMOs）/2'-岩藻糖基乳糖（2'-FL) 嘉必优是中国最早关注和投入HMOs研发的企业之一，自2012年起启动合成生物学技术合成HMOs项 目。嘉必优通过CRISPR联合转座等基因编辑策略对底盘细胞进行遗传改良，将HMOs合成线路整合至 底盘细胞基因组上，使得产物表达更加稳定，并通过代谢流分析，找出关键限速步骤，进一步提升产 量。 为了实现高效的HMOs生物制造，嘉必优采用了代谢工程改造、工程化技术集成等多种先进的技术工 艺，加速HMOs产品产业化。嘉必优2'-FL通过大肠杆菌工程菌株发酵生产，遗传操作背景清晰，生物安 全性高；通过理性设计及突变文库构建、高通量筛选的组合策略，筛选出对底物具有高特异性的关键 酶，减少了副产物的生成， 较大幅度提升了产品纯度和生产效率，极大的发挥了生物制造的可持续发 展优势，推进绿色生物制造研究。 【新华企业资讯8月19日】7月31日，工业和信息化部公示首批生物制造标志性产品名单，共36项产品入 选，涵盖生物材料、生物化工、生物医药等多个领域。嘉必优生物技术（武汉）股份有限公司申报的 2'-岩藻糖基乳糖（2'-FL）成功入选，标志着嘉必优的生物制造实力获国家高度认可。 | ...