（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。 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company reported a revenue of 307 million yuan for the first half of 2025, representing a year-on-year increase of 17.60%, and a net profit of 108 million yuan, up 59.01% year-on-year [1] - The growth in revenue is primarily driven by increased sales of ARA and DHA products to domestic customers, supported by new national standards, fertility subsidies, and a shift in major clients from fish oil DHA to algae oil DHA [2] - The company has improved its profit margins significantly, with a gross margin nearing 50% and a net margin of 35%, both up by 8 and 9 percentage points respectively compared to the previous year [2] - The company is leveraging synthetic biology and AI to enhance its product offerings and expand into new application areas, including the development of high-value molecules and enzymes [3] - The company has a strong product pipeline, particularly in the HMO sector, with 2'-FL receiving approval and a production capacity of 200-300 tons per year [3] Financial Performance - For 2025, the company is projected to achieve total revenues of 702.42 million yuan, with net profits of 176.95 million yuan, reflecting significant growth rates of 26.43% and 42.46% respectively [4] - The company’s EBITDA is expected to reach 255.72 million yuan in 2025, with a steady increase in subsequent years [5] - The earnings per share (EPS) is projected to grow from 0.54 yuan in 2023 to 1.05 yuan in 2025 [5] Market Position - The company operates in the basic chemicals and chemical products industry, with a current market capitalization of approximately 4.78 billion yuan [7] - The company has a total share capital of 168.31 million shares, with a net asset value per share of 9.66 yuan [7]

Group 1 - The company reported a significant increase in performance for H1 2025, with revenue reaching 307 million yuan, a year-on-year growth of 17.6%, and net profit attributable to shareholders increasing by 59.0% and 88.5% for the non-deduction and deduction cases respectively [1] - In Q2 2025, revenue was 151 million yuan, showing a year-on-year increase of 4.8%, while net profit attributable to shareholders was 63 million yuan and 59 million yuan, reflecting year-on-year growth of 44.5% and 71.4% respectively [1] - The company maintains its profit forecasts for 2025-2027, predicting net profits of 192 million, 230 million, and 276 million yuan, with corresponding EPS of 1.14, 1.37, and 1.64 yuan, indicating a PE ratio of 24.8, 20.7, and 17.2 times [1] Group 2 - The domestic market continues to benefit from the new national standards, driving growth in ARA and DHA, with expectations for continued revenue growth in H2 2025 [2] - The gross profit margin has significantly improved, with a year-on-year increase of 7.24 percentage points and a quarter-on-quarter increase of 1.87 percentage points, attributed to scale effects and reduced costs [2] - The net profit margin for Q2 2025 reached 41.76%, with a year-on-year increase of 11.46 percentage points, indicating strong profitability [2] Group 3 - The restructuring target, Ouyi Biological, has committed to a cumulative net profit of no less than 270 million yuan from 2025 to 2027, averaging 90 million yuan per year, indicating high growth potential [3] - Ouyi Biological is in the early stages of multi-omics analysis, with significant opportunities for overseas market expansion and technological application [3] - The completion of the asset restructuring is expected to enhance the company's foundational R&D capabilities and accelerate new product development [3]

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 ...

Core Viewpoint - The Ministry of Industry and Information Technology of China has announced the first batch of iconic biomanufacturing products, including 36 items, with Jia Bi You Biotechnology's 2'-fucosyllactose (2'-FL) recognized for its biomanufacturing capabilities [1][2]. Group 1: Biomanufacturing Product Recognition - The selection of iconic biomanufacturing products aims to promote original and disruptive technological advancements in the biomanufacturing sector, accelerating the transformation of innovative results into productive capabilities [2]. - 2'-FL is a human milk oligosaccharide (HMO) that is the most abundant in breast milk, known for its physiological activities that support the development of newborns' gut and immune systems [2]. Group 2: Jia Bi You's Technological Advancements - Jia Bi You is one of the earliest companies in China to focus on HMO research, initiating its synthetic biology project for HMOs in 2012 [5]. - The company employs advanced techniques such as metabolic engineering and integrated engineering technologies to enhance the industrialization of HMOs, achieving high production efficiency and product purity [5]. Group 3: Production and Market Potential - By the end of 2023, Jia Bi You's HMOs products have passed biosafety reviews, with 2'-FL approved as a food nutrition enhancer and production licenses obtained [6]. - The company has achieved high production levels for several HMOs, with 2'-FL, 3-FL, and LNT reaching international advanced levels, while 3'-SL, 6'-SL, and LNnT meet domestic advanced standards [6]. - The market for HMOs is expected to expand due to increasing consumer demand for health foods and advancements in HMO industrialization technology, driving upgrades in infant formula, adult nutrition, and functional foods [6]. Group 4: Future Collaborations and Innovations - Jia Bi You plans to collaborate with well-known dairy companies and continue market development in regions where HMO regulations have been established [7]. - The company is set to open a new research and innovation center in Wuhan in 2025, focusing on synthetic biology and integrating cutting-edge technologies to create a comprehensive biomanufacturing ecosystem [7]. - The promotion of the first batch of iconic biomanufacturing products is expected to stimulate innovation in China's biomanufacturing sector, contributing to high-quality industry development and enhancing China's global position in biomanufacturing [7].

Group 1 - The core viewpoint of the report is that Cabbie You (嘉必优) is rated as a "buy" due to its strong performance indicators in Q2 and overall growth potential [2] - Q2 revenue growth is robust, driven by domestic business, indicating a positive trend in the company's financial health [2] - The gross profit margin in Q2 continues to rise, and net profit shows excellent performance, reflecting effective cost management and operational efficiency [2] - The company is actively pursuing mergers and acquisitions, indicating a strategy of diversification and expansion [2]

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported strong performance in Q2, with revenue of 307 million yuan, a year-on-year increase of 17.60%, and a net profit attributable to shareholders of 108 million yuan, up 59.01% year-on-year [1][3]. - The domestic business has driven growth, particularly in the context of the new national standard for milk powder, while overseas revenue remained stable [3]. - The company's gross margin in Q2 reached 50.63%, an increase of 7.24 percentage points year-on-year, attributed to improved capacity utilization and cost reduction [3]. - The company is actively pursuing mergers and acquisitions, with ongoing collaborations with existing clients and new partnerships, such as with Abbott [3]. Financial Summary - For the first half of 2025, the company achieved total revenue of 307 million yuan, with a net profit of 108 million yuan [1]. - The projected financials for 2025-2027 include an EPS of 0.99 yuan, 1.14 yuan, and 1.30 yuan, respectively, with corresponding P/E ratios of 30X, 26X, and 23X [3][4]. - The company expects continued growth in ARA and DHA products, with potential new applications for HMO in the domestic market [3].

Core Viewpoint - The company, Jiabiou, reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by core product sales and market expansion [2][3][4]. Financial Performance - Jiabiou achieved a revenue of 307 million yuan, representing a year-on-year increase of 17.6% [2] - The net profit attributable to shareholders reached 108 million yuan, marking a year-on-year growth of 59.01% [2] - The non-deductible net profit was approximately 99.92 million yuan, with an impressive growth of 88.51% year-on-year [2] - The overall gross margin improved from 42.09% in the same period of 2024 to 49.68% in 2025 [4] Core Product Growth - The growth in revenue was primarily driven by the sales of core products ARA and DHA, with increasing demand due to new national standards for infant formula and rising maternal consumption [3] - Jiabiou has established long-term partnerships with major companies such as Nestlé and Danone, expanding its market presence to over 30 countries [3] Profitability Enhancement - The significant increase in net profit outpaced revenue growth, indicating improved profitability due to enhanced production efficiency and optimized product and customer structures [4] - The company reduced sales expenses by 24.32% year-on-year, contributing to increased profit margins [4] Emerging Business Opportunities - Jiabiou's entry into the cosmetics market with its product, N-acetylgalactosamine, opens new market opportunities, driven by consumer demand for natural and effective cosmetic ingredients [5] - The company is leveraging its synthetic biology platform to develop high-value products, enhancing its competitive edge in the industry [6] Industry Outlook - The market for nutritional supplements and functional foods is expected to grow, benefiting Jiabiou as a leading supplier in the microbial synthesis nutrient sector [6][7] - The company is well-positioned to capitalize on trends in human nutrition, animal nutrition, and cosmetics, with a focus on high-quality products and innovative technologies [7][8]

Core Insights - The company reported a total revenue of 307 million yuan for the first half of 2025, marking an increase of 45.9 million yuan compared to the same period last year, achieving a 17.6% year-on-year growth [1] - The net profit attributable to shareholders reached 108 million yuan, an increase of 40.1 million yuan from the previous year, reflecting a 59.01% year-on-year growth [1] - The net cash inflow from operating activities was 118 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 11.01% [3] - The gross profit margin is 49.68%, up 0.92 percentage points from the previous quarter, and has increased by 7.59 percentage points year-on-year [3] - The return on equity (ROE) is 6.64%, an increase of 2.14 percentage points compared to the same period last year [3] - The diluted earnings per share (EPS) is 0.64 yuan, up 0.24 yuan year-on-year, representing a 60% increase [3] - The total asset turnover ratio is 0.17 times, an increase of 0.01 times year-on-year, reflecting an 8.35% growth [3] - The inventory turnover ratio is 0.99 times [3] Shareholder Structure - The number of shareholders is 8,278, with the top ten shareholders holding a total of 90.09 million shares, accounting for 53.53% of the total share capital [3] - The largest shareholder is Wuhan Xiwang Biological Engineering Co., Ltd., holding 44.1% of the shares [3]