Core Viewpoint - Guilin Rhein Biotech Co., Ltd. reported a sales revenue growth of over 15% in the first half of 2025, but profits were under pressure due to industry competition, increased depreciation, and tariffs [1]. Group 1: Business and Performance - The company’s sales revenue growth exceeded 15% in the first half of 2025, but profits faced challenges from competitive pressures, rising depreciation costs, and tariffs [1]. - The company’s Vice General Manager and Board Secretary, Luo Huayang, participated in an online communication with nine institutions, including Zheshang Securities and Tianfeng Securities, to discuss operational performance [1]. Group 2: Raw Material and Product Price Trends - The purchase price of monk fruit raw materials is expected to remain stable this year, while the price of stevia raw materials is anticipated to be similar to last year [2]. - Some specifications of stevia products have seen slight price declines due to industry competition, but raw material costs are expected to support price stability [2]. - The price of monk fruit extracts is projected to rise as raw material prices recover [2]. Group 3: Product Development and Market Position - Rhein Biotech holds exclusive technology for the industrialization of stevia glycoside RM2, which is noted for its good taste, compatibility, and relatively controllable costs [2]. - The domestic certification for RM2 is dependent on government approval, while it has already received GRAS certification from the FDA in the U.S. and is in discussions with clients for cooperation [2]. - The company expects its synthetic biology workshop capacity to meet market demand within the next 2-3 years [2]. Group 4: Industrial Hemp Business - Despite potential policy adjustments regarding hemp by the U.S. President, there has not been a significant market recovery [2]. - The Indiana factory has been transformed into a comprehensive extraction facility, and the company will actively follow up if demand for industrial hemp revives [2]. Group 5: Competitive Advantages and Future Outlook - Rhein Biotech enhances its competitiveness through technological innovation and expanding application scenarios, particularly in synthetic biology and emerging markets like pet nutrition [2]. - The utilization rate of the new stevia extraction factory is expected to reach 40-50% for the year, with a significant increase anticipated after new raw materials are launched in September [2]. - The Indiana factory is positioned to navigate complex trade environments, focusing on natural sweeteners and leveraging local raw material procurement for supply chain security [2]. - The company anticipates a positive shift in operational performance in the third and fourth quarters of 2025, as trade policy uncertainties diminish and new products are launched [2].

Group 1: Raw Material Prices and Trends - The acquisition prices for core products, Luo Han Guo and Stevia, are expected to remain stable this year due to stable planting areas and yields [2][3] - The price of Stevia products has slightly decreased due to increased competition, but this is viewed as a short-term trend as raw material costs have limited downward potential [3][4] - Luo Han Guo extract prices are anticipated to rise further based on raw material price fluctuations [4][6] Group 2: RM2 Product Overview - RM2 is a unique steviol glycoside that offers superior taste, stability, and solubility compared to existing products like RD and RM [4][6] - RM2 has excellent compatibility with other sweeteners, allowing for diverse applications in baking and other food products [4][6] - The production cost of RM2 is controllable due to the advantages in raw material production, providing a cost advantage over traditional extraction methods [4][6] Group 3: Market Position and Competitive Advantage - RM2 is currently exclusive to the company, with significant barriers for competitors due to the need for specific technology and lengthy safety reviews [6][10] - The company has made substantial progress in product development and market expansion, particularly in emerging markets like pet nutrition and animal feed [10][11] - The company aims to leverage continuous innovation and differentiation to maintain a competitive edge in the natural sweetener market [10][11] Group 4: Production Capacity and Future Outlook - The new production facility in Indiana is expected to meet market demand over the next 2-3 years, with production capacity utilization projected to reach 40-50% by year-end [11][12] - The company anticipates a sales revenue growth of over 15% in the first half of the year, despite pressure on profits from competition and tariffs [12] - The outlook for the second half of the year is optimistic, with expectations of improved operational conditions as new products are launched [12]

据证券之星公开数据整理，近期莱茵生物（002166）发布2025年中报。截至本报告期末，公司营业总收 入8.37亿元，同比上升15.37%，归母净利润3811.0万元，同比下降41.27%。按单季度数据看，第二季度 营业总收入3.93亿元，同比上升2.19%，第二季度归母净利润731.51万元，同比下降80.8%。本报告期莱 茵生物应收账款上升，应收账款同比增幅达125.43%。 本次财报公布的各项数据指标表现一般。其中，毛利率23.57%，同比减17.59%，净利率5.22%，同比减 44.33%，销售费用、管理费用、财务费用总计1.13亿元，三费占营收比13.51%，同比减4.7%，每股净资 产4.11元，同比增1.38%，每股经营性现金流0.4元，同比增895.79%，每股收益0.05元，同比减44.44% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 7.25 亿 | 8.37亿 | 15.37% | | 归母净利润（元） | 6489.31万 | 3811万 | -41.27% | | 扣非净利润(元 ...

Core Insights - The company reported a revenue of 837 million yuan for the first half of 2025, representing a year-on-year growth of 15.37% [2] - The net profit attributable to shareholders was 38.11 million yuan, with a significant increase in operating cash flow net amounting to 295 million yuan, up 895.28% year-on-year [2] Revenue Breakdown - The natural sweetener business generated revenue of 397 million yuan, an increase of 7.67% year-on-year [2] - Tea extract revenue reached 108 million yuan, growing by 20.90% year-on-year [2] - Other extract products achieved revenue of 315 million yuan, reflecting a year-on-year growth of 26.33% [2] Product Performance - The core product, monk fruit extract, saw a sales volume increase of 20.35% and revenue growth of 63.61% year-on-year, demonstrating stable quality and supply capacity [2] - The company is collaborating with Jiangnan University to advance the industrialization of monk fruit glycoside synthesis technology, aiming to enhance its technological leadership in the industry [2] Innovation and Global Expansion - The company has successfully developed and supplied the new steviol glycoside RebM2, which is recognized as an ideal natural sweetener due to its superior taste and stability [3] - RebM2 has passed the US FDA GRAS certification, allowing entry into the high-end food and beverage market in the US, with domestic certification processes also progressing [3] - The company completed the upgrade of its Indiana factory, which will focus on the production of natural sweeteners and health product extracts, strengthening its global supply chain [3]

Group 1 - The company, Rhine Biotech (SZ 002166), announced that its seventh board meeting for 2025 was held on August 27, 2025, to review the special report on the use of raised funds for the first half of 2025 [1] - For the year 2024, the company's revenue composition was 97.47% from manufacturing and 2.53% from other industries [1]

Core Viewpoint - 莱茵生物's half-year report for 2025 shows strong revenue growth and significant improvements in cash flow, driven by robust performance in its plant extraction and natural sweetener segments [1][2][3]. Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 837 million yuan, a year-on-year increase of 15.37% [1]. - The net profit attributable to shareholders reached 38.11 million yuan, with net operating cash flow of 295 million yuan, reflecting a remarkable growth of 895.28% [1]. Group 2: Plant Extraction Business - The plant extraction market is expanding steadily, with China's plant extract exports reaching 1.544 billion USD in the first half of 2025, up 3.78% year-on-year [2]. - 莱茵生物's plant extraction business generated revenue of 821 million yuan, a year-on-year increase of 15.92%, significantly outpacing the export growth rate [2]. Group 3: Natural Sweetener Segment - The natural sweetener business reported revenue of 397 million yuan, growing by 7.67% year-on-year, with the sales of monk fruit extract increasing by 20.35% and revenue surging by 63.61% [3]. - The company has established a comprehensive supply chain in monk fruit extraction, with an annual raw material processing capacity exceeding 60,000 tons [3]. Group 4: Other Extract Products - Tea extract products generated revenue of 108 million yuan, up 20.90% year-on-year, while other extract products achieved revenue of 315 million yuan, growing by 26.33% [4]. Group 5: Technological Innovation - The company is focusing on synthetic biology to enhance its competitive edge in the plant extraction industry, aiming to establish a dual technology route of natural extraction and biosynthesis [5]. - 莱茵生物 has become the first company to fully realize the de novo synthesis of monk fruit sweeteners, with products like RebM series in mass production [5]. Group 6: New Product Development - RebM2, a new sweetener developed by 莱茵生物, combines the advantages of traditional sweeteners while eliminating their drawbacks, offering superior sweetness and stability [6]. - The product has received FDA GRAS certification, allowing entry into the U.S. market, and is expected to launch in the domestic market soon [7]. Group 7: Global Expansion and Supply Chain - The company has successfully upgraded its U.S. plant, enhancing production capabilities and supply chain responsiveness, which will support its international market expansion [8]. - In the first half of 2025, the company completed over 100 million yuan in share buybacks and distributed cash dividends of 72.63 million yuan [8].

格隆汇8月28日丨莱茵生物(002166.SZ)公布2025年半年度报告，上半年公司实现营业收入8.37亿元，同 比增长15.37%；归属于上市公司股东的净利润3810.998万元，同比下降41.27%；归属于上市公司股东的 扣除非经常性损益的净利润3369.34万元，同比下降48.45%；基本每股收益0.05元。 ...

桂林莱茵生物科技股份有限公司 2025 年半年度财务报告 桂林莱茵生物科技股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 1 桂林莱茵生物科技股份有限公司 2025 年半年度财务报告 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：桂林莱茵生物科技股份有限公司 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 243,135,166.38 | 165,063,469.93 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 11,469,812.44 | 22,960,090.33 | | 衍生金融资产 | | | | 应收票据 | 5,109,475.00 | 2,633,110.00 | | 应收账款 | 721,811,944.53 | 911,777,244.67 | | 应收款项融资 | | | | 预付款项 | 31,877,374.67 | ...

一、募集资金基本情况 （一）实际募集资金金额、资金到位时间 经中国证券监督管理委员会证监许可〔2021〕2843号文《关于核准桂林莱茵 生物科技股份有限公司非公开发行股票的批复》核准，并经深圳证券交易所同意， 公司非公开发行股票在深圳证券交易所上市交易。本次非公开发行人民币普通股 （A股）165,470,085股，发行价为每股人民币5.85元，本次发行共募集资金 967,999,997.25元，扣除各项不含税发行费用6,890,066.13元后，募集资金净额为 961,109,931.12元。 上述募集资金已于2022年8月18日到位，募集资金到位情况已经致同会计师 事务所（特殊普通合伙）审验，并出具致同验字（2022）第450C000482号《验 资报告》。 （二）以前年度已使用金额、本报告期使用金额及当前余额 桂林莱茵生物科技股份有限公司 证券代码：002166 证券简称：莱茵生物 公告编号：2025-052 桂林莱茵生物科技股份有限公司 2025年半年度募集资金存放与实际使用情况的 专项报告 根据《上市公司募集资金监管规则》和《深圳证券交易所上市公司自律监管 指引第1号——主板上市公司规范运作》有关规定 ...

菌生物科技股份有限公司2025年1-6月非经营性资金占用及其他关联资金往来情况汇总表 编制单位:桂林莱茵生物科技股份有限公司 单位:元 | 非经营性资金占用一资金占用方名称 | | 占用方与上市公 ○同的关联关系 | 上市公司核算 的会计科目 | 2025年期初占用 资金余额 | 2025年度占用累 计发生金额(不 | 2025年度占用资 2025年度偿还累 金的利息(如有) | 计发生金额 | 2025年6月末占 用资金余额 | 占用形 成原因 | 占用性质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 含利息) | | | | | | | 控股股东、实际控制 | | | | | | | | | | | | 人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | | | | | 前控股股东、实际控 | | | | | | | | | | | | 制人及其附属企业 | | | | | | | | | | | | 小计 | | | | | | | | ...