本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 2025 年 8 月 25 日，昆山亚香香料股份有限公司（以下简称"公司"）第四 届董事会第二次会议审议通过了《关于<昆山亚香香料股份有限公司 2025 年限 制性股票激励计划（草案）>及其摘要的议案》等相关议案，具体内容详见公司 于 2025 年 8 月 27 日在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交 易所创业板上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律 监管指南第 1 号"）的相关规定，公司对 2025 年限制性股票激励计划首次授 予激励对象的姓名和职务在公司内部进行了公示。公司董事会薪酬与考核委 员会结合公示情况对首次授予激励对象进行了核查，相关公示情况及核查方式 如下： 一、公示情况及核查方式 1、公司对激励对象的公示情况 公司于 2025 年 8 月 27 日至 2025 年 9 月 5 日通过内部 OA 系统公示了激励 对象的姓名和职务。在公示期限内，没有任何组织或个人提出异议 ...

格隆汇9月3日丨亚香股份(301220.SZ)于投资者互动平台表示，公司泰国子公司目前经营情况良好、客 户订单稳定。 ...

Market Performance - The chemical products sector increased by 0.37% on September 1, with *ST Jintai leading the gains [1] - The Shanghai Composite Index closed at 3875.53, up 0.46%, while the Shenzhen Component Index closed at 12828.95, up 1.05% [1] Top Gainers in Chemical Sector - *ST Quantai (300225) closed at 5.79, up 12.21% with a trading volume of 366,800 shares and a turnover of 204 million yuan [1] - Kangda New Materials (002669) closed at 15.46, up 10.04% with a trading volume of 305,700 shares [1] - Jianye Co. (603948) closed at 32.09, up 10.01% with a trading volume of 25,800 shares [1] - Dinglong Technology (603004) closed at 24.42, up 10.00% with a trading volume of 78,100 shares [1] - Zanyu Technology (002637) closed at 12.02, up 9.97% with a trading volume of 154,400 shares [1] Top Losers in Chemical Sector - Akole (603722) closed at 51.95, down 7.99% with a trading volume of 75,000 shares and a turnover of 392 million yuan [2] - Jiabiyou (688089) closed at 27.36, down 5.07% with a trading volume of 122,100 shares [2] - Andyshi (66ZOO9) closed at 10.07, down 4.82% with a trading volume of 271,400 shares [2] Capital Flow Analysis - The chemical products sector experienced a net outflow of 361 million yuan from institutional investors, while retail investors saw a net inflow of 243 million yuan [2][3] - Kangda New Materials (002669) had a net inflow of 1.21 billion yuan from institutional investors, but a net outflow of 55.12 million yuan from retail investors [3] - Zanyu Technology (002637) had a net inflow of 61.87 million yuan from institutional investors, with a net outflow of 32.00 million yuan from retail investors [3]

Group 1 - On August 29, Yaxiang Co., Ltd. saw a stock price increase of 3.20% with a trading volume of 274 million yuan [1] - The financing data for Yaxiang on the same day showed a financing purchase amount of 25.32 million yuan and a net financing buy of -3.99 million yuan, indicating a higher level of financing balance at 227 million yuan, which is 7.10% of the circulating market value [1] - The company has a high level of short selling, with no shares sold or repaid on August 29, resulting in a short selling balance of 0, which is at the 90th percentile over the past year [1] Group 2 - As of August 20, the number of shareholders for Yaxiang was 9,600, a decrease of 8.57%, while the average circulating shares per person increased by 9.38% to 6,830 shares [2] - For the first half of 2025, Yaxiang reported a revenue of 507 million yuan, representing a year-on-year growth of 40.47%, and a net profit attributable to shareholders of 110 million yuan, which is a significant increase of 211.25% [2] Group 3 - Since its A-share listing, Yaxiang has distributed a total of 56.21 million yuan in dividends [3]

Summary of Key Points Core Viewpoint - The company, Yaxiang Co., Ltd., has shown significant financial growth in recent months, with a notable increase in revenue and net profit, while also experiencing fluctuations in stock performance and financing activities [1][2]. Financial Performance - For the period from January to June 2025, Yaxiang Co., Ltd. achieved a revenue of 507 million yuan, representing a year-on-year growth of 40.47% [2]. - The net profit attributable to the parent company for the same period was 110 million yuan, reflecting a substantial year-on-year increase of 211.25% [2]. Stock and Financing Activities - On August 28, Yaxiang Co., Ltd. experienced a stock price decline of 2.42%, with a trading volume of 257 million yuan [1]. - The financing buy-in amount on the same day was 27.21 million yuan, while the financing repayment was 17.65 million yuan, resulting in a net financing buy-in of 9.56 million yuan [1]. - As of August 28, the total financing and securities lending balance was 231 million yuan, accounting for 7.46% of the circulating market value, which is above the 70th percentile of the past year [1]. Shareholder Information - As of August 20, the number of shareholders for Yaxiang Co., Ltd. was 9,600, a decrease of 8.57% from the previous period [2]. - The average circulating shares per shareholder increased by 9.38% to 6,830 shares [2]. Dividend Distribution - Since its A-share listing, Yaxiang Co., Ltd. has distributed a total of 56.21 million yuan in dividends [3].

Group 1: Yaxiang Co., Ltd. (亚香股份) - In the first half of 2025, the company achieved revenue of approximately 507 million yuan, a year-on-year increase of 40.47% [1] - Net profit reached about 110 million yuan, representing a year-on-year growth of 211.25% [1] - Revenue from natural flavors was 253 million yuan, accounting for half of total revenue, while synthetic flavors revenue was 127 million yuan, with a growth of over 180% [1] - The first phase of the Thailand factory project is progressing towards mass production, and the overseas price of natural vanillin has seen a temporary increase [1] - The company is expected to benefit from the 50% tariff imposed by the U.S. on India, effective from the end of August [1] - The company is negotiating long-term agreements for the output of approximately 30 tons of ambrein series [1] - The synthetic vanillin project is planned to achieve a production capacity of 4,000 tons by the end of the year, with trial production in September-October and ramp-up in Q1 2026 [1] - The Thailand factory is positioned as a global key base and is being constructed in three phases [1] - Prices of vanillin are expected to gradually increase in the second half of the year [1] - Q2 revenue saw a quarter-on-quarter decline due to capacity transfer and a cyclical demand drop, while domestic business remains stable [1] Group 2: Three Squirrels (三只松鼠) - In 2025, the food and retail industry is undergoing changes, making it difficult to generate value through past homogeneous competition [2] - The company reported revenue of 5.478 billion yuan and a net profit attributable to the parent company of 138 million yuan [2] - The second quarter maintained over 20% growth, in line with expectations [2] - Offline distribution achieved a doubling in growth, and the company is actively exploring self-owned brand lifestyle stores [2] - The company is transitioning towards differentiation and quality enhancement while maintaining cost leadership [2] - The company has the capability to create cost-effective products and is leveraging four major centralized bases and self-owned factories to support product entry into channels like Walmart and Ole' [2] - The company adheres to a "D+N" omnichannel system, with comprehensive e-commerce as the foundation and short video e-commerce as a "category engine," while offline distribution is still in its growth phase [2] - Nuts are the core product category, and the company has established OEM capabilities, with strong advantages in popular snack items like shredded bread and egg products [2] - The sub-brand Xiaolu Lanlan generated revenue of 437 million yuan, achieving continuous growth and profitability, with multiple million-level new products incubated within the multi-brand matrix [2]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by successful production scaling in Thailand and favorable market conditions for natural vanillin products [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 507 million yuan, a year-on-year increase of 40.47% - The net profit attributable to shareholders reached 110 million yuan, up 211.25% year-on-year - The net profit after deducting non-recurring items was 65 million yuan, reflecting an 87.90% year-on-year growth - In Q2 2025, revenue was 246 million yuan, a 31.35% increase year-on-year but a 6.07% decrease quarter-on-quarter - The net profit attributable to shareholders for Q2 was 28 million yuan, up 58.70% year-on-year but down 66.10% quarter-on-quarter [1]. Business Segment Performance - In H1 2025, revenue from synthetic flavors, cooling agents, and natural flavors was 127 million yuan, 124 million yuan, and 253 million yuan, respectively - Gross margins for these segments were 31.53% (up 20.42 percentage points), 37.58% (up 6.36 percentage points), and 29.26% (down 1.82 percentage points) [1]. Production Capacity Expansion - The Thailand production base commenced operations in November 2024, producing natural vanillin, synthetic moss, and cooling agents - By June 2025, the first phase of the Thailand project was nearing full production capacity, with sales volume exceeding 200 tons and net profit of 50 million yuan - The company plans to expand the Thailand base with a second phase, adding 4,000 tons of synthetic vanillin capacity [2]. R&D and Product Development - The company is focusing on biotechnological research and development to create a fourth product system, enhancing its product line - In H1 2025, the company successfully transitioned new products to mass production and passed quality inspections from downstream clients - The company is exploring diverse and personalized market demands, with ambrein as a key strategic product for high-end perfumes, already supplying small batches to core clients [3]. Investment Outlook - The company forecasts net profits attributable to shareholders of 260 million yuan, 342 million yuan, and 406 million yuan for 2025-2027, with corresponding P/E ratios of 20X, 15X, and 13X - As a leading player in natural flavors and cooling agents with rich customer resources and promising biotechnological prospects, the company is expected to achieve new profit milestones with the Thailand project's production [3].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [4][7]. Core Insights - In the first half of 2025, the company achieved revenue of 507 million yuan, a year-on-year increase of 40.47%, and a net profit attributable to shareholders of 110 million yuan, up 211.25% year-on-year [1]. - The significant growth in performance is attributed to the successful implementation of the Thailand production base and the rising prices of natural vanillin products due to global supply-demand changes [2][3]. - The company is focusing on developing a fourth product system based on biosynthesis technology, which aims to diversify its product line and meet new market demands [4]. Business Performance Summary - Revenue from synthetic flavors, cooling agents, and natural flavors in the first half of 2025 was 127 million yuan, 124 million yuan, and 253 million yuan, respectively, with varying gross margins [2]. - The Thailand production base has reached near full production capacity, contributing significantly to the company's sales and profits [3]. - The company plans to expand its Thailand base with a new synthetic vanillin production line, expected to add 4,000 tons of capacity [3]. Financial Forecast - The projected net profits for 2025, 2026, and 2027 are 260 million yuan, 342 million yuan, and 406 million yuan, respectively, with corresponding PE ratios of 20X, 15X, and 13X [4][6]. - The company is expected to see substantial revenue growth, with estimates of 1.78 billion yuan in 2025, representing a growth rate of 123.4% [6][10].

Core Viewpoint - The company reported significant growth in its financial performance for the first half of 2025, driven by successful production ramp-up at its Thailand facility and favorable pricing for natural vanillin products [2][7]. Financial Performance - The company achieved operating revenue of approximately 507 million yuan, a year-on-year increase of 40.47% [2][7]. - Net profit attributable to shareholders reached about 110 million yuan, reflecting a substantial year-on-year growth of 211.25% [2][7]. - The net profit excluding non-recurring gains and losses was approximately 64.85 million yuan, up 87.90% compared to the previous year [2][7]. - In Q2 2025, the company reported a single-quarter revenue of 246 million yuan, a year-on-year increase of 31.35% [7]. Product Breakdown - Natural flavor products became the largest product category, contributing approximately 253 million yuan, accounting for about half of total revenue [2]. - Synthetic flavor products showed rapid growth, with revenue contribution of 127 million yuan, representing an increase of over 180% year-on-year [2]. - Cooling agents generated revenue of 124 million yuan [2]. Competitive Advantage - The company's Thailand factory is expected to benefit from the U.S. imposing a 50% tariff on Indian exports, while Thai products face only a 19% tariff, enhancing competitive positioning [3]. Future Outlook - The Thailand factory is positioned as a key global production base, with plans for multiple phases focusing on natural and synthetic flavors, as well as future biotechnological products [4]. - The company anticipates a gradual increase in the prices of vanillin products in the second half of the year due to tightening global supply and reduced production from overseas manufacturers [5]. Operational Insights - The company is currently transitioning domestic production capacity to Thailand, which has led to a stabilization in revenue growth [6]. - The company is focusing on expanding its market presence, new product development, and cost control to enhance operational efficiency [6].

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of approximately 507 million CNY, a year-on-year increase of 40.47% [2] - The net profit attributable to shareholders was about 110 million CNY, reflecting a significant growth of 211.25% compared to the same period last year [2] - The net profit excluding non-recurring gains and losses was approximately 64.85 million CNY, up by 87.90% year-on-year [2] Group 2: Product Revenue Breakdown - Natural flavor products became the largest product category, contributing around 253 million CNY, accounting for about 50% of total revenue [3] - Synthetic flavor products showed rapid growth with a revenue contribution of 127 million CNY, representing an increase of over 180% year-on-year [3] - The cooling agent series generated revenue of 124 million CNY [3] Group 3: Competitive Advantage - The recent 50% tariff imposed by the U.S. on Indian exports provides a competitive advantage for the company's Thai factory, which faces only a 19% tariff [4] Group 4: Product Development and Future Outlook - The new product, synthetic ambergris, had a shipment volume of approximately 30 tons in the first half of the year, with ongoing discussions for long-term supply agreements [5] - The Thai factory's synthetic vanillin production line is expected to reach an annual capacity of 4,000 tons by the end of 2025, with trial production planned for September to October [6] - The company anticipates a gradual increase in the prices of vanillin products due to global supply constraints and reduced production from overseas manufacturers [8] Group 5: Market Strategy and Challenges - The company is focusing on expanding its domestic and international market presence, as well as controlling production costs to enhance operational efficiency [8] - Despite a slight decline in second-quarter revenue, the company maintains a stable development trend in its domestic sales [8]