众兴菌业拟斥资7亿投建产业园 降本增效首季扣非4565万增57%

Core Viewpoint - Zhongxing Junye is actively enhancing its business layout by investing approximately 700 million yuan in a new edible and medicinal mushroom industrial park in Chengdu, Sichuan, aiming to diversify its operations and increase profitability [1][2][3]. Investment and Project Details - The total investment for the Southwest Headquarters Base project is about 700 million yuan, with phase one requiring approximately 500 million yuan and phase two about 200 million yuan [1][2]. - Phase one includes the renovation of existing facilities and the establishment of a research and development center for rare edible and medicinal mushrooms, while phase two focuses on land acquisition and further industrial development [2][3]. Business Strategy - The company adheres to a strategic layout of "rooted in the Northwest, facing the nation, and reaching the world," and focuses on a diversified cultivation strategy primarily involving enoki mushrooms and button mushrooms [1][3]. - Zhongxing Junye has established production bases across multiple provinces, including Gansu, Shaanxi, and Jiangsu, and is involved in the research, cultivation, and sales of edible and medicinal mushrooms [3][4]. Financial Performance - In Q1 2025, the company's revenue decreased by 2.89% to 473 million yuan, but net profit attributable to shareholders increased significantly by 38.72% to 48.2 million yuan, indicating improved profitability despite lower sales [6][7]. - The company reported a gross margin of 23.11% in Q1 2025, an increase of 3.14 percentage points year-on-year, reflecting effective cost control measures [7]. Market Dynamics - The edible mushroom industry is experiencing intensified competition, particularly affecting the sales prices of enoki mushrooms, while button mushrooms maintain a stronger market position due to higher barriers to entry [5][6]. - In 2024, the company sold 359,000 tons of edible mushrooms, with a revenue of 1.933 billion yuan, showing a slight increase in sales volume but a decline in revenue from enoki mushrooms [5].