花园生物2025年中报营收净利双增长，全产业链优势凸显， “双轨制”布局加速高质量发展

Core Insights - The company Garden Bio achieved a revenue of 635 million yuan in the first half of 2025, representing a year-on-year growth of 5.86%, and a net profit attributable to shareholders of 162 million yuan, up 13.67% year-on-year [1] Group 1: Performance and Cost Management - The vitamin market experienced a price decline in the first half of 2025 due to increased production capacity and the recovery of BASF's Ludwigshafen plant, yet Garden Bio effectively integrated resources and reduced costs to ensure profit growth [2] - The company has completed the full industrial chain layout for vitamin D3, becoming the only global producer with this capability, which enhances its risk resistance and cost control [2][3] - In the first half of the year, Garden Bio focused on innovation in production, sales, R&D, and new project construction, achieving significant improvements in product yield and energy savings [2] Group 2: Competitive Advantages and R&D - Garden Bio is the leading manufacturer of vitamin D3 products globally, with a comprehensive production capability for raw materials and various vitamin D3 series products [3] - The company has established three core production processes that have received national awards, indicating its technological leadership in the industry [3] - Continuous investment in R&D has strengthened the company's production technology and established a competitive edge in the market [3][5] Group 3: Strategic Initiatives - The company is committed to a dual strategy of chemical and biological synthesis, aiming to enhance its core competitiveness as a high-tech enterprise [3][7] - Garden Bio is actively participating in a national key R&D project focused on the efficient heterologous synthesis of vitamins, which is expected to yield significant advancements in the field [7] - New production capacities for products like vitamin B6 and biotin are anticipated to enhance the company's product line and market competitiveness, contributing to revenue growth [7]