Xin Lang Cai Jing·2025-08-19 00:32Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, driven by high performance in the juice business and significant international sales growth [1][2]. Financial Performance - For H1 2025, the company achieved revenue of 948 million yuan, a year-on-year increase of 49.97%, and a net profit attributable to shareholders of 201 million yuan, up 50.3% year-on-year [1]. - In Q2 2025, revenue reached 518 million yuan, reflecting a year-on-year growth of 43.24%, with a net profit of 115 million yuan, an increase of 42.94% year-on-year [1]. - The juice and flavor business generated revenue of 917 million yuan in H1 2025, a year-on-year increase of 53.01%, while the feed business saw a revenue decline of 5.01% to 29 million yuan [1]. Regional Performance - Domestic revenue for H1 2025 was 273 million yuan, up 24.14% year-on-year, while international revenue reached 673 million yuan, a significant increase of 64.19% year-on-year [1]. - By region, revenue from the Americas was 250 million yuan, up 104.2% year-on-year; Asia generated 507 million yuan, a 34.4% increase; Europe saw a decline of 19.1% to 82 million yuan; Africa's revenue dropped 66.8% to 47 million yuan; and Oceania's revenue increased by 44.2% to 62 million yuan [1]. Profitability Metrics - The gross margin for H1 2025 was 23.93%, a decrease of 3.60 percentage points year-on-year, while Q2 2025 gross margin was 25.33%, down 3.73 percentage points year-on-year [2]. - The net profit margin remained stable, with Q2 2025 attributable net profit margin at 22.20%, a slight decrease of 0.05 percentage points year-on-year, primarily due to reduced credit impairment losses [2]. Capacity Expansion and Future Outlook - The company is expanding its production capacity and enhancing its product matrix, which is expected to further increase market share. Recent investments include a 160 million yuan project in Huludao City to build a juice processing line, projected to process 120,000 tons of apples and pears annually, generating an estimated annual output value of 200 million yuan [3]. - Revenue projections for 2025-2027 are 1.826 billion yuan, 2.097 billion yuan, and 2.306 billion yuan, representing year-on-year growth rates of 28.75%, 14.86%, and 10.00%, respectively. Net profit estimates for the same period are 385 million yuan, 423 million yuan, and 473 million yuan, with corresponding year-on-year growth rates of 47.59%, 9.95%, and 11.89% [3].