嘉必优2025中报：核心产品奠定业绩基石，营收净利实现双增

Core Viewpoint - The company, Jiabiou, reported strong financial performance in the first half of 2025, with significant growth in revenue and net profit, driven by core product sales and market expansion [2][3][4]. Financial Performance - Jiabiou achieved a revenue of 307 million yuan, representing a year-on-year increase of 17.6% [2] - The net profit attributable to shareholders reached 108 million yuan, marking a year-on-year growth of 59.01% [2] - The non-deductible net profit was approximately 99.92 million yuan, with an impressive growth of 88.51% year-on-year [2] - The overall gross margin improved from 42.09% in the same period of 2024 to 49.68% in 2025 [4] Core Product Growth - The growth in revenue was primarily driven by the sales of core products ARA and DHA, with increasing demand due to new national standards for infant formula and rising maternal consumption [3] - Jiabiou has established long-term partnerships with major companies such as Nestlé and Danone, expanding its market presence to over 30 countries [3] Profitability Enhancement - The significant increase in net profit outpaced revenue growth, indicating improved profitability due to enhanced production efficiency and optimized product and customer structures [4] - The company reduced sales expenses by 24.32% year-on-year, contributing to increased profit margins [4] Emerging Business Opportunities - Jiabiou's entry into the cosmetics market with its product, N-acetylgalactosamine, opens new market opportunities, driven by consumer demand for natural and effective cosmetic ingredients [5] - The company is leveraging its synthetic biology platform to develop high-value products, enhancing its competitive edge in the industry [6] Industry Outlook - The market for nutritional supplements and functional foods is expected to grow, benefiting Jiabiou as a leading supplier in the microbial synthesis nutrient sector [6][7] - The company is well-positioned to capitalize on trends in human nutrition, animal nutrition, and cosmetics, with a focus on high-quality products and innovative technologies [7][8]