研报掘金丨开源证券：利民股份Q2业绩环比大增，维持“买入”评级

Core Viewpoint - The report from Kaiyuan Securities indicates that Limin Co., Ltd. has seen a significant increase in Q2 performance, continuing to exceed expectations since Q1, and maintains a "Buy" rating [1] Group 1: Financial Performance - Limin Co., Ltd. has a manganese zinc production capacity of 45,000 tons, benefiting from the rising prices and widening price differentials of manganese zinc [1] - The average price of Baijunqing in Q2 2025 was 28,676 yuan/ton, reflecting a quarter-on-quarter increase of 4.28%, while the average price in Q1 2025 was 27,500 yuan/ton, with a quarter-on-quarter increase of 8.72% [1] - The company holds a 34% stake in Xinhe Chemical, which translates to a production capacity of 10,200 tons for Baijunqing, and the net profit attributable to the parent company in Q2 saw a quarter-on-quarter increase, benefiting from the price rise of Baijunqing [1] Group 2: Innovation and Future Growth - The company is actively innovating in new fields such as synthetic biology, which may create new growth trajectories in the future [1]