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梅花生物(600873):上半年业绩符合预期 行业地位持续巩固提升

Core Insights - The company reported a revenue of 12.28 billion yuan for the first half of 2025, a year-on-year decrease of 2.87%, while net profit attributable to shareholders was 1.768 billion yuan, an increase of 19.96% [1] - The company’s core competitiveness has improved, with significant growth in sales of key products such as monosodium glutamate and 98% lysine, contributing to increased gross profit [1][3] Financial Performance - In Q2 2025, the company achieved a revenue of 6.012 billion yuan, a year-on-year decrease of 2.34%, and a net profit of 749 million yuan, an increase of 3.76% [1] - The company’s gross profit increased by 382 million yuan, leading to a net profit growth [1] Product Performance - The revenue from flavor enhancers was 3.57 billion yuan, a year-on-year decrease of 8.1%, while feed-grade amino acids revenue was 5.66 billion yuan, an increase of 3.4% [1] - The average market price of monosodium glutamate was 7,193 yuan per ton, down 10.7% year-on-year due to weak supply-demand dynamics in the industry [2] Market Dynamics - The feed-grade amino acid market is experiencing fluctuations, with a decrease in export volume for 98.5% lysine due to anti-dumping impacts, while 70% lysine prices remain stable due to increased terminal usage [2] - The domestic market for threonine is stable with good export demand, leading to a temporary supply tightness [2] Strategic Developments - The company has accelerated its overseas strategy, completing the acquisition of amino acid and HMO businesses from Japan, enhancing its product pipeline in high-value-added markets [3] - Ongoing projects include the full production of the Tongliao monosodium glutamate production line and the construction of a lysine project in Jilin, expected to commence trial production in Q4 2025 [3] Future Outlook - The company maintains an "overweight" investment rating, with projected net profits of 3.11 billion, 3.50 billion, and 3.86 billion yuan for 2025 to 2027, respectively [3]