科拓生物(300858)：25H1益生菌主业增长稳健 看好公司长期发展潜能

Core Viewpoint - The company reported a revenue of 163 million yuan for H1 2025, reflecting an 18.32% year-over-year increase, but the net profit attributable to shareholders decreased by 5.31% to 41 million yuan [1][2] Financial Performance - For H1 2025, the company achieved a revenue of 163 million yuan, with a net profit of 41 million yuan and a non-recurring net profit of 35 million yuan, showing a decrease of 5.31% and 6.67% year-over-year respectively [1][2] - In Q2 2025, the company generated a revenue of 86 million yuan, with a net profit of 21 million yuan, marking a 16.49% decline year-over-year [1][2] Revenue Breakdown - The revenue from probiotic products and plant-animal micro-ecological preparations reached 116 million yuan and 28 million yuan, respectively, with year-over-year increases of 13.85% and 83.12% [2] - Revenue from compound food additives and probiotic technology services was 18 million yuan and 1 million yuan, showing declines of 0.49% and 43.42% year-over-year [2] Profitability Analysis - The company's gross margin and net profit margin for H1 2025 were 49.24% and 25.23%, down by 5.74 and 6.30 percentage points year-over-year, primarily due to product mix adjustments and increased depreciation from new factories [3] - The company’s operating expenses showed a mixed trend, with sales, management, and R&D expense ratios decreasing, while financial expenses increased [3] Strategic Initiatives - The company is focusing on expanding its C-end market and overseas presence, including a strategic investment in Qinghe Shixiang to develop ready-to-eat probiotic products for teenagers [3] - The establishment of an overseas division and participation in international exhibitions signify the company's commitment to global market expansion [3] Future Outlook - The company is expected to achieve revenues of 383 million yuan, 471 million yuan, and 569 million yuan from 2025 to 2027, with year-over-year growth rates of 26.5%, 23%, and 20.7% respectively [4] - Projected net profits for the same period are 110 million yuan, 141 million yuan, and 184 million yuan, with expected growth rates of 16.5%, 28.4%, and 30.3% [4]