花园生物(300401)：羊毛脂高增 “一纵一横”效果显现

Group 1 - The company reported a stable performance with revenue of 635 million yuan (up 5.86% year-on-year) and a net profit of 162 million yuan (up 13.67% year-on-year) for the first half of 2025, driven by effective cost control [1] - Vitamin product revenue reached 301 million yuan (up 17.98% year-on-year), while revenue from lanolin and its derivatives grew significantly to 133 million yuan (up 42.12% year-on-year) [1] - The pharmaceutical segment experienced a decline in revenue to 192 million yuan (down 20.30% year-on-year) due to the impact of centralized procurement [1] Group 2 - The company is the only global producer of the full VD3 industrial chain, holding a 70% market share in NF-grade cholesterol, which provides a cost advantage despite falling VD3 prices [2] - New production capacities for vitamin A powder, vitamin B6, and biotin are expected to contribute to future revenue growth [2] - The company has adjusted its revenue forecasts for vitamin products and pharmaceuticals while increasing projections for cholesterol and lanolin derivatives, with expected earnings per share of 0.63, 0.73, and 0.93 yuan for 2025-2027 [2]