调研速递|华宝股份接受线上投资者调研，透露多项业务发展要点

Core Insights - The company held a half-year online performance briefing on August 22, 2025, where key executives discussed business development and financial status with investors [1] Group 1: Business Development and Innovations - The company is focusing on health and functional food ingredient innovations, with a new food bead production line launched and steady progress in non-meat thermal reaction material capacity [2] - In the daily fragrance business, the company is expanding its domestic market presence and enhancing R&D efforts, while also establishing connections with international clients [2] Group 2: Financial Performance and R&D Investment - In the first half of 2025, the food flavor business generated sales revenue of 3.19 billion yuan, a year-on-year decrease of 22.54%, with a gross margin of 61.43% [3] - The company invested 71.195 million yuan in R&D during the same period, maintaining a high investment ratio, and has a total of 316 patents, including 176 invention patents [3] Group 3: Business Adjustments and Supply Chain Strategy - The decline in food flavor business revenue is attributed to changes in downstream market demand and proactive adjustments in customer structure [4] - The company is building an integrated supply chain with upstream raw material extraction centers and multiple production bases, while planning for R&D and capacity in Southeast Asia [4] Group 4: Cost Management and International Expansion - The increase in sales and management expenses is mainly due to the termination of stock incentives, and the company plans to enhance cost efficiency through digital transformation [5] - The company is pursuing a dual strategy of "internationalization + localization" to expand into Southeast Asia and Africa, leveraging technological advantages and local consumer trends [5] Group 5: Addressing Profit Decline and Future Projects - To counteract declining profitability, the company is focusing on innovation, market positioning, and digital transformation [6] - Ongoing projects include a new food technology base in Indonesia and a food bead production line, which will serve ASEAN and international markets [6]