毛利率提升 新和成上半年净利润同比增长63.46%

Core Insights - The company reported a revenue of 11.101 billion yuan for the first half of the year, representing a year-on-year growth of 12.76% [1] - Net profit attributable to shareholders reached 3.603 billion yuan, with a significant increase of 63.46% year-on-year, and the non-recurring net profit was 3.679 billion yuan, up 70.50% [1] - The cash flow from operating activities improved to 3.243 billion yuan, a 51.65% increase from the previous year [1] Business Structure - The pharmaceutical and chemical sector remains the main revenue driver, generating 10.016 billion yuan, accounting for 90.23% of total revenue, with a year-on-year growth of 10.34% [1] - Other sectors contributed 1.085 billion yuan, representing 9.77% of total revenue, with a substantial year-on-year increase of 41.32% [1] Product Performance - Nutrition products, as a core business pillar, achieved revenue of 7.199 billion yuan, making up 64.86% of total revenue, with a year-on-year growth of 7.78% and a gross margin of 47.79%, up 11.93 percentage points [2] - The flavor and fragrance business generated 2.105 billion yuan, accounting for 18.96% of total revenue, with a year-on-year growth of 9.35% and a gross margin of 54.01%, up 4.32 percentage points [2] - New materials revenue reached 1.038 billion yuan, representing 9.35% of total revenue, with a year-on-year increase of 43.75% [2] - Other products generated 758 million yuan, accounting for 6.83% of total revenue, with a year-on-year growth of 46.50% [2] Sales Performance - Export sales significantly increased, achieving revenue of 6.443 billion yuan, which is 58.04% of total revenue, with a year-on-year growth of 18.43% and a gross margin of 49.16%, up 10.97 percentage points [2] - Domestic sales reached 4.658 billion yuan, accounting for 41.96% of total revenue, with a year-on-year growth of 5.75% and a gross margin of 41.37%, up 5.59 percentage points [2] - Direct sales amounted to 8.176 billion yuan, representing 73.66% of total revenue, with a year-on-year growth of 8.74% [2] - Distribution sales reached 2.924 billion yuan, accounting for 26.34% of total revenue, with a year-on-year growth of 25.76% [2] Project Development - Key projects are progressing well, including the joint venture with Sinopec for an 18,000-ton/year liquid methionine project, which has commenced trial production [3] - The Tianjin nylon new materials project has completed all necessary resource compliance approvals [3] - Other technical upgrades and management improvement projects are advancing steadily, laying the groundwork for future capacity release [3] R&D Investment - The company increased its R&D investment to 523 million yuan, an 8.68% rise from the previous year [3] - Focus is on strategic projects to enhance product competitiveness and expand product categories [3] Dividend Distribution - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax), totaling 612 million yuan [4]