Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of 2025, driven by successful production scaling in Thailand and favorable market conditions for natural vanillin products [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 507 million yuan, a year-on-year increase of 40.47% - The net profit attributable to shareholders reached 110 million yuan, up 211.25% year-on-year - The net profit after deducting non-recurring items was 65 million yuan, reflecting an 87.90% year-on-year growth - In Q2 2025, revenue was 246 million yuan, a 31.35% increase year-on-year but a 6.07% decrease quarter-on-quarter - The net profit attributable to shareholders for Q2 was 28 million yuan, up 58.70% year-on-year but down 66.10% quarter-on-quarter [1]. Business Segment Performance - In H1 2025, revenue from synthetic flavors, cooling agents, and natural flavors was 127 million yuan, 124 million yuan, and 253 million yuan, respectively - Gross margins for these segments were 31.53% (up 20.42 percentage points), 37.58% (up 6.36 percentage points), and 29.26% (down 1.82 percentage points) [1]. Production Capacity Expansion - The Thailand production base commenced operations in November 2024, producing natural vanillin, synthetic moss, and cooling agents - By June 2025, the first phase of the Thailand project was nearing full production capacity, with sales volume exceeding 200 tons and net profit of 50 million yuan - The company plans to expand the Thailand base with a second phase, adding 4,000 tons of synthetic vanillin capacity [2]. R&D and Product Development - The company is focusing on biotechnological research and development to create a fourth product system, enhancing its product line - In H1 2025, the company successfully transitioned new products to mass production and passed quality inspections from downstream clients - The company is exploring diverse and personalized market demands, with ambrein as a key strategic product for high-end perfumes, already supplying small batches to core clients [3]. Investment Outlook - The company forecasts net profits attributable to shareholders of 260 million yuan, 342 million yuan, and 406 million yuan for 2025-2027, with corresponding P/E ratios of 20X, 15X, and 13X - As a leading player in natural flavors and cooling agents with rich customer resources and promising biotechnological prospects, the company is expected to achieve new profit milestones with the Thailand project's production [3].
亚香股份(301220)：25H1业绩稳中向好 泰国基地启新篇 新产品拓未来