Group 1: Yaxiang Co., Ltd. (亚香股份) - In the first half of 2025, the company achieved revenue of approximately 507 million yuan, a year-on-year increase of 40.47% [1] - Net profit reached about 110 million yuan, representing a year-on-year growth of 211.25% [1] - Revenue from natural flavors was 253 million yuan, accounting for half of total revenue, while synthetic flavors revenue was 127 million yuan, with a growth of over 180% [1] - The first phase of the Thailand factory project is progressing towards mass production, and the overseas price of natural vanillin has seen a temporary increase [1] - The company is expected to benefit from the 50% tariff imposed by the U.S. on India, effective from the end of August [1] - The company is negotiating long-term agreements for the output of approximately 30 tons of ambrein series [1] - The synthetic vanillin project is planned to achieve a production capacity of 4,000 tons by the end of the year, with trial production in September-October and ramp-up in Q1 2026 [1] - The Thailand factory is positioned as a global key base and is being constructed in three phases [1] - Prices of vanillin are expected to gradually increase in the second half of the year [1] - Q2 revenue saw a quarter-on-quarter decline due to capacity transfer and a cyclical demand drop, while domestic business remains stable [1] Group 2: Three Squirrels (三只松鼠) - In 2025, the food and retail industry is undergoing changes, making it difficult to generate value through past homogeneous competition [2] - The company reported revenue of 5.478 billion yuan and a net profit attributable to the parent company of 138 million yuan [2] - The second quarter maintained over 20% growth, in line with expectations [2] - Offline distribution achieved a doubling in growth, and the company is actively exploring self-owned brand lifestyle stores [2] - The company is transitioning towards differentiation and quality enhancement while maintaining cost leadership [2] - The company has the capability to create cost-effective products and is leveraging four major centralized bases and self-owned factories to support product entry into channels like Walmart and Ole' [2] - The company adheres to a "D+N" omnichannel system, with comprehensive e-commerce as the foundation and short video e-commerce as a "category engine," while offline distribution is still in its growth phase [2] - Nuts are the core product category, and the company has established OEM capabilities, with strong advantages in popular snack items like shredded bread and egg products [2] - The sub-brand Xiaolu Lanlan generated revenue of 437 million yuan, achieving continuous growth and profitability, with multiple million-level new products incubated within the multi-brand matrix [2]