莲花控股中报解码：当调味品巨头开始“算”未来

Core Insights - The domestic seasoning industry is experiencing a shift from incremental expansion to stock integration, with Lianhua Holdings achieving a revenue growth of 32.7% and a net profit growth of 60.01%, significantly outperforming the industry average [1] - Lianhua's revival strategy is based on a clear dual-driven approach of product and channel development, enhancing retail coverage and expanding digital marketing to reach new consumer demographics [2][3] - The company's focus on product innovation has led to significant growth in various segments, with amino acid seasoning revenue reaching 1.081 billion yuan, compound seasoning revenue increasing by 58.28%, and liquid seasoning revenue soaring by 916.79% [3] Business Strategy - Lianhua's strategy emphasizes maintaining its core seasoning business while gradually expanding into related capabilities, leveraging existing R&D systems, channel networks, and brand assets [3] - The company has made substantial progress in its second growth curve, the computing power business, with 34 signed projects and a contract value exceeding 1.5 billion yuan, showcasing a 209% year-on-year growth in computing service revenue [4][9] - The technology sector's layout is systematic, focusing on computing power, algorithms, and semiconductor materials, with a recent patent obtained in collaboration with Zhejiang University [7][8] Market Positioning - Lianhua's computing power business is built on a solid infrastructure, emphasizing domestic solutions and full-stack services, which redefine the deployment model for AI applications across various industries [9][10] - The company's approach illustrates a sustainable model for traditional enterprises transitioning to technology, highlighting the importance of leveraging core competencies from existing fields to enter new markets [10]