Bailong Chuangyuan(SH:605016) Xin Lang Cai Jing·2025-09-03 14:38Core Insights - The company reported a strong performance in the first half of 2025, with revenue of 649 million yuan, a year-on-year increase of 22.18%, and a net profit attributable to shareholders of 170 million yuan, up 42.00% year-on-year [1] - The core products continue to grow rapidly, with overseas demand remaining strong, particularly in the prebiotic series, dietary fiber series, and health sweeteners [1][3] Financial Performance - In Q2 2025, the company achieved revenue of 336 million yuan, a year-on-year increase of 20.29%, and a net profit of 88 million yuan, up 33.84% year-on-year [1] - The gross profit margin for H1 2025 was 40.54%, an increase of 7.07 percentage points year-on-year, while the net profit margin was 26.15%, up 3.65 percentage points year-on-year [2] - The company’s operating expenses slightly increased, with sales, management, finance, and R&D expense ratios at 3.15%, 2.43%, 0.01%, and 3.56%, respectively [2] Product and Capacity Expansion - The approval of D-allohexose as a new food ingredient in July 2025 marks a new phase for the company in the domestic market, with expected growth from previously developed products [3] - The company has two projects under construction aimed at expanding production capacity, including a smart production facility for functional sugars and a health food raw material factory in Thailand [3] - Upon completion, these projects will significantly increase production capacity, particularly for overseas clients, with expected annual outputs of 11,000 tons of isomaltulose, 12,000 tons of crystalline allohexose, and more [3] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 366 million yuan, 489 million yuan, and 657 million yuan for the years 2025 to 2027, representing year-on-year growth rates of 49%, 33%, and 34%, respectively [3] - The current stock price corresponds to price-to-earnings ratios of 24X, 18X, and 14X for the years 2025 to 2027, maintaining a "strong buy" rating [3]