中原证券给予中粮糖业“增持"评级，2025年中报点评：行业景气度下行，业绩短期承压

Group 1 - The core viewpoint of the report is that Zhongliang Sugar Industry (600737.SH) is given an "Accumulate" rating due to its performance meeting forecasts and a narrowing year-on-year decline in Q2 2025 [1] - The industry is experiencing a downturn in prosperity, yet the production volume has increased year-on-year [1] - The company's main business revenue has declined, but breakthroughs have been achieved in specific subcategories [1] - The company's profitability has decreased, while the expense ratio remains relatively stable [1] - This is the first coverage of the company, leading to the "Accumulate" rating being assigned [1]