研报掘金丨华西证券：三元股份盈利能力有所好转，维持“增持”评级

Core Viewpoint - San Yuan Co., Ltd. reported a net profit attributable to shareholders of 180 million yuan in the first half of the year, representing a year-on-year increase of 43.3%, with Q2 net profit reaching 95 million yuan, up 73.1% year-on-year [1] Financial Performance - The company's Q2 business growth rates improved compared to Q1, indicating a weak recovery in dairy product consumption [1] - The sales and management expense ratio increased due to a larger decline in revenue compared to the decrease in expenses, while the R&D expense ratio fell primarily due to a reduction in R&D spending for the Ailai Faxi project [1] - Excluding investment income, the main business net profit attributable to shareholders for H1 and Q2 of 2025 was 6 million and 10 million yuan respectively, both showing a turnaround in profitability year-on-year [1] Market Position - As a leading dairy company in Beijing, San Yuan has a solid market foundation, maintaining the top position in liquid milk market share in Beijing according to Kantar Consumer Index for the first half of 2025 [1] - In the context of increasing market competition, the company is actively promoting reforms, which are expected to gradually reflect in performance as dairy consumption continues to recover [1] Investment Rating - The company maintains an "Overweight" rating based on its performance and market position [1]