全球布局深化，创新引擎加速，菲诺植物基业务迈入高质量发展新阶段

Core Insights - The company, Fino, has demonstrated strong growth momentum with its impressive performance in 2025 and key advancements in its global supply chain [1] - Fino's core plant-based business, particularly in the coconut sector, has achieved solid results in revenue scale, operational quality, and globalization [1] Financial Performance - Fino's core business revenue is projected to grow in 2025, with notable improvements in development quality [1] - The company has ranked first in tax revenue per acre for four consecutive years and also leads the industry in industrial output value per acre, indicating a healthy business model and exceptional operational capabilities [1] Project Developments - The second phase of Fino's project in Hainan, China, was completed in December 2025, marking a systematic upgrade in R&D and intelligent manufacturing [1] - The new R&D center and automated production line will drive future product innovation, process optimization, and quality enhancement to meet the diverse and high-end demands of the global market [1] Global Supply Chain Expansion - Fino has made substantial breakthroughs in its global industrial layout over the past year, creating a supply chain network closer to markets and raw material sources [3] - The construction of Fino's coconut-based full industry chain base in Indonesia is in its final stages, expected to commence production in April 2026, enabling integrated operations from local planting to deep processing [3] Technological Focus - While expanding its scale, Fino continues to focus on the technological development of the coconut full industry chain, aiming for comprehensive utilization and value maximization of coconut resources [5] - The company is committed to advancing the industry chain towards greater efficiency, environmental sustainability, and higher added value, solidifying its core technological advantages in the coconut sector [5] Systematic Layout - Analysts note that Fino has established a comprehensive system in the plant-based sector, encompassing R&D innovation, efficient manufacturing, global supply chain, and quality control [5] - As new production capacities are gradually released and synergies become apparent, Fino's high-quality development trend is expected to be further consolidated, injecting more vitality into the global plant-based market [5]