梅花生物（600873）：2025H1实现稳步增长，协和完成交割

Investment Rating - The investment rating for the company is "Buy" and it is maintained [9] Core Views - The company reported a steady growth in H1 2025, achieving revenue of 12.28 billion yuan (down 2.9% year-on-year) and a net profit attributable to shareholders of 1.77 billion yuan (up 20.0% year-on-year) [2][6] - The completion of the acquisition of assets from Kyowa Hakko Bio marks a strategic move into high-value-added fields, enhancing the company's product pipeline in pharmaceutical-grade amino acids and HMO products [12] - The company is a global leader in MSG and amino acids, benefiting from an improving industry landscape and maintaining a strong growth momentum [12] Financial Performance Summary - In Q2 2025, the company achieved revenue of 6.01 billion yuan (down 2.3% year-on-year, down 4.1% quarter-on-quarter) and a net profit of 750 million yuan (up 3.8% year-on-year, down 26.5% quarter-on-quarter) [2][6] - The gross margin for H1 2025 was 23.2%, an increase of 3.7 percentage points year-on-year, driven by increased sales volume and lower production costs [12] - The average price of 98.5% lysine in Q2 2025 was 8.3 yuan/kg (down 20.7% year-on-year, down 16.0% quarter-on-quarter) [12] Market Outlook - For Q3 2025, amino acid prices are expected to weaken due to seasonal factors, with average prices for 98% lysine, 70% lysine, and threonine projected to decline [12] - The company anticipates net profits attributable to shareholders of 3.16 billion yuan, 3.39 billion yuan, and 3.51 billion yuan for 2025, 2026, and 2027 respectively [12]