RINGPU(SZ:300119) HTSC·2026-04-01 07:56Investment Rating - The investment rating for the company is maintained at "Buy" with a target price of RMB 23.23 [6][5]. Core Views - The company achieved a revenue of RMB 3.398 billion in 2025, representing a year-on-year growth of 10.7%, and a net profit attributable to the parent company of RMB 401 million, up 33.18% year-on-year [1][2]. - The company is optimistic about the future development of its microbial protein project and pet segment, which are expected to provide new growth momentum for high-quality development [1][5]. Revenue Breakdown - The revenue from the biological products segment was RMB 1.475 billion, growing by 11.4% year-on-year, accounting for 43.4% of total revenue [2]. - The pet segment saw significant growth, with revenue reaching RMB 858 million, a year-on-year increase of 24.4% [2]. - The international business segment reported revenue of RMB 127 million, with a year-on-year growth of 33.0% [2]. Profitability Analysis - The gross margin for the biological products business improved by 0.94 percentage points to 63.7%, enhancing overall profitability [3]. - The gross margin for the drug formulation and raw materials segment decreased by 1.34 percentage points to 35.3% due to intensified industry competition [3]. - The company increased its R&D investment, with R&D expenses reaching RMB 253 million, a year-on-year increase of 28.7% [3]. Strategic Initiatives - The company invested RMB 679 million to build a 60,000-ton annual production base for mycelium protein in Tianjin, which is expected to contribute approximately RMB 1.3 billion in annual revenue once fully operational [4]. - The company has obtained 19 new veterinary drug certificates in the pet sector, covering various fields such as deworming and vaccines, and has established a comprehensive supply chain covering over 14,000 medical terminals across 24 provinces [4].