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Core Viewpoint - DSM-Firmenich, a major player in the chemical and nutrition industry, has shown significant financial growth in the first half of 2025, with total sales reaching €6.51 billion (approximately ¥53.64 billion), a year-on-year increase of 3% [1]. Group 1: Financial Performance - The adjusted EBITDA for DSM-Firmenich was €1.26 billion, reflecting a 29% increase year-on-year, with EBITDA margin rising from 15.5% to 19.4% [1]. - The net profit surged from €50 million in the same period last year to €541 million, marking an almost tenfold increase [1]. Group 2: Business Segments - Animal Nutrition and Health segment reported sales of €1.751 billion, a 14% increase year-on-year, with adjusted EBITDA soaring by 293% due to improved core business and temporary vitamin price effects [2]. - The Fragrance and Beauty segment saw sales of €1.989 billion, a 1% decline, impacted by weak demand for sunscreen products and client inventory destocking [3]. - Taste, Texture, and Health (TTH) segment achieved sales of €1.686 billion, a 3% increase, while Health, Nutrition, and Care (HNC) segment reported sales of €1.072 billion, a 2% decline, despite a 6% organic sales growth [3]. Group 3: Strategic Developments - DSM has strategically divested from capital-intensive businesses, including the planned divestiture of the Animal Nutrition and Health segment by the second half of 2025 to mitigate risks associated with vitamin price fluctuations [2]. - The merger with Firmenich in May 2023 has positioned DSM-Firmenich as a leading global manufacturer in flavors and fragrances, as well as the largest vitamin producer [4]. - The company has a history of strategic acquisitions and divestitures, enhancing its focus on high-margin specialty chemicals and nutrition [4]. Group 4: Industry Context - The competitive landscape includes other major players like Wanhua Chemical and New Hope Liuhe, which are also expanding their focus on nutrition and flavor segments [4][5]. - Wanhua Chemical has established a new nutrition technology company and is expanding its production capacity in flavor and fragrance products [5]. - New Hope Liuhe reported record revenue in 2024, with a significant portion coming from its nutrition business, indicating a strong market trend towards health and nutrition products [5].