Core Insights - The article highlights the increasing trend of low-sugar consumption among Chinese residents, with the "sugar reduction index" showing a continuous rise in low-sugar product consumption since 2022, reaching a historical high in the first half of this year [1][4] - The launch of the new low-sugar product "Rich Cocoa Flavor" by the classic snack brand, Haoliyou, reflects the growing consumer demand for healthier snack options while maintaining taste [3][4] Industry Trends - The market for "no sugar" food and beverages has been larger over the past two years, but the "low sugar" segment is experiencing faster growth, indicating a shift in consumer preferences towards products that balance taste and lower sugar content [4] - The increasing availability of low-sugar products in both offline supermarkets and online platforms suggests a rising awareness of healthy eating among consumers [1] Company Strategy - Haoliyou's new product features a sugar content of less than 5%, with approximately 1.5 grams of sugar per piece, and includes added dietary fiber, aiming to meet consumer expectations for both taste and health [3][4] - The company emphasizes continuous innovation to meet consumer demands for delicious snacks, with the new product being a strategic response to the national "Three Reductions and Three Health" initiative [4] - Haoliyou plans to focus on quality and health in product development, leveraging consumer insights and innovative research to enhance the snacking experience [4]

Core Insights - The company reported strong performance in the first half of 2025, with significant growth in revenue and net profit, particularly in its core product line of sugar-reducing sweeteners [2][3] - The company is actively investing in R&D and capacity expansion, with new projects and patents contributing to its growth strategy [3] Financial Performance - The company achieved a revenue of 1.399 billion yuan, representing an 18.02% year-on-year increase [2] - Net profit attributable to shareholders reached 926.72 million yuan, up 33.66% year-on-year, with a non-recurring net profit of 908.695 million yuan, reflecting a 40.37% increase [2] - The net cash flow from operating activities was 231 million yuan, a substantial increase of 211.41% year-on-year, indicating improved cash flow conditions [2] Product Performance - The sugar-reducing sweetener segment emerged as the largest growth driver, generating 372 million yuan in revenue, a remarkable increase of 61.22% year-on-year [2] - Key products such as erythritol and crystalline fructose saw revenue growth of 89.53% and 50.57% respectively [2] - The prebiotic business also performed well, with revenue of 189 million yuan, a 20.23% increase, and a gross margin improvement of 0.62 percentage points to 25.03% [3] R&D and Capacity Expansion - The company secured three new invention patents and participated in the revision of five national standards during the first half of the year [3] - The project for an annual production capacity of 20,000 tons of allulose (Phase II) has commenced construction, with new projects like human milk oligosaccharides (HMOs) and DHA algae oil expected to be operational in the second half of the year [3] Incentive Plans - The company launched a restricted stock incentive plan for 2025, aligning the interests of the core team with the company's long-term goals, targeting a cumulative net profit of no less than 647 million yuan from 2025 to 2027 [3]