本报讯 （记者丁蓉）今年9月初，在香港举办的亚洲国际水果蔬菜展上，国际知名市场研究机构弗若斯特沙利文向爱莓庄 颁发了"2024/2025季中国蓝莓产量第一"的市场地位声明。 农药制剂龙头深圳诺普信作物科学股份有限公司（以下简称"诺普信"）培育蓝莓产业第二增长曲线，旗下爱莓庄以蓝莓为 突破口，践行"单一特色作物产业链"模式，在云南红土高原上开辟出一条从种植到品牌销售的完整路径。 爱莓庄还运用数字化赋能，建立了从植株生命状态监测到产后供应链满足的全链路管理体系，让早春蓝莓可以高质量、高 产量、超长期向市场供应。在诺普信蓝莓种植基地中的连片现代化大棚内，技术员手持平板穿梭田间，实时监测土壤EC值、 叶片叶绿素等数据，5G信号将植物"生长密码"源源不断传入中控室。 从2020年在文山州砚山县黑鱼洞村建立第一个农场开始，近5年来，爱莓庄在云南布局超5万亩基质蓝莓基地，自产规模跃 居全球前列。在2024年至2025年产季，爱莓庄投产棚内面积接近3万亩、产量超4万吨，并且出口至日本、东南亚等10多个国家 和地区。 通过工业化、标准化的农业模式，爱莓庄正推动中国农产品品牌走向世界。 在诺普信深圳研发中心，水性化农药剂型、粒片 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company achieved a revenue of 3.68 billion yuan in H1 2025, representing a year-on-year increase of 8.2%, and a net profit attributable to shareholders of 650 million yuan, up 17.4% year-on-year [1]. - The company is actively optimizing its channel structure, resulting in a significant reduction in sales expense ratio to 7.5%, down 2.3 percentage points year-on-year [1]. - The blueberry production area is steadily increasing, with an expected production area of approximately 35,000 to 40,000 mu for the 2025/2026 season, targeting a yield of over 40,000 tons [2]. - The company has seen a significant reduction in credit impairment losses, with a loss of 40 million yuan in H1 2025 compared to 70 million yuan in H1 2024, indicating improved management of receivables [3]. - The company is expanding its blueberry export business, successfully entering markets in Southeast Asia, including Singapore and Japan [3]. - The company is expected to achieve net profits of 910 million yuan, 1.216 billion yuan, and 1.576 billion yuan for the years 2025 to 2027, with corresponding EPS of 0.91, 1.21, and 1.57 yuan [3]. Financial Forecasts - The company forecasts revenues of 6.451 billion yuan in 2025, 7.733 billion yuan in 2026, and 8.833 billion yuan in 2027, with growth rates of 22.0%, 19.9%, and 14.2% respectively [4]. - The net profit attributable to shareholders is projected to be 910 million yuan in 2025, 1.216 billion yuan in 2026, and 1.576 billion yuan in 2027, with growth rates of 55.7%, 33.6%, and 29.6% respectively [4]. - The company’s PE ratio is expected to decrease from 14 in 2025 to 8 in 2027, indicating an improving valuation as earnings grow [4].