Core Insights - The article highlights the recognition of Aimeizhuang as the leading producer of blueberries in China for the 2024/2025 season, awarded by Frost & Sullivan at the Asia International Fruit and Vegetable Expo in Hong Kong [1] - Shenzhen Noposion Crop Science Co., Ltd. is leveraging its expertise in the blueberry industry to establish a complete supply chain from cultivation to brand sales, focusing on a single specialty crop model [1][2] Company Developments - Aimeizhuang has developed over 50,000 acres of substrate blueberry bases in Yunnan since establishing its first farm in 2020, positioning itself among the top producers globally [1] - For the 2024/2025 production season, Aimeizhuang plans to utilize nearly 30,000 acres of greenhouse space, expecting a yield exceeding 40,000 tons, with exports to over 10 countries and regions including Japan and Southeast Asia [1] Research and Technology - Noposion's R&D center is actively engaged in various agricultural research areas, including water-based pesticide formulations and biological pest control, with a team of over 100 PhD and master's degree holders conducting field research [1][2] - The company employs digital technology to create a comprehensive management system that monitors plant health and optimizes supply chain processes, ensuring high-quality and high-yield blueberry production [2] Strategic Vision - Noposion aims to redefine Chinese agriculture by adopting an industrialized and standardized approach, aspiring to align with world-class agricultural standards and envisioning the future of agriculture over the next 30 to 50 years [2]

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].