证券代码：603983 证券简称：丸美生物 公告编号：2025-020 广东丸美生物技术股份有限公司 关于2025年第二季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将公司 2025 年第二季度主要经营数据 披露如下： 一、2025 年第二季度公司主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（支） | 销量（支） | | 营业收入（元） | | --- | --- | --- | --- | --- | | 眼部类 | 1,417,633 | 1,293,001 | 206,219,439 | | | 护肤类 | 4,321,217 | 4,012,166 | 364,708,224 | | | 洁肤类 | 1,248,862 | 1,089,700 | 65,706,024 | | | 美容类 | 2,942,370 | 3,173,964 | 268,017,038 | ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 66,304 | 60,946 | 73,845 | 78,080 | 87,280 | | 同比（%） | 5.19 | (8.08) | 21.17 | 5.73 | 11.78 | | 归母净利润（百万元） | 3,351 | 4,155 | 6,001 | 6,745 | 8,240 | | 同比（%） | (14.25) | 23.99 | 44.44 | 12.40 | 22.17 | | EPS-最新摊薄（元/股） | 1.97 | 2.44 | 3.53 | 3.96 | 4.84 | | P/E（现价&最新摊薄） | 22.47 | 18.12 | 12.55 | 11.16 | 9.14 | [Table_Tag] [Table_Summary] 投资要点 证券研究报告·公司点评报告·能源金属 华友钴业（603799） 2025 半年报点评：Q2 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a slight decline in revenue and net profit for the first half of 2025, with revenue at 8.839 billion yuan, down 0.24% year-on-year, and net profit at 865 million yuan, down 4.03% year-on-year [1] - The report highlights that the company's core competitiveness lies in its brand matrix and product innovation, which are expected to drive long-term growth despite current macroeconomic challenges [4] - The company has maintained a high dividend payout ratio of over 80% since 2021, indicating strong capital returns to shareholders [4] Financial Performance Summary - For 2025, the company is projected to achieve total revenue of 14.889 billion yuan, with a year-on-year growth rate of 1.7% [2] - The net profit attributable to the parent company is expected to be 1.208 billion yuan in 2025, reflecting an 8.4% year-on-year increase [2] - The gross profit margin is projected to be 48.1% in 2025, slightly decreasing from previous years [2] - The earnings per share (EPS) for 2025 is estimated at 2.50 yuan, with corresponding price-to-earnings (P/E) ratios of 22.13, 21.34, and 20.15 for the following years [2][4] Sales and Cost Analysis - In Q2 2025, the company achieved revenue of 4.484 billion yuan, a decrease of 1.84% year-on-year, with sales volume remaining stable at 917,300 kiloliters [4] - The cost of goods sold per kiloliter improved, leading to a gross margin increase to 51.21% in Q2 2025 [4] - The company reported a net profit of 392 million yuan in Q2 2025, down 12.7% year-on-year, with a net profit margin of 8.75% [4]

Core Viewpoint - LeShuShi, known as the "King of Diapers in Africa," has updated its prospectus and is making another attempt to go public in Hong Kong [2][3]. Group 1: Company Overview - LeShuShi was founded by Shen Yanchang, who has extensive trade experience in Africa since the 1990s. The company was spun off from SenDa Group in 2022 and focuses on the African market for baby diapers, pull-ups, sanitary napkins, and wet wipes [6][7]. - As of April 30, 2025, LeShuShi has established eight production plants and 51 production lines in Africa, with an annual capacity of over 6.3 billion baby diapers and nearly 2.9 billion sanitary napkins [10]. Group 2: Market Position and Strategy - LeShuShi holds a 20.3% market share in the African baby diaper market by volume as of 2024, positioning itself as the industry leader [3]. - The company employs a localized manufacturing strategy, which allows it to maintain lower costs and respond quickly to market demands, giving it a competitive edge against international giants [10]. Group 3: Financial Performance - Revenue projections for LeShuShi are $320 million in 2022, $411 million in 2023, and $454 million in 2024, with net profits of $18 million, $65 million, and $95 million respectively [12][26]. - The company's gross margin and net profit margin improved significantly in 2023, reaching 34.9% and 15.7%, respectively, primarily due to a decrease in raw material prices [16][17]. Group 4: Risks and Concerns - The company faces risks related to raw material price fluctuations, with expectations of rising prices for key materials like fluff pulp and SAP in the coming years [18]. - LeShuShi's performance growth is projected to slow down, with revenue growth expected to drop from 28.6% in 2023 to 10.5% in 2024 [12]. Group 5: Dividend and Funding - Prior to the IPO, LeShuShi engaged in significant dividend payouts, including a $35,300 dividend from its subsidiary in Kenya and a $35 million interim dividend, which raised concerns about the distribution of profits primarily benefiting the founders [22][24]. - The company plans to use the net proceeds from the IPO to expand production capacity, enhance marketing efforts, and pursue strategic acquisitions in the hygiene products sector [24].

Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 9.398 billion, representing a year-on-year growth of 11.63% [2] - The net profit attributable to shareholders was CNY 951 million, with a year-on-year increase of 28.98% [2] - The first quarter saw strong sales, while the second quarter experienced delays in sales of summer and autumn fertilizers due to raw material price adjustments [2] Sales and Market Dynamics - The first quarter's strong sales were attributed to low winter stock levels and increased procurement by distributors [2] - In the second quarter, conventional fertilizer sales declined, while new fertilizers maintained stable sales due to their application in short-cycle economic crops [2][3] Raw Material Management - The company has demonstrated superior performance in managing raw material price fluctuations compared to peers, aided by a diverse product portfolio and exclusive potassium fertilizer import rights [3] - The company maintains a relatively low inventory level, which helps mitigate risks associated with raw material price volatility [3] Profit Margins - The gross margin for conventional fertilizers is low at 12.56%, with significant potential for improvement as the company cannot fully pass on increased raw material costs to downstream customers [4] - The gross margin for monoammonium phosphate (MAP) is expected to recover as the supply-demand balance in the phosphate market stabilizes [4] Export and International Operations - The company received its first batch of export quotas for phosphate fertilizers in May, with a portion of exports completed in the first half of the year [8] - The majority of phosphate fertilizer exports are expected to be realized in the third quarter [9] Research and Development - Increased R&D expenses are driven by advancements in the compound fertilizer industry and the growing penetration of new fertilizers in economic crop cultivation [7] Future Outlook - The company anticipates a release of delayed sales in the third quarter, as the compound fertilizer industry is considered a necessity [9] - The profitability of iron phosphate is expected to improve following significant process upgrades made last year [10]

Summary of Anqi Yeast Conference Call Company Overview - The conference call focuses on Anqi Yeast, a company significantly impacted by production capacity cycles and raw material costs, particularly molasses, which accounts for 40%-50% of raw material costs [2][3]. Key Points and Arguments 1. **Profitability Influences**: Anqi Yeast's profitability is significantly affected by molasses prices and transportation costs, leading to cyclical profit changes [2][3]. 2. **Strategies to Mitigate Costs**: The company is implementing strategies such as building factories near molasses production sites, exploring alternatives like hydrolyzed sugar, and attempting to acquire upstream sugar factories to manage raw material costs [2][5]. 3. **Capital Expenditure and Depreciation**: During the 14th Five-Year Plan, Anqi Yeast underwent large-scale capacity migration, resulting in high fixed asset investments and increased depreciation costs. As the domestic market saturates, the focus is shifting to overseas markets, leading to a slowdown in capital expenditures [2][6]. 4. **Global Molasses Price Trends**: Global molasses prices have significantly declined since 2023 and are expected to continue decreasing over the next 1-2 years due to slowed yeast production expansion and increased sugarcane and beet planting areas [2][7]. 5. **Profit Margin Improvement**: The decline in molasses prices is anticipated to enhance Anqi Yeast's profit margins, with a projected turning point in profitability expected between Q4 2024 and Q1 2025, leading to an increase in ROE for 1-2 years [2][7]. 6. **Market Growth**: The company maintains a business structure with 80% B-end and 20% C-end, relying on capacity release and order conditions for growth. Despite a slowdown in the domestic market, overseas markets are expected to grow at 15%-20% annually [3][7]. 7. **Core Products and New Growth Points**: Anqi Yeast's core products include yeast, yeast extracts, and yeast protein, with ongoing investments in marketing and capacity building. New product launches in the sports yeast protein sector are expected to drive revenue growth [3][8]. Additional Important Insights - **Cyclical Revenue Growth**: Anqi Yeast's revenue growth typically ranges from 10% to 20%, but profit growth shows significant cyclical fluctuations, influenced by capital expenditure and raw material costs [3]. - **Long-term Investment Value**: The company is viewed as a long-term investment opportunity due to the expected decline in raw material prices, which will positively impact profit margins and ROE, alongside stable growth potential from overseas market expansion [7][8]. - **Product Line Diversification**: The company is diversifying its product line with derivatives for animal feed and other synthetic biological products, contributing to a clearer main business structure and a gradient growth model [8].

Group 1 - The stock price of Boyuan Chemical closed at 5.73 yuan on August 6, remaining unchanged from the previous trading day. The opening price was 5.70 yuan, with a high of 5.79 yuan and a low of 5.65 yuan. The trading volume was 428,327 hands, and the transaction amount reached 245 million yuan [1] - Boyuan Chemical's main business is the production of chemical raw materials, with key products including soda ash and sodium bicarbonate. The company announced on its investor interaction platform that the second phase of the Alashan natural soda project is scheduled to be completed and trial production to begin by the end of the year, and the project is progressing as planned. This project's progress will directly impact the company's future capacity expansion plans [1] - On August 6, the net outflow of main funds was 5.9698 million yuan, with a cumulative net outflow of 165 million yuan over the past five trading days. The current stock price is situated between the five-day and twenty-day moving averages, indicating a shrinking trading activity in the market [1]

Core Viewpoint - Rongbai Technology (688005) reported a decline in revenue and a net loss for the first half of 2025, primarily due to fluctuations in raw material prices and increased R&D investments [1] Financial Performance - The company achieved operating revenue of 6.248 billion yuan in the first half of 2025, a year-on-year decrease of 9.28% [1] - The net profit for the period was a loss of 68.3946 million yuan, compared to a profit of 10.2779 million yuan in the same period last year, indicating a significant year-on-year decline [1] Factors Affecting Performance - Revenue decline was mainly attributed to significant fluctuations in the prices of key raw materials, which led to adjustments in product pricing [1] - The net profit decrease was also influenced by temporary impairment issues during the reporting period [1] Investment and R&D - The company continued to invest in new industries such as sodium batteries, precursors, and manganese iron lithium, which had a certain impact on current profits [1] - To maintain a technological edge, the company increased its R&D expenditure compared to the previous year [1]

Core Viewpoint - Jinqiao Dek New Materials Co., Ltd. successfully entered the Sci-Tech Innovation Board after over two years of preparation, aiming to expand production and capture more market share amid fluctuating raw material prices [1] Company Overview - Jinqiao Dek has achieved significant results in the daily chemical packaging and automotive coating sectors, with both revenue and profit increasing, and a rising gross profit margin [2] - The company plans to raise 530 million yuan through its IPO for projects including a green intelligent factory transformation and working capital [1][2] - The company has distributed a total of 107 million yuan in cash dividends in 2023 and 2024, with the actual controller, Ma Xiaodong, receiving 60% of this amount [2][7] Financial Performance - Jinqiao Dek's revenue for 2022, 2023, and 2024 was 491 million yuan, 539 million yuan, and 627 million yuan, respectively, with year-on-year growth rates of 9.72% and 16.42% [11] - The net profit for the same periods was 93.14 million yuan, 117 million yuan, and 141 million yuan, with growth rates of 25.61% and 20.51% [11] - The gross profit margin has improved from 34.23% in 2022 to 41.23% in 2024 [11] Shareholder Dynamics - Ma Xiaodong, the actual controller, holds 51.78% of the shares directly and an additional 8.25% indirectly, totaling 60.03% [7] - Between 2022 and 2024, Ma Xiaodong has cashed out approximately 36.16 million yuan through share transfers [7][12] Subsidiary Performance - Jinqiao Dek has four wholly-owned subsidiaries and one associated company, with three subsidiaries currently operating at a loss, raising concerns about the company's financial health [9][10] - The minority shareholders' equity turned negative in 2024, contrasting sharply with the company's high dividend payouts [9] Market Position and Client Base - The company serves around 1,300 clients, including major brands like L'Oréal, Huawei, and Apple, with over 60% of its revenue coming from daily chemical packaging [11][13] - The automotive coating segment has shown rapid growth, with sales increasing significantly in 2023 and 2024 [14] Raw Material Dependency - Jinqiao Dek's raw material costs account for over 85% of its main business costs, making it highly sensitive to fluctuations in raw material prices [16] - The company has implemented measures such as bill endorsement to manage supplier payments and maintain cash flow stability [18] Future Outlook - The company is focusing on expanding its automotive paint product line and enhancing its market presence in the automotive interior and exterior coatings [15]

Core Viewpoint - Wanhua Chemical's stock price decreased by 1.02% to 61.96 yuan as of July 29, 2025, with a trading volume of 307,875 hands and a transaction amount of 1.914 billion yuan [1] Group 1: Company Performance - Wanhua Chemical's main business includes polyurethane, petrochemicals, fine chemicals, and new materials, making it a global leader in MDI manufacturing, with applications in home appliances, automotive, and construction sectors [1] - In Q1 2025, the company achieved a revenue of 43.068 billion yuan and a net profit of 3.082 billion yuan [1] Group 2: Production Updates - On July 29, 2025, Wanhua Chemical announced the resumption of normal production at its Fujian Industrial Park, which includes an 800,000 tons/year MDI unit, a 360,000 tons/year TDI unit, and a 400,000 tons/year PVC unit, after maintenance that began on June 5 [1] Group 3: Financial Metrics - The company's current price-to-earnings ratio is 15.73 times, and the price-to-book ratio is 2.02 times [1] - On the same day, the net outflow of main funds was 98.3764 million yuan [1]