Core Viewpoint - The resignation of Zhang Yuan as Chairman of Daqian Ecology is attributed to personal reasons, with his term originally set to end on September 19, 2026 [2][6]. Group 1: Leadership Changes - Zhang Yuan has resigned from his positions as Chairman, Director, and member of the Board's Strategic Committee, effective November 27, 2025 [2][6]. - The Vice Chairman, Duan Liping, will temporarily assume the responsibilities of Chairman until a new Chairman is elected [6]. - Zhang Yuan became the actual controller of Daqian Ecology prior to his resignation, following the company's acquisition by Suzhou Bubugao Investment Development Co., Ltd. on November 22, 2024 [6]. Group 2: Financial Performance - In 2024, Daqian Ecology reported a revenue of 115 million yuan, a year-on-year decrease of 10.24%, while the net profit attributable to shareholders was approximately 29.13 million yuan, marking a turnaround from a loss [8][12]. - For the first three quarters of 2025, the company generated a revenue of 153 million yuan, reflecting a significant year-on-year increase of 109.17%, but the net profit attributable to shareholders was a loss of approximately 36.90 million yuan, a decline of 340.89% [10][12]. - The improvement in 2024's net profit was largely due to a decrease in the proportion of revenue from engineering services and an increase in the higher-margin cultural tourism business [12]. Group 3: Market Position - As of November 28, 2025, Daqian Ecology's stock price was 30.59 yuan per share, with a market capitalization of 4.15 billion yuan, reflecting a slight decline of 0.39% [12].

Core Viewpoint - The company reported a mixed performance in its 2025 H1 results, with revenue growth but a decline in net profit, indicating challenges in its self-owned brand segment while the contract manufacturing business showed strong growth [1][2][3]. Financial Performance - In 2025 H1, the company achieved revenue of 420 million yuan, a year-on-year increase of 2.06%, and a net profit attributable to shareholders of 72 million yuan, a year-on-year decrease of 13.37% [1]. - For Q2 2025, revenue was 213 million yuan, down 4.44% year-on-year, with a net profit of 37 million yuan, down 23.79% year-on-year [1]. Business Segments - The contract manufacturing business saw double-digit growth, with revenue of 366 million yuan in H1 2025, up 10.71% year-on-year, while the self-owned brand business generated 52 million yuan, down 33.61% year-on-year [2]. - In terms of product types, functional beverages grew by 18.41% to 120 million yuan, while soft capsules declined by 6.03% to 151 million yuan. Other forms like powders and tablets showed varied performance, with powders up 35.99% and tablets down 20.11% [2]. Geographic Performance - Revenue from domestic operations was 379 million yuan, down 1.73% year-on-year, while international revenue reached 39 million yuan, up 66.43% year-on-year [3]. Profitability Metrics - The gross margin for H1 2025 was 36.22%, a decrease of 3.28 percentage points year-on-year, and the net profit margin was 17.10%, down 3.04 percentage points year-on-year [3]. - The company experienced increased management expenses, attributed to strategic transformation efforts [3]. Strategic Developments - The acquisition of a 56% stake in New Zealand's Ora factory was completed, with expectations for significant revenue contributions in 2025, as the factory reported strong growth in 2024 [4]. - The company launched a new brand focused on "food and medicine homology," targeting specific nutritional needs of Asian consumers, and plans to leverage cross-border cooperation for competitive advantage in domestic pharmacy channels [5]. Future Outlook - The company anticipates revenue growth driven by its contract manufacturing business and expects contributions from cross-border and pet-related businesses in the future [5]. - Projections for 2025-2027 indicate revenues of 1.117 billion, 1.286 billion, and 1.446 billion yuan, with net profits of 169 million, 205 million, and 236 million yuan respectively, reflecting a positive growth trajectory [5].