关注D-阿洛酮糖在国内的应用及公司产品上市情况。2025 年7 月D-阿洛酮糖获批为新食品原料，阿洛 酮糖在国内的发展迎来新阶段，阿洛酮糖应用场景广泛，预计国内需求端将有较大拓展空间。公司早期 已与众多客户研发储备了相关产品，建议关注公司D-阿洛酮糖产品后续上市情况。 盈利预测及投资评级：我们预计公司2025-27 年可实现归母净利润3.57/4.74/6.20 亿元，同比分别 +45%/+33%/+31%，当前股价对应2025-27年PE 分别为25X/19X/15X，维持"强烈推荐"评级。 事件：公司发布2025 年三季度业绩快报，2025 年前三季度实现营业收入9.69 亿元，同比+18.10%，实 现归母净利润2.65 亿元，同比+44.93%。 风险提示：项目投产进度不及预期；技术快速迭代、市场竞争加剧；原材料价格大幅波动；产能消化不 及预期；全球关税波动风险等 产品结构优化叠加产能释放，前三季度利润同比实现高增。25Q1-Q3 公司实现营业收入同比+18.10%， 其中25Q3 实现营业收入3.20 亿元，同比+10.61%；25Q1-Q3 公司实现归母净利润+44.93%，其中25Q3 实现归母 ...

Core Insights - The company reported a strong performance in the first half of 2025, with revenue of 649 million yuan, a year-on-year increase of 22.18%, and a net profit attributable to shareholders of 170 million yuan, up 42.00% year-on-year [1] - The core products continue to grow rapidly, with overseas demand remaining strong, particularly in the prebiotic series, dietary fiber series, and health sweeteners [1][3] Financial Performance - In Q2 2025, the company achieved revenue of 336 million yuan, a year-on-year increase of 20.29%, and a net profit of 88 million yuan, up 33.84% year-on-year [1] - The gross profit margin for H1 2025 was 40.54%, an increase of 7.07 percentage points year-on-year, while the net profit margin was 26.15%, up 3.65 percentage points year-on-year [2] - The company’s operating expenses slightly increased, with sales, management, finance, and R&D expense ratios at 3.15%, 2.43%, 0.01%, and 3.56%, respectively [2] Product and Capacity Expansion - The approval of D-allohexose as a new food ingredient in July 2025 marks a new phase for the company in the domestic market, with expected growth from previously developed products [3] - The company has two projects under construction aimed at expanding production capacity, including a smart production facility for functional sugars and a health food raw material factory in Thailand [3] - Upon completion, these projects will significantly increase production capacity, particularly for overseas clients, with expected annual outputs of 11,000 tons of isomaltulose, 12,000 tons of crystalline allohexose, and more [3] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 366 million yuan, 489 million yuan, and 657 million yuan for the years 2025 to 2027, representing year-on-year growth rates of 49%, 33%, and 34%, respectively [3] - The current stock price corresponds to price-to-earnings ratios of 24X, 18X, and 14X for the years 2025 to 2027, maintaining a "strong buy" rating [3]

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company achieved excellent performance in Q2 2025, with revenue of 649 million, a year-on-year increase of 22.18%, and a net profit attributable to shareholders of 170 million, up 42.00% year-on-year [2][4]. - The core product series continues to grow, with significant revenue contributions from prebiotics, dietary fibers, and healthy sweeteners, demonstrating resilience amid domestic consumption challenges and international trade fluctuations [4]. - The gross margin reached a historical high of 41.29%, driven by increased sales of core products, while net profit margins also showed substantial growth [4]. Financial Performance Summary - For Q2 2025, the company reported revenue of 336 million, a 20.29% increase year-on-year, and a net profit of 88.36 million, up 33.84% year-on-year [2][4]. - The company expects EPS for 2025-2027 to be 0.84, 1.09, and 1.42 yuan, corresponding to P/E ratios of 25X, 19X, and 15X respectively [4][5]. - The projected total revenue for 2025 is 1.421 billion, with a year-on-year growth rate of 23.4% [5]. Product and Market Expansion - The domestic market for allulose is poised for growth following the approval of D-allulose as a new food ingredient, with ongoing capacity expansion in both domestic and international markets [4]. - The company’s Q2 revenue from domestic and international markets reached 115 million and 214 million respectively, with year-on-year increases of 11.14% and 29.46% [4].

Financial Performance - In the first half of 2025, COFCO Biotechnology achieved a net profit attributable to shareholders of 107 million, a year-on-year increase of 74.4% [2] - The non-recurring net profit was 31.9 million, up 71.5% year-on-year [2] - The overall gross margin improved, with a comprehensive gross margin nearing 8.5%, an increase of 1.3 percentage points year-on-year [3] Sales and Production - Despite stable production rates and overall sales, sales revenue decreased due to a drop in product prices [2] - The company maintained a high production and sales rate, with total sales volume remaining consistent with the previous year [3] - The sales revenue of fuel ethanol, starch sugar, and monosodium glutamate products saw a decline due to lower raw material prices and insufficient downstream demand [4] Cost Control Measures - The company implemented several cost-reduction strategies, including: - Strengthening the integration of procurement and sales to manage inventory effectively [2] - Utilizing hedging strategies to control risks related to raw material and product pricing [2] - Continuous improvement of production processes to lower comprehensive production costs [2] - Increasing sales of niche products such as flavored syrups and modified starches to enhance overall gross margin [2] Project Developments - Key projects are progressing as planned, including: - The relocation of the polylactic acid project and the expansion of the Chengdu company's fructose production capacity [3] - The construction of a new starch sugar project in Taicang with an annual capacity of 550,000 tons, expected to start construction in Q4 2025 [4] - The enzyme-based production of allulose has received approval from the health authority, establishing a market advantage for the company [3] Business Segment Insights - The fuel ethanol business remains stable, with market demand between 3 to 3.5 million tons [4] - The starch sugar business is a key focus area, with significant investments in capacity expansion and expected stable production post-launch [4] - The allulose product is positioned as a critical growth area, with optimistic market potential anticipated over the next 2-3 years [5]

Investment Rating - The investment rating for the company is "Buy" [1][2][4]. Core Insights - The company achieved record high revenue and profit in Q2, with a revenue of 336 million yuan, up 20.49% year-on-year, and a net profit of 89.17 million yuan, up 35.07% year-on-year [2][4]. - The approval of D-Alulose as a new food ingredient in China is expected to open the domestic market, potentially increasing revenue from health sweeteners [4]. - The establishment of a new factory in Thailand aims to leverage lower raw material costs and enhance production capacity for various products, supporting international market expansion [4]. - Profit forecasts have been raised, with expected EPS for 2025-2027 at 0.84, 1.09, and 1.42 yuan, respectively, maintaining a "Buy" rating [4]. Financial Performance Summary - For H1 2025, the company reported a total revenue of 650 million yuan, a year-on-year increase of 22.29%, and a net profit of 171 million yuan, up 42.68% [2][4]. - The gross profit margin is projected to improve, with estimates of 38.2% in 2025 and 37.4% in 2026 [5]. - The company’s total revenue is expected to grow from 868 million yuan in 2023 to 2.448 billion yuan in 2027, reflecting a compound annual growth rate [5]. - The net profit is forecasted to increase from 193 million yuan in 2023 to 598 million yuan in 2027, indicating strong growth potential [5].