另外，花旗发布研报称，由于布鲁可新产品延迟发布，因此管理层将其今年收入指引下调至同比增长逾 50%，并预计下半年收入将增长70%至80%。管理层又将上半年毛利率下降主要归因于新产品和海外扩 张初期的运输成本，随着海外业务和新产品销售增长，应该会减轻对毛利率的影响。不过，该行认为， 由于布鲁可对新产品和研发持续投入，毛利率或仍需时回复到去年水平。该行将公司目标价由155港元 下调至128港元。短期内市场仍重点关注新产品发布的进展。 布鲁可(00325)高开低走，午后跌超4%，早盘一度涨超5%。截至发稿，跌3.6%，报107.1港元，成交额 4.05亿港元。 消息面上，布鲁可公布，拟直至12月31日于公开市场购回股份，将从现有可动用现金储备及自由现金流 为股份购回计划提供资金，资金不涉及自股份全球发售所得款项，购回股份将会用于后续员工股权激 励。公司指，根据股东通过普通决议案，董事会已获授一般及无条件授权以购回股份，数目不超过已发 行股份总数10%，即不超过2492.5万股。 ...

智通财经APP获悉，布鲁可(00325)高开低走，午后跌超4%，早盘一度涨超5%。截至发稿，跌3.6%，报 107.1港元，成交额4.05亿港元。 另外，花旗发布研报称，由于布鲁可新产品延迟发布，因此管理层将其今年收入指引下调至同比增长逾 50%，并预计下半年收入将增长70%至80%。管理层又将上半年毛利率下降主要归因于新产品和海外扩 张初期的运输成本，随着海外业务和新产品销售增长，应该会减轻对毛利率的影响。不过，该行认为， 由于布鲁可对新产品和研发持续投入，毛利率或仍需时回复到去年水平。该行将公司目标价由155港元 下调至128港元。短期内市场仍重点关注新产品发布的进展。 消息面上，布鲁可公布，拟直至12月31日于公开市场购回股份，将从现有可动用现金储备及自由现金流 为股份购回计划提供资金，资金不涉及自股份全球发售所得款项，购回股份将会用于后续员工股权激 励。公司指，根据股东通过普通决议案，董事会已获授一般及无条件授权以购回股份，数目不超过已发 行股份总数10%，即不超过2492.5万股。 ...

Group 1: Investor Relations Activity Overview - The investor relations activity was conducted on May 15, 2025, at Chengdu Oukang Pharmaceutical Co., Ltd. [3] - Attendees included representatives from Kaiyuan Securities, Huayuan Securities, Zhongrui Huyin, and Luxin Chuangtou [3] - Company representatives included Chairman Zhao Zhuojun and CFO Cao Yongqiang [3] Group 2: Impact of Industry Trends - The overall price decline in the vitamin industry has limited impact on the company's product pricing, which is primarily influenced by raw material supply and market demand [5] - The company specializes in flavonoid products, a niche within the vitamin sector, using raw materials like bitter orange and sophora flower [5] Group 3: Production Capacity and Utilization - The new plant's production lines for bitter orange are expected to achieve over 50% capacity utilization by the end of 2025 [6] - The production lines for sophora flower are also projected to reach 50% capacity utilization by year-end 2025, with a focus on fine management and market expansion [6] Group 4: Market Expansion and Partnerships - The company has established strong partnerships in Japan for its sophora flower and bitter orange products, focusing on the food additive and health product markets [7] - Ongoing efforts are being made to deepen cooperation with clients and expand market influence in Japan [7] Group 5: Facility Upgrades and Compliance - Upgrades to the Diosmin and Rutin production lines have been completed, meeting both domestic and international GMP standards [8] - The upgraded lines have passed domestic GMP compliance checks and are in the process of obtaining EuGMP certification [8] Group 6: Financial Projections - The company anticipates a 160% increase in depreciation expenses for 2025 compared to 2024 due to the completion of investment projects [9] - Strategies will be implemented to enhance sales revenue to offset increased depreciation costs [9] Group 7: Profitability and Market Trends - The company's gross margin has declined due to production challenges and increased costs in Q1 2025, but is expected to recover as production lines stabilize [11] - The market for quercetin is projected to grow significantly due to rising health awareness and demand for natural ingredients, particularly in health supplements and functional foods [12]