（上证路演） 10月10日，华康股份举办2025年半年度业绩说明会。会上管理层提及，2025年上半年公司"100万吨玉米 精深加工健康食品配料项目"第一阶段项目陆续进入投产期，主要以液体糖浆类及部分晶体糖醇产品为 主，毛利率下降主要系舟山华康部分产线投产造成销售产品结构比例变动所致；2024年管理费用上升主 要系舟山项目建设职工薪酬增加以及公司实施股权激励股份支付费用增加所致。 公司未来盈利增长的主要驱动因素主要有：①公司木糖醇、晶体山梨糖醇、晶体麦芽糖醇等糖醇系列产 品的产能及产量占据市场前列，将继续成为公司营业收入及利润的主要来源；②"200 万吨玉米精深加 工健康食品配料项目"，截至目前一期项目"100万吨玉米精深加工健康食品配料项目"的第一阶段基本建 设完成，第二阶段规划的各个产品线也将择机投入建设。 ...

Core Viewpoint - The article highlights the significant contributions of Liu Jingsheng in the field of corn post-harvest research, focusing on reducing losses and enhancing the value of corn through innovative processing techniques and technologies [2][5][10]. Group 1: Post-Harvest Research - Liu Jingsheng has dedicated his research to understanding the quality changes of corn after harvest, addressing issues such as drying and storage to minimize losses [5][6]. - His team has developed technologies that reduce drying time by two hours and decrease energy consumption by 16.4%, while also lowering grain loss rates by 3.9% through improved storage methods [6][7]. Group 2: Fresh Corn Processing - Liu's research has led to the creation of a standardized intelligent control technology system for fresh corn, which ensures quality control and traceability throughout the processing chain [9]. - Innovations such as the "timely temperature harvesting" technique have extended the processing time for fresh corn from 6 hours to 15 hours, significantly improving product quality [9][10]. Group 3: Deep Processing of Corn - The article discusses Liu's focus on deep processing technologies that convert corn by-products into high-value functional food components, enhancing the overall value of corn [10][11]. - Liu's work has resulted in the establishment of production lines capable of processing large quantities of corn, contributing to the industrialization of corn as a staple food [10][11].