10月30日，美心翼申(873833)公布2025年三季报，前三季度，公司实现营业收入3.45亿元，同比增长 6.95%；归母净利润2823.68万元，同比增长45.84%；扣非后净利润2576.95万元，增幅53.15%；基本每 股收益0.34元。 第三季度，公司主要产品订单显著增长，推动销售收入持续攀升，单季度实现营业收入1.04亿元，同比 增长4.05%；其中，高附加值境外产品销售占比稳步提升，国际化业务拓展成效显著，为公司注入了新 的增长动能。实现归母净利润738.63万元，同比增长达85.93%；扣非后净利润664.43万元，增幅达 158.70%；盈利能力进一步增强，为未来的可持续发展奠定了坚实的基础。 报告期内，公司始终坚持以客户需求为导向，紧密跟踪下游行业动态，持续进行工艺升级与新技术开 发，不断迭代优化过往工艺，提升生产效率，通过新产品研发，拓宽产品矩阵，优化产品结构；同时， 严控生产成本，降低物资生产耗用，降本增效，提升产品成本优势，进一步增强公司的市场竞争力。 (郑渝川) ...

Core Insights - The company reported a revenue of 11.101 billion yuan for the first half of the year, representing a year-on-year growth of 12.76% [1] - Net profit attributable to shareholders reached 3.603 billion yuan, with a significant increase of 63.46% year-on-year, and the non-recurring net profit was 3.679 billion yuan, up 70.50% [1] - The cash flow from operating activities improved to 3.243 billion yuan, a 51.65% increase from the previous year [1] Business Structure - The pharmaceutical and chemical sector remains the main revenue driver, generating 10.016 billion yuan, accounting for 90.23% of total revenue, with a year-on-year growth of 10.34% [1] - Other sectors contributed 1.085 billion yuan, representing 9.77% of total revenue, with a substantial year-on-year increase of 41.32% [1] Product Performance - Nutrition products, as a core business pillar, achieved revenue of 7.199 billion yuan, making up 64.86% of total revenue, with a year-on-year growth of 7.78% and a gross margin of 47.79%, up 11.93 percentage points [2] - The flavor and fragrance business generated 2.105 billion yuan, accounting for 18.96% of total revenue, with a year-on-year growth of 9.35% and a gross margin of 54.01%, up 4.32 percentage points [2] - New materials revenue reached 1.038 billion yuan, representing 9.35% of total revenue, with a year-on-year increase of 43.75% [2] - Other products generated 758 million yuan, accounting for 6.83% of total revenue, with a year-on-year growth of 46.50% [2] Sales Performance - Export sales significantly increased, achieving revenue of 6.443 billion yuan, which is 58.04% of total revenue, with a year-on-year growth of 18.43% and a gross margin of 49.16%, up 10.97 percentage points [2] - Domestic sales reached 4.658 billion yuan, accounting for 41.96% of total revenue, with a year-on-year growth of 5.75% and a gross margin of 41.37%, up 5.59 percentage points [2] - Direct sales amounted to 8.176 billion yuan, representing 73.66% of total revenue, with a year-on-year growth of 8.74% [2] - Distribution sales reached 2.924 billion yuan, accounting for 26.34% of total revenue, with a year-on-year growth of 25.76% [2] Project Development - Key projects are progressing well, including the joint venture with Sinopec for an 18,000-ton/year liquid methionine project, which has commenced trial production [3] - The Tianjin nylon new materials project has completed all necessary resource compliance approvals [3] - Other technical upgrades and management improvement projects are advancing steadily, laying the groundwork for future capacity release [3] R&D Investment - The company increased its R&D investment to 523 million yuan, an 8.68% rise from the previous year [3] - Focus is on strategic projects to enhance product competitiveness and expand product categories [3] Dividend Distribution - The company plans to distribute a cash dividend of 2 yuan per 10 shares (including tax), totaling 612 million yuan [4]

Core Viewpoint - China Unicom's revenue exceeded RMB 200 billion in the first half of the year, marking a year-on-year growth of 1.5% and indicating a stable financial performance [1] - The company's profitability has continued to improve, with a pre-tax profit reaching RMB 17.8 billion, reflecting a year-on-year increase of 5.1% [1] Financial Performance - Revenue for the first half of the year surpassed RMB 200 billion, showing a growth of 1.5% compared to the previous year [1] - Pre-tax profit amounted to RMB 17.8 billion, which is a 5.1% increase year-on-year [1]