Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company is expected to see a significant increase in its non-net profit, projected to grow by 54% year-on-year by Q3 2025, driven by the new personal care fragrance segment [4] - The company has released its Q1-Q3 2025 financial results, reporting a revenue of 172 million yuan, a year-on-year increase of 10%, while the net profit attributable to shareholders decreased by 50% [4] - The second phase of the production project has entered trial production, which is anticipated to enhance the company's product variety and competitive advantage in the market [5] Financial Performance Summary - For Q1-Q3 2025, the company achieved a revenue of 172 million yuan, up 10.01% year-on-year, with a net profit of 16.57 million yuan, down 49.58% [4] - The projected net profits for 2025-2027 are 38 million, 47 million, and 62 million yuan respectively, with corresponding EPS of 0.49, 0.61, and 0.80 yuan per share [4] - The company's revenue is expected to grow from 238 million yuan in 2025 to 330 million yuan in 2027, with a compound annual growth rate of 19.7% [8] Production and Market Outlook - The second phase of the production project includes the production of various fragrance products, which will enhance the company's offerings in the personal care industry [5] - The fragrance and flavor market in China is projected to exceed 50 billion yuan by 2026, driven by rising living standards and consumption upgrades [6]

1 | -1-10 | 言 | | --- | --- | | 黑体加粗 | 回询函所列问题 | | 宋体 | 对问询函所列问题的回复 | | 楷体加粗 | 涉及对招股说明书修改的内容 | 2 3 | 序 | 客户/供应商 | 客户 | 交易 | | | 交易金额(万元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 号 | 名称" | 类型 | 类型 | 具体内容 | 2022年度 | 2021 年度 | 2020 年度 | | 1 | 上海口隆香料 | 贸易商 | 销售 | 凉味剂 WS-3、 WS-12、代加 | 581.73 | 895.12 | 1.898.57 | | | 有限公司 | | | 工收入等 | | | | | | | | 采购 | 薄荷脑等 | 43.08 | 368.66 | 1,258.52 | | 2 | 上海龙师香精 香料有限公司 | | 销售 | 原味剂 WS-3, | 74.27 | 124.88 | 59.25 | | | | 贸易商 | | WS-23 等 | | | | | | | | 采购 | 2. ...