Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a revenue of 569 million yuan for the first three quarters of 2025, representing a year-on-year increase of 30.5%. The net profit attributable to shareholders was 62 million yuan, up 0.5% year-on-year [5][8] - In Q3 2025, the company achieved a revenue of 210 million yuan, a 20.5% increase year-on-year, while the net profit decreased by 25.6% to 21 million yuan [5][8] - The company is expected to benefit from new production capacities being released, which will help capture market opportunities [8] Financial Summary - The total revenue forecast for 2025 is 790 million yuan, with a year-on-year growth rate of 28.1%. The net profit is projected to be 93 million yuan, reflecting a growth rate of 6.9% [7] - The gross profit margin for Q3 2025 was 20.0%, down 5.3 percentage points year-on-year but showing a recovery from the previous quarter [8] - The company plans to increase its production capacity for konjac products, with a new production line expected to be operational by December 2025, increasing annual capacity from 5,700 tons to 10,200 tons [8]

Group 1: Investor Relations Activities - The company conducted investor relations activities from May 15 to May 19, 2025, including a network meeting with specific investors [3][4] - Participating institutions included major financial entities such as Goldman Sachs, Morgan Stanley, and HSBC Global Asset Management [4] Group 2: Market Distribution and Applications - The company's konjac powder is exported to over 40 countries, primarily in Southeast Asia, Europe, and Russia, used in jelly, health products, animal nutrition, and meat production [4][5] - The company is actively expanding into the South American market [4] Group 3: Seasonal Revenue Trends - Revenue is primarily concentrated in Q3 and Q4 due to market consumption patterns, with strong demand during festivals like Mid-Autumn and National Day [5] Group 4: Brand and ODM Development - The company focuses on B2B operations, with its own brand "Molege" showing an upward trend through online and local tourism channels [6] - ODM client cooperation remains stable, with overall business growth [6] Group 5: Production Capacity and Expansion Plans - Current production capacities include 10,000 tons for konjac snacks, 15,000 tons for konjac ingredients, and 3.5 tons for konjac balls [7] - Ongoing projects include a konjac gel intelligent manufacturing facility expected to reach production in June 2025, and an 80,000-ton konjac tea ingredient workshop under construction [7] Group 6: Future Business Planning - The company plans to increase investment in application and product research and development to explore new applications and functions of konjac gel [8][9] Group 7: Industry Competition Trends - The konjac industry is niche but competitive, with trends indicating a shift towards deep processing, increasing market concentration, and growing acceptance of konjac products [10]

证券简称： 一致魔芋 证券代码： 839273 长阳经济开发区长阳大道 438 号 湖北一致魔芋生物科技股份有限公司 HUBEI YIZHI KONJAC BIOTECHNOLOGY CO.,LTD. 湖北一致魔芋生物科技股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 保荐机构（主承销商） 深圳市南山区粤海街道海珠社区滨海大道 3165 号五矿金融大厦 2401 湖北一致魔芋生物科技股份有限公司 招股说明书 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表 明其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不 表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或 者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由 发行人自行负责；投资者自主判断发行人的投 ...