Core Viewpoint - In Q1 2025, the company reported a revenue of 444 million yuan, a 30% year-on-year increase, and a net profit of 31 million yuan, a 15% year-on-year increase, while the non-recurring net profit decreased by 9% to 36 million yuan [1] Financial Performance - The gross profit margin decreased by 4 percentage points to 22.02%, primarily due to the rebound in raw material prices of monk fruit and changes in product structure [2] - The net profit margin declined by 1 percentage point to 7.35%, influenced by a decrease in sales/management expense ratios and factors such as reduced foreign exchange gains, increased interest expenses, and lower government subsidies [2] Business Development - The company is actively seizing market opportunities, leveraging its sales network and application advantages to expand both domestic and international markets, leading to continuous revenue growth [2] - The production capacity of stevia is steadily increasing, and the demand from downstream markets is being developed, with the price of monk fruit raw materials recovering, which is expected to drive revenue growth [2] - The company’s synthetic biology product, RebM2, has obtained FDA GRAS certification, laying the groundwork for future overseas customer integration and expanding the business boundaries in the synthetic biology field [2] Profit Forecast - As a leading enterprise in the plant extraction industry, the company is expected to enhance its core competitiveness through R&D, process, and management advantages [3] - The new stevia factory is anticipated to alleviate medium to long-term capacity bottlenecks, and the company is expected to see a continuous increase in market share [3] - EPS forecasts for 2025-2027 are 0.29, 0.38, and 0.46 yuan respectively, with corresponding PE ratios of 25, 19, and 16 times at the current stock price, maintaining a "buy" investment rating [3]

证券代码：833230 证券简称：欧康医药 公告编号：2025-045 成都欧康医药股份有限公司 □分析师会议 □路演活动 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担个别及连带法律责任。 一、 投资者关系活动类别 □特定对象调研 √业绩说明会 □媒体采访 □现场参观 □新闻发布会 □其他 二、 投资者关系活动情况 活动时间：2025 年 4 月 29 日（周二）15:00-16:00 活动地点：公司 2024 年年度报告业绩说明会于 2025 年 4 月 29 日（周二） 15:00-16:00 在上海证券报·中国证券网（https://roadshow.cnstock.com）举行，通 过网络方式与投资者进行了沟通和交流。 参会单位及人员：通过网络方式参与公司 2024 年年度报告业绩说明会的投 资者。 上市公司接待人员：公司董事长、总经理：赵卓君先生；公司董事会秘书、 财务负责人：曹永强先生；公司保荐代表人：罗泽先生。 三、 投资者关系活动主要内容 公司在 2024 年年度业绩说明会上就投资者 ...

Core Viewpoint - The company reported a slight decline in revenue but a significant increase in net profit and earnings per share, indicating strong operational efficiency and profitability despite revenue challenges [1][2]. Financial Performance - In Q1 2025, the company achieved revenue of 1.716 billion yuan, a year-on-year decrease of 0.9% [1]. - The net profit attributable to shareholders was 109 million yuan, reflecting a year-on-year increase of 183.7% [1]. - Basic earnings per share (EPS) reached 0.2266 yuan, up 212.6% year-on-year [1]. Business Segment Analysis - The cottonseed business has returned to normal operations, while the plant extraction business has exceeded expectations [2]. - The plant extraction segment generated revenue of 867 million yuan, a year-on-year increase of 13.8%, with a gross margin improvement of 2.15 percentage points [2]. - The cottonseed segment reported revenue of 760 million yuan, a year-on-year decrease of 9.5%, with a gross margin of approximately 6.1% [2]. Market Strategy - The company adopted a strategy of "price for volume," leading to increased sales volume and revenue growth in various product lines [3]. - The price of chili red pigment significantly decreased, resulting in a revenue increase of approximately 7% due to volume elasticity [3]. - The company capitalized on domestic raw material cost advantages to expand into overseas markets, with chili extract sales doubling and contributing to a revenue increase of about 24% [3]. Long-term Outlook - The company is focused on long-term advantages, expanding overseas planting bases, and making breakthroughs in new businesses such as traditional Chinese medicine and health products [3]. - The company anticipates maintaining high growth rates in performance as major products return to a cyclical uptrend [3]. Investment Recommendation - The company is a leading player in the plant extract sector, with stable profitability in key products and a strong growth trajectory in market share [4]. - The ongoing construction of the Zambia plantation is expected to further reduce costs, and the health product business shows significant potential for growth [4]. - Projected EPS for 2025-2027 is 0.67, 0.83, and 1.00 yuan, with corresponding price-to-earnings ratios of 16.3X, 13.1X, and 10.9X, maintaining a "buy" rating [4].

Core Viewpoint - The company reported a mixed performance for Q1 2025, with revenue slightly declining but significant growth in net profit, indicating a potential turning point in profitability driven by improved margins and successful product sales in the plant extraction segment [1][3]. Revenue and Profitability - In Q1 2025, the company achieved revenue of 1.716 billion yuan, a year-on-year decrease of 0.92%, while net profit attributable to shareholders reached 109 million yuan, a year-on-year increase of 183.69% [1]. - The adjusted net profit was 96 million yuan, reflecting a year-on-year increase of 97.83% [1]. Business Segment Performance - The plant extraction business saw multiple products achieving historical sales highs, contributing 867 million yuan in revenue, a year-on-year increase of 13.78%, with a gross profit margin improvement of 2.15 percentage points [1][3]. - The cottonseed business rebounded, generating 760 million yuan in revenue, although this represented a year-on-year decline of 9.49%, but with a significant improvement in gross profit [1][2]. Specific Product Insights - Chili red sales increased by approximately 7% due to a rise in volume despite price adjustments [2]. - Chili extract revenue grew by about 24%, driven by a more than doubling of sales volume [2]. - Lutein sales increased by 50% in the food-grade segment, despite overall market oversupply [2]. - Stevia glycosides saw a revenue increase of approximately 55%, surpassing 80 million yuan, supported by innovative cost advantages [2]. Margin and Cost Management - The company's gross margin improved to 14.16%, and net margin reached 6.38%, with respective year-on-year increases of 5.95 and 4.15 percentage points [3]. - The company maintained strict cost management, with sales, management, financial, and R&D expense ratios showing mixed trends, indicating a focus on efficiency [3]. Future Outlook - The company is expected to continue benefiting from its cost advantages in the plant extraction business and the recovery in the cottonseed market, projecting net profits of 365 million, 457 million, and 564 million yuan for 2025-2027, with respective year-on-year growth rates of 288.51%, 25.18%, and 23.21% [3].

晨光生物 20250428 摘要 • 2025 年一季度辣椒红销量同比增长约 30%，达 3,000 多吨，预计全年销 量在 11,000 至 12,000 吨之间。当前辣椒红售价处于近十年最低位，约 为每吨 12 万元，但公司通过成本加成定价，毛利率仍保持在合理范围内。 • 辣椒精价格同样处于历史低位，但受益于国内云南原材料的成本优势，公 司将产区转移回国，一季度销量同比增长一倍以上，预计市占率将提升至 50%以上。公司正通过规模化生产降低成本，扩大市场份额。 • 叶黄素食品级品类销量同比增长约 50%，饲料级叶黄素销量预计不会有显 著增长。由于市场供给过剩，叶黄素价格偏低，利润可能略低于去年。行 业内存在大量结转存货，预计明后年价格或有所改善。 • 甜菊糖苷品类增速快，主要由于市场份额提升。公司采用短链醇混合溶剂 生产，得率高于同行，成本优势显著。通过不断优化，得率已达到 95%以 上，且能得到副产品分摊成本。 • 棉籽业务一季度实现扭亏，大部分棉籽已完成采购，市场行情明显好转， 恢复顺价状态。目前 99%以上的产品已有订单锁定，预计二三季度利润兑 现情况与一季度相似。棉籽价格可参考中国饲料行业信息网的数 ...

证券代码：300138 证券简称：晨光生物 晨光生物科技集团股份有限公司 | 性。受豆粕等大宗农产品行情影响，今年以来棉籽加工行 | | --- | | 业行情回暖，公司把握市场机遇，严格执行对锁的经营模 | | 式，2025 年一季度棉籽类业务经营同比显著改善。 | | 7、公司短期借款增长比较多的原因？ | | 2025 年一季度，为准备下阶段原料采购所需资金及置 | | 换前期融资，公司新增了短期融资。因融资资金到位、计 | | 划偿还的银行借款尚未到期并偿还，一季度末账面短期借 | | 款规模增长较多，相应货币资金也大幅增长。 | | 8、2025 年公司在保健食品和中药方面有哪些新规划？ | | 保健食品 2024 年收入约 1.6 亿元，目前正在建设新的 | | 生产车间，新产能投产能够支撑公司保健食品业务规模继 | | 续增长。目前保健食品业务以 OEM 代工为主，2025 年将致 | | 力于研发新的功效明确、有晨光特色的产品，争取以卓越 | | 的品质和服务不断扩大在行业内的影响力。 | | 中成药业务仍在早期发展阶段，2024 年收入突破 1000 | | 万元，2025 年重点将放单方大 ...

甜菊糖苷目前已成为饮料行业减糖转型的核心原料，在无糖茶饮、碳酸饮料、果汁等品类中渗透率逐步 提升。2024年底，国家卫健委发布了《关于金花茶培养物等11种"三新食品"的公告》，批准甜菊糖苷扩 大使用范围，包括乳粉、干酪、方便米面制品等多个品类。目前甜菊糖苷在国内作为广受认可的食品添 加剂，已扩展至二十余类食品领域;另外，由于甜菊糖苷具备不升糖、抗氧化、抗炎等特性，使其在医 药与保健品领域的应用也逐步得到延伸，用于糖尿病辅助治疗、降血压等药物和保健类产品中。 4月25日晚间，莱茵生物(002166.SZ)披露2025年一季度报告。报告期内，莱茵生物紧紧围绕主营业 务"双技术路线、双供应链路、多产品共发展"的核心经营策略，全力推动海外供应链的优化与业务结构 的调整、合成生物技术的商业化进程，以及配方应用研发等重点项目的实施。2025年一季度公司实现营 业收入4.44亿元，同比增长30.21%;实现归母净利润3,079.49万元，同比增长14.95%。 报告期内，莱茵生物坚定落实"大单品+N"的产品战略，以天然甜味剂产品为核心，搭建覆盖食品饮 料、医药保健、日化美妆、动物饲料等多元化下游应用的产业生态圈。 罗汉果提 ...

投资者关系活动类 别 □特定对象调研 □分析师会议 □媒体采访 ☑业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □其他 参与单位名称及人 员姓名 参加公司 2024 年度业绩网上说明会的投资者 时间 2025 年 4 月 18 日 地点 投资者关系互动平台（http://ir.p5w.net） 上市公司接待人员 董事长兼总经理卢庆国先生，董事、财务负责人及董事会 秘书周静女士，独立董事戴小枫先生 投资者关系活动主 要内容介绍 公司于 2025 年 4 月 18 日（星期五）15:00—17:00 在 全景网举办了 2024 年度业绩说明会，与广大投资者进行互 动交流，详见全景网本次业绩说明会的交流内容。主要问 题及回复如下： 1、公司主要产品当前在全球的市场份额是多少？还有 多少增长空间？ 您好，公司主产品辣椒红、辣椒精、叶黄素产销量已 位居行业首位或前列，未来公司仍将持续发展多个潜力品 种，向着建设世界天然植物提取物产业基地而努力，谢谢 关注。 2、公司是否有规划海外产能？进展如何？ 您好，公司 2012 年成立第一家海外子公司，现已在多 个国家实现产能布局。公司目前在印度建有两个工厂，采 ...