Core Insights - The company reported a revenue of 2.402 billion yuan for 2024, a year-on-year decrease of 4.84%, while net profit attributable to shareholders reached 111 million yuan, a significant increase of 105.97% [1] - The company achieved a substantial growth in net profit excluding non-recurring gains and losses, which amounted to 124 million yuan, reflecting a remarkable increase of 254.56% [1] - Key business segments such as prebiotics, dietary fiber, and sugar-reducing sweeteners saw sales volume and revenue growth, with prebiotics generating 335 million yuan (up 16.02%), dietary fiber at 238 million yuan (up 14.52%), and sugar-reducing sweeteners at 516 million yuan (up 29.73%) [1] Cost Control and Product Structure Optimization - The company enhanced supply chain management and optimized procurement processes, establishing stable long-term relationships with suppliers to effectively reduce procurement costs [2] - Production cost savings were achieved through process upgrades for prebiotics, dietary fiber, and sugar-reducing sweeteners, leading to a significant reduction in raw material consumption [2] - High-value products such as premium prebiotics and dietary fibers contributed to 60.46% of the company's total gross profit [2] Innovation and Marketing Strategies - The company is expanding its product lineup with new offerings in the field of human milk oligosaccharides and has initiated lactose production to strengthen its prebiotic product system [3] - Strategic partnerships, such as with Qingdao Haizhiyuan Life Science Technology Co., are aimed at promoting DHA and enhancing the company's position in the nutritional oil market [3] - The company is innovating its marketing strategies to meet the growing demand for health-oriented and functional foods, focusing on high-margin products [3] Equity Incentives and Future Outlook - The company introduced a restricted stock incentive plan, granting 11.1 million shares to 50 key personnel, with performance targets set for net profits in the coming years [4] - The performance targets reflect the management's confidence in future prospects and aim to motivate the sales and R&D teams to enhance market competitiveness [4] - The company is well-positioned to benefit from the rapid growth of the health food market, driven by increasing consumer awareness and demand for functional food ingredients [5] Overall Performance and Future Prospects - The 2024 annual report highlights the company's commitment to transformation and resilience in overcoming challenges, achieving significant improvements in profitability [6] - Continuous investment in R&D and innovative marketing strategies are expected to solidify the company's foundation for sustainable growth in the health food sector [6]

公司研究 [Table_ReportType] 公司点评报告 [晨Ta光bl生e_物Sto(c3k0A0n1d3Ra8n)k] 投资评级 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 金隅大厦 B 座 邮编：100031 证券研究报告 [Table_Title] Q1 业绩大增，反转趋势确立 [Table_ReportDate] 2025 年 4 月 28 日 [T事ab件le：_S公um司ma公ry布] 2025 年一季报。25Q1，公司实现营业收入 17.16 亿元， 同比-0.92%；归母净利润 1.09 亿元，同比+183.69%；扣非归母净利润 9592 万元，同比+97.83%。 点评： 请阅读最后一页免责声明及信息披露 http://www.cindasc.com 1 上次评级 邮 箱：zhaolei@cindasc.com 收入表现平稳，多款产品销量创历史新高。分板块看，Q1 植提业务实 现收入 8.67 亿元，同比+13.78%；棉籽业务实现收入 7.60 亿元，同比 -9.49%。植提业务中，多款产品以量补价，辣椒红收入同比+7%，销 量快速增长，销售价格随成本相 ...

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% [7][12]. Core Insights - The company has shown a significant recovery in Q1 2025, with expected net profit growth of 78% to 94% year-over-year, driven by a rebound in sweetener prices [8]. - The company’s 2024 annual report revealed a revenue of RMB 5.303 billion, a slight decrease of 0.15% year-over-year, and a net profit of RMB 557 million, down 21% year-over-year [8]. - The company is expected to benefit from the successful launch of its new production capacity and the recovery of sweetener prices, which will enhance profit margins moving forward [13]. Company Overview - The company operates primarily in the food and beverage sector, with a market capitalization of RMB 13.601 billion and a share price of RMB 23.78 as of April 17, 2025 [1]. - The major shareholder is Anhui Jinrui Investment Group Co., Ltd., holding 43.95% of the shares [1]. Financial Performance - The company’s revenue for 2023 was RMB 5.311 billion, with projections of RMB 5.303 billion for 2024 and RMB 6.997 billion for 2025 [15]. - The net profit is projected to recover to RMB 865 million in 2025, reflecting a year-over-year increase of 55% [11][15]. - The company’s earnings per share (EPS) is expected to rise from RMB 0.98 in 2024 to RMB 1.52 in 2025 [11]. Product Mix - The company’s product portfolio consists of 53.2% food additives, 35.1% bulk chemical raw materials, and 4.4% functional chemical intermediates [3]. Institutional Ownership - Institutional investors hold 8.4% of the circulating A-shares, while general corporations hold 46.1% [4].

关于上海证券交易所《关于嘉必优生物技术 （武汉）股份有限公司 2022 年业绩快报 更正暨资产减值风险、补充确认关联交易等 有关事项的问询函》回复的核查意见 大信备字[2023]第 2-00012 号 大信会计师事务所（特殊普通合伙） WUYIGE CERTIFIED PUBLIC ACCOUNTANTS LLP. 大信会计师事务所 北京市海淀区知春路 1 号 学院国际大厦 22 层 2206 邮编 100083 WUYIGE Certified Public Accountants LLP. Room2206 22/F,Xueyuan International Tower No.1 ZhichunRoad,Haidian Dist. Beijing,China,100083 电话 Telephone： +86（10）82330558 传真 Fax： +86（10）82327668 网址 Internet： www.daxincpa.com.cn 关于上海证券交易所《关于嘉必优生物技术（武汉）股份有限 公司 2022 年业绩快报更正暨资产减值风险、补充确认关联交 易等有关事项的问询函》回复的核查意见 大信备 ...