（记者 曾健辉） 截至发稿，华宝股份市值为119亿元。 每经头条（nbdtoutiao）——租下2.5万亩"试验田"，兽医学博士在非洲种粮：首季亩产250斤，打算扩至 10万亩，月薪1~2万元招人 每经AI快讯，华宝股份（SZ 300741，收盘价：19.39元）8月25日晚间发布公告称，本激励计划首次授 予的激励对象总人数为135人，股票来源为华宝香精股份有限公司向激励对象定向发行公司A股普通股 股票；拟向激励对象授予1910万股限制性股票，约占本激励计划草案公告时公司股本总额约6.16亿股的 3.1%；首次授予的限制性股票授予价格为每股9.62元，有效期自限制性股票首次授予之日起，至激励对 象获授的限制性股票全部归属或作废失效之日止，最长不超过60个月。 2024年1至12月份，华宝股份的营业收入构成为：香精占比100.0%。 ...

2、问：日用香精业务表现亮眼，公司是通过哪些具体 举措实现这一增长的？公司有何长期规划实现这种增 长的可持续性？ 编号：2025-003 | | □特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动类 | □媒体采访 √业绩说明会 | | 别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 （请文字说明其他活动内容） | | 参与单位名称及人 | 线上参与华宝股份 2025 年半年度网上业绩说明会的投 | | 员姓名 | 资者 | | 时间 | 年 月 日（星期五）下午 2025 08 22 15:00-17:00 | | 地点 | "华宝股份投资者关系"微信小程序 董事长：夏利群先生 | | | 董事、总裁：袁肖琴女士 | | 上市公司接待人员 | | | 姓名 | 独立董事：全泽先生、吴昌勇先生、杨锦健先生 | | | 副总裁、董事会秘书：侯晓勤女士 | | | 财务总监：任玉津女士 | | | 1、问：请问公司在食品配料业务上有哪些新的技术突 | | | 破？ | | | 答：尊敬的投资者，您好。公司深度洞察研判市场趋势， | | | 高度重视健康与 ...

香精及食品配料业务承压明显 香精及食品配料业务在报告期内面临较大挑战，销售收入同比下滑8.6%至约5.96亿元，营运盈利更是大 幅减少86.4%至约1876.6万元。营运盈利率从去年同期的21.1%下滑至3.2%，降幅达17.9个百分点。这一 显著下滑主要源于产品销售结构变化以及终止股权激励计划确认的约7005.6万元费用。 在细分领域中，烟用香精受到主要客户需求变化、采购政策调整和自主调香等因素影响，销售出现下 滑。为应对这一挑战，集团积极开拓东南亚和中东市场的烟用香精需求，并搭建相应的渠道和产品库。 食品用香精方面，集团强化了微波干燥、萃取、包埋技术和香基模块建设方面的技术能力，以提升产品 和服务的竞争力。 日化香精业务则通过对全球市场趋势的研究，强化了在口腔护理、空间香氛等细分市场的产品和服务能 力。随着可持续发展因素在日化用产品中的重要性日益凸显，集团投入资金寻找独特、安全、环保的天 然香原料，并与国内外大学合作开展香精的气味、情绪价值、调香技术方面的研究。 烟用原料业务实现强劲增长 烟用原料业务在报告期内表现突出，销售收入约2.38亿元，同比增长45.3%，占集团总收入约14.7%。板 块营运盈利约 ...

智通财经APP讯，华宝国际(00336)公布，华宝香精股份有限公司于2025年上半年实现营业收入约6.06亿 元，同比减少8.41%;归属于上市公司股东的净利润约1341.89万元，同比减少87.95%;基本每股收益0.02 元。 ...

智通财经APP讯，华宝国际(00336)发布截至2025年6月30日止六个月业绩，营业额16.21亿元(人民币， 下同)，同比增长2.5%;公司权益持有人应占盈利1.18亿元，同比增长298.1%;每股基本盈利3.66分;拟派中 期股息每股1.2港仙及特别股息每股3.2港仙。 营业额的增加，主要是由于报告期内烟用新材料海外业务增长迅速，烟用原料板块的营业额同比增加了 45.3%至2.38亿元，以及产能逐步释放及开拓了新客户，香原料板块的营业额同比增加了7.6%至4.05亿 元;但是，因为市场需求变化及市场竞争激烈，香精及食品配料板块的营业额同比减少了8.6%至5.957亿 元而抵销了部份升幅。 ...

华宝国际(00336)发布截至2025年6月30日止六个月业绩，营业额16.21亿元(人民币，下同)，同比增长 2.5%;公司权益持有人应占盈利1.18亿元，同比增长298.1%;每股基本盈利3.66分;拟派中期股息每股1.2港 仙及特别股息每股3.2港仙。 营业额的增加，主要是由于报告期内烟用新材料海外业务增长迅速，烟用原料板块的营业额同比增加了 45.3%至2.38亿元，以及产能逐步释放及开拓了新客户，香原料板块的营业额同比增加了7.6%至4.05亿 元;但是，因为市场需求变化及市场竞争激烈，香精及食品配料板块的营业额同比减少了8.6%至5.957亿 元而抵销了部份升幅。 ...

智通财经APP获悉，华宝国际(00336)尾盘涨近5%，截至发稿，涨4.51%，报3.71港元，成交额3892.36万 港元。 据悉，华宝国际为国内烟用香精龙头。国盛证券指出，HNB烟草加热不点燃温度较卷烟低，减少了大 量通过热合成和热裂解产生的香味成分，因此需要加入更多香精香料来还原和模拟卷烟的口感。同等质 量烟丝，HNB烟丝所需香精量是传统烟丝6-10倍。但考虑到HNB烟弹长度是传统卷烟一半，综合下来 单支烟HNB用量是传统烟草的3-5倍。 消息面上，华宝国际拟于8月18日(下周一)举行董事会会议批准中期业绩。公司此前预期上半年录得税 前利润1.512亿至1.772亿元人民币，同比上升约91.3%至124.3%，主要由于去年同期确认了商誉减值约 2930万元、其他资产减值约2,020万元及联营公司投资的减值拨备约4800万元所致，而本报告期间则没 有类似减值拨备。 ...

Core Viewpoint - The credit rating for Zhejiang Xinhua Chemical Co., Ltd. remains stable at AA- due to its strong market position in the domestic fatty amine industry and expected revenue growth from new synthetic flavor capacity in 2024 [3][6][7]. Financial Performance - Total assets for 2024 are projected to be 43.89 billion, up from 43.48 billion in 2023 [3]. - The company's net profit for 2024 is expected to be 0.84 billion, a decrease from 2.75 billion in 2023 [5]. - Operating income is projected to be 7.65 billion, down from 29.66 billion in 2023 [5]. - The cash flow from operating activities is expected to improve, with cash assets remaining above 20% of total assets [6]. Production Capacity and Sales - The company plans to increase its synthetic flavor production capacity by 16,650 tons/year in 2024, with an additional 18,800 tons/year under construction [6][19]. - The utilization rate for fatty amine production is expected to improve significantly in 2024, contributing to revenue growth [6][17]. - The company’s fatty amine products generated 14.53 billion in revenue, accounting for 48.98% of total sales in 2024 [14]. Market Environment - The domestic market for fatty amines is competitive, with the company holding the largest production capacity for isopropylamine [11][14]. - The export of isopropylamine is projected to reach 26,400 tons in 2024, a year-on-year increase of 20.71% [11]. - The synthetic flavor market is expected to stabilize due to partnerships with major companies like Firmenich, ensuring consistent demand [17]. Risks and Challenges - The company faces risks related to raw material price fluctuations, with over 80% of costs attributed to materials like acetone and pine oil [19]. - There are concerns regarding the absorption of new production capacity, particularly in synthetic flavors, which may depend on external market conditions [6][19]. - The company operates in a highly regulated industry, facing environmental and safety production pressures [7][19].

Group 1: C-REITs Market Overview - As of June 16, 2025, a total of 66 C-REITs have been listed, with a cumulative market value exceeding 200 billion yuan [2][7] - In 2024, 29 C-REITs were issued, with a total issuance scale of 65.6 billion yuan; the C-REITs total return index reached 1117.87 points, reflecting a year-to-date increase of 14.69% [2][7] - The approval of the first two data center public REITs marks an expansion of underlying asset types, indicating a shift towards new infrastructure assets [2][7][11] Group 2: Data Center REITs Characteristics - Data center REITs differ significantly from traditional property REITs in terms of operational models, revenue stability, and valuation logic [2][9] - The operational model of data centers relies heavily on specialized operational capabilities and continuous technological upgrades, with a focus on reducing energy consumption [8][9] - Revenue stability is enhanced by high customer concentration, long lease terms, and high customer retention rates, making them attractive to investors [9][10] Group 3: Investment Recommendations - Investors are encouraged to actively participate in the offline issuance of the newly approved data center REITs to secure potential premium returns during the initial listing phase [11][12] - The unique attributes of the data center REITs, such as advantageous locations and high energy efficiency, position them as scarce assets with clear growth drivers [11][12] Group 4: Fragrance and Flavor Industry Growth - The fragrance and flavor market in China is projected to grow from approximately 43.9 billion yuan in 2023 to over 50 billion yuan by 2026, driven by the booming cosmetics industry [18][19] - The cosmetics market is expected to increase from 516.9 billion yuan in 2023 to 579.1 billion yuan by 2025, with a compound annual growth rate of 15.1% in the ODM/OEM sector from 2017 to 2023 [18][19] Group 5: Gold Mining Sector Insights - The company, Zhaojin Mining, is positioned as a leading gold mining enterprise in China, with gold resources expected to reach 1,446.16 tons and production of 26.4 tons in 2024 [22][23] - The company's revenue and net profit are projected to grow significantly, with a compound annual growth rate of 18.97% and 250.49% respectively from 2021 to 2024 [24][26] - The strategic focus on both domestic and international gold mining projects is expected to enhance resource potential and profitability [25][26]

Industry Growth - The Chinese flavor and fragrance industry reached a market size of approximately 43.9 billion yuan in 2023, with a year-on-year growth of 2.6%, and is expected to exceed 50 billion yuan by 2026[3] - The cosmetics market in China was about 516.9 billion yuan in 2023, growing by 6.4%, and is projected to reach 579.1 billion yuan by 2025[3] - The cosmetics OEM/ODM industry grew from 21.41 billion yuan in 2017 to 49.76 billion yuan in 2023, with a compound annual growth rate of 15.1%[3] Market Performance - The median price change for consumer service stocks on the Beijing Stock Exchange was -6.39% from June 16 to June 20, 2025, with only 4 companies (11%) experiencing an increase[3] - The total market capitalization of consumer service companies decreased from 121.32 billion yuan to 116.70 billion yuan during the same period[3] - The median price-to-earnings ratio (P/E) for consumer service companies fell from 53.9X to 50.5X[3] Company Insights - Zhongcao Fragrance, a midstream player in the flavor and fragrance industry, reported a revenue of 222 million yuan in 2024, with a year-on-year increase of 7.89%[27] - Bawwei Co., a downstream cosmetics manufacturer, achieved a revenue of 695 million yuan in 2024, reflecting a year-on-year growth of 48.27%[33] - Bawwei's revenue for Q1 2025 was 162 million yuan, up 40.15% year-on-year, with a net profit margin of 5.16%[33] Risk Factors - The report highlights risks including macroeconomic fluctuations, market competition, and statistical inaccuracies[62]