从业务板块看，三大核心产品呈现分化态势，天然香料与合成香料成为增长双引擎。报告期内，天然香 料业务持续夯实龙头地位，上半年销量超600吨，实现营业收入2.53亿元，同比增长65.2%。作为全球中 高端天然香料核心供应商，公司主打产品天然香兰素既受益于海外市场需求回暖与价格阶段性上涨，又 叠加泰国生产基地一期项目满产带来的规模效应，成为营收增长的"稳定器"。合成香料业务则迎来爆发 式增长，销量突破400吨，实现营业收入1.27亿元，同比增幅高达184.06%，核心驱动力来自合成生物技 术的落地与新品量产——公司通过工艺优化推出多款合成香料产品，完成核心客户验证并进入批量化供 应阶段，产品梯队优势初步形成。相较之下，凉味剂业务表现承压，实现营业收入1.24亿元，同比下降 21.21%。 亚香股份正积极拓展第四大产品体系，生物合成技术研发成果已落地转化。报告期内，公司联合高校推 进香料合成生物学项目，成功实现肉桂酸甲酯、番茄红素等新品的量产验证，并完成龙涎醚系列产品 （中高端香水关键添加剂）的小批量供货。目前，天然龙涎醚与合成龙涎醚已交付下游核心客户，为公 司切入高端香水细分市场、培育新增长曲线奠定坚实基础。 本报 ...

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]

Core Viewpoint - The company reported a mixed financial performance for 2024, with revenue growth but a significant decline in net profit, indicating challenges in maintaining profitability amidst competitive pressures in the market [1][2]. Financial Performance - In 2024, the company achieved a revenue of 797 million yuan, a year-on-year increase of 26.42%, while the net profit attributable to shareholders was 56 million yuan, down 30.51% year-on-year [1]. - The company's gross profit margin for 2024 was 25.52%, a decrease of 6.65 percentage points compared to the previous year [2]. - The net profit margin for 2024 was 6.90%, down 5.71 percentage points year-on-year, reflecting increased competition and reduced profit margins [2]. Cash Flow and Financial Health - The net cash flow from operating activities in 2024 was 31 million yuan, a decrease of 58.75% year-on-year, primarily due to rising product costs and increased procurement expenses [3]. - The net cash flow from investing activities was -284 million yuan, a decline of 433.73% year-on-year, attributed to the disposal of financial assets and investment returns [3]. - The net cash flow from financing activities increased to 133 million yuan, up 700.33% year-on-year, mainly due to increased bank borrowings [3]. Market Position and Product Offering - The company is a leading producer of mid-to-high-end flavoring agents in China, with a diverse product range including over 310 types of flavors, meeting various downstream application needs [4]. - The company has established stable relationships with major international flavor companies, ensuring a solid customer base and revenue growth [5]. - The global flavor and fragrance market is projected to grow, with the market size expected to reach approximately 32.1 billion USD by 2025, indicating a favorable environment for the company's growth [5][6]. Strategic Initiatives - The company is expanding its overseas market presence to mitigate geopolitical risks, with a new synthetic vanillin production line planned in Thailand [7]. - The Thai production facility has commenced full operations, contributing to performance growth, while domestic capacity expansion is underway [7]. - The company is adapting to new tariffs on imports, implementing a production adjustment plan to maintain competitiveness [7]. Future Outlook - The company is expected to achieve revenues of 1.406 billion yuan, 1.762 billion yuan, and 2.007 billion yuan for 2025-2027, with corresponding net profits of 223 million yuan, 294 million yuan, and 352 million yuan [8]. - The company is well-positioned to benefit from the expanding flavor and fragrance market and its new production capacities, leading to improved economic efficiency [8].

Group 1: Financial Performance - The company's net profit for 2024 is expected to decline due to four main factors: increased fixed asset depreciation, a 37% year-on-year increase in sales team size leading to higher sales expenses, increased R&D investment, and a structural decline in gross margin of core products due to intensified market competition [2][3] - In Q1 2025, the company reported a net profit growth of approximately 360%, attributed to investment income of about 40 million yuan and the efficient operation of the Thai production base [3] Group 2: Operational Insights - The Thai factory achieved approximately 90 million yuan in revenue and 19 million yuan in net profit in Q1 2025, primarily producing vanillin and cooling agents [3] - Long-term contracts account for about 80% of the company's total revenue, with pricing strategies adjusted based on market supply and demand dynamics [3][4] Group 3: Expansion and Product Development - The first phase of the Thai base is fully operational, with the second phase expected to be completed around August 2025, and the third phase in preliminary planning [3] - The company is actively exploring new product developments, such as ambroxan, to meet diverse market and consumer demands [4] - Strategic investment in ABT shares aims to strengthen sales channels and enhance market competitiveness [4]

Group 1: Investor Relations Activities - The company held an earnings briefing on April 30, 2025, via an online platform, with participation from various investment firms [2] - Key attendees included the company's chairman, general manager, and financial director [2] Group 2: Company Development and R&D - The company focuses on R&D in natural flavors, collaborating with Shanghai University of Applied Technology to develop unique flavor products [3] - It has established partnerships with renowned companies like Firmenich and Givaudan, enhancing its competitive edge [3] - The company is recognized as a national high-tech enterprise and has multiple certifications, including ISO9001:2015 and FDA certification [3] Group 3: Production Capacity and Market Growth - The company plans to produce 2,600 tons of cooling agents and flavor raw materials, which will stabilize production and reduce costs [4] - Increased product variety from new projects is expected to enhance competitive advantage and profitability [4] Group 4: Revenue Growth Factors - Revenue growth in 2024 is attributed to expanded domestic and international market efforts, with participation in industry exhibitions [6] - The company is actively increasing its international market share through strategic engagements [7] Group 5: Technological Advantages - The company holds several core technologies, including WS-23 production technology, with a raw material utilization rate exceeding 87% [8] - Over 70% of the main business revenue comes from core technology products, establishing the company as a leader in the cooling agent sector [8] Group 6: Market Position and Stock Valuation - The company emphasizes value management and believes that focusing on core business and performance will drive market value [9] - It aims to enhance core competitiveness to provide long-term returns to investors [9] Group 7: Risk Management Strategies - The company monitors market dynamics and adjusts production strategies to mitigate risks associated with market demand fluctuations [11] - It plans to optimize marketing strategies to improve sales levels and expand business areas [11] Group 8: Long-term Strategic Projects - The first phase of the fundraising project is currently in trial production and is expected to strengthen market influence in the long term [12] - The project aims to solidify the company's leading position in the cooling agent market [12]