Core Insights - The company reported a revenue of 1.621 billion yuan for the first half of 2025, representing a year-on-year growth of 32.68% and a net profit attributable to shareholders of 161 million yuan, up 60.01% year-on-year [1] - In Q2 2025, the company achieved a revenue of 827 million yuan, with a year-on-year increase of 28.13%, and a net profit of 60 million yuan, reflecting a growth of 16.92% year-on-year [1] Revenue Breakdown - By product in Q2 2025, revenue from various segments was as follows: - Amino acid seasonings (5.34 million yuan, +9.81%) - Compound seasonings (1.10 million yuan, +46.54%) - Computing services (0.26 million yuan, +88.30%) - Flour and flour products (0.25 million yuan, -14.08%) - Organic fertilizers and water-soluble fertilizers (0.11 million yuan, +9.96%) - Water company products (0.14 million yuan, +8.77%) - Soy sauce and other liquid seasonings (0.44 million yuan, +2269.90%) - Others (0.58 million yuan, +269.58%) [2] - By channel in Q2 2025, online and offline revenues were 1.09 billion yuan (+204.03%) and 7.12 billion yuan (+16.99%), respectively [2] - By region in Q2 2025, revenues were as follows: - North China (0.84 billion yuan, +38.19%) - East China (1.08 billion yuan, +7.67%) - South China (0.98 billion yuan, -1.19%) - West China (0.99 billion yuan, +5.07%) - Central China (2.86 billion yuan, +39.51%) - Overseas (1.45 billion yuan, +72.84%) [2] - As of the end of Q2 2025, the number of distributors in various regions increased as follows: - North China (433, +4) - East China (553, +31) - South China (484, +12) - West China (471, +16) - Central China (850, +28) - Overseas (244, +5) [2] Profitability Metrics - In Q2 2025, the company's gross margin was 25.81%, an increase of 3.56 percentage points year-on-year. The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio were 9.21% (+4.33), 3.31% (-0.48), 1.20% (-0.10), and 0.60% (+0.30) respectively. The net profit margin decreased by 1.27 percentage points to 6.76% [3] Profit Forecast and Investment Rating - The company adjusted its net profit forecast for 2025-2027 to 265 million yuan, 340 million yuan, and 422 million yuan, reflecting year-on-year growth rates of 30.67%, 28.29%, and 24.31%, respectively. The corresponding price-to-earnings ratios are 43.51x, 33.92x, and 27.28x. The investment rating is maintained at "Buy" [3]

证券代码：600186 证券简称：莲花控股 公告编号：2025-062 莲花控股股份有限公司 2025年半年度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十四号——食品制造》第十四条相关规定，现将莲花控股股份有限公司 2025 年半年度主要经营数据（未经审计）公告如下： 一、2025 年半年度主要经营数据 1、主营业务按照产品类别分类情况 单位：元 币种：人民币 产品收入 2025 年度半年度 2024 年度半年度 同比变动（%） 味精等氨基酸调味品 1,081,027,633.73 939,923,832.06 15.01 鸡精等复合调味品 219,003,061.54 138,363,485.80 58.28 算力服务 69,277,282.64 22,419,889.87 209.00 面粉和面制品 69,240,639.34 57,954,684.65 19.47 有机肥和水溶肥 21,296,289.12 16,968,4 ...

Investment Rating - The report maintains a "Buy" rating for Lianhua Holdings [1] Core Views - Lianhua Holdings' 2024 annual report and Q1 2025 report meet expectations, showing significant revenue and profit growth [7] - The company's main business in seasoning products is performing well, while its computing power services are also gaining traction [7] - The company has successfully launched high-margin new products and expanded its distribution channels, indicating strong growth potential [7] Financial Performance Summary - Total revenue for 2024 is projected at 2,646 million RMB, a year-on-year increase of 25.98% [1] - Net profit attributable to shareholders for 2024 is expected to reach 202.58 million RMB, reflecting a year-on-year growth of 55.92% [1] - Earnings per share (EPS) for 2024 is estimated at 0.11 RMB, with a price-to-earnings (P/E) ratio of 60.04 [1] Business Segment Performance - The food manufacturing segment achieved revenue of 2,563 million RMB in 2024, up 22.15% year-on-year, with specific products like monosodium glutamate and compound seasonings showing strong sales growth [7] - The computing power service segment generated revenue of 0.81 million RMB in 2024, marking a substantial increase of 10,447.11% year-on-year [7] Growth Strategy - The company has implemented a brand revitalization strategy, successfully launching new high-margin products and expanding its retail and online sales channels [7] - Lianhua Holdings plans to continue its double-digit growth in the seasoning business through new product launches and channel expansion [7] Profitability Metrics - The gross margin for 2024 is projected to increase to 25.30%, with net profit margin expected to reach 7.54% [7] - The company is optimizing its business structure, leading to improved profitability metrics [7]

Investment Rating - The investment rating for Lianhua Holdings is "Buy" (maintained) [1] Core Views - Lianhua Holdings reported revenue and net profit for 2024 at 2.646 billion and 202.58 million respectively, representing year-on-year growth of 25.98% and 55.92% [7] - The company's main business in seasoning products performed well, while its computing power services are gaining traction [7] - The company has successfully launched high-margin new products and expanded its distribution channels, indicating strong growth potential in the seasoning segment [7] - The computing power business has already secured over 1.1 billion in orders, with a revenue target of around 400 million for 2024 [7] Financial Performance Summary - Total revenue is projected to grow from 2.101 billion in 2023 to 4.476 billion by 2027, with a compound annual growth rate (CAGR) of approximately 16.05% [1] - Net profit is expected to increase from 129.93 million in 2023 to 401.63 million by 2027, reflecting a CAGR of about 20.78% [1] - The earnings per share (EPS) is forecasted to rise from 0.07 in 2023 to 0.22 by 2027 [1] - The company’s gross margin is expected to improve, reaching 26.87% by 2027 [9] Business Segment Performance - The seasoning products segment achieved revenue of 25.63 million in 2024, up 22.15% year-on-year, with specific products like monosodium glutamate and compound seasonings showing significant growth [7] - The computing power services segment generated 0.81 million in revenue in 2024, marking a substantial increase of over 10,447% year-on-year [7] - The company has established a dedicated team for new retail and has expanded its distribution network significantly, adding over 2,000 new retail points in 2024 [7] Profitability Metrics - The gross margin for 2024 is projected to be 25.30%, with a net profit margin of 7.65% [9] - The company’s operating profit is expected to grow steadily, reaching 551 million by 2027 [9] - The return on equity (ROE) is forecasted to improve from 11.94% in 2024 to 15.22% by 2027 [9]

证券代码：600186 证券简称：莲花控股 公告编号：2025—031 莲花控股股份有限公司 2025年第一季度经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十四号——食品制造》第十四条相关规定，现将莲花控股股份有限公司 2025 年第一季度主要经营数据（未经审计）公告如下： 一、2025 年第一季度主要经营数据 1、主营业务按照产品类别分类情况 2 、主营业务按照销售渠道分类情况 单位：元 币种：人民币 | 渠道 | 2025 | 年第一季度 | 2024 年第一季度 | 同比变动（%） | | --- | --- | --- | --- | --- | | 线上销售 | | 66,120,881.39 | 31,306,208.67 | 111.21 | | 线下销售 | | 727,334,145.23 | 544,567,456.62 | 33.56 | | 合计 | | 793,455,026.62 | 575,873,66 ...

证券代码：600186 证券简称：莲花控股 公告编号：2025—029 根据《上海证券交易所上市公司自律监管指引第 3 号——行业信息披露》之 《第十四号——食品制造》第十四条相关规定，现将莲花控股股份有限公司 2024 年年度主要经营数据公告如下： 一、2024 年年度主要经营数据 1、主营业务按照产品类别分类情况 | | | 单位：元 | 币种：人民币 | | --- | --- | --- | --- | | 产品收入 | 2024 年度 | 2023 年度 | 同比变动（%） | | 味精等氨基酸调味品 | 1,929,715,019.20 | 1,622,886,906.85 | 18.91 | | 鸡精等复合调味品 | 343,299,103.13 | 256,831,053.27 | 33.67 | | 算力服务 | 80,643,421.77 | 764,601.77 | 10447.11 | | 面粉和面制品 | 122,888,570.00 | 108,980,709.08 | 12.76 | | 有机肥和水溶肥 | 36,178,219.01 | 28,878,139.30 | 25.2 ...