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 ...

Core Insights - The establishment of the first synthetic biology innovation center in Northwest China at Haesfu marks a significant milestone in the field of technological innovation, enhancing the company's capabilities in synthetic biology technology commercialization [1][3] - Haesfu is recognized as an established leader in the biological manufacturing sector, focusing on the development of next-generation natural active ingredients [3][5] Summary by Sections Synthetic Biology Innovation Center - Haesfu has inaugurated a new research and development center spanning over 2,000 square meters, alongside the Shaanxi Provincial Synthetic Biology Innovation Center, indicating a robust commitment to advancing synthetic biology technology [1] Technological Advantages - The company holds numerous core patents related to synthetic biology, covering the entire chain from gene screening to efficient expression and precision fermentation [5] - Haesfu has assembled a top-tier research team led by PhD graduates from renowned universities, with an average research experience exceeding 10 years [5] - The company has developed a unique "laboratory-pilot-1000-ton factory" conversion platform, significantly shortening the product development cycle [5] Sustainability and Product Focus - Haesfu is pioneering low-carbon and energy-saving fermentation processes, aiming for 100% renewable raw materials to achieve a sustainable future [5] - The company is concentrating on high-value natural products, such as rare natural pigments, natural flavors, and new antioxidants, to build a globally competitive product portfolio [5] Upcoming Events - The 4th Synthetic Biology and Green Bio-Manufacturing Conference (SynBioCon 2025) will be held from August 20-22 in Ningbo, Zhejiang, focusing on the intersection of AI and biological manufacturing, as well as advancements in green chemistry, new materials, future food, and agriculture [4][6] - The conference will feature various activities, including a youth forum, high-level discussions, and a closed-door seminar on the "2025 Blue Book for AI Empowering Biological Manufacturing Industry Innovation Development" [4][6]

Core Viewpoint - The article discusses the differences between artificial and natural flavors, emphasizing the chemical processes involved in creating artificial flavors and the implications for the food industry [2][11]. Group 1: Production of Artificial Flavors - Artificial flavors are created in laboratories through chemical analysis and experimentation, primarily using esters and their derivatives as sources [3][4]. - Technicians identify the natural compounds responsible for the flavor in fruits and replicate them in the lab, such as synthesizing lemon flavor from lemon aldehyde [5][6]. - The choice of raw materials for producing these compounds often depends on profitability, with options including petroleum or pulp [7]. Group 2: Characteristics of Flavors - Natural aromas are typically subtle and pleasant, contrasting with the more volatile synthetic mixtures that activate both smell and taste [8][9]. - Artificial flavors aim to closely mimic the taste and aroma of real fruits, often compensating for the lack of authenticity [10]. Group 3: Economic Considerations - The production of artificial flavors is primarily driven by cost, as these chemical substitutes are significantly cheaper than natural flavors [11][12]. - Food manufacturers focus on providing similar or superior taste and aroma at the lowest possible cost, often disregarding the authenticity of the ingredients [12].

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]

Group 1 - The company held its 21st meeting of the third supervisory board on May 27, 2025, with three supervisors present, complying with legal and regulatory requirements [1] - The supervisory board approved changes to the company's business scope, expanding from the production and sales of natural and synthetic flavors to include daily chemical products manufacturing and sales, food additives production and sales, and hazardous chemicals operation [1][2] - Following the completion of the 2024 annual equity distribution, the company's total share capital will increase from 80,800,000 shares to 112,770,840 shares, and the registered capital will change from 80,800,000 yuan [1] Group 2 - The company plans to amend its articles of association to reflect the changes in business scope and registered capital, and will seek authorization from the shareholders' meeting for necessary registration and filing [2] - The voting results for the proposal were unanimous, with three votes in favor and no votes against or abstaining [2]

Core Viewpoint - The company, Kunshan Yaxiang Fragrance Co., Ltd., plans to change its business scope, increase registered capital, and amend its articles of association and governance systems to align with business development needs and regulatory requirements [1][2]. Business Scope Changes - The company intends to modify its business scope from producing and selling natural and synthetic fragrances, food additives, and related activities to include manufacturing and sales of daily chemical products, food additives, non-residential real estate leasing, and hazardous chemicals management [1][6]. - The registered capital will increase from RMB 80.8 million to RMB 112.77 million, with total shares rising from 80,800,000 to 112,770,840 shares [1][2]. Governance Structure Amendments - The company will abolish the supervisory board, transferring its powers to the audit committee of the board of directors, in compliance with the new Company Law and relevant regulations [2][3]. - New governance systems will be established to enhance internal governance and ensure compliance with the revised Company Law and stock exchange rules [2][4]. Articles of Association Revisions - The articles of association will be revised to reflect the new registered capital and business scope, ensuring legal compliance and clarity in governance [2][5]. - Specific articles will be updated to define the roles and responsibilities of the general manager as the legal representative and to clarify the rights and obligations of shareholders [3][4]. Shareholder Meeting Requirements - The proposed changes will be submitted for approval at the upcoming shareholders' meeting, ensuring that all stakeholders have a say in the governance and operational direction of the company [1][2].

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].