证券日报网讯晨光生物（300138）8月27日在互动平台回答投资者提问时表示，2025年以来公司棉籽类 业务销量良好，截至2025年上半年末，存货账面价值同比大幅降低，是公司合并报表存货减少的主要原 因。 ...

Core Viewpoint - The company, Morning Bio (300138.SZ), anticipates significant growth in its financial performance for the first half of 2025, driven primarily by the recovery in its cottonseed business and steady growth in its plant extraction segment [1][2]. Financial Performance Summary - The company expects to achieve revenue between 3.46 billion to 3.76 billion yuan, reflecting a year-on-year change of -0.89% to 7.71% [1]. - The projected net profit attributable to shareholders is estimated to be between 202 million to 232 million yuan, indicating a substantial year-on-year increase of 102.33% to 132.38% [1]. - The expected non-recurring net profit ranges from 174 million to 204 million yuan, with a remarkable growth rate of 117.40% to 154.88% compared to the previous year [1]. Business Segment Performance - The recovery in the cottonseed business is identified as the main factor influencing the company's performance, transitioning from losses to profitability due to improved market conditions [1]. - The plant extraction business, including products like chili red, chili essence, and steviol glycosides, has also contributed to the overall profit growth, with significant year-on-year increases in gross profit [1]. Strategic Insights - The company has committed to a locked-in operating model, which has effectively mitigated risks associated with price fluctuations in the cottonseed market, leading to a turnaround in profitability [1][2]. - The company anticipates that high prices for cottonseed protein and the implementation of new standards for lutein will provide ongoing growth momentum in the second half of the year [2].

Core Viewpoint - The company reported a mixed performance for Q1 2025, with revenue slightly declining but significant growth in net profit, indicating a potential turning point in profitability driven by improved margins and successful product sales in the plant extraction segment [1][3]. Revenue and Profitability - In Q1 2025, the company achieved revenue of 1.716 billion yuan, a year-on-year decrease of 0.92%, while net profit attributable to shareholders reached 109 million yuan, a year-on-year increase of 183.69% [1]. - The adjusted net profit was 96 million yuan, reflecting a year-on-year increase of 97.83% [1]. Business Segment Performance - The plant extraction business saw multiple products achieving historical sales highs, contributing 867 million yuan in revenue, a year-on-year increase of 13.78%, with a gross profit margin improvement of 2.15 percentage points [1][3]. - The cottonseed business rebounded, generating 760 million yuan in revenue, although this represented a year-on-year decline of 9.49%, but with a significant improvement in gross profit [1][2]. Specific Product Insights - Chili red sales increased by approximately 7% due to a rise in volume despite price adjustments [2]. - Chili extract revenue grew by about 24%, driven by a more than doubling of sales volume [2]. - Lutein sales increased by 50% in the food-grade segment, despite overall market oversupply [2]. - Stevia glycosides saw a revenue increase of approximately 55%, surpassing 80 million yuan, supported by innovative cost advantages [2]. Margin and Cost Management - The company's gross margin improved to 14.16%, and net margin reached 6.38%, with respective year-on-year increases of 5.95 and 4.15 percentage points [3]. - The company maintained strict cost management, with sales, management, financial, and R&D expense ratios showing mixed trends, indicating a focus on efficiency [3]. Future Outlook - The company is expected to continue benefiting from its cost advantages in the plant extraction business and the recovery in the cottonseed market, projecting net profits of 365 million, 457 million, and 564 million yuan for 2025-2027, with respective year-on-year growth rates of 288.51%, 25.18%, and 23.21% [3].