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].

Group 1 - The core business of the company is focused on the entire cotton industry chain, with mining as a supplementary business and capital operation as support [1][3] - In the reporting period, the company achieved an operating income of 1.636 billion yuan, an increase of 68.42% compared to the same period last year, despite a net profit attributable to shareholders of -244 million yuan due to weakened market demand and inventory write-downs [1] - The company has been deepening its involvement in the cotton processing industry for many years, producing high-quality cotton products that meet national standards, and expanding its product range to include various cotton by-products [2][3] Group 2 - The company operates 14 subsidiaries involved in cotton processing, leveraging its location in Xinjiang and industry policy advantages to expand capacity and extend the industrial chain [3] - The core business of cotton still accounts for 70% of the company's total operating income, with a revenue increase of 66.36% in the reporting period [3] - The company has registered 43 trademarks and 17 patents, with its products recognized as "famous trademarks" in Xinjiang, enhancing brand value and market presence [3] Group 3 - Looking ahead, the company will continue to focus on the cotton industry chain, mining processing, and capital operation to support high-quality development [4] - In the first quarter of 2025, the company reported an operating income of 1.215 billion yuan, a significant increase of 312.03% year-on-year, and achieved a net profit of 18.19 million yuan, marking a turnaround from losses in 2024 [4]