Group 1: Research Basic Information - The research object is Weilan Biology, belonging to the animal husbandry, feed and fishery industry, and the reception time was on September 4, 2025. The listed company's reception staff included the chairman and general manager Chen Gang, the director and financial controller Qiao Piyuan, the board secretary Jiang Yong, and independent directors Lin Yingtin and Wang Jing [17] Group 2: Detailed Research Institutions - The reception objects include investors' online questions and others [20] Group 3: Main Content - In the field of biocatalytic enzymes, the company continuously promotes technological innovation, provides comprehensive technical support for the brewing industry, enhances product quality and flavor, optimizes production, and promotes the high - value utilization of brewing by - products to support the industry's sustainable development [24] - The Weilan Biotechnology Center, the plant probiotic preparation project, and the animal health industry park of the company have been put into production and operation. The construction project of the refined enzyme series product production line of Weifang Kangdien also reached the预定可使用状态 in August 2025, completing the systematic production capacity layout of each business segment [25] - The company builds an "industry + service" comprehensive empowerment platform around the animal health strategy, providing systematic solutions covering animal nutrition, healthy breeding, and animal disease prevention and control. It has established a health - breeding process service platform, a raw material value evaluation and quality control service system, and a VLAND - PCP product precise customization platform, which has formed an enzyme - using database covering more than a hundred feed raw materials and has been highly recognized by many core customers [27] - The company adheres to the "talent first" development strategy, has a standardized management system in employee recruitment, training, incentives, and promotion, and has a stable and professional talent team with 36 doctors and 259 full - time R & D personnel. It also has good cooperation with universities, research institutes, and other enterprises [28] - In the first half of 2025, the company's R & D investment was 63.8829 million yuan, accounting for 9.80% of the operating income, with a year - on - year increase of 16.04%, maintaining a relatively high level in the industry [29]

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Viewpoints - The company achieved a revenue of 652 million yuan in the first half of 2025, representing a year-on-year growth of 7.05%. However, the net profit attributable to the parent company decreased by 8.98% to 27 million yuan [1]. - The company has focused on innovation and increased its R&D investment to 64 million yuan, accounting for 9.80% of revenue, which is a 16.04% increase year-on-year [2]. - The company has completed its capacity layout, with various projects now in operation, enhancing its competitive edge and collaborative development across multiple business lines [3]. - The enzyme and probiotic industries have high barriers to entry, and the company is well-positioned as a representative player in these fields, with significant technological and platform advantages [3]. Financial Summary - The company expects net profits attributable to the parent company to be 74 million yuan, 81 million yuan, and 90 million yuan for the years 2025, 2026, and 2027, respectively [3]. - Earnings per share (EPS) are projected to be 0.29 yuan, 0.32 yuan, and 0.35 yuan for the same years, with corresponding price-to-earnings (PE) ratios of 50X, 46X, and 42X [3]. - Revenue is forecasted to grow from 1,431 million yuan in 2025 to 1,705 million yuan in 2027, with growth rates of 8.4%, 8.9%, and 9.4% respectively [9].