Core Viewpoint - Rhein Biotech is a leading company in the global plant extract industry, focusing on natural health products and possessing advanced extraction technology and a full industry chain advantage [1] Group 1: Business Performance - In Q3 2025, Rhein Biotech reported revenue of 1.272 billion yuan, ranking 12th in the industry, with the industry leader, Meihua Biological, generating 18.215 billion yuan [2] - The net profit for the same period was 79.1918 million yuan, placing the company 17th in the industry, while the top performer, New Hope Liuhe, achieved a net profit of 5.354 billion yuan [2] Group 2: Financial Ratios - As of Q3 2025, Rhein Biotech's debt-to-asset ratio was 36.56%, higher than the industry average of 28.46%, indicating a relatively heavy debt burden [3] - The gross profit margin was 25.00%, lower than the industry average of 28.77%, suggesting a smaller profit space for the company's products [3] Group 3: Executive Compensation - The chairman and general manager, Xie Yongfu, received a salary of 938,000 yuan in 2024, an increase of 18,500 yuan from 2023 [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 1.66% to 46,000, while the average number of circulating A-shares held per account increased by 31.16% to 16,000 [5] Group 5: Strategic Developments - Rhein Biotech aims to integrate "natural extraction + synthetic biology" as a strategic goal, having obtained multiple patents and launched a synthetic biology workshop [5] - The company has achieved mass production capability for steviol glycosides and is expected to receive FDA GRAS certification for left-handed β-glucan in 2025 [5] - Revenue forecasts for 2025-2027 are projected at 2.081 billion, 2.480 billion, and 2.996 billion yuan, with corresponding net profits of 213 million, 288 million, and 396 million yuan [5] Group 6: Market Outlook - According to Huaxin Securities, Rhein Biotech's revenue is expected to grow steadily in Q1 2025, although net profit margins may decline due to rising costs [6] - The company’s synthetic biology products have made significant progress, with FDA GRAS certification achieved for a synthetic steviol glycoside product [6]

Core Viewpoint - In Q1 2025, the company reported a revenue of 444 million yuan, a 30% year-on-year increase, and a net profit of 31 million yuan, a 15% year-on-year increase, while the non-recurring net profit decreased by 9% to 36 million yuan [1] Financial Performance - The gross profit margin decreased by 4 percentage points to 22.02%, primarily due to the rebound in raw material prices of monk fruit and changes in product structure [2] - The net profit margin declined by 1 percentage point to 7.35%, influenced by a decrease in sales/management expense ratios and factors such as reduced foreign exchange gains, increased interest expenses, and lower government subsidies [2] Business Development - The company is actively seizing market opportunities, leveraging its sales network and application advantages to expand both domestic and international markets, leading to continuous revenue growth [2] - The production capacity of stevia is steadily increasing, and the demand from downstream markets is being developed, with the price of monk fruit raw materials recovering, which is expected to drive revenue growth [2] - The company’s synthetic biology product, RebM2, has obtained FDA GRAS certification, laying the groundwork for future overseas customer integration and expanding the business boundaries in the synthetic biology field [2] Profit Forecast - As a leading enterprise in the plant extraction industry, the company is expected to enhance its core competitiveness through R&D, process, and management advantages [3] - The new stevia factory is anticipated to alleviate medium to long-term capacity bottlenecks, and the company is expected to see a continuous increase in market share [3] - EPS forecasts for 2025-2027 are 0.29, 0.38, and 0.46 yuan respectively, with corresponding PE ratios of 25, 19, and 16 times at the current stock price, maintaining a "buy" investment rating [3]