北交所信息更新 北 交 所 研 究 中草香料（920016.BJ） 二期日化香料为新盈利增长点，2025Q3 扣非净利润同比+54% 2025 年 11 月 16 日 投资评级：增持（维持） | 日期 | 2025/11/14 | | --- | --- | | 当前股价(元) | 21.95 | | 一年最高最低(元) | 34.01/19.10 | | 总市值(亿元) | 16.90 | | 流通市值(亿元) | 7.41 | | 总股本(亿股) | 0.77 | | 流通股本(亿股) | 0.34 | | 近 3 个月换手率(%) | 201.54 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1-Q3：营收 1.72 亿元，同比+10%；归母净利润 1657 万元，同比-50% 公司发布 2025 年三季报，2025Q1-Q3，公司实现营业收入 1.72 亿元，同比增长 10.01%；归母净利润 1657.35 万元，同比下滑 49.58%；扣非归母净利润 1233.55 万元，同比下滑 39.51%。单季度情况来看，20 ...

Core Viewpoint - Haike Xinyuan reported a significant reduction in losses for the first half of 2025, with a net loss of 42.83 million yuan, compared to a loss of 110 million yuan in the same period last year, indicating improved financial performance despite ongoing challenges [1][3]. Financial Performance - The company achieved an operating revenue of 2.316 billion yuan in the first half of 2025, representing a year-on-year growth of 27.92% from 1.811 billion yuan [3]. - The basic earnings per share improved to -0.19 yuan, up 62.00% from -0.50 yuan in the previous year, reflecting a gradual recovery in earnings capability [3]. - The overall gross margin increased to 3.58%, up 1.82 percentage points from the previous year, indicating effective product structure adjustments and cost control efforts [3]. Cash Flow and Liquidity - The net cash flow from operating activities was -248 million yuan, worsening from -195 million yuan in the same period last year, highlighting ongoing cash flow challenges [1][4]. - As of June 30, 2025, the company's cash and cash equivalents decreased to 822 million yuan, down 55.6% from 1.851 billion yuan at the beginning of the year, indicating weakened immediate payment capabilities [2][4]. Asset and Liability Structure - Total assets decreased to 7.294 billion yuan, down 12.47% from 8.333 billion yuan at the beginning of the year, primarily due to a reduction in cash [4]. - Accounts receivable increased to 1.232 billion yuan, a growth of 30.86% from 941 million yuan, aligning with revenue growth [4]. Market Position and Strategy - Haike Xinyuan is a leading player in the lithium-ion battery electrolyte solvent market, with significant clients including Tesla, BYD, and CATL, and a stable position in the consumer chemicals sector [5]. - The company is expected to benefit from the explosive demand in the new energy vehicle and energy storage markets, with projected growth rates of 20% and over 30%, respectively [7]. - The dual business strategy focusing on lithium battery materials and consumer chemicals is anticipated to further enhance performance, although the effectiveness of this strategy will require ongoing observation [8].