证券代码：603020 证券简称：爱普股份 公告编号：2025-035 单位：万元 币种：人民币 | 产品类别 | 2025 年半年度 | 2024 年半年度 | 同比变动(%) | | --- | --- | --- | --- | | 香精 | 32,817.67 | 30,118.95 | 8.96 | | 香料 | 8,152.29 | 8,609.69 | -5.31 | | 食品配料 | 81,389.60 | 105,279.25 | -22.69 | | 小计 | 122,359.56 | 144,007.89 | -15.03 | 二、报告期经销商变动情况 公司通过直销模式进行产品销售，无经销商。公司在全国重要省市设立销售 子公司，自有销售团队可以针对重要客户进行产品开发和业务渗透，在现有产品 的基础上通过导入产品组合、香精和食品配料的一体化服务，提升客户对公司产 品和服务的全方位认知，建立战略伙伴关系；同时，与地方性贸易批发商合作， 由其对接当地或周边地区的小规模客户，从而提升公司产品的辐射度和影响力， 扩大公司产品的市场占有率。 以上经营数据仅供投资者及时了解公司生产经营概况之用，公司董 ...

Core Viewpoint - The company reported a decline in revenue but an increase in net profit, indicating a mixed performance in the first half of 2025, influenced by the disposal of a subsidiary and ongoing market dynamics [2][3][12]. Company Overview and Financial Indicators - The company, Apple Flavor & Fragrance Group Co., Ltd., specializes in the research, production, and sales of flavors, fragrances, and food additives [2][3]. - Key financial metrics for the first half of 2025 include: - Revenue: CNY 1,236.22 million, down 14.87% from CNY 1,452.11 million in the same period last year - Total profit: CNY 120.82 million, up 10.48% from CNY 109.35 million - Net profit attributable to shareholders: CNY 83.10 million, up 33.85% from CNY 62.09 million [2][3][12]. Industry and Main Business Situation - The company operates in the flavor and fragrance industry, serving sectors such as dairy, beverages, snacks, baking, personal care, and tobacco [3][12]. - The main products include food flavors, daily-use fragrances, and food additives, with a focus on R&D and manufacturing [3][12]. Business Performance Analysis - The decline in revenue is attributed to the disposal of a subsidiary, which significantly impacted the food additive segment [12][13]. - Despite the overall revenue drop, the flavor business showed steady growth, with revenue reaching CNY 328.18 million, an increase of 8.96% year-on-year [12][13]. - The food additive segment experienced a 22.69% decline in revenue, primarily due to the aforementioned subsidiary disposal [12][13]. Competitive Advantages - The company has established a full industry chain layout, providing integrated services of flavors and food additives, enhancing customer responsiveness and market adaptability [12][13][19]. - Automation in production has improved efficiency, reduced costs, and ensured product quality consistency [12][13][19]. - A strong focus on R&D has led to numerous patents and innovations, positioning the company as a leader in the domestic market [12][13][19]. Market Dynamics - The domestic consumption market is experiencing structural upgrades, driven by rising income levels and changing consumer preferences [12][13]. - The company is well-positioned to capitalize on these trends, with a focus on health and sustainable consumption [12][13].

Core Insights - The company held a half-year online performance briefing on August 22, 2025, where key executives discussed business development and financial status with investors [1] Group 1: Business Development and Innovations - The company is focusing on health and functional food ingredient innovations, with a new food bead production line launched and steady progress in non-meat thermal reaction material capacity [2] - In the daily fragrance business, the company is expanding its domestic market presence and enhancing R&D efforts, while also establishing connections with international clients [2] Group 2: Financial Performance and R&D Investment - In the first half of 2025, the food flavor business generated sales revenue of 3.19 billion yuan, a year-on-year decrease of 22.54%, with a gross margin of 61.43% [3] - The company invested 71.195 million yuan in R&D during the same period, maintaining a high investment ratio, and has a total of 316 patents, including 176 invention patents [3] Group 3: Business Adjustments and Supply Chain Strategy - The decline in food flavor business revenue is attributed to changes in downstream market demand and proactive adjustments in customer structure [4] - The company is building an integrated supply chain with upstream raw material extraction centers and multiple production bases, while planning for R&D and capacity in Southeast Asia [4] Group 4: Cost Management and International Expansion - The increase in sales and management expenses is mainly due to the termination of stock incentives, and the company plans to enhance cost efficiency through digital transformation [5] - The company is pursuing a dual strategy of "internationalization + localization" to expand into Southeast Asia and Africa, leveraging technological advantages and local consumer trends [5] Group 5: Addressing Profit Decline and Future Projects - To counteract declining profitability, the company is focusing on innovation, market positioning, and digital transformation [6] - Ongoing projects include a new food technology base in Indonesia and a food bead production line, which will serve ASEAN and international markets [6]

Group 1: Business Performance - The revenue from the food flavoring business decreased by 22.54% year-on-year, amounting to 319 million yuan [3][4] - The food ingredient business saw a revenue increase of 4.80%, reaching 196 million yuan [4] - The daily-use fragrance business experienced a revenue growth of 34.47%, totaling 75 million yuan [4] Group 2: Profitability Metrics - The gross profit margin for the food flavoring business was 61.43% [4] - The gross profit margin for the food ingredient business was 27.44% [4] - The gross profit margin for the daily-use fragrance business was 46.93% [4] - The net profit decreased by 87.95%, with core profitability indicators hitting new lows [7] Group 3: Research and Development - The company invested 7,119.50 thousand yuan in R&D, maintaining a high proportion of investment compared to industry peers [4] - The company holds 316 patents, including 134 invention patents and 176 utility model patents [4] - The company has initiated 12 new technology projects and has 29 ongoing projects [4] Group 4: Strategic Initiatives - The company is focusing on innovation and market expansion, particularly in Southeast Asia and Africa [6][7] - Plans to enhance the product structure and develop new products based on market demand, including natural flavoring and innovative products [5][6] - The company aims to strengthen its supply chain and local customer service teams to support international business growth [6][7] Group 5: Financial Management - Sales and management expenses increased by 16.35% and 24.77% respectively, primarily due to the termination of stock incentives [6] - The company is implementing a smart management system to enhance expense control and operational efficiency [6] - Cash flow from operating activities decreased due to reduced sales receipts, while investment cash flow declined due to increased capital expenditures [9] Group 6: ESG and Sustainability - The company integrates ESG principles into its strategic framework, focusing on carbon reduction and sustainable practices [10] - The company has improved its ESG rating from A to AA, reflecting its commitment to sustainable development [10]

Group 1 - The core stock price of COFCO Technology is 5.87 yuan as of August 5, 2025, with an increase of 0.51% compared to the previous trading day [1] - The trading volume on that day was 106,000 hands, with a transaction amount of 62 million yuan [1] - COFCO Technology's main business includes biotechnology, food ingredients, and health products, and it is part of the agriculture, animal husbandry, and fishery industry, registered in Anhui Province [1] Group 2 - The company expects to achieve a net profit of 100 million to 118 million yuan in the first half of 2025, representing a year-on-year growth of 63% to 92% [1] - Data on capital flow indicates a net outflow of 2.1 million yuan on August 5, with a cumulative net outflow of 10.05 million yuan over the past five trading days [1]

Core Viewpoint - Huabao Co., Ltd. experienced a slight decline in stock price, closing at 19.19 yuan on August 5, reflecting a decrease of 0.05% from the previous trading day [1] Company Overview - Huabao Co., Ltd. is primarily engaged in the research, production, and sales of food additives and food ingredients, with applications across the food, beverage, and health product industries [1] - The company operates within the food and beverage sector and also has attributes related to flavoring and plant-based meat concepts [1] Stock Performance - On August 5, the stock opened at 19.29 yuan, reached a high of 19.44 yuan, and a low of 19.15 yuan, with a total trading volume of 20,061 hands and a transaction amount of 39 million yuan [1] - The net outflow of main funds on August 5 was 4.6697 million yuan, with a cumulative net outflow of 11.998 million yuan over the past five trading days [1] - The current total market capitalization of the company is 11.819 billion yuan, with a price-to-earnings ratio of 60.57 times and a price-to-book ratio of 1.73 times [1]

Core Insights - The article emphasizes the significant potential of food biosynthesis technology in addressing global food supply issues, meeting health and nutrition demands, and tackling environmental challenges [1][3]. Group 1: Opportunities in Food Biosynthesis - Food biosynthesis, based on synthetic biology and precision fermentation, can alleviate food supply pressures and provide a solid foundation for green and sustainable food production, driving deep transformation in the food industry [1]. - Countries worldwide are prioritizing the development of food biosynthesis, with Japan and the U.S. implementing strategic plans to promote food innovation, and China highlighting biomanufacturing in its national development strategies [3]. Group 2: Typical Applications of Food Biosynthesis - Key application areas include: 1. New protein sources 2. Oils 3. Starch 4. Food ingredients [4]. Group 3: Challenges in Food Biosynthesis - The design and efficient synthesis of new proteins are critical, requiring research in strain design, fermentation optimization, and food processing to create balanced and digestible alternative proteins [5]. - Establishing pathways for the biosynthesis of functional oils and developing efficient extraction and purification technologies are necessary for advancing new functional oil products [6]. - There is a need for innovative metabolic engineering or enzymatic synthesis pathways for new food functional ingredients to meet rising consumer demands for flavor and health attributes [7]. - Addressing the challenges in the biosynthesis of nutrients like vitamins and amino acids involves optimizing metabolic pathways and developing high-performance cell factories [8]. - Food biosynthesis also faces regulatory and safety challenges, necessitating the evolution of global regulatory frameworks to ensure safety while supporting industry growth [8]. Group 4: Summary and Outlook - The field of biomanufacturing, particularly through synthetic biology and precision fermentation, is entering a period of rapid development, providing essential technological support for addressing food manufacturing challenges [9]. - Significant progress has been made in the biosynthesis of new proteins, oils, starch, food ingredients, and nutrients, but challenges remain in various aspects of research and application [10]. - Future research directions include integrating AI with food biosynthesis technologies to create intelligent cell factories, expanding the range of synthetic products, and enhancing synthesis efficiency [10].

Core Viewpoint - Xianle Health has received approval from the Thailand Board of Investment for establishing a production base in Thailand, focusing on modern technology food production and processing [1] Investment Approval - The Thailand Board of Investment approved Xianle Health's application for investment, allowing the company to engage in food and beverage production, food additives, food ingredients, and dietary supplements manufacturing [1] - The approval includes the use of agricultural by-products or waste as raw materials for production activities, along with corresponding rights and incentives [1] Board Meeting and Funding - On November 28, 2024, the company held its fourth board meeting, where it approved the proposal for establishing a production base in Thailand [1] - The board agreed to use self-owned and self-raised funds totaling no more than $40 million for the investment [1] - The investment will be executed through Xianle Holdings Limited, a wholly-owned subsidiary in Hong Kong, and Xianle Holdings (Asia) Limited, a wholly-owned subsidiary in Singapore, to establish a wholly-owned project company, Xianle Health Technology (Thailand) Co., Ltd. [1]

Group 1: Company Strategy and Vision - The company aims to be a "leader in delicious living," focusing on "green, nutritious, and healthy" missions while strengthening mergers and acquisitions to enhance core capabilities and market presence [2][3] - The company plans to expand into the daily chemical sector, integrating innovative technology and established channels to unlock growth potential [3] Group 2: Research and Development - The company has established a national recognized enterprise technology center and multiple overseas R&D centers, employing 298 R&D personnel, including 79 perfumers, to drive innovation [3][4] - The company emphasizes technological innovation as a key driver for enhancing competitiveness in the flavor and food ingredient sectors [4] Group 3: International Expansion - The company is accelerating its overseas market presence, particularly in Southeast Asia and the Middle East, with a new food technology base in Indonesia set to enhance its international operations [3][4] - The company aims to build a stable overseas market position, focusing on high-growth potential regions [3] Group 4: Profit Improvement Measures - The company plans to leverage technological innovation and global development strategies to enhance operational efficiency and profitability [4] - Strategies include capturing consumer trends, exploring new product markets, and optimizing supply chain management [4] Group 5: Client Base and Market Position - The company has established a diverse client base across various sectors, including partnerships with major brands like Yili and Luckin Coffee [5] - The company’s food ingredient business is a key focus for strategic transformation and growth [5] Group 6: Financial Performance and Future Outlook - The company reported a net loss for 2024 due to goodwill impairment related to edible flavor assets, but aims to enhance its food ingredient business through strategic acquisitions [5] - Future growth will focus on integrating resources across subsidiaries to drive diversification and scale in the food ingredient sector [5][6]

证券代码：603020 证券简称：爱普股份 公告编号：2025-021 爱普香料集团股份有限公司 2025 年第一季度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号---行业信息披露 第十 四号---食品制造》的相关规定，现将爱普香料集团股份有限公司(以下简称"公 司")2025 年第一季度主要经营数据（未经审计）公告如下： 一、报告期经营情况 1、按照产品类别分类情况 单位：万元 币种：人民币 | 产品类别 | 2025 年第一季度 | 2024 年第一季度 | 同比变动(%) | | --- | --- | --- | --- | | 香精 | 15,946.00 | 15,324.58 | 4.06 | | 香料 | 3,663.69 | 4,731.35 | -22.57 | | 食品配料 | 40,565.31 | 54,103.62 | -25.02 | | 小计 | 60,175.00 | 74,159.55 | -18.86 | 2、按照销售 ...