国内主业烘焙酵母需求持续复苏，同时衍生品业务有望驱动结构升级，低毛利的贸易类业务逐步剥离。 海外市场预计随着本土化运营策略执行，借助性价比优势，持续提升市占率。原材料成本环比持续下 降，预计H2 进一步释放利润空间。 8 月14 日公司发布半年报，25H1 实现营收79.00 亿元，同比+10.10%；实现归母净利润7.99 亿元，同比 +15.66%；扣非归母净利润7.42 亿元，同比+24.49%。其中，25Q2 实现营收41.05 亿元，同比+11.19%； 实现归母净利润4.29 亿元，同比+15.35%；扣非归母净利润4.05 亿元，同比+34.39%，扣非显著超预 期。 经营分析 国内需求改善，海外延续高增长。1）分业务看，25Q2 酵母及深加工销售收入为29.81 亿元，同比 +11.7%，预计烘焙面食酵母环比Q1 改善实现个位数增长，YE 延续双位数高增长态势。25Q2 制糖/包 装/其他产品销售收入分别为2.28/0.99/7.76 亿元，同比+20.1%/+3.6%/+9.3%，制糖和包装业务均有回 暖。2）分区域看，25Q2 国内/ 国外业务实现收入23.05/117.78 亿元， 同比 ...

Core Viewpoint - The company reported a solid performance in Q1 2025, with revenue and net profit showing positive year-on-year growth, indicating a stable business foundation and ongoing strategic adjustments in product lines and market focus [1][2][3]. Financial Performance - In Q1 2025, the company achieved revenue of 3.794 billion yuan, up 8.95% year-on-year, and a net profit attributable to shareholders of 370 million yuan, up 16.02% year-on-year [1]. - The company's net profit margin improved to 9.75%, an increase of 0.59 percentage points year-on-year, driven by a decrease in raw material costs and improved efficiency [2]. - The gross profit margin for Q1 2025 was 25.97%, up 1.31 percentage points year-on-year, benefiting from lower sugar molasses procurement prices and strong demand for small packaged yeast [2]. Business Segments - The yeast and deep processing products segment generated revenue of 2.773 billion yuan, a year-on-year increase of 13.2%, while the sugar business continued to decline, with revenues of 157 million yuan, down 60.7% year-on-year [1]. - The company is gradually divesting from low-margin sugar operations, leading to an improved product mix [1]. - Domestic revenue was slightly down by 0.3% to 2.099 billion yuan, while international revenue grew by 22.9% to 1.684 billion yuan, reflecting successful overseas market expansion efforts [1]. Market Outlook - The company is optimistic about domestic demand recovery and continued expansion in overseas markets, which is expected to enhance profit margins [3]. - The company anticipates net profits of 1.669 billion yuan, 1.914 billion yuan, and 2.184 billion yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 26%, 15%, and 14% respectively [3].