Layn(SZ:002166)2025-08-31 15:10Group 1: Raw Material Prices and Trends - The acquisition prices for core products, Luo Han Guo and Stevia, are expected to remain stable this year due to stable planting areas and yields [2][3] - The price of Stevia products has slightly decreased due to increased competition, but this is viewed as a short-term trend as raw material costs have limited downward potential [3][4] - Luo Han Guo extract prices are anticipated to rise further based on raw material price fluctuations [4][6] Group 2: RM2 Product Overview - RM2 is a unique steviol glycoside that offers superior taste, stability, and solubility compared to existing products like RD and RM [4][6] - RM2 has excellent compatibility with other sweeteners, allowing for diverse applications in baking and other food products [4][6] - The production cost of RM2 is controllable due to the advantages in raw material production, providing a cost advantage over traditional extraction methods [4][6] Group 3: Market Position and Competitive Advantage - RM2 is currently exclusive to the company, with significant barriers for competitors due to the need for specific technology and lengthy safety reviews [6][10] - The company has made substantial progress in product development and market expansion, particularly in emerging markets like pet nutrition and animal feed [10][11] - The company aims to leverage continuous innovation and differentiation to maintain a competitive edge in the natural sweetener market [10][11] Group 4: Production Capacity and Future Outlook - The new production facility in Indiana is expected to meet market demand over the next 2-3 years, with production capacity utilization projected to reach 40-50% by year-end [11][12] - The company anticipates a sales revenue growth of over 15% in the first half of the year, despite pressure on profits from competition and tariffs [12] - The outlook for the second half of the year is optimistic, with expectations of improved operational conditions as new products are launched [12]