<p><strong>拜切公司</strong>(BCPC 0.25%)，一家领先的营养成分和特种化学品供应商，于 2025 年 7 月 31 日发布了第二季度财报。主要消息：拜切公司报告了创纪录的 GAAP 收入和非 GAAP 利润，远超分析师对 2025 财年第二季度的预期。非 GAAP 每股收益为 1.27 美元，而预计为 1.12 美元。GAAP 收入达到 2.555 亿美元，超出 250.3 万美元的预期。每个核心业务部门均实现增长，显著提高了效率，并宣布了重大资本投资。该季度在年初强劲开局后，继续保持良好势头。</p>
<table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>1.27 美元</td>
<td>1.12 美元</td>
<td>1.09 美元</td>
<td>16.5%</td>
</tr>
<tr>
<td>收入</td>
<td>2.555 亿美元</td>
<td>2.503 亿美元</td>
<td>2.341 亿美元</td>
<td>9.1%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>6920 万美元</td>
<td></td>
<td>6230 万美元</td>
<td>11.1%</td>
</tr>
<tr>
<td>自由现金流</td>
<td>4070 万美元</td>
<td></td>
<td>3840 万美元</td>
<td>6.0%</td>
</tr>
</tbody>
</table>
<p>来源：FactSet 提供的季度分析师预估。</p>
<h2>关于拜切公司：业务概述和战略重点领域</h2>
<p>拜切公司开发和制造多种营养成分、功能性食品成分和特种性能化学品。业务分为三个主要部门：人类营养与健康（为人提供的成分和补充剂）、动物营养与健康（为牲畜提供的饲料成分）和特种产品（如性能气体和植物营养）。</p>
<p>该公司近期的重点集中在创新和差异化产品上，如胆碱和维生素 K2 营养素，并围绕微胶囊技术构建专有技术。保持高效生产、应对全球贸易和监管环境，以及追求战略收购也是其增长的核心。成功依赖于平衡科学研究、供应链可靠性、合规性和人才发展，以满足不断变化的客户和行业需求。</p>
<h2>季度回顾：财务和战略里程碑</h2>
<p>在 2025 年第二季度，拜切公司在合并收入、调整后收益和现金生成方面创下新高。收入同比增长 9.1%，所有三个部门均有贡献。人类营养与健康部门的收入增长 8.7%，达到 1.608 亿美元，主要受食品成分和营养素组合销售增加的推动。两个子部门均有贡献，反映出对胆碱营养素和维生素 K2 补充剂等产品需求的增加，管理层将其视为高增长类别。该部门的营业收益增长 14.9%。</p>
<p>动物营养与健康部门的收入增长 13.1%，达到 5600 万美元。该部门在反刍动物（如奶牛）和单胃动物（如家禽）领域均出现反弹，营业收益增长 30.5%。特种产品，包括性能气体和植物营养，收入增长 6.0%，达到 3720 万美元。然而，特种产品部门的营业收益仅微增 0.4%，由于运营费用上升，尽管销售强劲，利润率受到压缩。</p>
<p>公司的毛利率（GAAP）改善至 36.4%，比去年同期提高 0.9 个百分点。这一改善主要得益于有利的产品销售组合，尽管制造投入成本和与薪酬相关的费用有所增加。运营费用上升至 4170 万美元（GAAP），反映出薪资和专业服务支出的增加。调整后 EBITDA（在考虑某些费用之前衡量运营盈利能力）达到 6920 万美元，比去年同期增长 11.2%。</p>
<p>公司生成了 4070 万美元的自由现金流（非 GAAP），得益于 4730 万美元的运营现金流和严格的资本支出。它回购了 3330 万美元的自有股票，维持了 1.9 亿美元的循环贷款余额，并以 6540 万美元的现金结束了季度。截止季度末，净营运资本为 2.267 亿美元，显示出稳定和流动的资产负债表。</p>
<h2>关键进展：产能、监管收益和研发举措</h2>
<p>创新仍然是核心优先事项。拜切公司宣布计划投资 3600 万美元建设新的微胶囊设施。新设施将使产能增加一倍以上，支持食品和补充剂成分市场的增长。</p>
<p>在其营养素业务中，公司强调胆碱和维生素 K2 产品类别的持续强劲增长，维生素 K2 的销售在 2024 年增长超过 30%，而维生素 K2 作为特种补充剂的兴趣也在上升。这些类别受益于长期的科学和市场营销努力，以及通过收购最近扩展的营养素组合。</p>
<p>一个重大的监管胜利是欧盟委员会决定对来自中国的胆碱氯化物进口征收 95.4% 至 120.8% 的临时反倾销税。这一措施自 2025 年 7 月 1 日起生效，预计将有助于抵消中国的反竞争定价行为，并为未来创造公平竞争环境。</p>
<p>本季度没有完成新的收购，但管理层继续强调之前交易（如 Bergstrom Nutrition 和 Kappa Bioscience）的整合收益。这些交易扩展了拜切公司的科学支持成分范围，并增强了其在人类营养和健康领域的存在。</p>
<h2>展望未来：指导和关注点</h2>
<p>管理层未提供 2025 财年的定量指导。然而，领导层对持续需求表示信心，并强调监管支持和扩展产能预计将在长期内支撑增长。</p>
<p>在 2025 财年的剩余时间里，投资者应关注输入成本趋势、新产能扩张的影响以及贸易政策的变化，特别是在欧洲等关键市场。其他关注领域包括营养和食品成分业务的持续创新、过去收购带来的整合效益，以及可能影响利润率的进一步成本压力的出现。</p>
<p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>

拜切公司

<p>Balchem (BCPC) 报告称，2025 财年第二季度非 GAAP 每股收益增长 16.5%，达到 1.27 美元，超出分析师预期。GAAP 收入达到 2.555 亿美元，超过预期。所有业务部门均显示增长，公司在创新和产能扩张方面进行了重大投资。公司宣布将在一个新的微胶囊设施中投资 3600 万美元，并受益于针对来自中国的氯化胆碱进口的监管措施。尽管未提供 2025 财年的具体指导，管理层对持续的需求和增长前景仍然充满信心</p>

<p><strong>Balchem</strong>(BCPC 0.25%), a leading provider of nutritional ingredients and specialty chemicals, released its second quarter results on July 31, 2025. The key news: Balchem reported record GAAP revenue and non-GAAP profits, well surpassing analyst expectations for Q2 FY2025. Non-GAAP earnings per share stood at $1.27, compared to a projected $1.12. Revenue (GAAP) climbed to $255.5 million, beating projections of $250.3 million. Each core business segment posted growth, with notable efficiency gains and a significant capital investment announcement. The quarter underscored continued momentum after a robust start to the year.</p>
<div class="lb-trans"><p><strong>拜切公司</strong>(BCPC 0.25%)，一家领先的营养成分和特种化学品供应商，于 2025 年 7 月 31 日发布了第二季度财报。主要消息：拜切公司报告了创纪录的 GAAP 收入和非 GAAP 利润，远超分析师对 2025 财年第二季度的预期。非 GAAP 每股收益为 1.27 美元，而预计为 1.12 美元。GAAP 收入达到 2.555 亿美元，超出 250.3 万美元的预期。每个核心业务部门均实现增长，显著提高了效率，并宣布了重大资本投资。该季度在年初强劲开局后，继续保持良好势头。</p>
</div><table>
<thead>
<tr>
<th>Metric</th>
<th>Q2 2025</th>
<th>Q2 Estimate</th>
<th>Q2 2024</th>
<th>Y/Y Change</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS (Non-GAAP)</td>
<td>$1.27</td>
<td>$1.12</td>
<td>$1.09</td>
<td>16.5%</td>
</tr>
<tr>
<td>Revenue</td>
<td>$255.5 million</td>
<td>$250.3 million</td>
<td>$234.1 million</td>
<td>9.1%</td>
</tr>
<tr>
<td>Adjusted EBITDA</td>
<td>$69.2 million</td>
<td></td>
<td>$62.3 million</td>
<td>11.1%</td>
</tr>
<tr>
<td>Free Cash Flow</td>
<td>$40.7 million</td>
<td></td>
<td>$38.4 million</td>
<td>6.0%</td>
</tr>
</tbody>
</table>
<div class="lb-trans"><table>
<thead>
<tr>
<th>指标</th>
<th>2025 年第二季度</th>
<th>2025 年第二季度预估</th>
<th>2024 年第二季度</th>
<th>同比变化</th>
</tr>
</thead>
<tbody>
<tr>
<td>每股收益（非 GAAP）</td>
<td>1.27 美元</td>
<td>1.12 美元</td>
<td>1.09 美元</td>
<td>16.5%</td>
</tr>
<tr>
<td>收入</td>
<td>2.555 亿美元</td>
<td>2.503 亿美元</td>
<td>2.341 亿美元</td>
<td>9.1%</td>
</tr>
<tr>
<td>调整后 EBITDA</td>
<td>6920 万美元</td>
<td></td>
<td>6230 万美元</td>
<td>11.1%</td>
</tr>
<tr>
<td>自由现金流</td>
<td>4070 万美元</td>
<td></td>
<td>3840 万美元</td>
<td>6.0%</td>
</tr>
</tbody>
</table>
</div><p>Source: Analyst estimates for the quarter provided by FactSet.</p>
<div class="lb-trans"><p>来源：FactSet 提供的季度分析师预估。</p>
</div><h2>About Balchem: Business Overview and Strategic Focus Areas</h2>
<div class="lb-trans"><h2>关于拜切公司：业务概述和战略重点领域</h2>
</div><p>Balchem develops and manufactures a broad mix of nutritional ingredients, functional food components, and specialty performance chemicals. The business is organized into three main segments: Human Nutrition &amp; Health (ingredients and supplements for people), Animal Nutrition &amp; Health (feed ingredients for livestock), and Specialty Products (such as performance gases and plant nutrients).</p>
<div class="lb-trans"><p>拜切公司开发和制造多种营养成分、功能性食品成分和特种性能化学品。业务分为三个主要部门：人类营养与健康（为人提供的成分和补充剂）、动物营养与健康（为牲畜提供的饲料成分）和特种产品（如性能气体和植物营养）。</p>
</div><p>The company's recent focus centers on innovation and differentiated products, such as choline and vitamin K2 nutrients, and building proprietary technologies around micro-encapsulation. Maintaining efficient production, navigating global trade and regulatory environments, and pursuing strategic acquisitions are also central to its growth. Success relies on balancing scientific research, supply chain reliability, compliance with regulation, and talent development to meet evolving customer and industry needs.</p>
<div class="lb-trans"><p>该公司近期的重点集中在创新和差异化产品上，如胆碱和维生素 K2 营养素，并围绕微胶囊技术构建专有技术。保持高效生产、应对全球贸易和监管环境，以及追求战略收购也是其增长的核心。成功依赖于平衡科学研究、供应链可靠性、合规性和人才发展，以满足不断变化的客户和行业需求。</p>
</div><h2>Quarter in Review: Financial and Strategic Milestones</h2>
<div class="lb-trans"><h2>季度回顾：财务和战略里程碑</h2>
</div><p>During Q2 2025, Balchem recorded new highs in consolidated revenue, adjusted earnings, and cash generation. Revenue grew 9.1% compared to the prior year quarter, as all three segments contributed. Human Nutrition &amp; Health revenue grew 8.7% to $160.8 million, driven by higher sales in both food ingredients and the nutrients portfolio. Both sub-segments contributed, reflecting increased demand for products such as choline nutrients and vitamin K2 supplements, which management identified as high-growth categories. Operating earnings for this segment climbed 14.9%.</p>
<div class="lb-trans"><p>在 2025 年第二季度，拜切公司在合并收入、调整后收益和现金生成方面创下新高。收入同比增长 9.1%，所有三个部门均有贡献。人类营养与健康部门的收入增长 8.7%，达到 1.608 亿美元，主要受食品成分和营养素组合销售增加的推动。两个子部门均有贡献，反映出对胆碱营养素和维生素 K2 补充剂等产品需求的增加，管理层将其视为高增长类别。该部门的营业收益增长 14.9%。</p>
</div><p>Animal Nutrition &amp; Health revenue increased 13.1% to $56.0 million. The segment saw a rebound in both the ruminant sector (such as dairy cattle) and monogastric species (like poultry), with operating earnings up 30.5%. Specialty Products, including performance gases and plant nutrition, grew revenue 6.0% to $37.2 million. However, earnings from operations for the Specialty Products segment edged up only 0.4%, as rising operating expenses compressed margins despite stronger sales.</p>
<div class="lb-trans"><p>动物营养与健康部门的收入增长 13.1%，达到 5600 万美元。该部门在反刍动物（如奶牛）和单胃动物（如家禽）领域均出现反弹，营业收益增长 30.5%。特种产品，包括性能气体和植物营养，收入增长 6.0%，达到 3720 万美元。然而，特种产品部门的营业收益仅微增 0.4%，由于运营费用上升，尽管销售强劲，利润率受到压缩。</p>
</div><p>Gross margin for the company (GAAP) improved to 36.4%, up 0.9 percentage points over the prior year. This improvement came mainly from a favorable product sales mix, even as manufacturing input costs and compensation-related expenses increased. Operating expenses rose to $41.7 million (GAAP), reflecting higher pay and professional services spending. Adjusted EBITDA, which measures operating profitability before accounting for certain expenses, reached $69.2 million, up 11.2% from the prior year quarter.</p>
<div class="lb-trans"><p>公司的毛利率（GAAP）改善至 36.4%，比去年同期提高 0.9 个百分点。这一改善主要得益于有利的产品销售组合，尽管制造投入成本和与薪酬相关的费用有所增加。运营费用上升至 4170 万美元（GAAP），反映出薪资和专业服务支出的增加。调整后 EBITDA（在考虑某些费用之前衡量运营盈利能力）达到 6920 万美元，比去年同期增长 11.2%。</p>
</div><p>The company generated $40.7 million in free cash flow (non-GAAP), helped by $47.3 million in operating cash flow and disciplined capital spending. It repurchased $33.3 million of its own shares, maintained flat revolving loan balances at $190 million, and Ended the quarter with $65.4 million in cash. Net working capital at $226.7 million as of quarter-end underscores a stable and liquid balance sheet.</p>
<div class="lb-trans"><p>公司生成了 4070 万美元的自由现金流（非 GAAP），得益于 4730 万美元的运营现金流和严格的资本支出。它回购了 3330 万美元的自有股票，维持了 1.9 亿美元的循环贷款余额，并以 6540 万美元的现金结束了季度。截止季度末，净营运资本为 2.267 亿美元，显示出稳定和流动的资产负债表。</p>
</div><h2>Key Developments: Capacity, Regulatory Gains, and R&amp;D Initiatives</h2>
<div class="lb-trans"><h2>关键进展：产能、监管收益和研发举措</h2>
</div><p>Innovation remained a core priority. Balchem announced a planned $36 million investment in a new micro-encapsulation facility. The new facility will more than double capacity, supporting growth in both food and supplement ingredient markets.</p>
<div class="lb-trans"><p>创新仍然是核心优先事项。拜切公司宣布计划投资 3600 万美元建设新的微胶囊设施。新设施将使产能增加一倍以上，支持食品和补充剂成分市场的增长。</p>
</div><p>In its nutrients business, the company emphasized continued robust growth in choline and vitamin K2 product categories, with vitamin K2 sales rising more than 30% in 2024, while vitamin K2 is gaining interest as a specialty supplement. These categories benefit from long-term scientific and marketing efforts, as well as recent expansion of the nutrients portfolio through acquisitions.</p>
<div class="lb-trans"><p>在其营养素业务中，公司强调胆碱和维生素 K2 产品类别的持续强劲增长，维生素 K2 的销售在 2024 年增长超过 30%，而维生素 K2 作为特种补充剂的兴趣也在上升。这些类别受益于长期的科学和市场营销努力，以及通过收购最近扩展的营养素组合。</p>
</div><p>A major regulatory win came with the European Commission's decision to impose provisional anti-dumping duties on choline chloride imports from China ranging from 95.4 % to 120.8 %. This action, effective July 1, 2025, should help offset China’s anti-competitive pricing practices and create a level playing field going forward.</p>
<div class="lb-trans"><p>一个重大的监管胜利是欧盟委员会决定对来自中国的胆碱氯化物进口征收 95.4% 至 120.8% 的临时反倾销税。这一措施自 2025 年 7 月 1 日起生效，预计将有助于抵消中国的反竞争定价行为，并为未来创造公平竞争环境。</p>
</div><p>No new acquisitions were closed in the quarter, but management continued to highlight integration benefits from prior deals such as Bergstrom Nutrition and Kappa Bioscience. These deals have expanded Balchem's range of science-backed ingredients and fortified its presence in human nutrition and health.</p>
<div class="lb-trans"><p>本季度没有完成新的收购，但管理层继续强调之前交易（如 Bergstrom Nutrition 和 Kappa Bioscience）的整合收益。这些交易扩展了拜切公司的科学支持成分范围，并增强了其在人类营养和健康领域的存在。</p>
</div><h2>Looking Ahead: Guidance and Watch Points</h2>
<div class="lb-trans"><h2>展望未来：指导和关注点</h2>
</div><p>Management did not provide quantitative guidance for fiscal 2025. Leadership, however, voiced confidence in sustained demand and highlighted that regulatory boosts and expanded capacity are expected to underpin growth over the longer term.</p>
<div class="lb-trans"><p>管理层未提供 2025 财年的定量指导。然而，领导层对持续需求表示信心，并强调监管支持和扩展产能预计将在长期内支撑增长。</p>
</div><p>For the remainder of fiscal 2025, investors should keep an eye on input cost trends, the impact of new capacity expansions, and changing trade policies, especially in key markets like Europe. Other focus areas include ongoing innovation in the nutrients and food ingredients businesses, integration benefits from past acquisitions, and any emergence of further cost pressures that could affect margins.</p>
<div class="lb-trans"><p>在 2025 财年的剩余时间里，投资者应关注输入成本趋势、新产能扩张的影响以及贸易政策的变化，特别是在欧洲等关键市场。其他关注领域包括营养和食品成分业务的持续创新、过去收购带来的整合效益，以及可能影响利润率的进一步成本压力的出现。</p>
</div><p><em>Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.</em></p>
<div class="lb-trans"><p><em>除非另有说明，收入和净收入均按照美国公认会计原则（GAAP）呈现。</em></p>
</div>

拜切公司（BCPC）第二季度每股收益跃升 16.5%