【Answer 1】 Huilong Co., Ltd. stated on the interactive platform on June 21 that Haihua Technology has conducted preliminary discussions and product certifications with several flavor & fragrance, daily chemical, and pharmaceutical enterprises; its menthol products are expected to enjoy broad market prospects. 2. Yaxiang Flavor & Fragrance Co., Ltd. is about to list on the ChiNext market, accelerating a new chapter of development. Its IPO proceeds will primarily fund the '6,500 t/a flavor & fragrance and food additive project, plus by-products including 15 tons of cinnamon essential oil, 1 ton of clove light oil, and 20 tons of limonene.' On June 13, Kunshan Yaxiang Flavor & Fragrance Co., Ltd. (hereinafter referred to as 'Yaxiang Flavor & Fragrance') commenced its initial public offering (IPO) subscription. The issue price was RMB 35.98 per share, with a total issuance of 20.2 million shares. This means that Yaxiang Flavor & Fragrance—a global leader in mid-to-high-end fragrance and flavor ingredients—will soon officially list on the ChiNext market. In this IPO, Yaxiang plans to issue up to 20.2 million new shares on the ChiNext, raising approximately RMB 520 million. Proceeds will be primarily allocated to the '6,500 t/a flavor & fragrance and food additive project, plus by-products including 15 tons of cinnamon essential oil, 1 ton of clove light oil, and 20 tons of limonene.' Upon completion, this project will effectively alleviate the company’s production capacity constraints, further strengthen Yaxiang’s competitive position within the industry, and support long-term, rapid, and sustainable corporate growth. 3. Jefferies downgrades International Flavors & Fragrances (IFF) to 'Hold' with revised target price of USD 101 On June 16, Jefferies downgraded IFF from 'Buy' to 'Hold,' lowering its target price from USD 170 to USD 101. IFF released its Q1 2022 financial report on May 9, reporting revenue of USD 3.226 billion (up 30.87% year-on-year) and net income of USD 246 million (basic EPS: USD 0.96) for the period ended March 31, 2022. II. Policy Updates 1. Public consultation launched on the 2022 National Food Safety Standard Development Plan

Revenue reaches RMB 40 billion in first half-year; IFF—the global flavor & fragrance giant—'holds steady'

【Answer 2】 Recently, International Flavors & Fragrances Inc. (IFF) announced its financial results for the second quarter of fiscal year 2025, along with key consolidated financial data for the first half of the year. From a financial performance perspective: 1. Revenue Cumulative revenue for the first six months of FY2025 amounted to USD 5.607 billion (approximately RMB 40.008 billion), down 3.13% year-on-year from USD 5.788 billion in the same period last year. Second-quarter sales totaled USD 2.764 billion (approximately RMB 19.722 billion), representing a 4% decline year-on-year—but showing a 3% increase in sales excluding foreign exchange impacts. 2. Profitability Cumulative net loss for the first six months of FY2025 stood at USD 405 million, compared to cumulative net income of USD 233 million in the same period last year. Pre-tax profit for the second quarter was USD 534 million; adjusted EBITDA was USD 552 million (approximately RMB 3.939 billion), reflecting a 6% increase in adjusted EBITDA excluding foreign exchange impacts. The loss may stem from costs associated with business divestitures, rising operational expenses, or underperformance in certain business segments. International Flavors & Fragrances Inc. (IFF) is a global leader in flavors, fragrances, and functional ingredients, delivering sensory experiences and nutritional health solutions to industries including food & beverage, personal care, home care, and pharmaceuticals. In 1889, Josef Polak and Leopold Schwarz co-founded Pollak & Schwarz in the Netherlands—a company producing fruit flavors and essential oils—which quickly became one of Europe’s most important flavor producers at the time. Early in World War II, it merged with U.S.-based Van Ameringen-Haebler, Inc., a firm specializing in perfumery. In 1958, the global businesses were fully consolidated under the new name International Flavors & Fragrances (IFF). By business segment: ① Taste Segment Second-quarter revenue reached USD 631 million, with broad-based growth across all regions. Adjusted EBITDA totaled USD 125 million; second-quarter adjusted operating EBITDA margin stood at 19.8%. On a comparable basis, operating EBITDA increased 3% after neutralizing foreign exchange effects.

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Wall Street Zen downgraded International Flavors & Fragrances to 'sell' after missing quarterly earnings expectations, despite a $2.5 billion stock buyback program.

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Douglas Lane & Associates LLC Sells 39,607 Shares of International Flavors & Fragrances Inc.