抗老化助剂产品价格：2025年以来，抗氧剂单剂、受阻胺类光稳定剂、复配制剂的平均售价延续下跌

毛利占比 -4.3% 3.4% 3.7% 4.2% 4.4% 4.2% 营业收入 2.36 2.17 1.92 2.11 2.14 2.30 3.19 抗氧剂 毛利率 39.6% 37.7% 41.2% 30.7% 20.3% 16.6% 3.0% 单剂 收入占比 39.6% 33.7% 27.2% 28.0% 25.6% 30.6% 31.8% 毛利占比 39.5% 33.5% 31.1% 30.3% 22.4% 27.5% 17.4% 营业收入 3.60 4.24 5.13 5.42 6.20 5.15 6.16 毛利率 39.7% 38.3% 34.1% 27.5% 24.2% 19.1% 5.1% 收入占比 60.3% 65.9% 72.7% 71.9% 74.3% 68.4% 61.4% 毛利占比 60.4% 66.4% 68.7% 69.7% 77.5% 71.0% 56.7% 营业收入 0.73 0.97 1.36 2.88 3.19 2.39 3.34 抗氧剂 毛利率 27.2% 34.3% 30.6% 21.9% 20.9% 13.1% 4.6% 单剂 收入占比 19.5% 22.0% 25.9% 39.4% 36.8% 31.6% 42.8% 毛利占比 13.2% 17.2% 23.1% 28.4% 31.7% 19.5% 14.2% 营业收入 2.20 2.35 2.86 3.04 4.41 4.12 3.06 毛利率 37.4% 39.9% 28.0% 28.8% 20.6% 21.8% 5.7% 收入占比 58.5% 53.2% 54.2% 41.6% 49.0% 54.5% 39.1% 毛利占比 54.6% 48.5% 44.4% 39.3% 41.5% 55.7% 16.1% 营业收入 5.59 6.11 7.61 10.89 10.01 8.23 8.86 受阻胺 毛利率 27.5% 31.0% 29.7% 33.4% 33.9% 20.6% 15.8% 光稳定剂 收入占比 64.6% 61.4% 62.7% 62.8% 55.9% 58.1% 58.9% 毛利占比 65.1% 60.9% 67.7% 72.1% 65.4% 63.1% 67.8% 营业收入 0.73 1.05 0.71 1.39 1.10 0.33 0.40 毛利率 35.9% 45.6% 32.6% 36.1% 32.7% 13.4% 7.4% 收入占比 8.4% 10.5% 5.9% 8.0% 6.1% 2.3% 2.7% 毛利占比 11.0% 15.4% 6.9% 10.0% 6.9% 1.6% 1.5% 营业收入 4.00 3.29 3.04 毛利率 22.9% 18.4% 12.5% 收入占比 22.3% 23.2% 20.2% 毛利占比 17.7% 22.5% 18.5% 抗氧化剂 29.8% 30.7% 30.9% 24.3% 19.4% 16.4% 3.8% 光稳定剂 32.4% 33.6% 33.2% 35.0% 32.9% 26.9% 15.8% 复合助剂 38.5% 39.1% 31.1% 28.2% 22.5% 19.8% 7.8% 数据来源：Wind、开源证券研究所（注 1：利安隆 2025H1 未单独披露抗氧化剂、光稳定剂业务数据，这里采用公司抗老化助剂业务