Core Viewpoint - The company, Shandong Bailong Chuangyuan Biotechnology Co., Ltd., is experiencing positive market movements, with a recent stock price increase and significant revenue growth, driven by its innovative health sweetener products and strategic investments in the banking sector [1][8]. Group 1: Company Overview - The company specializes in the research, production, and sales of prebiotic series products, dietary fiber series products, and health sweetener products, with a revenue composition of 54.15% from dietary fiber, 28.00% from prebiotics, 13.57% from health sweeteners, and 3.91% from other products [8]. - As of December 10, the company had 12,300 shareholders, an increase of 12.12% from the previous period, with an average of 34,216 circulating shares per shareholder, a decrease of 10.81% [8]. - The company was established on December 30, 2005, and went public on April 21, 2021, located in the Dezhou (Yucheng) National High-tech Industrial Development Zone [8]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 969 million yuan, representing a year-on-year growth of 18.10%, and a net profit attributable to shareholders of 265 million yuan, up 44.93% year-on-year [8]. - The company has distributed a total of 204 million yuan in dividends since its A-share listing, with 193 million yuan distributed over the past three years [9]. Group 3: Market Position and Strategic Advantages - The company produces allulose, a rare monosaccharide that serves as a low-calorie alternative to sucrose, making it ideal for individuals with obesity and diabetes [2]. - The company holds a 5.14% stake in Shandong Yucheng Rural Commercial Bank, benefiting from the depreciation of the RMB [3][4]. - The company has been recognized as a "specialized, refined, characteristic, and innovative" small giant enterprise, which enhances its competitiveness and stability within the industry [4]. Group 4: Stock Market Activity - On December 17, the company's stock rose by 2.68%, with a trading volume of 100 million yuan and a turnover rate of 1.14%, leading to a total market capitalization of 8.862 billion yuan [1]. - The average trading cost of the stock is 20.54 yuan, with the stock price approaching a resistance level of 21.24 yuan, indicating potential for upward movement if this level is surpassed [7].

Investment Strategy Overview - The report emphasizes two main investment themes for the chemical industry: anti-involution policies and domestic substitution, which are expected to drive recovery and growth in the sector [4][5][6] Anti-Involution and Cycle Recovery - The report suggests that the chemical industry is at a turning point, with anti-involution measures leading to a recovery in the cycle. Key areas include the peak of new capacity in organic silicon, the end of PTA capacity expansion, and a rebound in prices for certain chemicals due to supply chain disruptions [4][5] - The China Chemical Product Price Index (CCPI) has decreased significantly, dropping to 3865 points by November 30, 2025, down 16.37% from early 2024 and 10.71% from the beginning of 2025 [4][20] Domestic Substitution as a Growth Driver - Domestic substitution is highlighted as a key growth driver, with significant support from national policies for bio-based materials and advancements in technology leading to a more robust domestic supply chain [4][6] - The report identifies several companies positioned to benefit from these trends, including KaiSai Bio and RuiFeng New Materials, which are making strides in bio-based materials and lubricant additives, respectively [5][6] Market Dynamics and Price Recovery - The report notes that while the chemical market is experiencing a downturn, certain segments are expected to see price recovery due to improved supply-demand dynamics and reduced capacity expansion [4][22] - Specific chemical products have shown varied price movements, with some experiencing significant declines while others are stabilizing or recovering [22] Manufacturing Sector Recovery - The manufacturing sector is showing signs of recovery, which is anticipated to support the chemical industry. The report mentions that the real estate market is stabilizing, and automotive production has increased, indicating a potential uptick in demand for chemical products [25][33] Capital Expenditure Trends - Capital expenditure growth in the chemical industry is slowing, with a notable decline in new projects. The report indicates that the total construction in progress for the chemical sector was 327.57 billion yuan in Q3 2025, down 17.64% year-on-year [34][39] Inventory and Consumption Trends - High inventory levels in the chemical sector are being addressed as consumer demand begins to recover. The report suggests that the inventory-to-revenue ratio for the basic chemical industry was 0.62 in Q3 2025, indicating a slight increase from the previous year [41][42] Profitability and Financial Performance - The report highlights a recovery in profitability for the chemical industry, with gross margins and return on equity (ROE) showing improvement in Q3 2025 compared to previous periods [56][60] - Specific sub-sectors, such as agrochemicals and fluorochemicals, have demonstrated significant profit growth, with some exceeding 100% year-on-year increases [55][56]

证券代码： 605016 证券简称：百龙创园 山东百龙创园生物科技股份有限公司 2025年第五次临时股东会会议资料 2025 年 12 月 山东百龙创园生物科技股份有限公司 2025年第五次临时股东会会议资料 目 录 | 2025年第五次临时股东会会议须知 | 3 | | --- | --- | | 2025年第五次临时股东会会议议程 | 5 | | 2025年第五次临时股东会会议议案 | 8 | | 议案一：关于公司向不特定对象发行可转换公司债券方案（修订稿）的议案 | 8 | | 议案二：关于公司向不特定对象发行可转换公司债券预案（修订稿）的议案 | 18 | | 议案三：公司关于向不特定对象发行可转换公司债券方案的论证分析报告（修订稿）的 | | | 议案 | 19 | | 议案四：关于公司向不特定对象发行可转换公司债券募集资金运用可行性分析报告（修 | | | 订稿）的议案 | 20 | | 议案五：关于向不特定对象发行可转换公司债券摊薄即期回报、采取填补回报措施及相 | | | 关主体承诺（修订稿）的议案 | 21 | | 议案六：关于未来三年(2025-2027 年)股东回报规划的议案 | 28 ...

Core Insights - The project "Key Technologies and Industrialization of Functional Carbohydrate Bio-manufacturing" by Shandong Bailong Chuangyuan Biotechnology Co., Ltd. and Jiangnan University has been recognized in the national "14th Five-Year" list of advanced technological innovations in light industry, highlighting significant technological breakthroughs and industrial value [1][2]. Group 1: Company Overview - Bailong Chuangyuan has established a close partnership with Jiangnan University since its inception, focusing on long-term technological collaboration in the field of functional carbohydrates [2]. - The company has developed a series of new functional carbohydrate products by addressing industry challenges such as low preparation efficiency and complex synthesis pathways through key enzyme gene exploration, bio-synthesis pathway transformation, and enhanced biocatalysis [2]. Group 2: Industry Impact - The technological achievements are expected to drive technological upgrades in downstream industries such as food, health products, and pharmaceuticals, promoting comprehensive innovation across the industry chain [2]. - The project aims to transform China's functional sugar industry from a "raw material supply base" to a "high value-added nutrition and health sector," significantly enhancing the market competitiveness and share of related domestic products [2]. - The implementation of these technologies will provide higher quality health food raw materials to the public and guide the industry towards a health-oriented strategic direction [2]. - By developing advantageous industries for functional foods like resistant dextrin and allulose, the project will enhance agricultural productivity and promote coordinated industrial development, injecting new vitality into regional and industrial economies [2].

Core Viewpoint - Bailong Chuangyuan (605016.SH) has announced an adjustment to its plan for issuing convertible bonds to unspecified objects, reducing the total fundraising amount due to changes in investment project costs [1] Group 1: Fundraising Adjustments - The total amount of funds to be raised has been reduced from a maximum of 780 million yuan to 748 million yuan, a decrease of approximately 31.85 million yuan [1] - The number of fundraising projects has been adjusted from three to two, with the cancellation of the "International R&D Center for New Food Raw Materials" project, which was originally planned to use 31.85 million yuan of the raised funds [1] Group 2: Remaining Projects - The remaining two projects will maintain their original fundraising amounts, with the "Thailand Health New Food Raw Materials Smart Factory Project" set to use 560 million yuan and the "Functional Sugar Drying Expansion and Comprehensive Improvement Project" set to use 188 million yuan [1] - The total planned use of funds for the two remaining projects after the adjustment is 748 million yuan [1]

Group 1 - The company, Bailong Chuangyuan (605016.SH), announced plans to issue convertible bonds to unspecified investors, with a total fundraising amount not exceeding 748 million yuan (including principal) [1] - The raised funds, after deducting related issuance costs, are intended to be fully invested in two projects: a smart factory project for new health food raw materials in Thailand and an expansion and comprehensive enhancement project for functional sugar drying [1]

Core Viewpoint - The company, Shandong Bailong Chuangyuan Biotechnology Co., Ltd., is experiencing growth in its health sweetener products, particularly allulose, and benefits from its stake in a rural commercial bank, as well as the depreciation of the RMB. Group 1: Company Overview - The company specializes in the research, production, and sales of prebiotics, dietary fibers, and health sweeteners, with a revenue composition of 54.15% from dietary fibers, 28.00% from prebiotics, 13.57% from health sweeteners, and 3.91% from other products [8] - As of November 30, the company had 10,900 shareholders, a decrease of 18.48%, with an average of 38,364 circulating shares per shareholder, an increase of 22.67% [8] - The company was established on December 30, 2005, and went public on April 21, 2021 [8] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 969 million yuan, representing a year-on-year growth of 18.10%, and a net profit attributable to shareholders of 265 million yuan, up 44.93% year-on-year [8] - The company has distributed a total of 183 million yuan in dividends since its A-share listing, with 172 million yuan distributed over the past three years [9] Group 3: Market Position and Recognition - The company holds a 5.14% stake in Shandong Yucheng Rural Commercial Bank, which contributes to its financial stability [3] - The company has been recognized as a "specialized, refined, distinctive, and innovative" small giant enterprise, which is a prestigious title in China, indicating its strong market position and innovation capabilities [4] Group 4: Stock Performance and Trading Activity - On December 5, the company's stock rose by 0.24%, with a trading volume of 38.1953 million yuan and a turnover rate of 0.44%, bringing the total market capitalization to 8.631 billion yuan [1] - The average trading cost of the stock is 20.59 yuan, with recent buying activity noted, although the strength of this accumulation is weak [7]

证券代码：605016 证券简称：百龙创园 公告编号：2025-074 山东百龙创园生物科技股份有限公司 关于调整公司向不特定对象发行可转换公司债券方 案及相关文件修订说明的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 山东百龙创园生物科技股份有限公司（以下简称"公司"）于 2024 年 9 月 20 日召开第三届董事会第十二次会议、第三届监事会第十二次会议，审议通过公司 向不特定对象发行可转换公司债券（以下简称"本次发行"）的相关议案，并经公 司 2024 年 10 月 11 日召开的 2024 年第三次临时股东大会审议通过。 公司于 2025 年 9 月 23 日召开第四届董事会第三次会议，审议通过《关于延 长公司向不特定对象发行可转换公司债券股东会决议有效期的议案》，并经公司 2025 年 10 月 9 日召开的 2025 年第三次临时股东会审议通过。 公司于 2025 年 12 月 5 日召开第四届董事会第六次会议，审议通过《关于公 司向不特定对象发行可转换公司债券方案（修订稿）的议案》《关于公司向不特 定对象发行可转换公司债券预案（修订稿）的 ...

特此公告。 2025 年 12 月 5 日召开第四届董事会第六次会议，审议通过《关于公司向不特定 对象发行可转换公司债券方案（修订稿）的议案》《关于公司向不特定对象发行可转 换公司债券预案（修订稿）的议案》等相关议案。《山东百龙创园生物科技股份有限 公司向不特定对象发行可转换公司债券预案（修订稿）》及相关文件已于同日在上海 证券交易所网站（www.sse.com.cn）披露，敬请广大投资者注意查阅。 公司本次向不特定对象发行可转换公司债券预案（修订稿）等相关披露事项并不 代表审核、注册部门对于本次向不特定对象发行可转换公司债券相关事项的实质性判 断、确认、批准或注册，本次向不特定对象发行可转换公司债券相关事项的生效和完 成尚待取得上市公司股东会的审议、上海证券交易所发行上市审核并报经中国证监会 同意注册，且最终以中国证监会注册的方案为准。 公司将根据该事项的进展情况，按照有关规定和要求及时履行信息披露义务，敬 请广大投资者注意投资风险。 山东百龙创园生物科技股份有限公司 关于公司向不特定对象发行可转换公司债券预案（修订 稿）披露的提示性公告 证券代码：605016 证券简称：百龙创园 公告编号：2025-07 ...

二、董事会会议审议情况 1、审议通过《关于公司向不特定对象发行可转换公司债券方案(修订稿)的 议案》 依据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司证券发 行注册管理办法》《可转换公司债券管理办法》关于向不特定对象发行可转换公 司债券的相关规定，公司结合自身实际情况及发展需要，制定了本次向不特定对 象发行可转换公司债券的方案（修订稿），具体如下： 1.1 发行证券的种类 证券代码：605016 证券简称：百龙创园 公告编号：2025-079 山东百龙创园生物科技股份有限公司 第四届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 山东百龙创园生物科技股份有限公司（以下简称"公司"）第四届董事会第六 次会议于 2025 年 12 月 5 日上午 9：00 在公司办公楼一楼第二会议室召开，本次 会议的会议通知和材料已于 2025 年 11 月 30 日通过邮件等方式发出。会议由董 事长窦宝德先生主持，应到董事 7 人，实到董事 7 人，公司总经理及董事会秘书 列 ...