1、公司生产的健康甜味剂产品主要为阿洛酮糖，阿洛酮糖是在自然界中天然存在但含量极少的一种稀 有单糖，其甜味及口感与蔗糖相当类似或接近，但其热量却远低于蔗糖，对于肥胖以及糖尿病患者是一 种理想的蔗糖代替物。 2、2024年半年报，公司持有山东禹城农村商业银行股份有限公司 5.14%股份。 3、根据2024年年报，公司海外营收占比为60.62%，受益于人民币贬值。 4、专精特新"小巨人"企业是全国中小企业评定工作中最高等级、最具权威的荣誉称号，是指专注于细 分市场、创新能力强、市场占有率高、掌握关键核心技术、质量效益优的排头兵企业，对于提升中小企 业自身的竞争力，以及提升产业链、供应链稳定性和竞争力具有重大意义。公司已入选工信部专精特新 小巨人企业名单。 (免责声明：分析内容来源于互联网，不构成投资建议，请投资者根据不同行情独立判断) 资金分析 来源：新浪证券-红岸工作室 10月20日，百龙创园跌0.94%，成交额8880.34万元，换手率1.11%，总市值79.30亿元。 异动分析 代糖概念+参股银行+人民币贬值受益+专精特新 技术面：筹码平均交易成本为20.50元 该股筹码平均交易成本为20.50元，近期筹码 ...

华安证券研报指出，百龙创园2025年前三季度实现归母净利润2.65亿元，同比+44.93%；其中， 2025年第三季度公司实现归母净利润9,485万元，同比+50.48%/环比+7.34%。产能扩张叠加原材料价格 下降，公司营收、毛利率齐增长。国内阿洛酮糖政策落地，百龙创园凭借技术、成本与产能优势抢占新 市场。投产后将更好地满足市场需求，提高公司的盈利能力。另外，泰国工厂优化成本结构，强化欧美 及东南亚市场竞争力。项目投产后，公司将形成"山东+泰国"双产能枢纽，通过成本优化与区域化供应 网络，进一步巩固在全球健康食品原料市场的份额。维持"增持"评级。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com （责任编辑：董萍萍 ） ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported continuous growth in Q3 2025, with revenue reaching 969 million yuan, a year-on-year increase of 18.10%, and a net profit attributable to shareholders of 265 million yuan, up 44.93% year-on-year [5] - The company's third-quarter revenue was 319 million yuan, reflecting a year-on-year increase of 10.61% but a quarter-on-quarter decrease of 4.82% [5] - The growth in revenue and gross margin is attributed to capacity expansion and a decline in raw material prices, with significant contributions from the soluble dietary fiber and crystalline sugar projects launched in May 2024 [6] - The domestic market for D-alloheptulose has officially opened, allowing the company to leverage its technological and production advantages to capture new market opportunities [7] - The establishment of a production base in Thailand is expected to enhance cost efficiency and strengthen the company's competitive position in global markets [8][9] Financial Summary - The company expects net profits for 2025-2027 to be 338 million, 412 million, and 536 million yuan respectively, with corresponding P/E ratios of 25, 21, and 16 times [10] - Key financial indicators for 2025E include revenue of 1.421 billion yuan, a net profit of 338 million yuan, and a gross margin of 35.5% [11] - The company’s cash flow from operating activities is projected to be 263 million yuan in 2025E [14]

关注D-阿洛酮糖在国内的应用及公司产品上市情况。2025 年7 月D-阿洛酮糖获批为新食品原料，阿洛 酮糖在国内的发展迎来新阶段，阿洛酮糖应用场景广泛，预计国内需求端将有较大拓展空间。公司早期 已与众多客户研发储备了相关产品，建议关注公司D-阿洛酮糖产品后续上市情况。 盈利预测及投资评级：我们预计公司2025-27 年可实现归母净利润3.57/4.74/6.20 亿元，同比分别 +45%/+33%/+31%，当前股价对应2025-27年PE 分别为25X/19X/15X，维持"强烈推荐"评级。 事件：公司发布2025 年三季度业绩快报，2025 年前三季度实现营业收入9.69 亿元，同比+18.10%，实 现归母净利润2.65 亿元，同比+44.93%。 风险提示：项目投产进度不及预期；技术快速迭代、市场竞争加剧；原材料价格大幅波动；产能消化不 及预期；全球关税波动风险等 产品结构优化叠加产能释放，前三季度利润同比实现高增。25Q1-Q3 公司实现营业收入同比+18.10%， 其中25Q3 实现营业收入3.20 亿元，同比+10.61%；25Q1-Q3 公司实现归母净利润+44.93%，其中25Q3 实现归母 ...

Core Viewpoint - The company, Shandong Bailong Chuangyuan Biotechnology Co., Ltd., is experiencing fluctuations in stock performance, with a recent drop of 4.86% and a market capitalization of 8.64 billion yuan. The company is involved in the production of health sweeteners, particularly allulose, which is beneficial for obesity and diabetes patients [1][2]. Group 1: Company Overview - The company specializes in the research, production, and sales of prebiotics, dietary fibers, and health sweeteners, with revenue contributions of 54.15% from dietary fibers, 28.00% from prebiotics, and 13.57% from health sweeteners [8]. - As of August 29, the company had 12,700 shareholders, with an average of 33,056 circulating shares per shareholder, reflecting a slight decrease in the number of shareholders [8]. Group 2: Financial Performance - For the first half of 2025, the company reported a revenue of 649 million yuan, representing a year-on-year growth of 22.18%, and a net profit attributable to shareholders of 170 million yuan, up 42.00% 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: Investment Highlights - The company holds a 5.14% stake in Shandong Yucheng Rural Commercial Bank, which may provide additional financial benefits [3]. - The company benefits from a 60.62% share of overseas revenue, aided by the depreciation of the Chinese yuan [4]. - The company has been recognized as a "specialized, refined, distinctive, and innovative" enterprise, which enhances its competitiveness and stability within the industry [4]. Group 4: Market Activity - The stock has seen a net inflow of 13.56 million yuan from major investors today, with a total trading volume of 349 million yuan and a turnover rate of 3.92% [1][5]. - The average trading cost of the stock is 20.52 yuan, with the current price near a support level of 20.53 yuan, indicating potential for a rebound if this level holds [7].

Investment Rating - The investment rating for the company is "Accumulate" [6][13]. Core Views - The company's revenue has slightly slowed down, but the product structure has significantly optimized, leading to a rapid increase in net profit compared to Q2 2025, indicating high growth quality. The company is expected to benefit from the overseas expansion and domestic promotion of allulose, with accelerated growth anticipated [3][13]. - The company has adjusted its product structure, focusing on high-margin resistant dextrin customized products, while reducing the supply of low-margin glucose. This structural upgrade is expected to enhance gross margins significantly, with stable revenue growth and rapid profit release [13]. - The company has established subsidiaries in cities like Shanghai and Jinan, which is expected to strengthen its sales capabilities. The successful penetration of resistant dextrin into overseas markets is anticipated to further boost the sales of allulose products [13]. Financial Summary - Total revenue for 2023 is projected at 868 million, with a year-on-year growth of 20.3%. By 2025, revenue is expected to reach 1,384 million, reflecting a growth rate of 20.2% [5]. - Net profit attributable to the parent company is forecasted to be 193 million in 2023, with a growth of 28.0%. By 2025, it is expected to increase to 357 million, showing a significant growth of 45.2% [5]. - Earnings per share (EPS) is projected to rise from 0.46 in 2023 to 0.85 in 2025, indicating a strong upward trend [5]. Market Data - The target price for the company's stock is set at 30.24 yuan, with a current market capitalization of 9,081 million [6][7]. - The stock has a 52-week price range of 15.81 to 28.55 yuan, indicating a significant potential for growth [7]. Profitability Metrics - The return on equity (ROE) is expected to improve from 12.8% in 2023 to 20.6% by 2027, reflecting enhanced profitability [5][14]. - The gross profit margin is projected to increase from 32.7% in 2023 to 41.6% by 2027, driven by the optimization of the product mix [14].

作为国内阿洛酮糖主要生产商之一，百龙创园在政策红利释放中抢占先机。据悉，百龙创园目前已形成 1.5万吨阿洛酮糖晶体产能，并计划在泰国大健康工厂新增2万吨产能。 目前，A股市场上，保龄宝（002286）、三元生物（301206）、华康股份（605077）等均宣布在该领域 进行产能布局。此前，保龄宝回应表示，2024年公司阿洛酮糖技改项目竣工投产，年产能超5000吨。 2025年3月启动年产2万吨阿洛酮糖(二期)扩产项目。华康股份此前在互动易表示，公司部分阿洛酮糖的 产能在建设中，根据公司"100万吨玉米精深加工健康食品配料项目"的产能，规划阿洛酮糖有4万吨的产 能。 百龙创园表示，业绩增长的主要原因有公司产品结构优化调整，以及年产30000吨可溶性膳食纤维项 目"和"年产15000吨结晶糖项目产能释放带动销量和收入增加。 今年以来，功能糖行业景气度回升，行业盈利能力好转。与此同时，随着新产品阿洛酮糖在国内获批， 功能糖行业再掀竞争热潮。 今年7月，阿洛酮糖正式通过国家卫健委审批，成为合法食品添加剂，这标志着该产品在中国市场的商 业化进程全面启动。据行业测算，国内阿洛酮糖潜在市场规模可达1.42亿美元，相当于现有 ...

上 市 公 司 2025 年 10 月 14 日 百龙创园 (605016) ——健康甜味剂陆续放量，膳食纤维产品结构持续优化， 业绩维持高增 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： 2025 年 10 月 13 日 | | | --- | --- | | 收盘价（元） | 21.62 | | 一年内最高/最低（元） | 29.20/15.03 | | 市净率 | 5.0 | | 股息率%（分红/股价） | 0.97 | | 流通 A 股市值（百万元） | 9,081 | | 上证指数/深证成指 3,889.50/13,231.47 | | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.29 | | 资产负债率% | 22.30 | | 总股本/流通 A 股（百万） | 420/420 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-14 11-14 12-14 01-14 02-14 03-14 04-14 05-14 06-1 ...

证券代码：605016 证券简称：百龙创园 公告编号：2025-066 山东百龙创园生物科技股份有限公司 注：本报告期初数同法定披露的上年年末数。 二、经营业绩和财务状况情况说明 （一）经营业绩情况 报告期，公司生产经营正常，境内外业务正常开展，收入稳步增长、利润快速增长。2025年三季度，公 司实现营业总收入96,889.56万元，同比增长18.10%；实现归属于上市公司股东的净利润26,462.57万 元，同比增长44.93%；基本每股收益为0.63元，同比增长10.53%，主要原因系：1、公司产品结构优化 调整；2、"年产30,000吨可溶性膳食纤维项目"和"年产15,000吨结晶糖项目"产能释放带动销量和收入增 加；3、公司2024年度权益分派以资本公积金对全体股东每10股转增3股，总股本增加至42,001.232万股 所致。 2025年三季度业绩快报公告 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。 本公告所载2025年三季度主要财务数据为初步核算数据，未经会计师事务所审计，具体数据以公司2025 年三季度报 ...

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6][15] Core Views - The company has shown continuous revenue and profit growth due to product structure optimization and new capacity ramp-up [2][4][15] - The approval of D-Allulose in China is expected to drive market demand growth [2][10][15] - D-Allulose has functional advantages such as low calories, antioxidant properties, and a taste profile similar to sucrose, filling a gap in the functional sweetener market in China [2][13][15] Financial Performance - For the first three quarters of 2025, the company achieved total revenue of 969 million yuan, a year-on-year increase of 18.10%, and a net profit attributable to shareholders of 265 million yuan, up 44.93% year-on-year [2][4] - In Q3 2025, the company reported revenue of 320 million yuan, a 10.61% increase year-on-year, but a 4.85% decline quarter-on-quarter [2][4] - The company’s net profit for Q3 2025 was 95 million yuan, reflecting a year-on-year growth of 50.48% and a quarter-on-quarter increase of 7.78% [2][4] Product Development and Market Position - The company is a leader in the fields of prebiotics, dietary fibers, and healthy sweeteners (D-Allulose) in China, with a high-end product positioning [3][15] - The company plans to increase its production capacity for dietary fibers and D-Allulose, which is expected to enhance revenue and profit from 2025 to 2027 [3][15] - The company currently has a production capacity of 15,000 tons of D-Allulose and plans to build an additional capacity of nearly 20,000 tons in Thailand to meet growing domestic and international demand [2][10][15] Profit Forecast - The profit forecast for the company from 2025 to 2027 is as follows: net profit of 346 million yuan in 2025, 432 million yuan in 2026, and 503 million yuan in 2027, representing year-on-year growth rates of 40.8%, 24.9%, and 16.4% respectively [3][15]