Summary of Baolong Chuangyuan Conference Call Company Overview - Baolong Chuangyuan specializes in dietary fibers (resistant dextrin, polydextrose), prebiotics, and allulose, with a growing proportion of export revenue and high acceptance in overseas markets. North America holds the largest market share, while Europe shows significant growth potential, with plans to focus on this market in the next two years [2][3][5]. Key Products and Market Position - The company is the third globally to produce allulose and maintains the leading position in production and sales. Resistant dextrin is primarily sold overseas, with only five companies globally capable of production, while polydextrose is mainly for domestic sales [2][3][8]. - Future growth rates for resistant dextrin and allulose are expected to be between 30-40%, as application coverage and penetration remain low, indicating a broad industry outlook [2][10]. Market Dynamics - The revenue structure is heavily reliant on exports, with North America accounting for 60-70% of export revenue, while Japan, Europe, West Asia, and South Africa contribute 30-40% [3]. - The company plans to invest approximately 1-1.3 billion yuan in projects in China, Thailand, and the U.S. over the next few years, with profit growth expected to be no less than 30%, slightly faster than revenue growth [4][21]. Competitive Landscape - The competitive landscape for allulose is limited, with few manufacturers globally. The company has a technological edge, focusing on product quality in overseas markets, while relying on cost advantages in the domestic market [12][8]. - The dietary fiber segment is characterized by a fragmented market, with resistant dextrin primarily exported and polydextrose focused on domestic sales [9]. Production and Capacity Expansion - The Thai project is under construction, expected to be operational by the end of 2026, which will enhance production capacity and potentially increase gross margins by 10 percentage points [4][24]. - The company has achieved nearly full capacity utilization with an additional 45,000 tons expected to be operational soon, with no concerns about absorbing new capacity [19][25]. Research and Development - R&D focuses on technology enhancement, cost reduction, and quality improvement, ensuring continuous optimization of products [18]. - The company plans to establish a research center in the U.S. if regulations allow, with a total capital expenditure of 1-1.3 billion yuan planned for various projects [21][22]. Customer Base and Risks - The company does not face significant single customer risk, with the largest customer accounting for about 30% of total revenue. Major clients include well-known global brands [26]. - Emerging categories like allulose and konjac flour show potential for growth, with existing clients expanding their product lines [28]. Conclusion - Baolong Chuangyuan is well-positioned for growth in both domestic and international markets, with strategic investments and a focus on product quality and technological advancement. The company anticipates robust profit growth driven by expanding market opportunities and a diverse customer base.

Core Viewpoint - Bailong Chuangyuan announced a cash dividend of 0.05 yuan per share (tax included) for the first half of 2025, with the record date set for September 11, 2025, and the ex-dividend date on September 12, 2025 [2] Summary by Relevant Sections - Dividend Announcement: The company will distribute a cash dividend of 0.05 yuan per share for A-shares [2] - Key Dates: The record date for shareholders is September 11, 2025, and the ex-dividend date is September 12, 2025 [2]

2025年半年度权益分派实施公告 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法律责任。 重要内容提示： 证券代码：605016 证券简称：百龙创园 公告编号：2025-059 山东百龙创园生物科技股份有限公司 每股分配比例 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/9/11 | － | 2025/9/12 | 2025/9/12 | 差异化分红送转： 否 一、 通过分配方案的股东会届次和日期 本次利润分配方案经公司2025 年 5 月 20 日的2024年年度股东会审议授权董事会全权办 理 2025 年半年度利润分配相关事宜，经 2025 年 8 月 27 日的第四届董事会第二次会议审议 通过利润分配方案。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 A 股每股现金红利0.05 ...

Core Insights - The company reported a strong performance in the first half of 2025, with revenue of 649 million yuan, a year-on-year increase of 22.18%, and a net profit attributable to shareholders of 170 million yuan, up 42.00% year-on-year [1] - The core products continue to grow rapidly, with overseas demand remaining strong, particularly in the prebiotic series, dietary fiber series, and health sweeteners [1][3] Financial Performance - In Q2 2025, the company achieved revenue of 336 million yuan, a year-on-year increase of 20.29%, and a net profit of 88 million yuan, up 33.84% year-on-year [1] - The gross profit margin for H1 2025 was 40.54%, an increase of 7.07 percentage points year-on-year, while the net profit margin was 26.15%, up 3.65 percentage points year-on-year [2] - The company’s operating expenses slightly increased, with sales, management, finance, and R&D expense ratios at 3.15%, 2.43%, 0.01%, and 3.56%, respectively [2] Product and Capacity Expansion - The approval of D-allohexose as a new food ingredient in July 2025 marks a new phase for the company in the domestic market, with expected growth from previously developed products [3] - The company has two projects under construction aimed at expanding production capacity, including a smart production facility for functional sugars and a health food raw material factory in Thailand [3] - Upon completion, these projects will significantly increase production capacity, particularly for overseas clients, with expected annual outputs of 11,000 tons of isomaltulose, 12,000 tons of crystalline allohexose, and more [3] Profit Forecast - The company is projected to achieve net profits attributable to shareholders of 366 million yuan, 489 million yuan, and 657 million yuan for the years 2025 to 2027, representing year-on-year growth rates of 49%, 33%, and 34%, respectively [3] - The current stock price corresponds to price-to-earnings ratios of 24X, 18X, and 14X for the years 2025 to 2027, maintaining a "strong buy" rating [3]

Core Viewpoint - The company, Shandong Bailong Chuangyuan Biotechnology Co., Ltd., is experiencing a decline in stock price while benefiting from its unique product offerings and strategic investments, particularly in the context of the depreciating RMB and its recognition as a "specialized and innovative" enterprise. Group 1: Company Overview - The company specializes in the research, production, and sales of prebiotics, dietary fiber, and health sweeteners, 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 August 29, the company had 12,700 shareholders, a decrease of 0.43% from the previous period, with an average of 33,056 circulating shares per shareholder, an increase of 0.43% [8] Group 2: Financial Performance - For the first half of 2025, the company achieved 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 162 million yuan in dividends since its A-share listing, with 151 million yuan distributed over the past three years [9] Group 3: Market Position and Strategic Advantages - The company holds a 5.14% stake in Shandong Yucheng Rural Commercial Bank, which may provide financial leverage and strategic benefits [3] - The company’s overseas revenue accounts for 60.62% of its total revenue, benefiting from the depreciation of the RMB [4] - The company has been recognized as a "specialized and innovative" enterprise, which is a prestigious title in China, indicating its strong market position and innovation capabilities [4] Group 4: Stock Performance and Market Sentiment - On September 3, the company's stock price fell by 2.65%, with a trading volume of 132 million yuan and a turnover rate of 1.51%, resulting in a total market capitalization of 8.644 billion yuan [1] - The stock has seen a net outflow of 2.9945 million yuan from major investors today, with a lack of clear trends in major holdings [5][6]

Group 1 - The company has established a wholly-owned subsidiary, Baolong Chuangyuan (Jinan) Biotechnology Co., Ltd., in Jinan, with a registered capital of 10 million yuan [1] - The subsidiary has obtained its business license and is registered as a limited liability company [1] - The business scope includes technology services, food sales, food additives sales, health food sales, and import/export activities [1] Group 2 - The establishment of the subsidiary was approved during the company's fourth board meeting on August 27, 2025 [1] - The subsidiary's legal representative is Wang Min, and it is located at 887 Tai'an Road, Jinan [1] - The company aims to expand its operations in the biotechnology sector through this new subsidiary [1]

Core Viewpoint - Bailong Chuangyuan announced the establishment of a wholly-owned subsidiary, Bailong Chuangyuan (Jinan) Biotechnology Co., Ltd., in Jinan, funded by its own capital [2] Group 1 - The fourth meeting of the fourth board of directors was held on August 27, 2025, where the investment proposal was approved [2] - The subsidiary has completed business registration and obtained a business license from the Jinan Market Supervision Administration [2]

Core Viewpoint - Shandong Bailong Chuangyuan Biotechnology Co., Ltd. has established a wholly-owned subsidiary in Jinan, enhancing its operational capacity and market presence in the biotechnology sector [1]. Group 1: Company Investment and Expansion - The company held its fourth board meeting on August 27, 2025, where it approved the investment proposal to establish a wholly-owned subsidiary, Bailong Chuangyuan (Jinan) Biotechnology Co., Ltd. [1] - The subsidiary has completed its business registration and obtained a business license, indicating successful establishment [1]. Group 2: Subsidiary Details - The newly established subsidiary is located at 887 Tai'an Road, Hengda Yayuan, Jinan, with a registered capital of 10 million yuan [1]. - The legal representative of the subsidiary is Wang Min, and it is classified as a limited liability company [1]. Group 3: Business Scope - The subsidiary's business scope includes technology services, food sales (only pre-packaged food), food additives, health food sales, and import/export activities [1]. - It is also involved in research and development of fermentation process optimization technology and has the necessary licenses for food production and sales [1].

名称：百龙创园（济南）生物科技有限公司 证券代码：605016 证券简称：百龙创园 公告编号：2025- 058 山东百龙创园生物科技股份有限公司 关于济南全资子公司取得营业执照的公告 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。 山东百龙创园生物科技股份有限公司（以下简称"公司"）于 2025 年 8 月 27 日 召开了第四届董事会第二次会议，审议通过《关于对外投资设立济南全资子公司的议 案》，拟以自有资金的方式在济南投资设立全资子公司百龙创园（济南）生物科技有 限公司（具体内容详见公司 2025 年 8 月 28 日披露的《关于对外投资设立济南全资子 公司的公告》2025-054）。 经济南市槐荫区市场监督管理局核准，百龙创园（济南）生物科技有限公司已完 成工商注册登记，并于近日取得了营业执照，具体登记信息如下： 许可项目：食品生产；食品销售；饲料添加剂生产；食品添加剂生产。（依法须 经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准 文件或许可证件为准） 统一社会信用代码：9137010 ...

Investment Rating - The investment rating for the company is "Buy" [2][4]. Core Views - The company achieved excellent performance in Q2 2025, with revenue of 649 million, a year-on-year increase of 22.18%, and a net profit attributable to shareholders of 170 million, up 42.00% year-on-year [2][4]. - The core product series continues to grow, with significant revenue contributions from prebiotics, dietary fibers, and healthy sweeteners, demonstrating resilience amid domestic consumption challenges and international trade fluctuations [4]. - The gross margin reached a historical high of 41.29%, driven by increased sales of core products, while net profit margins also showed substantial growth [4]. Financial Performance Summary - For Q2 2025, the company reported revenue of 336 million, a 20.29% increase year-on-year, and a net profit of 88.36 million, up 33.84% year-on-year [2][4]. - The company expects EPS for 2025-2027 to be 0.84, 1.09, and 1.42 yuan, corresponding to P/E ratios of 25X, 19X, and 15X respectively [4][5]. - The projected total revenue for 2025 is 1.421 billion, with a year-on-year growth rate of 23.4% [5]. Product and Market Expansion - The domestic market for allulose is poised for growth following the approval of D-allulose as a new food ingredient, with ongoing capacity expansion in both domestic and international markets [4]. - The company’s Q2 revenue from domestic and international markets reached 115 million and 214 million respectively, with year-on-year increases of 11.14% and 29.46% [4].