Company and Industry Summary Company Overview - The company primarily exports products and is positioned in the customized mid-to-high-end market, which makes it less affected by domestic price competition [2][8] - A 20% tariff is borne by customers, thus having no direct impact on the company's operating performance [2][4] Capacity Expansion Plans - The company plans to add 20,000 tons of capacity in 2025, with completion expected by the end of the year, and partial production starting in 2026 [2][5] - A project in Thailand with a capacity of 49,000 tons is expected to be completed by the end of 2026 and to start production in 2027 [2][5][28] Market Dynamics - The acceptance of functional sugars in the European and American markets is high, particularly for mid-to-high-end products, although certification is strict [2][9] - The Chinese market focuses on cost-effectiveness but is gradually transitioning to high-end products, with a potential lag of 3-5 years compared to Europe and the U.S. [2][9][30] Product Insights - Allulose, a health sweetener, is in the early stages of global market acceptance and has not yet been approved in China, but domestic manufacturers are already incorporating it into their products [2][10] - The current average selling price of allulose is around 25,000 yuan, with a cost reduction of about 10% [2][13] - The market demand for allulose is expected to be no less than that for erythritol, indicating significant potential [2][13] Growth Projections - The resistant dextrin market is growing steadily, with the company achieving over 50% annual growth, limited by capacity [2][15] - The expected production of resistant dextrin in 2024 is projected to be 10,000 to 20,000 tons, doubling from 2023 [2][15] Financial Performance - The company's overall performance in Q2 2025 is expected to be better than Q1, despite a temporary export halt due to tariff policies [3][18] - The gross margin for allulose improved from 24% to 34% in Q1, while resistant dextrin margins range from 50% to 60% for customized products [20] Market Trends and Challenges - The domestic functional sugar market is experiencing slow growth due to consumer acceptance and regulatory approval delays [30] - The company is focusing on international markets for growth, particularly in the U.S., EU, and Japan, where there is significant potential for allulose and resistant dextrin [29][30] Future Outlook - The company maintains an optimistic outlook for Q2 2025 and the full year, expecting to meet performance targets set by the chairman [32] - Investors should pay attention to the approval status of allulose and other products, as national policies support the development of natural health foods and beverages [32]

Group 1 - The core point of the announcement is the reduction of shareholding by major shareholders of Shandong Bailong Chuangyuan Biotechnology Co., Ltd., with a total of 16,928,000 shares being sold, representing 4.95% of the company's total share capital [1] - The shareholders involved in the reduction include Qingdao Enfu Kaijin Venture Capital Fund Partnership and its acting in concert, with a total shareholding of 40,343,524 shares before the reduction, accounting for 12.49% of the total share capital [1] - The reduction was executed through block trading, with Qingdao Enfu reducing 14,354,000 shares and Jiaxing Enfu reducing 2,574,000 shares [1] Group 2 - The company implemented a capital reserve conversion on June 11, 2025, increasing the total share capital from 323,086,400 shares to 420,012,320 shares by distributing 0.3 shares for every share held [2][3] - The reduction plan was completed as scheduled, and the actual reduction met the previously disclosed plan [3]

Core Viewpoint - The announcement details the shareholding structure and the results of a share reduction plan by major shareholders of Shandong Bailong Chuangyuan Biotechnology Co., Ltd, indicating significant changes in ownership percentages and the completion of the planned share reduction [1][2][3]. Shareholding Structure - Major shareholders include Qingdao Enfu Kaijin Venture Capital Fund Partnership (Limited Partnership) holding 1.47% and Guo Enyuan holding 2.16%, collectively owning 12.49% of the company with a total of 40,343,524 shares [1][2]. - The total share capital of the company is now 420,012,320 shares after a capital increase [2]. Share Reduction Plan Results - The share reduction plan was completed by June 25, 2025, with Qingdao Kaijin and its action group reducing their holdings by a total of 16,928,000 shares, representing 4.95% of the total share capital [1][3]. - Qingdao Kaijin reduced its shares by 14,354,000, while Jiaxing Enfu reduced by 2,574,000 shares, with respective ownership percentages post-reduction being 4.20% and 0.75% [1][3]. - The reduction was executed through block trading, with share prices ranging from 15.93 to 28.06 yuan per share, resulting in total proceeds of approximately 308 million yuan for Qingdao Kaijin and about 55 million yuan for Jiaxing Enfu [3].

山东百龙创园生物科技股份有限公司 股东减持股份结果公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 证券代码：605016 证券简称：百龙创园 公告编号：2025-032 山东百龙创园生物科技股份有限公司（以下简称"公司"）股东青岛恩复开 金创业投资基金合伙企业（有限合伙）（以下简称"青岛开金"）及一致行动人嘉 兴恩复开金投资合伙企业（有限合伙）（以下简称"嘉兴开金"）、郭恩元总计持 有公司股份数量为 40,343,524 股，占公司总股本的 12.49%（其中青岛开金 28,613,000 股，占公司总股本的 8.86%，嘉兴开金 4,763,486 股，占公司总股本 的 1.47%，郭恩元 6,967,038 股，占公司总股本的 2.16%）。股份来源为 IPO 前取 得和资本公积转增股本取得。 减持计划的实施结果情况 上述减持主体存在一致行动人： | | 股东名称 | 持股数量 | 持股比 | 一致行动关系形成原因 | | --- | --- | --- | --- | ...

一、 信息披露义务人及其一致行动人的基本信息 1.身份类别 公告 青岛恩复开金创业投资基金合伙企业（有限合伙）及一致行动人嘉兴恩复开金投资 合伙企业（有限合伙）、郭恩元保证向本公司提供的信息真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本公司董事会及全体董事保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少☑ | | --- | --- | --- | --- | | 权益变动前合计比例 | 8.98% | | | | 权益变动后合计比例 | 7.83% | | | | 本次变动是否违反已作出的承 诺、意向、计划 | 是□ | 否☑ | | | 是否触发强制要约收购义务 | 是□ | 否☑ | | 证券代码：605016 证券简称：百龙创园 公告编号：2025-031 山东百龙创园生物科技股份有限公司 关于持股 5%以上股东权益变动触及 1%刻度的提示性 | | □控股股东/实际控制人及其一致行动人 | | --- | --- | | 投资者及其一致行动人的 | ☑其他 5%以上大股东及其一致行动人 | | | □合并口径第一大股东及其 ...

证券代码：605016 证券简称：百龙创园 公告编号：2025-029 山东百龙创园生物科技股份有限公司 关于控股股东部分股份质押延期购回的公告 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"）控股股东窦宝 德先生持有公司股份 198,924,050 股，占公司总股本的比例为 47.36%。本次质 押股份延期购回后，窦宝德先生股份累计质押数量为 20,124,000 股，占其所持 有公司股份总额的比例为 10.12%，占公司总股本的比例为 4.79%。 ●2024 年 6 月 25 日，控股股东窦宝德先生将其持有的 3,000,000 股公司股 份质押给东吴证券股份有限公司，期限为 1 年，具体内容详见公司于 2024 年 6 月 27 日在指定信息披露媒体披露的《关于控股股东部分股份质押及解除质押的 公告》（2024-036）。近日，公司收到窦宝德先生的通知，获悉其持有的该部分股 份办理了质押延期购回业务，具体情况如下： 一、本次股份质押延期购回的具体情况 | 股 ...

证券代码：605016 证券简称：百龙创园 公告编号：2025-030 山东百龙创园生物科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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"）分别于 2025 年 4 月 29 日、5 月 20 日召开了第三届董事会第十五次会议及 2024 年度股东大会，审议通过 了《关于变更公司注册资本及修订〈公司章程〉并办理工商变更登记的议案》。具体 内容详见 2025 年 4 月 30 日披露于上海证券交易所网站（www.sse.com.cn）及指定媒 体的《关于变更公司注册资本及修订〈公司章程〉并办理工商变更登记的公告》(公 告编号：2025-011）。 住所：山东省德州（禹城）国家高新技术产业开发区德信大街 法定代表人：禚洪建 注册资本：肆亿贰仟零壹万贰仟叁佰贰拾元整 成立日期：2005 年 12 月 30 日 经营范围：一般项目：食品销售（仅销售预包装食品）；食品添加剂销售；饲料 添加剂销售；保健食品（预包装）销售；货物 ...

Group 1 - The report emphasizes the improvement in supply-demand dynamics within the basic chemical industry, highlighting structural opportunities in specific sub-sectors such as refrigerants, sweeteners, lubricating oil additives, and modified plastics [5][6][61] - The first quarter of 2025 saw a decline in the scale of ongoing projects in the basic chemical sector, indicating a rationalization of supply as the industry moves away from "involution" competition [18][22] - The basic chemical sector's revenue for Q1 2025 was 605.93 billion yuan, a year-on-year increase of 6.49%, while net profit reached 36.91 billion yuan, up 5.18% year-on-year [21][29] Group 2 - In the refrigerant sector, the supply of second-generation refrigerants is being significantly reduced, while third-generation refrigerants remain under quota restrictions, leading to a favorable demand outlook driven by strong performance in air conditioning and automotive sectors [42][53] - The sweetener market is expected to benefit from the trend towards reduced sugar consumption, with potential growth in demand for products like sucralose and allulose, particularly if domestic approval for allulose is granted [4][6][4] - The lubricating oil additive market is poised for growth due to the increasing emphasis on domestic substitution, as the industry currently relies on significant imports, with 200,000 to 300,000 tons needed annually [6][5][6] Group 3 - The modified plastics sector is projected to grow as the government implements policies to encourage the replacement of old consumer goods, particularly in the automotive and home appliance markets [6][6][6] - The report indicates that the average price of refrigerants such as R134a and R32 has seen significant year-on-year increases, reflecting a high demand environment [59][63] - The overall market sentiment in the basic chemical industry is positive, with expectations of continued demand growth supported by government policies aimed at stabilizing the economy and boosting consumption [38][39][41]

Core Insights - The functional sugar industry in China is experiencing a boom driven by national policy support and increasing health consumption demand, but it also faces challenges from international trade tensions and domestic competition [1][5][6] Industry Overview - Yucheng, known as the "Capital of Functional Sugar" in China, produces 35% of the global and 60% of the domestic functional sugar market share, with major companies like Baolingbao and Bailong Chuangyuan leading the industry [2][3] - The city has an annual production capacity of 1.5 million tons of various functional sugar products, leveraging local corn resources for production [2][3] Product Categories - Functional sugars are categorized into three types: functional sugar alcohols, functional dietary fibers, and functional oligosaccharides, with products like erythritol and xylitol being prominent examples [3][4] - New products such as trehalose are being developed for medical applications, including wound healing and vaccine stabilization [3] Market Dynamics - The rise of "zero-sugar" beverages has significantly increased the demand for erythritol, leading to a surge in production capacity that outstripped global demand, resulting in a price drop and industry consolidation [5][6] - Erythritol prices peaked at 40,000 yuan per ton before falling below cost price due to oversupply, leading to financial difficulties for many companies [6] Financial Performance - Companies like Baolingbao and Bailong Chuangyuan are beginning to see a recovery in profits, with Baolingbao reporting a net profit of 110 million yuan in 2024, a 106% increase year-on-year [6] Trade Challenges - The industry faces uncertainties due to anti-dumping investigations in the US and EU, with potential tariffs ranging from 3.29% to 233.3% on Chinese erythritol products [6][7] Strategic Adjustments - Companies are shifting focus to domestic markets while exploring new international markets, adapting their sales strategies to balance domestic and export demands [7] - New product development is a priority, with companies planning to increase production of high-demand products like allulose and tagatose [7][9] Future Outlook - The allulose market is expected to grow significantly, with projections estimating a market size of $200 million in 2024 and $500 million by 2030 [8][9] - Companies are actively expanding their allulose production capacities, anticipating regulatory approvals for new products in the near future [9][10]

Core Points - The company announced a cash dividend of CNY 0.14 per share and a stock bonus of 0.3 shares for each share held, subject to approval at the 2024 annual general meeting on May 20, 2025 [1][3] Distribution and Capital Increase Plan - The distribution plan is for the fiscal year 2024, targeting all shareholders registered with the China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on the day before the equity registration [2] - The total cash dividend distribution amounts to CNY 45,232,096, and the stock bonus will increase the total shares by 96,925,920, resulting in a new total share count of 420,012,320 shares [3] Implementation Details - Cash dividends will be distributed through the clearing system of the China Securities Depository and Clearing Corporation, with shareholders able to collect their dividends on the payment date if they have completed designated trading [4] - The company does not have any strategic placement shares from its initial public offering [5] Taxation Information - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax. For those holding shares for one year or less, the company will not withhold tax at the time of dividend distribution [6][7] - Qualified Foreign Institutional Investors (QFII) will have a 10% corporate income tax withheld, resulting in a net cash dividend of CNY 0.126 per share [7][8] Share Structure Changes - Following the stock bonus, the diluted earnings per share for the fiscal year 2024 is projected to be CNY 0.58 based on the new total share count [9]