Investment Rating - The report gives an "Accumulate" rating for the sweetener industry, marking it as a first-time rating [5]. Core Insights - The sweetener market in China is poised for significant growth, with a current per capita sugar consumption of approximately 30g/day, exceeding the recommended limit of 25g/day. This indicates a substantial potential for sugar substitutes [1][9]. - The report highlights the dual demand for health and sweetness, leading to the rise of sugar substitutes. Nearly 40% of American consumers are opting for low-calorie or zero-calorie sugars to reduce calorie intake [1][17]. - The report identifies two main investment themes: the ongoing demand for artificial sweeteners like sucralose and the potential for new natural sweeteners like allulose, driven by consumer acceptance and technological advancements [3]. Market Overview - The sweetener market is characterized by a growing trend towards reduced sugar consumption, with a projected sugar consumption of 15.9 million tons in China for the 2025/26 season, reflecting a compound annual growth rate (CAGR) of about 0.5% from 2015/16 to 2025/26 [9]. - The beverage sector represents the largest share of sugar demand, with a market penetration rate for sugar-free beverages at only 7.9% in 2023, suggesting significant room for growth [20][22]. Selection Criteria - The choice of sweeteners is influenced by economic factors, taste, and safety. Artificial sweeteners generally have a higher sweetness-to-price ratio compared to natural sweeteners, which often have lower ratios [2][28]. - Safety concerns are paramount, with natural sweeteners typically having no Acceptable Daily Intake (ADI) limits, while artificial sweeteners are subject to ADI restrictions and some face safety controversies [2][40]. Product Analysis - Sucralose is identified as the largest artificial sweetener in terms of market space, with a global sales volume of approximately 20,000 tons in 2023, reflecting a 7% year-on-year growth [46]. - Erythritol, a low-calorie sugar alcohol, has seen rapid market expansion, particularly following its use in popular beverages, leading to a significant increase in production capacity [63][65]. Future Outlook - The report emphasizes the importance of consumer education and acceptance for the successful adoption of new sweeteners like allulose, which currently faces low consumer awareness [3][42]. - Investment opportunities are highlighted in companies with strong technological capabilities and financial strength, particularly those involved in the production of sucralose and erythritol [3][3].

Meeting Overview - The second extraordinary general meeting of shareholders was held on August 11, 2025, at the company's office in Yucheng, Shandong Province [2] - The meeting was chaired by the chairman, Mr. Dou Baode, and utilized a combination of on-site and online voting methods [2][3] Attendance - All 8 current directors and 5 current supervisors attended the meeting, along with the board secretary and other senior executives [3] Resolutions Passed - The following resolutions were approved: - Adjustment of the number of directors on the board [4] - Cancellation of the supervisory board and the rules governing it [4] - Amendments to the company's articles of association and authorization for business registration [5] - Various amendments to internal management systems, including shareholder meeting rules, board meeting rules, and management of related party transactions [5][6] Legal Compliance - The meeting's procedures, attendance qualifications, and voting processes were confirmed to comply with the Company Law and relevant regulations by the witnessing law firm [8] Board Restructuring - The company held a staff representative meeting to elect Ms. Wang Min as the employee representative director for the fourth board, with a term of three years [9][10] - The fourth board consists of 7 members, including Mr. Dou Baode as chairman and Ms. An Lianlian as vice chairman [37][38] Senior Management Appointments - The board approved the appointment of several senior management positions, including: - Mr. Zhuo Hongjian as General Manager - Ms. An Lianlian, Mr. Dou Guangpeng, Mr. Zhao Dexuan, and Mr. Yu Wenping as Deputy General Managers - Mr. Gu Juncho as Board Secretary and Ms. Li Li as Financial Director [39][40]

现将公司董事会换届选举及聘任高级管理人员、证券事务代表的具体情况公告如 下： 一、第四届董事会组成情况 窦宝德、安莲莲、崔宏宇、王敏、邢志良、牛强、宿玲恰。 其中：窦宝德为董事长，安莲莲为副董事长，王敏为职工代表董事，邢志良、牛 强、宿玲恰为独立董事 证券代码：605016 证券简称：百龙创园 公告编号：2025-049 山东百龙创园生物科技股份有限公司 关于董事会完成换届选举及聘任高级管理人员、证券事 务代表等的公告 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"）于近日召开职工代表 大会，选举产生了第四届董事会职工代表董事，2025 年 8 月 11 日召开 2025 年第二 次临时股东大会，审议通过了《关于董事会换届选举公司第四届董事会非独立董事的 议案》《关于董事会换届选举公司第四届董事会独立董事的议案》。同日，公司召开 第四届董事会第一次会议，审议通过了选举董事长、副董事长、各专门委员会委员和 组成、聘任高级管理人员、证券事务代表等议案。 独立董事邢志良、牛强 ...

证券代码：605016 证券简称：百龙创园 公告编号：2025-047 山东百龙创园生物科技股份有限公司 特此公告。 山东百龙创园生物科技股份有限公司董事会 附件： 王敏女士，出生于 1987 年，中国国籍，无境外永久居住权，本科学历。2009 年 2 月至 2020 年 12 月任百龙创园北美区区域经理；2021 年 1 月至今，任百龙 创园国际贸易部副经理。 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。 为进一步完善山东百龙创园生物科技股份有限公司（以下简称"公司"）治 理结构，根据《公司法》《上市公司章程指引》等法律法规和规范性文件及《公 司章程》的规定，公司于近日召开职工代表大会，经全体与会职工代表表决，选 举王敏女士为公司第四届董事会职工代表董事，任期自职工代表大会审议通过之 日起三年，王敏女士简历附后。 王敏女士与公司控股股东、实际控制人、持股 5%以上股东、其他董事和高 级管理人员不存在关联关系，不存在《公司法》和《公司章程》等规定的不得担 任董事的情形。截至本公告披露日，王敏女士未持有公司股票。王敏女士 ...

证券代码：605016 证券简称：百龙创园 公告编号：2025-048 山东百龙创园生物科技股份有限公司 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 一次会议于 2025 年 8 月 11 日下午 15：00 在公司办公楼一楼第二会议室召开。 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，公司董事会秘书 及其他高级管理人员列席本次会议。 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，表决形成的决议合法、有效。 二、 董事会会议审议情况 具体内容详见公司同日在上海证券交易所官方网站及指定媒体上披露的《关 于董事会完成换届选举及聘任高级管理人员、证券事务代表等的公告》。 审议结果：表决票 7 票，赞成票 7 票，反对票 0 票，弃权票 0 票。 具体内容详见公司同日在上海证券交易所官方网站及指定媒体上披露的《关 于董事会完成换届选举及聘任高级管理人员、证券事务代表等的公告 ...

Group 1 - The legal opinion letter confirms that the company held its second extraordinary general meeting of shareholders on August 11, 2025, in accordance with the relevant laws and regulations [1][2][3] - The meeting was convened following a resolution passed by the company's board of directors on July 24, 2025, and the notice of the meeting was published in designated media [2][3] - A total of 111 shareholders and their proxies attended the meeting, representing 232,859,038 shares, which is 55.4410% of the total shares [5] Group 2 - The meeting utilized a combination of on-site and online voting, with specific time slots designated for each voting method [4] - The voting results showed that 216,258,648 shares were in favor of the proposals, accounting for 92.8710% of the valid votes cast [8] - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting processes complied with the Company Law and the company's articles of association [27]

| 百龙创园生物科 | | | | | --- | --- | --- | --- | | ,702 | | 883 | | | 董事会议事规则> | | | | | 的议案》 | | | | | 《关于修订 <山东> | | | | | 百龙创园生物科 | | | | | 技股份有限公司 | 17,923 | | 2,248, | | 股东会网络投票 | ,702 | | 883 | | 管理制度>的议 | | | | | 案》 | | | | | 《关于修订 <山东> | | | | | 百龙创园生物科 | | | | | 技股份有限公司 | | | | | ,702 | | 883 | | | 人员所持本公司 | | | | | 股份及其变动管 | | | | | 理制度>的议案》 | | | | | 《关于修订 <山东> | | | | | 百龙创园生物科 | 17,918 | | 2,251, | | 技股份有限公司 | ,402 | | 183 | | 独立董事工作制 | | | | | 度>的议案》 | | | | | 《关于修订 <山东> | | | | | 百龙创园生物科 | | | | | ...

Group 1 - Cathay Fund's Cathay Jiangyuan Advantage Selected Mixed A Fund has entered the top ten shareholders of Bailong Chuangyuan and is a new addition in the second quarter of this year [1] - The fund has achieved a year-to-date return of 14.48%, ranking 737 out of 2226 in its category [1][2] - The fund's performance over various periods includes a 2.26% increase over the past week, 6.27% over the past month, and 13.65% over the past three months [2] Group 2 - The fund manager, Zheng Youwei, has a master's degree and has been with Cathay Fund since December 2018, becoming the fund manager of Cathay Jiangyuan Advantage Selected Mixed Fund in June 2019 [3][4] - Zheng Youwei has managed several funds, including Cathay Zhi Yuan Advantage Mixed Fund and Cathay Value Preferred Flexible Allocation Mixed Fund, with varying performance results [4] - Cathay Fund Management Co., Ltd. was established in March 1998, with major shareholders including China Jianyin Investment Co., Ltd. (60%), Assicurazioni Generali S.p.A. (30%), and State Grid Yingda International Holdings Group Co., Ltd. (10%) [4]

Group 1 - The company announced the election of Wang Min as the employee representative director of the fourth board of directors [2] - The election was conducted during the employee representative assembly, with all attending employee representatives voting [2] - Wang Min's term will last for three years starting from the date of approval by the employee representative assembly [2]

Group 1 - The company BaLong ChuangYuan (SH 605016) announced that its fourth board meeting will be held on August 11, 2025, to discuss the election of the audit committee members [2] - For the year 2024, the company's revenue composition shows that the food industry accounts for 96.09%, while other businesses account for 3.91% [2]