证券代码：605016 证券简称：百龙创园 公告编号：2025-040 山东百龙创园生物科技股份有限公司 第三届董事会第十六次会议决议公告 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"）第三届董事会第 十六次会议于 2025 年 7 月 24 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 7 月 17 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 9 人，实到董事 9 人，公司全体监事及董事会 秘书列席本次会议。 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 1、审议通过《关于调整公司董事会人数的议案》 审议结果：表决票 9 票，赞成票 8 票，反对票 1 票，弃权票 0 票。 董事张昭先生投反对票，理由是：董事会人数缩减不利于更好的保护中小投 资者利益。 本议案在提交董事会前已经公司第 ...

Core Insights - The crystallized fructose industry in China has experienced rapid growth, with the market size projected to increase from 103 million yuan in 2019 to 196 million yuan in 2024, driven by its low glycemic index and suitability for sugar-sensitive populations [1][14]. Industry Overview - Crystallized fructose is a monosaccharide, an isomer of glucose, with a sweetness level 1.2 to 1.8 times that of sucrose. It is naturally found in fruits, honey, and the juices of grains, and is characterized by low caloric value and quick metabolism in the body [3]. - The main product types in the market include crystallized fructose powder and liquid crystallized fructose, with the powder being the primary form [4]. Industry Chain - The upstream raw materials for crystallized fructose production include corn and sugarcane, with corn being a significant source through starch sugar pathways. The industry chain encompasses production, processing, and application in sectors such as food, beverages, pharmaceuticals, and health products [6]. Market Demand - The food and beverage industry is the primary application area for crystallized fructose, used in various products like carbonated drinks, fruit juices, and energy drinks. The market for the food and beverage industry in China is expected to reach 12.14 trillion yuan in 2024, reflecting a 3.61% year-on-year increase [10]. Competitive Landscape - The crystallized fructose market is competitive, with leading companies leveraging brand influence and production scale. Emerging firms are expanding their market share through technological innovation and differentiated products. Key players include Baolingbao Biological, Shandong Bailong Chuangyuan, and Anhui Hongchang Sugar Industry Technology [16][19]. Industry Trends - The precision control of particle size in crystallized fructose production is expected to improve, enhancing product diversity and market adaptability [21]. - The application of crystallized fructose is anticipated to expand beyond traditional food and beverage sectors into pharmaceuticals and health products, with potential uses in specialized foods and pet nutrition [22]. - Continuous technological advancements are necessary to improve production efficiency and product quality, addressing the industry's growing demand [23].

证券代码：605016 证券简称：百龙创园 公告编号：2025-034 山东百龙创园生物科技股份有限公司 | | 是否为 | 本次质押股 | 是否为限售 股（如是， | 是否补 | 质押起 | 质押到 | | 占其所 持股份 | 占公司 总股本 | 质押 融资 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名 | 控股股 | | | | | | 质权人 | | | | | 称 | 东 | 数（股） | 注明限售类 | 充质押 | 始日 | 期日 | | 比例 | 比例 | 资金 | | | | | 型） | | | | | （%） | （%） | 用途 | | | | | | | 2025/07 | 2026/07 | 中信建投 | | | 自身 | | 窦光朋 | 是 | 3,500,000 | 否 | 否 | /22 | /22 | 证券股份 | 34.70 | 0.83 | 生产 | | | | | | | | | 有限公司 | | | 经营 | | | | | | | | 占公 | | 已质押股份情况 ...

Core Viewpoint - The announcement reveals that the controlling shareholder's associate, Mr. Dou Guangpeng, has pledged 3.5 million shares, representing 34.70% of his holdings and 0.83% of the company's total share capital [1] Summary by Relevant Sections - **Share Pledge Details** - Mr. Dou Guangpeng has pledged 3.5 million shares, which accounts for 34.70% of his total shareholdings and 0.83% of the company's total share capital [1] - The pledge initiation date is July 22, 2025, and the maturity date is July 22, 2026 [1] - The pledgee is CITIC Securities Co., Ltd., and the purpose of the pledge is for his own production and operation [1]

Investment Rating - The report maintains a "Recommended" investment rating for the food and beverage industry [4] Core Insights - The food and beverage sector in A-shares has shown a mixed performance, with a 1.53% increase over the past two weeks, underperforming the Shanghai Composite Index by 0.26 percentage points and the Shenzhen Component Index by 2.33 percentage points [12] - The retail sales growth in June was 4.8%, indicating a slowdown compared to May, with total retail sales amounting to 42,287 billion yuan [55] - The report highlights the resilience of high-end liquor companies and the growing consumption trends in various segments such as beer and snacks [57] Summary by Sections 1. Market Review - A-shares in the food and beverage industry increased by 1.53% in the last two weeks, lagging behind major indices [12] - Within the sector, liquor (+2.30%), meat products (+1.27%), and dairy (+0.86%) performed well, while soft drinks (-2.11%), snacks (-1.86%), and baked goods (-1.33%) saw declines [12] - Notable stock performances included Huangshi Group (+18.11%), Huang Shang Huang (+13.54%), and Liangpinpuzi (+12.95%) [12] 2. Key Data Tracking - The average price of fresh milk in major production areas was 3.04 yuan/kg, down 6.2% year-on-year [37] - The national market price for pork was 25.46 yuan/kg, down 11.9% year-on-year [40] - The price of PET for packaging was 6,100 yuan/ton, down 16.4% year-on-year [40] 3. Key Events Tracking - June retail sales data showed a total of 245,458 billion yuan for the first half of the year, with a year-on-year growth of 5.0% [55] - PepsiCo reported a net sales revenue of 22.726 billion USD for Q2 2025, with stable growth in its Chinese market share [55] - The World Health Organization initiated a health tax proposal aimed at increasing the prices of tobacco, alcohol, and sugary drinks by at least 50% by 2035 [55] 4. Important Company Announcements - Liangpinpuzi's actual controller is set to change to the Wuhan State-owned Assets Supervision and Administration Commission [56] - Yanjing Beer expects a net profit of 1.062 to 1.137 billion yuan for the first half of 2025, a year-on-year increase of 40% to 50% [56] 5. Investment Recommendations - Focus on high-end liquor companies with strong brand and channel capabilities, such as Kweichow Moutai and Wuliangye [57] - The report suggests monitoring companies in the beer and snack segments, as well as dairy firms like Yili and New Dairy [57]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [5][17]. Core Insights - The company's revenue and net profit for the first half of 2025 reached 650 million and 171 million yuan, respectively, showing year-on-year growth of 22.29% and 42.68% [1]. - The company's profitability continues to improve, with a net profit margin of approximately 26.5% in Q2 2025, reflecting a year-on-year increase of 2.9 percentage points [1]. - The core product, allulose, is expected to see accelerated growth in the domestic market following its approval as a food ingredient in July 2025 [2]. - The company anticipates significant revenue growth, projecting a 26% to 33% increase in revenue from 2025 to 2027, with net profit expected to grow by 29% to 43% during the same period [2]. Financial Performance Summary - For 2025, the company forecasts revenues of 1.45 billion yuan, with a year-on-year growth rate of 26.31% [4]. - The projected net profit for 2025 is 352 million yuan, representing a 43.33% increase compared to the previous year [4]. - The company's earnings per share (EPS) is expected to be 0.84 yuan in 2025, with a price-to-earnings (P/E) ratio of 26.68 [4]. Market Outlook - The company is well-positioned in the soluble dietary fiber market, with the allulose product expected to benefit from a broad application market and cost optimization trends [2]. - The report highlights that the company’s core export product, allulose, is on the tariff exemption list, minimizing the impact of tariff disturbances on its performance [2].

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company achieved a revenue of 650 million yuan in H1 2025, representing a year-on-year increase of 22%, with a net profit of 171 million yuan, up 43% year-on-year [7] - The official launch of allulose marks a significant milestone, with expectations for increased sales in 2025 due to its unique properties and regulatory approvals in multiple countries [7] - The successful transformation towards high-end dietary fiber products is expected to enhance profitability, driven by the production of resistant dextrin [7] - Ongoing construction of a facility in Thailand aims to capitalize on the synthetic biology trend, further upgrading the company's product offerings [7] - The company is projected to achieve net profits of 365 million, 473 million, and 593 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.87, 1.13, and 1.41 yuan per share [7] Financial Data and Profit Forecast - Total revenue is forecasted to reach 1,716 million yuan in 2025, with a year-on-year growth rate of 49% [6] - The gross profit margin is expected to be 34% in 2025, with a return on equity (ROE) of 17.9% [6] - The company’s earnings per share (EPS) is projected to be 0.87 yuan in 2025, with a price-to-earnings (PE) ratio of 26 [6]

Group 1 - Aerospace Science and Technology expects a net profit of 68 million to 95 million yuan for the first half of 2025, representing a growth of 1628.83% to 2315.27% compared to the same period last year [1] - Huaxia Airlines anticipates a net profit of 220 million to 290 million yuan for the first half of 2025, an increase of 741.26% to 1008.93% year-on-year [1] - Shida Group forecasts a net loss of 44 million to 65 million yuan for the first half of 2025, marking a shift from profit to loss [1] Group 2 - Jiaao Environmental Protection expects a net loss of 70 million to 90 million yuan for the first half of 2025 [3] - Haima Automobile predicts a net loss of 60 million to 90 million yuan for the first half of 2025, compared to a loss of 152 million yuan in the same period last year [3] - Huaibei Mining anticipates a net profit of approximately 1.027 billion yuan for the first half of 2025, a decrease of about 65% year-on-year [3] Group 3 - Quanfu Automobile expects a net loss of 155 million to 185 million yuan for the first half of 2025 [5] - Gaode Infrared signed a procurement agreement worth 879 million yuan, which is expected to positively impact its operating performance for the year [5] - Zhongchen Co. won a project from Southern Power Grid worth 379 million yuan, representing 12.26% of its audited revenue for 2024 [5] Group 4 - Daheng Technology anticipates a net loss of 406,000 yuan for the first half of 2025, compared to a loss of 988,250 yuan in the same period last year [6] - Dazhongnan expects a net profit of 6.5 million to 8 million yuan for the first half of 2025, a recovery from a loss of 15.325 million yuan last year [6] - Xianfeng Holdings projects a net profit of 34 million to 42 million yuan for the first half of 2025, a year-on-year increase of 524.58% to 671.53% [7] Group 5 - Shuangxiang Co. expects a net profit of 115 million to 150 million yuan for the first half of 2025, a growth of 128.1% to 197.53% year-on-year [8] - ST Xintong anticipates a net loss of 67 million to 97 million yuan for the first half of 2025 [9] - Jishi Media forecasts a net loss of 187 million to 233 million yuan for the first half of 2025 [10] Group 6 - Suli Co. expects a net profit of 72 million to 86 million yuan for the first half of 2025, a year-on-year increase of 1008.39% to 1223.91% [11] - Wanli Co. anticipates a net loss of 19 million yuan for the first half of 2025, compared to a loss of 12.9238 million yuan last year [12] - Langzi Co. projects a net profit of 22 million to 26 million yuan for the first half of 2025, an increase of 31.74% to 55.69% year-on-year [14] Group 7 - Changjiang Securities expects a net profit of 1.652 billion to 1.81 billion yuan for the first half of 2025, a growth of 110% to 130% [15] - Huahong Technology anticipates a net profit of 70 million to 85 million yuan for the first half of 2025, a year-on-year increase of 3047.48% to 3721.94% [16] - Chenhua Co. plans to invest 30 million yuan in financial products with an expected annual yield of 3.20% [16] Group 8 - Zijing Mining expects a net profit of approximately 23.2 billion yuan for the first half of 2025, a growth of about 54% year-on-year [28] - Limin Co. anticipates a net profit of 26 million to 28 million yuan for the first half of 2025, a year-on-year increase of 719.25% to 782.27% [29] - Huazhong Securities expects a net profit of 1.035 billion yuan for the first half of 2025, a growth of 44.94% year-on-year [30]

Investment Rating - The investment rating for the company is "Buy" [1][2][4]. Core Insights - The company achieved record high revenue and profit in Q2, with a revenue of 336 million yuan, up 20.49% year-on-year, and a net profit of 89.17 million yuan, up 35.07% year-on-year [2][4]. - The approval of D-Alulose as a new food ingredient in China is expected to open the domestic market, potentially increasing revenue from health sweeteners [4]. - The establishment of a new factory in Thailand aims to leverage lower raw material costs and enhance production capacity for various products, supporting international market expansion [4]. - Profit forecasts have been raised, with expected EPS for 2025-2027 at 0.84, 1.09, and 1.42 yuan, respectively, maintaining a "Buy" rating [4]. Financial Performance Summary - For H1 2025, the company reported a total revenue of 650 million yuan, a year-on-year increase of 22.29%, and a net profit of 171 million yuan, up 42.68% [2][4]. - The gross profit margin is projected to improve, with estimates of 38.2% in 2025 and 37.4% in 2026 [5]. - The company’s total revenue is expected to grow from 868 million yuan in 2023 to 2.448 billion yuan in 2027, reflecting a compound annual growth rate [5]. - The net profit is forecasted to increase from 193 million yuan in 2023 to 598 million yuan in 2027, indicating strong growth potential [5].

Core Viewpoint - The company is experiencing significant growth in revenue and profit due to the increasing demand for dietary fiber and allulose sugar, with new production capacities contributing to this trend [1][3]. Financial Performance - For the first half of 2025, the company expects total revenue of 650 million yuan, a year-on-year increase of 22.29%, and a net profit attributable to shareholders of 171 million yuan, up 42.68% [1]. - In Q2 2025, the company anticipates total revenue of 336 million yuan, reflecting a 20.49% year-on-year growth, and a net profit of 89 million yuan, which is a 35.06% increase [1]. Product Demand and Market Trends - The approval of D-allulose as a new food ingredient in China is expected to drive rapid growth in domestic demand, particularly in the baking sector [2]. - D-allulose has a sweetness level of 70% compared to sucrose and can be used in various food products, enhancing flavor and color through the Maillard reaction [2]. Production Capacity and Expansion - The company has established itself as a leader in the allulose market, having developed and industrialized various forms of allulose since 2014 [3]. - The construction of a new factory in Thailand is underway, which will produce 12,000 tons of crystalline allulose and expand the company's international market presence [3]. Profit Forecast - The company is projected to achieve net profits of 361 million yuan, 474 million yuan, and 647 million yuan for the years 2025, 2026, and 2027, representing year-on-year growth rates of 47%, 31%, and 37% respectively [3].