Core Viewpoint - The article summarizes significant announcements from various listed companies in the Shanghai and Shenzhen stock markets, highlighting changes in control, major asset acquisitions, and performance forecasts for the first half of 2025. Group 1: Control Changes and Stock Suspension - Yangdian Technology is planning a change in control, leading to a stock suspension starting July 14, 2025, for up to 2 trading days [3] - Yuanli Co. is also planning to acquire control of Fujian Tongsheng New Materials Technology, resulting in a stock suspension starting July 14, 2025, for up to 10 trading days [5] - Kanghua Bio is planning a change in control, with stock suspension starting July 14, 2025, for up to 2 trading days [6] - Fuda Alloy is planning to acquire at least 51% of Guangda Electronics, which constitutes a major asset restructuring but will not change the actual controller [7] Group 2: Performance Forecasts - Limin Co. expects a net profit of 260 million to 280 million yuan for H1 2025, a year-on-year increase of 719.25% to 782.27% due to rising sales and prices [9] - Zijin Mining anticipates a net profit of approximately 23.2 billion yuan for H1 2025, a year-on-year increase of about 54% [10] - Chunqiu Electronics forecasts a net profit of 90 million to 110 million yuan for H1 2025, an increase of 236.05% to 310.72% [11] - Jinqilin expects a net profit of around 106 million yuan for H1 2025, a year-on-year increase of 222.36% [12] - Beihua Co. anticipates a net profit of 98 million to 111 million yuan for H1 2025, a year-on-year increase of 182.72% to 220.23% [14] - Guojin Securities expects a net profit of 1.092 billion to 1.137 billion yuan for H1 2025, a year-on-year increase of 140% to 150% [15] - Jiu Yuan Silver Sea forecasts a net profit of 26.49 million to 32.25 million yuan for H1 2025, a year-on-year increase of 130% to 180% [16] - Lankai Technology expects a net profit of 1.1 billion to 1.2 billion yuan for H1 2025, a year-on-year increase of 85.5% to 102.36% [17] - Changcheng Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan for H1 2025, a year-on-year increase of 85% to 95% [18] - Weilan Lithium Core expects a net profit of 300 million to 360 million yuan for H1 2025, a year-on-year increase of 79.29% to 115.15% [19] - Yinlong Co. forecasts a net profit of 161 million to 181 million yuan for H1 2025, a year-on-year increase of 60% to 80% [21] - Aopumai expects a net profit of approximately 37 million yuan for H1 2025, a year-on-year increase of 53.28% [22] - Bailong Dongfang anticipates a net profit of 350 million to 410 million yuan for H1 2025, a year-on-year increase of 50.21% to 75.97% [23] - Shanghai Electric expects a net profit of 1.754 billion to 2.087 billion yuan for H1 2025, a year-on-year increase of 32.18% to 57.27% [24] - Huazhong Securities expects a net profit of 1.035 billion yuan for H1 2025, a year-on-year increase of 44.94% [25] - Bailong Chuangyuan anticipates a net profit of 171 million yuan for H1 2025, a year-on-year increase of 42.68% [26] - Chengyi Pharmaceutical expects a net profit of 107 million to 119 million yuan for H1 2025, a year-on-year increase of 40% to 55% [27] - Jinhai Biological anticipates a net profit of 127 million to 141 million yuan for H1 2025, a year-on-year increase of 40% to 55% [28] - Kanda New Materials expects a net profit of 50 million to 55 million yuan for H1 2025, turning from loss to profit [29] - China Shenhua expects a net profit of 23.6 billion to 25.6 billion yuan for H1 2025, a year-on-year decrease of 8.6% to 15.7% [30] - ST Songfa anticipates a net profit of 580 million to 700 million yuan for H1 2025, turning from loss to profit [31] - Chengxing Co. expects a net profit of 16 million to 23 million yuan for H1 2025, turning from loss to profit [33] - Ningbo Fubon anticipates a net profit of 8 million to 12 million yuan for H1 2025, turning from loss to profit [34] - ST Yundong expects a loss of 100 million to 150 million yuan for H1 2025, worsening from the previous year [35] - Kairuide expects a loss of 15 million to 22 million yuan for H1 2025, turning from profit to loss [36] Group 3: Shareholding Changes - Defu Technology's shareholders plan to reduce their holdings by up to 4.04% [38] - Jinzhen Co.'s shareholders plan to reduce their holdings by up to 3.04% [39] - Shikong Technology's shareholder plans to reduce their holdings by up to 3% [40] - Qilu Bank's shareholder plans to reduce their holdings by up to 1.1% [41] - Zhongci Electronics' shareholder plans to reduce their holdings by up to 1% [42] - Jiamei Packaging's shareholders plan to reduce their holdings by up to 1% [43] - Saike Xide's shareholder plans to reduce their holdings by up to 1% [44] - Gongda High-tech's general manager plans to reduce their holdings by up to 0.3424% [46] - Qingyuan Co.'s shareholder plans to reduce their holdings by up to 273,800 shares [47] Group 4: Major Contracts - Dashijiang expects to win a procurement project worth 122 million yuan [49] - Robotech signed significant daily operational contracts worth approximately 14.18 million USD [50]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][16] Core Views - The company has shown continuous revenue and profit growth due to product structure adjustments and the ramp-up of new production capacity. The approval of allulose in China is expected to drive market demand [2][4][16] - Allulose has functional advantages such as low calories, antioxidant properties, and neuroprotection, which will effectively fill the gap in China's functional sweetener market [14][16] - The company currently has a production capacity of 15,000 tons of allulose crystals and plans to build nearly 20,000 tons of allulose capacity in Thailand to meet domestic and international demand [3][14][16] Financial Performance - For the first half of 2025, the company achieved 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, a year-on-year increase of 42.68% [2][4] - The second quarter of 2025 saw revenue of 337 million yuan, a year-on-year increase of 20.79%, and a net profit of 90 million yuan, a year-on-year increase of 36.36% [2][4] - The company’s net profit forecasts for 2025-2027 are 346 million yuan, 431 million yuan, and 503 million yuan, representing year-on-year growth rates of 40.8%, 24.7%, and 16.6% respectively [3][16] Market Outlook - The global allulose market has grown from 33 million USD in 2019 to 173 million USD in 2023, with a compound annual growth rate of 33.26%. It is expected to reach 545 million USD by 2030 [11] - The approval of allulose as a new food ingredient in China is anticipated to significantly boost domestic demand [8][10][16] - Allulose is positioned as a safer and more effective sugar substitute compared to artificial sweeteners, which have been linked to health risks [14][16]

Corporate Announcements - Yangdian Technology is planning a change in control, leading to a suspension of its stock from July 14, 2025, for up to 2 trading days [3] - Degute is planning to acquire 100% of Haowei Technology through a combination of share issuance and cash payment, with stock resuming trading on July 14, 2025 [4] - Yuanli Co. is planning to acquire control of Fujian Tongsheng New Materials Technology, resulting in a stock suspension starting July 14, 2025, for up to 10 trading days [5] - Kanghua Bio is also planning a change in control, with stock suspension from July 14, 2025, for up to 2 trading days [6] - Fuda Alloy is planning to acquire at least 51% of Guangda Electronics, which will constitute a major asset restructuring but will not change the actual controller [7] Performance Forecasts - Limin Co. expects a net profit of 260 million to 280 million yuan for the first half of 2025, a year-on-year increase of 719.25% to 782.27% [9] - Zijin Mining anticipates a net profit of approximately 23.2 billion yuan for the first half of 2025, a year-on-year increase of about 54% [10] - Chunqiu Electronics forecasts a net profit of 9 million to 11 million yuan, an increase of 236.05% to 310.72% year-on-year [12] - Jinqilin expects a net profit of approximately 106 million yuan, a year-on-year increase of 222.36% [13] - Beihua Co. anticipates a net profit of 98 million to 111 million yuan, a year-on-year increase of 182.72% to 220.23% [14] - Guojin Securities expects a net profit of 1.092 billion to 1.137 billion yuan, a year-on-year increase of 140% to 150% [15] - Jiuyuan Silver Sea forecasts a net profit of 26.49 million to 32.25 million yuan, a year-on-year increase of 130% to 180% [16] - Lankai Technology expects a net profit of 1.1 billion to 1.2 billion yuan, a year-on-year increase of 85.5% to 102.36% [17] - Changcheng Securities anticipates a net profit of 1.335 billion to 1.407 billion yuan, a year-on-year increase of 85% to 95% [18] - Weilan Lithium Core expects a net profit of 300 million to 360 million yuan, a year-on-year increase of 79.29% to 115.15% [19] - Yinlong Co. forecasts a net profit of 161 million to 181 million yuan, a year-on-year increase of 60% to 80% [20] - Aopumai expects a net profit of approximately 37 million yuan, a year-on-year increase of 53.28% [22] - Bailong Dongfang anticipates a net profit of 350 million to 410 million yuan, a year-on-year increase of 50.21% to 75.97% [23] - Shanghai Electric expects a net profit of 1.754 billion to 2.087 billion yuan, a year-on-year increase of 32.18% to 57.27% [24] - Huazheng Securities reports a net profit of 1.035 billion yuan, a year-on-year increase of 44.94% [25] - Bailong Chuangyuan expects a net profit of 171 million yuan, a year-on-year increase of 42.68% [26] - Chengyi Pharmaceutical anticipates a net profit of 107 million to 119 million yuan, a year-on-year increase of 40% to 55% [27] - Jinhai Biological expects a net profit of 127 million to 141 million yuan, a year-on-year increase of 40% to 55% [28] - Kangda New Materials forecasts a net profit of 50 million to 55 million yuan, turning from loss to profit [29] - China Shenhua expects a net profit of 23.6 billion to 25.6 billion yuan, a year-on-year decrease of 8.6% to 15.7% [30] - ST Songfa anticipates a net profit of 580 million to 700 million yuan, turning from loss to profit [31] - Chengxing Co. expects a net profit of 16 million to 23 million yuan, turning from loss to profit [32] - Bofubang anticipates a net profit of 8 million to 12 million yuan, turning from loss to profit [33] - ST Yundong expects a loss of 100 million to 150 million yuan, an increase in loss compared to the previous year [34] - Kerryde expects a loss of 15 million to 22 million yuan, turning from profit to loss [35] Shareholding Changes - Defu Technology's shareholders plan to reduce their holdings by up to 4.04% [37] - Jinzhen Co.'s shareholders plan to reduce their holdings by up to 3.04% [38] - Shikong Technology's shareholder plans to reduce their holdings by up to 3% [39] - Qilu Bank's shareholder plans to reduce their holdings by up to 1.1% [40] - Zhongci Electronics' shareholder plans to reduce their holdings by up to 1% [41] - Jiamei Packaging's shareholders plan to reduce their holdings by up to 1% [42] - Saike Xide's shareholder plans to reduce their holdings by up to 1% [43] - Gongda High-Tech's general manager plans to reduce their holdings by up to 0.3424% [44] - Qingyuan Co.'s shareholder plans to reduce their holdings by up to 273,800 shares [45] Major Contracts - Dash Intelligent has been pre-awarded a procurement project worth 122 million yuan [46] - Robotech has signed significant daily operational contracts amounting to approximately 1.418 million USD [48]

Financial Performance - The company achieved total operating revenue of 649.76 million yuan in the first half of 2025, representing a year-on-year increase of 22.29% [1][2] - Operating profit reached 201.32 million yuan, up 47.61% compared to the same period last year [1][2] - The total profit amounted to 200.89 million yuan, reflecting a 47.27% increase year-on-year [1][2] - Net profit attributable to shareholders was 170.59 million yuan, a 42.68% increase from the previous year [1][2] - Basic earnings per share rose to 0.41 yuan, marking a 10.81% increase [1][2] - The weighted average return on equity increased by 2.04 percentage points to 9.67% [1][2] Financial Position - As of the end of the reporting period, total assets were 2,322.23 million yuan, an increase of 15.33% from the beginning of the period [2] - Shareholders' equity attributable to the company was 1,804.59 million yuan, up 7.47% from the beginning of the period [2] - The company's share capital increased to 420.01 million shares, a 30.00% rise [2] - The net asset value per share decreased by 17.33% to 4.30 yuan, primarily due to the increase in total share capital from the rights issue [2]

[Key Financial Data and Indicators for H1 2025](index=1&type=section&id=%E4%B8%80%E3%80%812025%20%E5%B9%B4%E5%8D%8A%E5%B9%B4%E5%BA%A6%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E6%8C%87%E6%A0%87) This section provides a comprehensive overview of the company's key financial performance and position for H1 2025 Key Financial Data and Indicators for H1 2025 (Unit: million yuan) | Item | Current Period | Prior Period | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 649.76 | 531.35 | 22.29 | | Operating Profit | 201.32 | 136.39 | 47.61 | | Total Profit | 200.89 | 136.41 | 47.27 | | Net Profit Attributable to Shareholders of Listed Company | 170.59 | 119.56 | 42.68 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 167.84 | 111.31 | 50.78 | | Basic Earnings Per Share (yuan) | 0.41 | 0.37 | 10.81 | | Weighted Average Return on Net Assets (%) | 9.67 | 7.63 | Increase 2.04 percentage points | | **Item** | **End of Current Period** | **Beginning of Current Period** | **Change (%)** | | Total Assets | 2,322.23 | 2,013.50 | 15.33 | | Shareholders' Equity Attributable to Shareholders of Listed Company | 1,804.59 | 1,679.24 | 7.47 | | Share Capital (million shares) | 420.01 | 323.09 | 30.00 | | Net Assets Per Share Attributable to Shareholders of Listed Company (yuan) | 4.30 | 5.20 | -17.33 | [Explanation of Operating Performance and Financial Position](index=1&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E5%92%8C%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) This section explains the company's operating performance and financial position during the reporting period [Operating Performance](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E7%BB%8F%E8%90%A5%E4%B8%9A%E7%BB%A9%E6%83%85%E5%86%B5) H1 2025 operating revenue and net profit grew significantly due to product optimization and new project capacity, with EPS growth moderated by share dilution H1 2025 Operating Performance Overview (Unit: million yuan) | Indicator | Current Period | YoY Growth (%) | | :--- | :--- | :--- | | Total Operating Revenue | 649.76 | 22.29 | | Net Profit Attributable to Shareholders of Listed Company | 170.59 | 42.68 | | Basic Earnings Per Share (yuan) | 0.41 | 10.81 | - Key drivers of operating performance growth: * Optimized product structure[5](index=5&type=chunk) * Capacity release from the "30,000-ton soluble dietary fiber project" and "15,000-ton crystalline sugar project" launched in May 2024, driving increased sales and revenue[5](index=5&type=chunk) * The 2024 equity distribution, involving a 3-for-10 share transfer from capital reserves, increased total share capital to **420.01 million shares**, diluting earnings per share[5](index=5&type=chunk) [Financial Position](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E8%B4%A2%E5%8A%A1%E7%8A%B6%E5%86%B5%E6%83%85%E5%86%B5) Total assets and shareholders' equity increased, while share capital growth led to a decrease in net assets per share H1 2025 Financial Position Overview (Unit: million yuan) | Indicator | End of Current Period | Change from Beginning of Period (%) | | :--- | :--- | :--- | | Total Assets | 2,322.23 | 15.33 | | Shareholders' Equity Attributable to Shareholders of Listed Company | 1,804.59 | 7.47 | | Share Capital (million shares) | 420.01 | 30.00 | | Net Assets Per Share Attributable to Shareholders of Listed Company (yuan) | 4.30 | -17.33 | - Key reason for the decrease in net assets per share: * The 2024 equity distribution, involving a 3-for-10 share transfer from capital reserves, resulted in an increase in total share capital[6](index=6&type=chunk) [Risk Warning](index=2&type=section&id=%E4%B8%89%E3%80%81%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) This section highlights disclaimers regarding preliminary financial data and advises investors on associated risks - The key financial data for H1 2025 contained in this announcement are preliminary and unaudited by an accounting firm[7](index=7&type=chunk) - Investors are advised to refer to the official 2025 semi-annual report for final data and to be aware of investment risks[7](index=7&type=chunk) [Documents for Reference](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6) This section lists the documents available for reference, including signed and sealed financial statements - Documents for reference include comparative balance sheets and income statements signed and sealed by the company's principal, the person in charge of accounting, and the head of the accounting department[8](index=8&type=chunk)

Industry Overview - The approval of D-alloheptulose as a new food ingredient aligns with the trend of innovation and upgrading in China's sugar substitute industry, indicating a potential for rapid market penetration in beverages, baking, and confectionery sectors [1][3] - The global market for D-alloheptulose is projected to reach $147.7 million by 2024, with the U.S. market accounting for 30% and an expected compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [1] Company Developments - Baolingbao has been involved in the research and development of D-alloheptulose for nearly 10 years and plans to complete a technical transformation project in 2024 with an annual production capacity exceeding 5,000 tons [2] - Shandong Sanyuan Biotechnology has an existing annual production capacity of 10,000 tons of D-alloheptulose and is expanding with a second production line of the same capacity [2] - Jinhe Industrial has an annual production capacity of 1,000 tons of D-alloheptulose, while Shandong Bailong Chuangyuan has recently commenced production of its D-alloheptulose products [2]

Summary of Key Points from the Conference Call Industry Overview - The approval of allulose as a new food ingredient expands its application in the food sector, particularly in weight loss and diabetes-related products, and allows for food thermal processing, although production methods have specific strain and donor limitations [1][4][16]. Company Insights COFCO Technology - COFCO Technology has developed allulose production technology using corn starch and has received approval for related enzyme preparations, advancing the construction of a production line with a capacity of 10,000 tons. Expected net profits for 2025-2027 are projected at 100 million, 160 million, and 230 million yuan respectively, with a year-on-year growth rate of approximately 300% this year [1][5]. Bailingbao - Bailingbao is a leading company in functional metabolic products, with a production capacity exceeding 5,000 tons and plans to expand to 30,000 tons by 2026. The company is primarily focused on exports [1][7]. Bailing Chuangyuan - Bailing Chuangyuan is the first company in China to achieve industrial-scale production and revenue from allulose, with a projected revenue of 156 million yuan in 2024 and a gross margin of 19%. The company plans to expand capacity in Thailand, primarily for export [1][6][17]. Jinhui Industrial - Jinhui Industrial is a leader in the sugar substitute industry, with a leading global market share in sucralose and acesulfame. The company is actively developing allulose and offers blended sweetness solutions [3][13]. Jindawei - Jindawei is constructing a 30,000-ton allulose project, benefiting from the approval of allulose as a food additive. The company has also acquired the US brand RX Sugar to expand its portfolio [22]. Market Dynamics - Allulose is viewed as a potential substitute for sucrose, with a sweetness level of 70% compared to sucrose but only 1/10th the calories. It has health benefits such as vascular softening and blood sugar regulation, making it suitable for weight loss and diabetes applications [2][16]. - The global sugar substitute market is still in its early stages, with only about 10% of global food consumption utilizing sugar substitutes. The market for sugar substitutes is expected to grow significantly [9]. Competitive Landscape - Allulose's approval is a significant event for the sugar substitute industry, marking a new phase of development. Companies with technological and production capacity reserves, such as Bailing Chuangyuan, Bailingbao, and COFCO Technology, are expected to have favorable market prospects [8][16]. - The competitive advantage of allulose includes its low caloric content, low glycemic index, and ability to participate in the Maillard reaction, which enhances its application in baked goods [12][16]. Financial Projections - Bailing Chuangyuan's profit growth exceeded expectations at 52% in Q1 2025, with projected annual revenue and profit growth rates of over 35% and 43% respectively [3][19]. - COFCO Technology's stock price is worth monitoring, with a target price of 6.8 yuan, reflecting a projected year-on-year growth of approximately 300% [1][8]. Conclusion - The approval of allulose as a new food ingredient is expected to stimulate capacity release and expand market opportunities for companies with established production capabilities. The overall outlook for the sugar substitute industry remains positive, with significant growth potential in various food applications [1][8][16].

Investment Rating - The industry investment rating is "Outperform the Market" (maintained rating) [6] Core Viewpoints - The approval of D-Allulose as a new food ingredient in China marks its official application license, indicating significant market potential as a low-calorie sweetener with health benefits [1][2] - The global D-Allulose market is projected to grow at a CAGR of 33.26% from 2019 to 2023, with an expected market size of USD 545 million by 2030 [1] - Companies with relevant production capacity and technology are expected to benefit from the industry boom, with key recommendations including Bailong Chuangyuan, Baolingbao, and COFCO Technology [3] Summary by Sections Section 1: Industry Overview - D-Allulose is a natural low-calorie sweetener found in various plants, with a sweetness level of 70% compared to sucrose and only one-tenth of its calories [1] - The substance has been recognized for its health benefits, including vascular health and blood sugar regulation [1] Section 2: Production and Companies - COFCO Technology is the first and only company in China to produce D-Allulose using enzyme technology, having developed a proprietary enzyme for its production [2] - Bailong Chuangyuan has achieved over RMB 156 million in revenue from D-Allulose, with plans for significant capacity expansion in Thailand [3] - Baolingbao has been involved in D-Allulose research for nearly a decade and is expanding its production capacity to 30,000 tons by 2026 [3] Section 3: Investment Recommendations - The report recommends buying shares of Bailong Chuangyuan, Baolingbao, and COFCO Technology due to their established market positions and expansion plans [3][5]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [2][14]. Core Viewpoints - The approval of D-Allulose in China is expected to drive market demand growth, as it aligns with international standards in the functional sweetener sector [3][5]. - D-Allulose offers similar taste to sucrose, low calories, and various functional benefits, filling a gap in China's functional sweetener market [3][10]. - The company currently has a production capacity of 15,000 tons of D-Allulose crystals and plans to build an additional capacity of nearly 20,000 tons in Thailand to meet growing domestic and international demand [4][14]. Summary by Sections Company Overview - The company is a leader in the fields of prebiotics, dietary fibers, and healthy sweeteners (D-Allulose) in China, targeting mid-to-high-end markets with clients including major beverage companies [4][14]. - Current product sales exceed supply, with stable prices, and upcoming expansions are expected to enhance revenue and profit from 2025 to 2027 [4][14]. Financial Projections - The company forecasts net profits of 346 million, 431 million, and 503 million yuan for 2025, 2026, and 2027 respectively, representing year-on-year growth rates of 40.8%, 24.7%, and 16.6% [4][14]. - The current price-to-earnings (PE) ratios are projected to be 28.0, 22.5, and 19.3 for the years 2025, 2026, and 2027 respectively [4][14]. Market Potential - The global D-Allulose market has grown from 33 million USD in 2019 to 173 million USD in 2023, with a compound annual growth rate of 33.26%, and is expected to reach 545 million USD by 2030 [9][10]. - D-Allulose is seen as a promising sugar substitute due to its advantages in taste, safety, and functionality, with significant potential to replace traditional sugar in the market [10][14].

Group 1 - The announcement by the National Health Commission regarding the approval of D-Allulose and 20 other "new food" safety assessment materials has led to a surge in the sugar substitute sector, with companies like Baolingbao and Bailong Chuangyuan hitting the daily limit increase [1][2] - D-Allulose is a natural low-calorie sweetener with a sweetness level about 70% that of sucrose, but with only one-tenth the calories, making it a promising alternative to sugar due to its various health benefits [2][3] - The global market for D-Allulose is projected to reach approximately $200 million in 2024 and $500 million by 2030, indicating significant growth potential [2] Group 2 - The approval of D-Allulose in China is expected to reshape the supply chain dynamics, as the market has previously relied heavily on exports, with D-Allulose only being approved in 13 countries including the US and Japan [3][4] - Companies involved in the sugar substitute sector are actively expanding their production capacities, with Baolingbao planning to increase its annual production capacity to over 20,000 tons by 2025, and Jinhe Industrial already having a capacity of 10,000 tons [4][5] - The production of D-Allulose is complex and costly, but companies like Jinhe Industrial are utilizing advanced enzyme technology to reduce production costs and enhance efficiency [4][5]