环比提速，持续高成长 百龙创园(605016) 本报告导读： 公司 2025Q4 收入环比提速明显，同时产品结构继续优化，净利润加速高增，展现 较高增长质量，持续成长可期。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入 | 868 | 1,152 | 1,379 | 1,744 | 2,200 | | (+/-)% | 20.3% | 32.6% | 19.8% | 26.4% | 26.1% | | 净利润(归母) | 193 | 246 | 366 | 480 | 637 | | (+/-)% | 28.0% | 27.3% | 48.9% | 31.2% | 32.8% | | 每股净收益(元) | 0.46 | 0.58 | 0.87 | 1.14 | 1.52 | | 净资产收益率(%) | 12.8% | 14.6% | 18.3% | 19.8% | 21.3% | | 市盈率(现价&最新股本摊薄) ...

证券研究报告 百龙创园 (605016 CH) 需求高景气支撑 Q4 业绩增长提速 | 华泰研究 | | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 22 日│中国内地 | 食品 | 目标价(人民币): | 28.00 | | | | | | 吕若晨 | 研究员 | | SAC No. S0570525050002 | lvruochen@htsc.com | | --- | --- | | SFC No. BEE828 | +(86) 755 8249 2388 | 基本数据 | 收盘价 (人民币 截至 1 月 22 日) | 22.48 | | --- | --- | | 市值 (人民币百万) | 9,442 | | 6 个月平均日成交额 (人民币百万) | 116.66 | | 52 周价格范围 (人民币) | 16.17-28.55 | 股价走势图 (6) 15 36 57 78 Jan-25 May-25 Sep-25 Jan-26 (%) 百龙创园 沪深300 资料来源：Wind ...

阿洛酮糖首批应用产品问世，国内需求有望快速增长，公司生产布局领先，有望持续受益行业高景气 度。自2025 年7 月D-阿洛酮糖获批成为新食品原料以来，应用端已实现突破：蒙牛旗下优益C 零蔗糖系 列于2025年12 月完成配方升级，成为国内益生菌饮品行业首个大规模应用该原料的品牌。作为天然甜 味剂，阿洛酮糖兼具可参与美拉德反应与主动控糖的健康功效，相比其他代糖产品具有优势。参考美国 市场经验，自2014 年通过FDA 的GRAS 认证后，相关产品上市数量年均增长率达45%。据中粮科技预 测，未来3-5 年国内阿洛酮糖需求量预计可达15 万至20 万吨。公司当前已在产能方面取得领先布局， 拥有年产1.5 万吨结晶糖产能，并计划在泰国建设新食品原料智慧工厂项目。该项目预计于2026 年投 产，届时将新增年产1.2 万吨晶体D-阿洛酮糖与7000 吨液体D-阿洛酮糖的产能，进一步巩固公司在生产 端的布局优势，持续受益于行业高景气发展。 风险提示：项目投产进度不及预期；技术快速迭代、市场竞争加剧；原材料价格大幅波动；产能消化不 及预期；全球关税波动风险等 降本增效，高附加值抗性糊精销售占比提升，定制化产品提升客户粘性。 ...

Group 1: Company Fundraising and Investment - Company plans to use 500 million yuan of raised funds to increase capital in its wholly-owned subsidiaries for the implementation of a DRAM investment project [1] - Zhuhai Hengqin Chip Storage Co., Ltd. will receive 30 million yuan, and Hefei Chip Storage Co., Ltd. and Xi'an Chip Storage Co., Ltd. will receive 50 million yuan and 30 million yuan respectively for the DRAM project [1] Group 2: Profit Forecasts and Turnarounds - Yiling Pharmaceutical expects a net profit of 1.2 billion to 1.3 billion yuan in 2025, recovering from a loss of 725 million yuan in the previous year [2] - Liard anticipates a net profit of 300 million to 380 million yuan in 2025, compared to a loss of 889 million yuan last year, driven by a new strategic cycle focusing on AI [2] - Daming City forecasts a net profit of 140 million to 165 million yuan in 2025, recovering from a loss in the previous year, aided by reduced asset impairment losses [3] - Guanghua Technology expects a net profit of 85 million to 120 million yuan in 2025, recovering from a loss of 205 million yuan last year, due to expansion in specialized chemicals and PCB sectors [3] - Boteng Co. anticipates a net profit of 80 million to 105 million yuan in 2025, recovering from a loss of 288 million yuan, supported by operational efficiency improvements [4] - Shiyida expects a net profit of 31 million to 46 million yuan in 2025, recovering from a loss of 2.34 million yuan last year, driven by business development and cost control [4] - Guochuang High-tech forecasts a net profit of 16 million to 24 million yuan in 2025, recovering from a loss of 49 million yuan, aided by improved receivables management [5][6] Group 3: Share Buybacks - Hengyi Petrochemical plans to repurchase shares with a total fund of no less than 500 million yuan and no more than 1 billion yuan, with a maximum price of 15 yuan per share [7] - Yunyi Electric plans to repurchase shares with a total fund of no less than 100 million yuan and no more than 150 million yuan, with a maximum price of 17 yuan per share [7] - Xidian Pharmaceutical intends to repurchase shares with a total fund of no less than 25 million yuan and no more than 50 million yuan, with a maximum price of 42 yuan per share [7] Group 4: Performance Highlights - Te Yi Pharmaceutical expects a net profit of 70 million to 90 million yuan in 2025, a growth of 241.55% to 339.13% year-on-year [8] - Xingqi Eye Medicine anticipates a net profit of 662 million to 749 million yuan in 2025, a growth of 95.82% to 121.56% year-on-year [8] - Tianhe Co. forecasts a net profit of 41 million to 60 million yuan in 2025, a growth of 84.35% to 169.78% year-on-year [8] - Ruichuang Micro-Nano expects a net profit of approximately 1.1 billion yuan in 2025, a 93% increase year-on-year [9] - Zhongyuan Co. anticipates a net profit of 139 million to 158 million yuan in 2025, a growth of 80% to 105% year-on-year [9] Group 5: Important Corporate Developments - Aolaide has received acceptance for its application to issue securities on the Science and Technology Innovation Board [14] - *ST Songfa's subsidiary signed contracts for the construction of two VLCC super-large oil tankers, expected to positively impact future performance [15] - Chongda Technology's subsidiary signed an investment agreement for a 1 billion yuan IC packaging project in Jiangsu Province [15] - Yinglian Co. signed a strategic agreement with LG Chem to establish a joint laboratory for innovative materials in lithium battery applications [16]

证券日报网讯1月22日，百龙创园（605016）在互动平台回答投资者提问时表示，截至2026年1月20日， 公司股东总户数为12659户。 ...

（文章来源：证券日报） 证券日报网讯 1月22日，百龙创园发布公告称，公司2025年实现营业总收入137，905.37万元，同比增长 19.75%；归属于上市公司股东的净利润36，578.32万元，同比增长48.94%。 ...

百龙创园1月22日发布的2025年度业绩快报显示，公司报告期内实现营业总收入13.79亿元，同比增长 19.75%；归属于上市公司股东的净利润3.66亿元，同比增长48.94%；基本每股收益0.87元。 ...

主要原因系:1、公司产品结构优化调整。膳食纤维系列产品中高毛利的抗性糊精产品的销售占比进一步 提升，带动了利润的增长。2、产品成本优化。公司依托其研发技术，推进生产工艺技术改造，优化物 料成本结构，降低直接材料成本。3、产能利用率提高。"年产30,000吨可溶性膳食纤维项目"和"年产 15000吨结晶糖项目"随着公司产品订单需求的增加，产能利用率进一步提升。 格隆汇1月22日丨百龙创园(605016.SH)公布2025年年度业绩快报公告，2025年，公司生产经营正常，境 内外业务正常开展，收入稳步增长、利润快速增长。2025年，公司实现营业总收入13.79亿元，同比增 长19.75%；归属于上市公司股东的净利润3.66亿元，同比增长48.94%；归属于上市公司股东的扣除非经 常性损益的净利润3.61亿元，同比增长55.87%；基本每股收益0.87元，同比增长50.00%； ...

智通财经APP讯，百龙创园(605016.SH)发布2025年年度业绩快报，2025年，公司实现营业总收入13.79 亿元，同比增长19.75%;归属于上市公司股东的净利润3.66亿元，同比增长48.94%。 ...

证券代码：605016 证券简称：百龙创园 公告编号：2026-001 山东百龙创园生物科技股份有限公司 2025 年年度业绩快报公告 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。 本公告所载 2025 年年度主要财务数据为初步核算数据，未经会计师事务所 审计，具体数据以公司 2025 年年度报告中披露的数据为准，提请投资者注意投 资风险。 三、风险提示 一、2025 年年度主要财务数据和指标 单位：万元 | 项 目 | 本报告期 | 上年同期 | 增减变动幅度（％） | | --- | --- | --- | --- | | 营业总收入 | 137,905.37 | 115,165.23 | 19.75 | | 营业利润 | 43,221.56 | 28,512.74 | 51.59 | | 利润总额 | 43,163.13 | 28,530.83 | 51.29 | | 归属于上市公司股东的净利润 | 36,578.32 | 24,559.85 | 48.94 | | 归属于上市公司股东的扣除非 经常性损益的净利润 ...