中德证券有限责任公司 关于山东百龙创园生物科技股份有限公司 2023 年持续督导年度报告书 | 保荐机构名称 | 中德证券有限责任公司 | 被保荐公司简称 | 百龙创园 | | --- | --- | --- | --- | | 保荐代表人姓名 | 毛传武 | 联系电话 | 010-5902 6777 | | 保荐代表人姓名 | 安薇 | 联系电话 | 010-5902 6778 | 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等有关法律、法规的规定，中德证券有限责任公 司（以下简称"中德证券"或"保荐机构"）作为山东百龙创园生物科技股份有 限公司（以下简称"百龙创园"、"公司"或"发行人"）首次公开发行股票并 上市的保荐机构，对百龙创园进行持续督导。现就 2023 年度持续督导工作总结 如下： | | | | 序 号 | 工作内容 | 完成持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体的 持续督导工作制定相应的工作计划。 | 保荐机构已制定并严格执行 持续督导工作制度，已制定 本项目 ...

2023 年度持续督导工作现场检查报告 上海证券交易所： 根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第 11 号——持续督导》等有关法律、法规的规定，中德证券有限责任公 司（以下简称"中德证券"或"保荐机构"）作为山东百龙创园生物科技股份有 限公司（以下简称"百龙创园"或"上市公司"或"公司"）持续督导保荐机构， 现将本次 2023 年度持续督导现场检查情况汇报如下： 一、本次现场检查的基本情况 中德证券有限责任公司 关于山东百龙创园生物科技股份有限公司 1、对公司相关负责人员进行访谈； （一）保荐机构 中德证券有限责任公司 （二）保荐代表人 毛传武、安薇 （三）现场检查时间 2023 年 12 月 21 日以及 2024 年 4 月 28 日-2024 年 4 月 29 日 （四）现场检查人员 毛传武、安薇、田继伟 （五）现场检查程序 2、查看公司主要生产经营场所； 1 3、查阅公司现行有效的有关公司治理和内部控制制度的文件； 4、查阅持续督导期间公司召开的董事会、监事会、股东大会会议文件； 5、查阅持续督导期间公司的信息披露文件； 6、查阅持续督导期间公司募集资金使用凭证、 ...

中德证券有限责任公司文件 中德证发〔2024〕 39 号 签发人:万 军 中德证券有限责任公司 关于山东百龙创园生物科技股份有限公司 首次公开发行股票并上市持续督导之保荐总结 报告书 上海证券交易所: 中德证券有限责任公司(以下简称"中德证券"、"保荐机构") 作为山东百龙创园生物科技股份有限公司(以下简称"百龙创园"、 "发行人"、"上市公司")2021年首次公开发行股票并上市的保荐 机构,持续督导期限截至2023年12月31日。 截至 2023年12月 31日,百龙创园 2021年首次公开发行股 票并上市的持续督导期已经届满,募集资金已经使用完毕,募集 资金专户已全部销户。中德证券根据《证券发行上市保荐业务管 -1- 理办法》《上海证券交易所上市公司自律监管指引第 11号 -- 持 续督导》等法规和规范性文件的相关规定,出具本保荐总结报告 书。 一、保荐机构及保荐代表人承诺 1、保荐总结报告书和证明文件及其相关资料的内容不存在 虚假记载、误导性陈述或重大遗漏,保荐机构及保荐代表人对其 真实性、准确性、完整性承担法律责任。 2、保荐机构及本人自愿接受中国证监会对保荐总结报告书 相关事项进行的任何质询和调查。 ...

证 券 研 究 报 告 | --- | --- | --- | --- | --- | --- | |------------------------------------------|-------|----------------------------------------------|-------|-------|-------| | | 2023 | 2024Q1 | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 868 | 252 | 1,273 | 1,618 | 1,924 | | 同比增长率（%） | 20.3 | 29.6 | 46.6 | 27.1 | 18.9 | | 归母净利润（百万元） | 193 | 54 | 309 | 423 | 529 | | 同比增长率（ %） | 28.0 | 20.5 | 60.2 | 36.8 | 24.9 | | 每股收益（元/股） | 0.78 | 0.22 | 1.24 | 1.70 | 2.13 | | 毛利率（%） | 32.7 | 33.8 | 35.0 | 36.1 | 37.2 | | ROE（% ...

百龙创园（605016.SH） 供销两旺拉动业绩增长，产能扩容把握行业机遇 产能布局有望接连落地，支撑公司中长期持续成长。公司产能扩张持 续推进，"年产 2 万吨功能糖干燥项目"已全面投产，预计可新增收入 3.75 亿元；而"年产 3 万吨可溶性膳食纤维项目"以及"年产 1.5 万吨结晶糖 项目"预计可在 24 年 5 月顺利投产，贡献收入和利润，为公司规模持续扩 张提供坚实基础。此外，公司积极布局泰国生产基地，建成投产后有望充 分享受原材料价格优势和出口关税优势，进一步强化公司盈利能力和市场 竞争力。 风险提示：下游需求不及预期；产能建设不及预期；行业竞争加剧风 险；原材料价格波动风险；汇率风险。 买入（维持评级） | --- | --- | |----------------------------|---------------| | 基本数据 | | | 总股本 / 流通股本(百万股 ) | 248.53/248.53 | | | | | 流通 A 股市值(百万元 ) | 6,904.11 | | 每股净资产(元 ) | 6.28 | | 资产负债率 (%) | 17.23 | | 一年内最高/最低价 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 26.31 CNY [8][45]. Core Insights - The company, Bailong Chuangyuan, is a leading producer of prebiotics, dietary fibers, and healthy sweeteners in China. In 2023, it achieved a revenue of 868 million CNY, a year-on-year increase of 20.3%, and a net profit of 193 million CNY, up 28.0% year-on-year [8][18]. - The dietary fiber segment saw a revenue of 444 million CNY in 2023, growing by 31.1%, with a gross profit of 173 million CNY, an increase of 49.1% [8][27]. - The health sweetener segment generated 137 million CNY in revenue, a 44.9% increase, driven by strong overseas demand for allulose [8][22]. Financial Forecasts and Metrics - Revenue projections for 2024-2026 are 1,265 million CNY, 1,651 million CNY, and 1,946 million CNY, respectively, with corresponding net profits of 281 million CNY, 383 million CNY, and 466 million CNY [8][40]. - The company's EBIT margin is expected to improve from 22.6% in 2023 to 27.1% by 2026, while the return on equity (ROE) is projected to rise from 12.8% to 17.8% over the same period [8][40]. - The price-to-earnings (PE) ratio is forecasted to decrease from 33.9 in 2023 to 14.0 by 2026, indicating a more attractive valuation as earnings grow [8][40]. Market Trends and Competitive Position - The global dietary fiber market is projected to grow from 180.64 billion CNY in 2019 to 229.13 billion CNY by 2026, with a compound annual growth rate (CAGR) of 8.9% [8][27]. - The company is expanding its production capacity with a new facility in Thailand, which is expected to reduce costs and enhance international competitiveness [8][24][32]. - The demand for allulose, a healthy sweetener, is rapidly increasing in overseas markets, particularly in baking, candy, beverages, and pharmaceuticals [8][22][24].

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company achieved a record profit in Q1 2024, driven by strong revenue growth and the successful launch of new production capacity [1][2]. - The company reported a revenue of 868 million yuan in 2023, a year-on-year increase of 20.28%, and a net profit attributable to shareholders of 193 million yuan, up 27.97% year-on-year [1]. - The company is expected to see further revenue and profit growth starting from Q2 2024 due to the recent commencement of new production capacity and the anticipated approval of allulose [2]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 868 million yuan, with a net profit of 193 million yuan, reflecting a year-on-year growth of 20.28% and 27.97% respectively [1]. - The gross profit margin for 2023 was 32.73%, an increase of 1.07 percentage points compared to the previous year [1]. - For Q1 2024, the company reported a revenue of 252 million yuan, a year-on-year increase of 29.63%, and a net profit of 53.54 million yuan, up 20.47% year-on-year [1]. Production Capacity and Product Mix - The company has recently started production for its 30,000-ton dietary fiber project and 15,000-ton crystalline sugar project, which are expected to contribute to revenue and profit from May 2024 [1]. - The revenue from the prebiotic series, dietary fiber series, and healthy sweeteners in Q1 2024 was 73.13 million yuan, 135 million yuan, and 24.25 million yuan, representing year-on-year growth of 55.40%, 32.89%, and a decline of 34.86% respectively [1]. Future Outlook - The company forecasts EPS of 1.10 yuan, 1.57 yuan, and 2.08 yuan for 2024, 2025, and 2026 respectively, indicating strong growth potential [2]. - The anticipated approval of allulose and the planning of the Thailand project are expected to further boost the company's performance in the coming years [2].

20000 吨功能糖干燥项目"已于报告期内全面投产,该项目建成后 年可生产 8,000 吨低聚果糖(粉体),5,000 吨抗性桐精(粉体), 7,000 吨聚葡萄糖产品（粉体）,预计年可新增收入 3.75 亿元。 "年产 30,000 吨可溶性膳食纤维项目"和"年产 15000 吨结晶 糖项目"预计在 2024 年 5 月可以顺利投产。 新产品量产并获得客户认可。公司重点推出异麦芽酮糖、水苏糖等 高端产品,并得到了客户认可,丰富产品结构,提升公司综合竞争 力,报告期内公司异麦芽酮糖、水苏糖产品逐步实现规模化销售, 带动公司收入和业绩持续增长。 盈利预测、估值与评级 考虑到公司 1.5 万吨阿洛酮糖和 3 万吨膳食纤维项目的投产，我 基础化工组 相关报告: | --- | --- | --- | --- | --- | --- | |-----------------------------------|--------|--------|--------|--------|--------| | 公司基本情况(人民币) \n项目 | 2022 | 2023 | 2024E | 2025E | 2026E | ...

Financial Performance - The company's operating revenue for Q1 2024 reached ¥252,106,894.27, representing a year-on-year increase of 29.63%[4] - Net profit attributable to shareholders was ¥53,543,202.60, reflecting a growth of 20.47% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥51,248,714.29, which is an increase of 25.80% year-on-year[4] - Operating profit for Q1 2024 was RMB 63,025,581.85, compared to RMB 53,794,236.75 in Q1 2023, reflecting a growth of 17.5%[15] - The company reported an investment income of RMB 1,605,568.28 in Q1 2024, compared to RMB 812,147.29 in Q1 2023[15] Cash Flow - The net cash flow from operating activities amounted to ¥28,734,460.83, up by 27.56% from the previous year[4] - Cash flow from operating activities in Q1 2024 was RMB 230,301,856.45, an increase from RMB 173,309,792.20 in Q1 2023[17] - The net cash flow from operating activities for Q1 2024 was $28,734,460.83, an increase of 27.5% compared to $22,526,488.01 in Q1 2023[18] - The total cash inflow from operating activities was $243,332,982.84, compared to $183,067,625.06 in the previous year, marking a 33% increase[18] - The cash outflow for purchasing goods and services was $168,798,047.09, which increased from $126,384,215.58 in Q1 2023[18] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,886,309,778.72, marking a 7.53% increase from the end of the previous year[4] - Total assets as of March 31, 2024, amounted to RMB 1,886,309,778.72, up from RMB 1,754,179,660.92 at the end of 2023[13] - Current assets increased to RMB 881,853,565.23 from RMB 773,735,584.19 at the end of 2023, marking a growth of 14%[12] - Total liabilities as of March 31, 2024, were RMB 324,939,029.00, compared to RMB 246,352,113.80 at the end of 2023[13] Shareholder Information - The company reported a total of 6,588 ordinary shareholders at the end of the reporting period[8] - The top shareholder, Dou Baode, holds 117,649,000 shares, representing 47.34% of the total shares[9] Earnings Per Share - The basic earnings per share decreased by 12.00% to ¥0.22 due to an increase in total share capital[4] - The basic earnings per share for Q1 2024 was RMB 0.22, down from RMB 0.25 in Q1 2023[15] Government Subsidies - Government subsidies recognized in the current period amounted to ¥1,084,972.73, contributing to the overall financial performance[6] Research and Development - Research and development expenses for Q1 2024 were RMB 8,942,183.89, slightly up from RMB 8,629,535.00 in Q1 2023[14] Cash Flow from Investment and Financing Activities - Total cash inflow from investment activities was $152,181,787.46, a decrease from $156,029,100.43 in the previous year[18] - The net cash flow from investment activities was -$53,833,525.23, compared to a positive $41,756,809.23 in Q1 2023, indicating a significant decline[18] - Cash inflow from financing activities amounted to $80,000,000.00, up from $50,000,000.00 in Q1 2023, reflecting a 60% increase[18] - The net cash flow from financing activities was $59,293,653.33, compared to $49,308,814.33 in the same quarter last year, showing a growth of 20.2%[18] Accounting Standards - The company did not apply new accounting standards for the first time in 2024[18]

山东百龙创园生物科技股份有限公司 审计报告 二〇二三年度 致同会计师事务所 (特殊普通合伙) | . | L | B | 1 | X | | --- | --- | --- | --- | --- | | . | . | | | | | 审计报告 | 1-5 | | --- | --- | | 合并及公司资产负债表 | 1-2 | | 合并及公司利润表 | 3 | | 合并及公司现金流量表 | 4 | | 合并及公司股东权益变动表 | 5-8 | | 财务报表附注 | 9-77 | . hornton 审计报告 致同审字(2024)第 410A014085 号 山东百龙创园生物科技股份有限公司全体股东: 一、审计意见 我们审计了山东百龙创园生物科技股份有限公司(以下简称百龙创园公司) 财务报表,包括 2023年 12月 31目的合并及公司资产负债表, 2023年度的合并及 公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以及相关财务 报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了百龙创园公司 2023年 12月 31日的合并及公司财务状况以及 2023年度 ...