证券代码：605016 证券简称：百龙创园 公告编号：2025-023 特此公告！ 山东百龙创园生物科技股份有限公司 山东百龙创园生物科技股份有限公司董事会 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 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。 为进一步加强与投资者的互动交流，山东百龙创园生物科技股份有限公司 （以下简称"公司"）将参加由山东证监局、山东上市公司协会与深圳市全景网 络有限公司联合举办的"2025 年山东辖区上市公司投资者网上集体接待日活动"， 现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）；或关注微信公众号（名称：全景财经）；或下载全景 路演 APP,参与本次互动交流。活动时间为 2025 年 5 月 15 日（周四）15:00-16:30。 届时公司高管将在线就公司 2024 年度业绩、公司治理、发展战略、 经营状况、 融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流 ...

Summary of Conference Call on D-Allulose Industry Overview - The focus is on the D-Allulose market, a new segment within the sugar substitute industry, which is gaining traction due to recent policy support and health trends [1][2]. Key Points and Arguments 1. **Policy Support**: The Ministry of Commerce and the National Health Commission, along with 12 other departments, issued a notice promoting healthy consumption, emphasizing dietary guidance for patients with hypertension, type 2 diabetes, hyperlipidemia, and obesity. This highlights the importance of health-focused food products like D-Allulose [1]. 2. **Health Benefits**: D-Allulose is recognized for its potential to lower blood pressure and lipid levels, as well as its role in preventing type 2 diabetes, aligning with the government's health initiatives [1]. 3. **Regulatory Approval**: The National Health Commission completed a public consultation on D-Allulose on April 20, marking its path towards compliance and potential market entry [1]. 4. **Market Potential**: D-Allulose is expected to replace existing sugar substitutes in beverages and food, indicating a significant market opportunity. The global approval history of D-Allulose spans 14 years, with countries like the USA, Japan, Mexico, Canada, South Korea, and Australia recognizing it as a food ingredient [2]. 5. **GRAS Status**: D-Allulose is classified as GRAS (Generally Recognized As Safe) by FEMA, allowing its use in beverages and dairy products, further enhancing its marketability [2]. 6. **Health Advantages**: In addition to its sweetening properties, D-Allulose offers benefits such as promoting the Maillard reaction, lowering blood sugar and lipid levels, aiding liver detoxification, and preventing obesity and type 2 diabetes [2]. 7. **Company Developments**: - **Baolingbao**: Currently constructing a 30,000-ton D-Allulose project, which will be actively promoted for consumer sales once approved for domestic use [3]. - **Bailong Chuangyuan**: Has a crystallized sugar project with an annual capacity of 15,000 tons, which can produce 5,000 tons of D-Allulose [3]. Additional Important Information - D-Allulose is positioned as a new star among sweeteners, with no reported side effects and the ability to release GLP-1, which can combat obesity and diabetes [2]. - Companies to watch in this sector include Bailong Chuangyuan, Baolingbao, Sanyuan Biological, and Huakang Co. [2].

Summary of Conference Call Records Industry Overview - The records focus on the **sugar substitute industry**, specifically the emerging segment of **D-Allulose** as a health-oriented sweetener. The industry is experiencing significant regulatory changes and market opportunities due to new health consumption policies in China [1][2]. Key Points and Arguments - The **Ministry of Commerce and the National Health Commission** of China, along with 12 other departments, issued a notice on promoting health consumption, emphasizing the need to improve healthy dietary consumption levels. This includes guidance for healthcare institutions to provide dietary and exercise advice for patients with hypertension, type 2 diabetes, hyperlipidemia, and obesity [1][2]. - The notice highlights the importance of **food health products**, indicating a high level of attention towards health-oriented sweeteners like **D-Allulose**, which has benefits in lowering blood pressure, reducing lipids, and preventing type 2 diabetes [1][2]. - D-Allulose is on the verge of regulatory approval in China, marking a significant milestone for the domestic sugar substitute market. The product has a long history of approval in other countries, including the United States, Japan, Mexico, Canada, South Korea, and Australia/New Zealand [3]. - D-Allulose is recognized as a **GRAS (Generally Recognized As Safe)** product by FEMA, allowing its use in beverages and dairy products. Canada has also approved it as a natural health product ingredient [3]. - The product not only shares the advantages of **Erythritol** but also promotes the Maillard reaction, lowers blood sugar and lipids, aids liver detoxification, and helps prevent obesity and type 2 diabetes [3]. Company Insights - **Baolingbao** is currently constructing a **30,000-ton D-Allulose project**, which is in the building phase. The company plans to actively promote sales to consumers once D-Allulose is approved for use in China [4]. - **Bailong Chuangyuan** has a **15,000-ton crystalline sugar project** that can produce **5,000 tons of D-Allulose** [4]. Additional Important Content - The records suggest that D-Allulose is emerging as a new star among sweeteners, with no reported side effects. It has similar effects to GLP-1 (glucagon-like peptide-1), which can help combat obesity and diabetes [3]. - The market potential for D-Allulose is vast, as it is expected to replace existing sugar substitutes in beverages and food products, indicating a significant growth trend in the industry [3]. Conclusion - The regulatory environment is becoming increasingly favorable for D-Allulose, positioning it as a key player in the health-oriented sweetener market. Companies like Baolingbao and Bailong Chuangyuan are poised to capitalize on this trend, potentially leading to substantial market growth and investment opportunities in the sector [3][4].

截至5月9日收盘，代糖概念上涨0.64%，位居概念板块涨幅第3，板块内，9股上涨，百龙创园、金禾实 业、保龄宝等涨幅居前，分别上涨8.33%、3.52%、3.26%。跌幅居前的有金河生物、华资实业、星湖科 技等，分别下跌2.52%、1.61%、1.61%。 | 600783 | 鲁信创 投 | -0.08 | 0.44 | 290.14 | 7.42 | | --- | --- | --- | --- | --- | --- | | | 中化国 | | | | | | 600500 | | -0.54 | 0.35 | 275.51 | 6.01 | | | 际 | | | | | | 605300 | 佳禾食 | -0.36 | 0.92 | 234.25 | 4.57 | | | 品 | | | | | | 000930 | 中粮科 | -0.36 | 0.55 | 109.41 | 1.91 | | | 技 | | | | | | 603968 | 醋化股 | -0.37 | 0.96 | 3.77 | 0.18 | | | 份 | | | | | | | 蔚蓝生 | | | | | | 603739 ...

A股代糖概念板块震荡上升，百龙创园封板涨停，亚盛集团涨超4%，金禾实业涨近4%，红棉股份、三 元生物等跟涨。 ...

化工股局部拉升，红墙股份（002809）涨停，侨源股份（301286）涨超8%，百龙创园（605016）、中 欣氟材（002915）、新瀚新材（301076）跟涨。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a revenue of 1.15 billion in 2024, representing a year-on-year increase of 32.6%, and a net profit attributable to shareholders of 250 million, up 27.3% year-on-year [2][5]. - In Q1 2025, the company achieved a revenue of 310 million, a year-on-year increase of 24.3%, and a net profit of 80 million, reflecting a significant year-on-year growth of 52.1% [2][5]. - The company plans to distribute a total cash dividend of 60 million for 2024, which accounts for 25% of the net profit attributable to shareholders [2][5]. Financial Performance - In 2024, the company's main product series saw rapid growth, with dietary fiber revenue increasing by 40.4% year-on-year to 620 million [9]. - The gross margin for 2024 was 33.7%, a year-on-year increase of 0.9 percentage points, while the net margin was 21.3%, a decrease of 0.9 percentage points [9]. - For Q1 2025, the company maintained strong growth in its main products, with health sweeteners revenue doubling, and achieved a gross margin of 39.7%, up 6.0 percentage points year-on-year [9]. Future Outlook - The company is expected to achieve net profits of 360 million, 490 million, and 710 million for 2025, 2026, and 2027 respectively, indicating a positive growth trajectory [9]. - The company has successfully launched domestic projects and is progressing with its Thailand project, enhancing its production capacity and international competitiveness [9].

Core Viewpoint - The petrochemical industry investment strategy for May 2025 highlights a positive economic outlook driven by proactive fiscal policies and increased domestic consumption confidence, alongside a growing global interest in China's artificial intelligence sector [1][2]. Economic Overview - Since late September 2024, a series of domestic policies have been implemented, leading to a noticeable effect on the economy. In 2024, China's GDP reached 134.9 trillion RMB, marking a 5% increase from the previous year [2]. - In Q1 2025, China's GDP at current prices was 31,875.8 billion RMB, with a year-on-year growth of 5.4% at constant prices, indicating steady economic growth [2]. Policy Environment - The Central Political Bureau meeting on April 25 emphasized the need for more proactive macroeconomic policies in response to escalating US-China trade tensions and external uncertainties. The focus will be on expanding consumption and boosting domestic demand [2]. Industry Performance - In April 2025, the comprehensive PMI output index was 50.2%, a decrease of 1.2 percentage points from the previous month. The manufacturing production index fell to 49.8%, down 2.8 percentage points, indicating a decline in manufacturing activity [3]. - Despite a drop in international oil prices by over 15% in April due to increased production by OPEC and trade tensions, the expected price range for Brent crude is projected to be between $65-70 per barrel and WTI at $60-65 per barrel for 2025 [3]. Investment Recommendations - Key investment areas for May 2025 include potassium fertilizers, refrigerants, aramid paper, civil explosives, and pentaerythritol, with specific companies recommended for each sector: - **Potassium Fertilizers**: Global prices are rebounding, and there is a domestic demand gap. Recommended company: **Yaqi International** [4]. - **Refrigerants**: The market outlook is positive due to tightening long-term quotas and increased air conditioning production. Recommended companies: **Juhua Co.** and **Sanmei Co.** [4][7]. - **Aramid Paper**: Demand is increasing due to applications in electrical insulation and honeycomb core materials. Recommended company: **Tongyi Zhong** [4]. - **Civil Explosives**: The industry is experiencing improved profitability due to stable demand and declining costs. Recommended company: **Guangdong Hongda** [5]. - **Pentaerythritol**: Anticipated price increases due to low inventory levels and high demand from the PCB sector [5]. Investment Portfolio - The investment portfolio for this month includes: - **Yaqi International**: A rare potassium fertilizer producer with expanding capacity - **Bailong Chuangyuan**: A long-term growth "small giant" in functional sugars - **Tongyi Zhong**: A company with a full industrial chain layout for UHMWPE fibers - **Guangdong Hongda**: A leading integrated service provider in the civil explosives sector [6].

Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company achieved a revenue of 1.15 billion yuan in 2024, representing a year-over-year growth of 33%, and a net profit of 246 million yuan, up 27% year-over-year [4] - The first quarter of 2025 saw a revenue of 313 million yuan, a 24% increase year-over-year, and a net profit of 81 million yuan, reflecting a 52% year-over-year growth [6] - The successful launch of new production capacities for soluble dietary fiber and crystallized sugar is expected to drive sales and revenue growth [6] Financial Data and Profit Forecast - The company forecasts total revenue of 1.72 billion yuan for 2025, with a year-over-year growth rate of 49% [5] - The projected net profit for 2025 is 365 million yuan, indicating a year-over-year growth of 48.7% [5] - Earnings per share (EPS) are expected to be 1.13 yuan for 2025, with a price-to-earnings (PE) ratio of 19 [5] Investment Analysis - The company is positioned as a leading producer of health food additives in China, with significant growth potential from the upcoming approval of D-allohexose as a new food ingredient [6] - The report highlights the successful transformation towards high-end dietary fiber products, which has led to increased profitability [6] - The planned issuance of convertible bonds aims to raise up to 780 million yuan for new projects, including a health food raw material factory in Thailand [6]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][17]. Core Insights - The company is experiencing rapid growth in the sugar substitute market, with significant improvements in profitability. Revenue, net profit, and net profit excluding non-recurring items for 2024 are projected to be CNY 1.152 billion, CNY 246 million, and CNY 231 million, respectively, representing year-on-year increases of 32.64%, 27.26%, and 31.72% [1][4]. - The company is benefiting from capacity expansion and increased demand for healthy sweeteners, with Q1 revenue for healthy sweeteners doubling compared to the previous year [1][2]. - The overseas market is showing strong demand, with foreign revenue accounting for nearly 70% in Q1 2025, reflecting a year-on-year increase of 11% [2]. Financial Performance - The company's gross margin and net profit margin for 2024 are projected to be 33.65% and 21.33%, respectively, with improvements attributed to cost reductions and increased production efficiency [3][4]. - The financial forecast indicates that revenue is expected to grow by 33%, 23%, and 20% from 2025 to 2027, reaching CNY 1.53 billion, CNY 1.88 billion, and CNY 2.26 billion, respectively [4][5]. - The projected net profit for 2025 is CNY 335 million, with a year-on-year growth of 36.55% [5][4]. Market Dynamics - The company is expanding its overseas market presence, with foreign revenue projected to reach CNY 698 million in 2024, a year-on-year increase of 58.42% [2]. - The demand for products like allulose sugar is increasing globally, aligning with health trends in various countries [2][4].