舆情管理制度 第一章 总 则 第一条 为提高山东百龙创园生物科技股份有限公司（以下简称"公司"） 有效预防和应对各类舆情的综合能力，建立快速反应和应急处置机制，及时、妥 善处理各类舆情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保 护投资者合法权益，根据《上海证券交易所股票上市规则》等相关法律、行政法 规、规范性文件和《山东百龙创园生物科技股份有限公司章程》（以下简称"公 司章程"）的规定，结合公司实际情况，制定本制度。 山东百龙创园生物科技股份有限公司 第二条 本制度所称舆情主要包括： （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情。 （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 （一）报刊、电视、网络等媒体 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 24.00, unchanged from the previous forecast [2][13]. Core Insights - The company is expected to achieve significant growth in revenue and profit due to the launch of new production lines for dietary fiber and allulose sugar, alongside strong market demand [3][10]. - The company's revenue for 2024 is projected to be 11.51 billion, representing a year-on-year increase of 32.6%, with a net profit of 2.49 billion, up 29.2% [13][10]. - The fourth quarter of 2024 is anticipated to show a substantial revenue increase of 55% year-on-year, with net profit growth of 28% [13][10]. Financial Summary - The company reported a total revenue of 722 million in 2022, which is expected to grow to 1,151 million in 2024, reflecting a compound annual growth rate (CAGR) of 32.6% [10][14]. - The net profit attributable to the parent company is projected to rise from 151 million in 2022 to 249 million in 2024, indicating a growth rate of 29.2% [10][14]. - The earnings per share (EPS) is expected to increase from 0.47 in 2022 to 0.77 in 2024 [10][14]. Market Position and Growth Potential - The company is positioned in a rapidly growing market for functional foods and beverages, with significant opportunities for expansion in both domestic and international markets [3][13]. - The launch of high-margin products like resistant dextrin is expected to enhance revenue structure and profitability [13][10]. - The company has demonstrated strong capabilities in market and customer development, with a focus on innovative products and trends [13].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, driven by significant increases in dietary fiber and allulose sugar production capacity [8] - The new production capacity is expected to enhance earnings, with allulose sugar anticipated to see both volume and price increases [8] - The company is positioned as a leading domestic producer of health food additives, with ongoing projects expected to contribute to revenue growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 868 million yuan in 2023 to 1,818 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [2][10] - Net profit attributable to the parent company is expected to increase from 193 million yuan in 2023 to 473 million yuan in 2026, with a CAGR of about 29.5% [2][10] - Earnings per share (EPS) is forecasted to rise from 0.78 yuan in 2023 to 1.47 yuan in 2026 [2][10] - The gross margin is expected to improve from 32.7% in 2023 to 36.0% in 2026 [2] Market Data - As of February 17, 2025, the closing price of the stock is 19.68 yuan, with a market capitalization of 6,358 million yuan [3] - The price-to-earnings (P/E) ratio is projected to decrease from 33 in 2023 to 13 in 2026, indicating potential undervaluation [2][3] Production Capacity and Growth Drivers - The company has successfully launched new production lines for soluble dietary fiber and crystalline sugar, which are expected to significantly boost sales and revenue [8] - The allulose sugar project, with a capacity of 15,000 tons, is fully operational and is anticipated to contribute to substantial revenue growth [8] - The flexible production line for dietary fiber is expected to maintain high growth rates, enhancing profitability [8] Strategic Initiatives - The company plans to issue convertible bonds to fund projects, including a new factory in Thailand, which will enhance international competitiveness and reduce production costs [8] - The establishment of a research and development center in the United States is aimed at further strengthening the company's core competencies [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a record high quarterly performance, with a total revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%. The net profit attributable to the parent company reached 249 million yuan, up 29.20% year-on-year [1][4] - The strong performance in Q4 2024 was driven by increased production capacity and sales growth, with Q4 revenue reaching 331 million yuan, a year-on-year increase of 54.45% [1][4] - The company is expected to benefit from the release of new production capacity in May 2024, which will further enhance sales and revenue [4] Financial Summary - Total revenue for 2024 is projected at 1.152 billion yuan, with a growth rate of 32.6% compared to 2023 [3] - The net profit attributable to the parent company is forecasted to be 249 million yuan in 2024, with a year-on-year growth rate of 29.1% [3] - The company's gross margin is expected to improve to 36.3% in 2024, reflecting operational efficiency [3] - Earnings per share (EPS) for 2024 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 25.53 [3] - The return on equity (ROE) is projected to be 14.2% in 2024, indicating strong profitability [3]

Summary of Baolong Chuangyuan Conference Call Company Overview - The conference call pertains to Baolong Chuangyuan, a company specializing in prebiotics, dietary fibers, and allulose products. Key Points and Arguments Financial Performance - In 2024, Baolong Chuangyuan reported a revenue growth of approximately 32% and a profit growth of 29% [3][4] - The company achieved expected growth across major product lines, with prebiotics slightly exceeding expectations and dietary fibers showing significant overall improvement [4][5] Product Performance - Prebiotics have maintained a stable growth rate of over 30% since 2023, with expectations to continue this trend into 2025, potentially increasing to 30%-50% [4][7] - Allulose showed a recovery in Q4 2024, benefiting from new production capacity and achieving full capacity utilization, with expectations for continued strong demand in 2025 [4][8] - The company is facing capacity constraints, prompting optimization of existing production lines to increase output [4][5][9] Market Demand and Competition - Global demand for prebiotics and dietary fibers is currently limited by overall production capacity, with the company actively considering expansion plans to meet market needs [9] - The main competitors are international companies, but their expansion cycles are longer, providing Baolong Chuangyuan with a competitive advantage in the short term [10] - The company’s products are customized to client needs, making them more appealing compared to competitors who primarily offer standard products [11] International Operations - 60%-70% of the company’s total capacity is allocated for export, with the U.S. market accounting for 50% of this export [14] - A new factory in Thailand is expected to begin operations in early 2027, aimed at mitigating U.S. tariffs and benefiting from tax incentives, which will positively impact overall costs [13] Customer Base and Order Growth - The downstream industry is experiencing a demand growth rate of about 10%, while Baolong Chuangyuan is achieving a growth rate of 20%-30% [15] - Orders are increasing from both new and existing customers, including significant partnerships with companies like Nestlé [15][17] - The company is prioritizing existing customers for production capacity while also working on acquiring new clients [17][18] Future Product Development - The company is focusing on technological reserves and R&D for potential new products, such as human milk oligosaccharides and tagatose, which are nearing mass production [19] - The strategy involves ensuring that new products are at least 2-3 years ahead of domestic market trends to effectively respond to international market demands [19] Additional Important Information - The company is currently operating at full capacity and plans to expand production in Thailand by an additional 100,000 tons [4][18] - The impact of a 10% tariff on overseas business is mitigated as it is borne by customers, which does not significantly affect their purchasing decisions [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a record high quarterly performance, with a total revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%. The net profit attributable to the parent company reached 249 million yuan, up 29.20% year-on-year [1][4] - The strong performance in Q4 2024 was driven by increased production capacity and sales growth, with Q4 revenue reaching 331 million yuan, a year-on-year increase of 54.45% [1][4] - The company is expected to benefit from the release of new production capacity in May 2024, which will further enhance sales and revenue [4] Financial Summary - Total revenue for 2024 is projected at 1.152 billion yuan, with a growth rate of 32.6% compared to 2023 [3] - The net profit attributable to the parent company is forecasted to be 249 million yuan in 2024, with a year-on-year growth rate of 29.1% [3] - The company's gross margin is expected to improve to 36.3% in 2024, reflecting operational efficiency [3] - Earnings per share (EPS) for 2024 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 25.53 [3] - The return on equity (ROE) is projected to be 14.2% in 2024, indicating strong profitability [3]

Financial Performance - Total operating revenue for 2024 reached CNY 115,163.75 million, a year-on-year increase of 32.64%[5] - Operating profit for 2024 was CNY 28,883.55 million, reflecting a growth of 29.13% compared to the previous year[5] - Net profit attributable to shareholders was CNY 24,935.56 million, up 29.20% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 23,469.84 million, an increase of 33.64%[5] Assets and Equity - Total assets at the end of 2024 amounted to CNY 201,254.37 million, representing a 14.73% increase from the beginning of the year[6] - The total number of shares increased to 32,308.64 million, a growth of 30.00% from the beginning of the year[6] - The company's weighted average return on equity rose to 15.27%, an increase of 1.74 percentage points[4] - The net asset per share decreased to CNY 5.20, down 14.33% from the previous year[4] Production and Revenue Growth - The production capacity for soluble dietary fiber and crystallized sugar projects launched in May 2024 contributed to revenue growth[5] Financial Data Disclaimer - The company emphasizes the preliminary nature of the financial data, which is subject to audit confirmation[7]

Summary of Bailong Chuangyuan Conference Call Company Overview - Bailong Chuangyuan is a food technology company focused on sugars and their derivatives, with key products including dietary fiber, prebiotics, and probiotics. The company ranks fifth globally in prebiotics market share by sales and second in dietary fiber. It is the first in the world to commercialize and export allulose and the first in China to achieve large-scale sales of resistant dextrin [3][4]. Core Insights and Arguments - The company is a leading producer of functional food ingredients, particularly in prebiotics, dietary fiber, and allulose, with significant market positions [4]. - A capacity release period is anticipated, with new production of 30,000 tons of dietary fiber and 15,000 tons of allulose scheduled to commence in June 2024. This, combined with growing demand for health foods, is expected to drive revenue and profit growth exceeding 30% in 2024 and maintaining similar growth in 2025 [4][6]. - The Thailand factory project is expected to start production in the first half of 2026, adding 50,000 tons of capacity and generating approximately 1 billion RMB in output, potentially increasing net profit margins to 30% due to raw material and geopolitical advantages [4][7]. - Allulose has significant potential as a healthy sugar substitute, with a high likelihood of approval in China, which could open up a substantial new market for the company [4][8]. - The impact of U.S. tariff policies on the company is limited, as the burden is primarily borne by downstream customers, and the tariffs are lower than those imposed on Mexico and Canada [4][9]. - Revenue growth is projected to reach 40%-50% in Q4 2024, with profit growth exceeding 30%, driven by capacity release and rising demand [4][10]. - The current valuation of the company is 18 times earnings, corresponding to a profit of 330 million RMB in 2025, with potential for a valuation increase to 25-30 times, indicating a near 40% upside in stock price [4][11]. Industry Dynamics - The demand for dietary fiber, prebiotics, resistant dextrin, and allulose is increasing due to a growing focus on health and functional foods, with international markets growing rapidly and domestic markets gradually developing [5]. - The dietary fiber market currently has a penetration rate of about 10%, with significant growth potential as many countries fall short of the World Health Organization's recommended intake [13]. - The prebiotic and dietary fiber markets are characterized by high profit margins and a growing trend towards health and functionality, with Bailong Chuangyuan holding about 10% market share [15][16]. Additional Important Insights - The company has a strong sales channel strategy, utilizing direct sales in China and partnerships with service providers for international distribution, resulting in a diversified customer base that stabilizes performance [17]. - The R&D management is robust, with a focus on technological investment and collaboration with universities to enhance innovation [22]. - Future growth is expected to be supported by new capacity and optimization projects, although potential risks include tariff increases and raw material price fluctuations [25][26].

重要内容提示： 每股分配比例 证券代码：605016 证券简称：百龙创园 公告编号：2024-066 山东百龙创园生物科技股份有限公司 2024 年季度权益分派实施公告 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法律责任。 A 股每股现金红利 0.02 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/12/26 | － | 2024/12/27 | 2024/12/27 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 10 月 11 日的 2024 年第三次临时股东大会审议授权董 事会全权办理三季度利润分配相关事宜，经 2024 年 10 月 30 日的第三届董事会第十三次会议 审议通过利润分配方案。 二、 分配方案 1. 发放年度：2024 年季度 2. 分派对象： 2. 自行发放对象 窦宝德、窦光朋 2 名股东所持股份的现金红利由公司 ...

证券代码：605016 证券简称：百龙创园 公告编号：2024-067 山东百龙创园生物科技股份有限公司 关于"提质增效重回报"行动方案的公告 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。 山东百龙创园生物科技股份有限公司（以下简称"公司"）为贯彻落实《国 务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（（国发（ 2024〕 10 号）《国务院关于进一步提高上市公司质量的意见》（国发 2020〕14 号）相 关要求，响应上海证券交易所（《关于开展沪市公司（"提质增效重回报"专项行动 的倡议》，基于对公司未来发展前景的信心及价值的认可，进一步提高公司质量， 维护投资者尤其是中小投资者合法权益，树立良好的资本市场形象，制定了 2025（ 年度"提质增效重回报"行动方案。具体内容如下： 一、聚焦主营主业，着力提质增效 公司主营业务为益生元系列产品、膳食纤维系列产品、健康甜味剂系列产品 和其他淀粉糖（（醇）产品的研发、生产及销售，公司主要产品定位中高端，核心 产品有抗性糊精、阿洛酮糖、异麦芽酮糖、低聚果糖、低聚异麦 ...