Investment Rating - The report assigns a "Buy" rating to the company, with a market price of RMB 16.64 and a sector rating of outperforming the market [1][2]. Core Insights - The company, Baolong Chuangyuan, is a leading enterprise in the functional sugar sector, focusing on health-oriented sugar products. It has a strong customer base and is continuously optimizing its product layout and capacity [2][4]. - The company has maintained high revenue growth over the past five years, with a CAGR of 19.83% in revenue and 23.49% in net profit from 2019 to 2023. In the first three quarters of 2024, revenue increased by 25.48% year-on-year [2][62]. - The dietary supplement market is expected to expand, benefiting from the increasing awareness of health among consumers. The company is well-positioned to capitalize on this growth due to its diverse product offerings [2][4]. - The new sugar substitute, allulose, presents significant opportunities, with a projected CAGR of 14.60% from 2023 to 2032 in the global market. The company has a technological edge in producing allulose [2][4]. - The company is set to release new production capacity, with projects coming online in May 2024, which will enhance its growth trajectory [2][4]. Summary by Sections 1. Company Overview - Baolong Chuangyuan focuses on health-oriented sugar products, continuously expanding its product and customer matrix. It has developed a wide range of functional food ingredients, producing over 90 different specifications [51][62]. - The company has a concentrated ownership structure, with the actual controllers holding 49.76% of the shares, ensuring stable management [57][60]. 2. Market Potential - The dietary supplement market is expected to grow significantly, driven by increased consumer health awareness and dietary upgrades. The global and Chinese prebiotic markets are projected to reach RMB 18.548 billion and RMB 3.814 billion by 2026, respectively [2][4]. - The new sugar substitute, allulose, is gaining traction, with the global market expected to grow from USD 128 million in 2023 to USD 440 million by 2032 [2][4]. 3. Production Capacity and Growth - The company is set to launch new production projects in May 2024, including a 30,000-ton soluble dietary fiber project and a 15,000-ton crystalline sugar project, which will alleviate capacity constraints [2][4]. - The company is also expanding its international footprint with a production base in Thailand, which will help reduce costs and enhance its global market presence [2][4]. 4. Financial Performance - The company has shown steady revenue growth, with revenues increasing from RMB 421 million in 2019 to RMB 868 million in 2023, and a projected net profit of RMB 250 million in 2024 [2][62]. - The gross margin improved to 32.73% in 2023, driven by product structure optimization and stable raw material prices [70][72].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Views - The company reported a revenue of 820 million yuan for the first three quarters of 2024, representing a year-on-year increase of 25.48%, and a net profit attributable to the parent company of 183 million yuan, up 29.19% year-on-year [1]. - The growth in the sweetener category is accelerating, with significant volume increase in allulose, contributing to overseas revenue growth [1]. - The company plans to issue convertible bonds to raise up to 780 million yuan for expanding production capacity in Thailand and the United States, enhancing its international market presence [1]. Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 1,142 million yuan, with a growth rate of 32% [2]. - The net profit for 2024 is estimated at 257 million yuan, reflecting a year-on-year growth of 33% [2]. - The earnings per share (EPS) for 2024 is forecasted to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 22.4x [2]. Revenue Breakdown - In Q3 2024, the company generated revenue of 289 million yuan, with the health sweetener segment showing a year-on-year growth of 29.89% [1]. - The revenue from domestic operations decreased by 10.11% year-on-year, while overseas revenue increased by 42.55%, indicating a shift towards international markets [1]. Cost and Profitability Analysis - The gross margin for Q3 2024 was reported at 32.52%, slightly down from the previous year, attributed to increased depreciation from new production lines [1]. - The net profit margin for Q3 2024 was 21.81%, showing a year-on-year increase of 0.96 percentage points [1]. Future Outlook - The company expects to benefit from economies of scale as new production lines ramp up, which may enhance profitability over time [1]. - The projected net profits for 2025 and 2026 are 344 million yuan and 452 million yuan, respectively, with growth rates of 34% and 31% [2].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][6]. Core Insights - The company's Q3 2024 performance met expectations, with a year-on-year revenue increase of 25% to 820 million yuan and a net profit increase of 29% to 183 million yuan [5][6]. - The growth in revenue is attributed to increased sales of dietary fiber and healthy sweeteners, while the decline in profit margin is due to a decrease in high-margin dietary fiber sales [5][6]. - The company plans to issue convertible bonds to raise up to 780 million yuan for new projects, including a health food raw material factory in Thailand, which is expected to enhance international competitiveness and reduce production costs [5][6]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 820 million yuan, with a net profit of 183 million yuan [6]. - The projected revenue for 2024 is 1.198 billion yuan, with a net profit forecast of 263 million yuan, reflecting a year-on-year growth rate of 36.2% [6][8]. - The earnings per share (EPS) for 2024 is estimated at 0.81 yuan, with a price-to-earnings (PE) ratio of 21 times [6][8]. Revenue Breakdown - In Q3 2024, the company achieved revenue of 289 million yuan, with dietary fiber, healthy sweeteners, and prebiotics contributing 151 million yuan, 45 million yuan, and 82 million yuan respectively [5][6]. - The dietary fiber segment saw a year-on-year growth of 23%, while the healthy sweeteners segment grew by 30% [5][6]. Future Outlook - The company is expected to benefit from the approval of D-allohexose as a new food ingredient in China and the EU, which could drive demand for its products [5][6]. - The anticipated completion of new production facilities for soluble dietary fiber and crystalline sugar is expected to further enhance the company's growth trajectory [5][6].

百龙创园（ [Table_StockNameRptType] 605016） 公司点评 Q3 业绩符合预期，阿洛酮糖持续放量 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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证券代码：605016 证券简称：百龙创园 公告编号：2024-061 山东百龙创园生物科技股份有限公司 关于 2024 年三季度利润分配预案的公告 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。 重要内容提示： ●每股分配比例及转增比例：A 股每 10 股派发现金红利 0.20 元（含税）。 一、利润分配预案内容 山东百龙创园生物科技股份有限公司（以下简称"公司"）2024 年三季度合 并报表归属于上市公司股东的净利润 18,259.16 万元，公司母公司累计未分配利 润为 77,087.29 万元，上述数据未经审计。考虑公司所处经营发展阶段及未来资 金需求，公司 2024 年三季度利润分配方案如下： 拟以未来实施本次利润分配方案时股权登记日的总股本为基数，向全体股东 每 10 股派发现金红利人民币 0.20 元（含税）。截至 2024 年 9 月 30 日，公司总 股本为 323,086,400 股，以此为基数测算，合计拟派发现金红利人民币 6,461,728.00 元（含税），占公司当年归属于上市公司股东的净利润的 ...

二、 董事会会议审议情况 1、审议通过《关于 2024 年三季度报告的议案》 具体内容详见公司同日在上海证券交易所官方网站及指定媒体上披露的 《2024 年三季度报告》。 证券代码：605016 证券简称：百龙创园 公告编号：2024-063 山东百龙创园生物科技股份有限公司 第三届董事会第十三次会议决议公告 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。 一、董事会会议召开情况 山东百龙创园生物科技股份有限公司（以下简称"公司"）第三届董事会第 十三次会议于 2024 年 10 月 30 日上午 9：00 在公司办公楼一楼第二会议室召开， 本次会议的会议通知和材料已于 2024 年 10 月 20 日通过邮件等方式发出。会议 由董事长窦宝德先生主持，应到董事 9 人，实到董事 9 人，公司全体监事及董事 会秘书列席本次会议。 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，表决形成的决议合法、有效。 2、审议通过《关于 2024 年三季度利润分配预案的议案》 具体内容详见公司同日 ...

证券代码：605016 证券简称：百龙创园 公告编号：2024-065 山东百龙创园生物科技股份有限公司 关于召开 2024 年三季度业绩说明会的公告 本次投资者说明会以网络互动形式召开，公司将针对 2024 年三季度的经营 成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2024 年 11 月 11 日 上午 09:00-10:00 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。 重要内容提示： 会议召开时间：2024 年 11 月 11 日(星期一) 上午 09:00-10:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 11 月 04 日(星期一) 至 11 月 08 日(星期五)16:00 前 登录上证路演中心网站首页点击"提问预征集 ...

1、审议通过《关于 2024 年三季度报告的议案》 本公司监事会及全体监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。 一、监事会会议召开情况 山东百龙创园生物科技股份有限公司（以下简称"公司"）第三届监事会第 十三次会议于 2024 年 10 月 30 日上午 10：00 在公司办公楼一楼第二会议室召 开，本次会议的会议通知和材料已于 2024 年 10 月 20 日通过邮件等方式发出。 监事会主席张德山先生担任本次会议召集人和主持人。本次会议应出席监事 5 人， 实际出席 5 人。 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，表决形成的决议合法、有效。 二、 监事会会议审议情况 证券代码：605016 证券简称：百龙创园 公告编号：2024-064 山东百龙创园生物科技股份有限公司 第三届监事会第十三次会议决议公告 经审议，监事会认为： 1）公司 2024 年三季度报告的编制和审议程序符合法律、法规、《公司章程》 和公司内部管理制度等各项规定； 2）公司 2024 年三季度报告的内容和格式符合 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥289,039,012.89, representing a year-on-year increase of 19.92%[2] - The net profit attributable to shareholders for the same period was ¥63,029,321.01, reflecting a growth of 25.46% compared to the previous year[2] - The net profit after deducting non-recurring gains and losses was ¥61,597,465.11, which is an increase of 27.08% year-on-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥820,387,384.32, a 25.5% increase from ¥653,792,099.94 in the same period of 2023[11] - Operating profit for the first three quarters of 2024 was ¥208,410,177.11, up 23.4% from ¥168,861,303.65 in the previous year[12] - Net profit attributable to shareholders for the first three quarters of 2024 was ¥182,591,645.07, representing a 29.2% increase compared to ¥141,339,479.77 in 2023[12] - The basic earnings per share for the first three quarters of 2024 was ¥0.57, compared to ¥0.45 in the same period of 2023[13] Cash Flow and Investments - The cash flow from operating activities for the year-to-date period was ¥166,644,630.68, showing a 15.80% increase[2] - Cash flow from operating activities totaled ¥847,472,782.81 in the first three quarters of 2024, compared to ¥658,899,880.93 in the same period of 2023, marking a 28.7% increase[14] - The net cash flow from operating activities was CNY 166,644,630.68, an increase from CNY 143,909,006.92 in the previous year, representing a growth of approximately 15.1%[15] - The total cash inflow from investment activities was CNY 685,771,844.49, compared to CNY 564,255,893.73 in the same period last year, indicating an increase of about 21.5%[15] - The cash outflow for investment activities totaled CNY 866,738,011.35, up from CNY 681,213,802.19, reflecting a rise of approximately 27.3%[15] - The net cash flow from investment activities was negative at CNY -180,966,166.86, worsening from CNY -116,957,908.46 year-over-year[15] - Cash and cash equivalents at the end of the period were CNY 105,078,895.40, down from CNY 225,148,141.47, a decrease of about 53.3%[16] - The company received CNY 90,000,000.00 in cash from borrowings, an increase from CNY 50,000,000.00 in the previous year, representing an 80% increase[15] - The cash outflow for financing activities was CNY 88,309,596.35, compared to CNY 32,714,725.56 last year, indicating a significant increase of approximately 169.5%[15] - The company paid CNY 67,750,025.75 in dividends and interest, up from CNY 31,792,526.09, which is an increase of about 112%[15] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥1,927,381,413.65, up 9.87% from the end of the previous year[3] - Current assets totaled CNY 856.61 million, up from CNY 773.74 million, indicating a growth of approximately 10.7%[8] - Accounts receivable increased significantly to CNY 257.29 million from CNY 167.20 million, representing a growth of about 54%[8] - Inventory rose to CNY 158.23 million, compared to CNY 152.05 million, marking an increase of approximately 4.2%[9] - Non-current assets totaled CNY 1.07 billion, up from CNY 980.44 million, showing an increase of about 9.2%[9] - Fixed assets surged to CNY 899.06 million from CNY 329.84 million, reflecting a substantial increase of approximately 172%[9] - Total liabilities increased to ¥306,301,533.46 in Q3 2024, compared to ¥246,352,113.80 in Q3 2023, reflecting a growth of 24.4%[10] - The company’s total liabilities increased, with accounts payable at CNY 122.56 million, down from CNY 186.95 million, indicating a decrease of approximately 34.4%[9] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 7,173[6] - The largest shareholder, Dou Baode, holds 47.34% of the shares, totaling 152,943,700 shares[6] - Total equity attributable to shareholders reached ¥1,621,079,880.19 in Q3 2024, up from ¥1,507,827,547.12 in Q3 2023, an increase of 7.5%[10] Government Support and R&D - The company received government subsidies amounting to ¥1,667,551.34 during the reporting period[4] - Research and development expenses for the first three quarters of 2024 were ¥25,439,807.94, slightly up from ¥24,621,458.89 in 2023[11] Other Financial Metrics - The weighted average return on equity for the reporting period was 4.09%, an increase of 0.54 percentage points[2] - The company reported a decrease in deferred income from ¥1,410,727.62 in Q3 2023 to ¥640,008.30 in Q3 2024, a reduction of 54.7%[10] - The impact of exchange rate changes on cash and cash equivalents was CNY 14,326.80, slightly up from CNY 13,345.30[16] - The net increase in cash and cash equivalents was CNY -12,616,805.73, a decline from CNY 44,249,718.20 in the previous year[16] - The company is focusing on expanding its market presence and developing new technologies, although specific figures were not disclosed in the report[8]