百龙创园（605016）公告，公司拟投资1000万元设立上海百龙创园生物科技有限公司，占注册资本的 100%。该投资旨在加强海外销售团队建设，积极开拓国际市场。公司主要产品定位中高端，产品远销 美国、加拿大、俄罗斯、韩国等国家和地区，海外市场一直是公司重要的收入和利润来源。上海作为中 国国际经济、金融、贸易、航运、科技创新中心，拥有国际贸易的区位、人才、政策及配套等相关优 势。上海子公司设立后，公司将继续不断在上海加大国际贸易相关人才的引进，依托上海的区位优势加 大海外客户的拓展、开发以及技术交流，有利于提高公司出口业务收入，加强与客户的技术交流，提高 海外客户服务能力和整体盈利水平。 ...

Investment Rating - The industry rating is "Outperform" (maintained rating) [5] Core Viewpoints - The report highlights a positive outlook for the beverage sector, driven by the upcoming peak season and supportive macroeconomic policies from the central government [2][12] - The report emphasizes the potential for valuation recovery in the liquor sector, particularly in light of the recent political bureau meeting that indicated a more proactive fiscal and monetary policy [2][12] Summary by Sections Market Performance Review - For the week of April 21 to April 25, the food and beverage sector declined by 1.36%, while the Shanghai Composite Index rose by 0.38%. Notable performances included snacks (+4.50%) and soft drinks (+2.21%), while categories like beer (-0.72%) and health products (-1.28%) saw declines [1][19] Weekly Perspective Updates - **Liquor Sector**: The liquor sector saw a decline of 1.75%, attributed to the off-peak consumption period and inventory adjustments. However, the upcoming May Day holiday is expected to boost demand for banquet scenarios, aiding in inventory reduction [2][12] - **Beer and Beverage Sector**: The beer sector decreased by 0.72%, but companies like Zhujiang Brewery saw a 5.7% increase in stock price due to better-than-expected Q1 performance. The report anticipates improved demand as the weather warms and consumption policies are implemented [3][13] - **Consumer Goods Sector**: The report identifies opportunities in the snack sector, with a focus on companies that have shown resilience and potential for growth. The upcoming sales season for soft drinks is also highlighted as a catalyst for growth [3][14] Investment Recommendations - **Liquor Sector**: Recommended stocks include strong alpha leaders like Moutai and Shanxi Fenjiu, as well as cyclical stocks like Luzhou Laojiao and Jiugui Liquor [4][18] - **Consumer Goods**: The report recommends focusing on snacks and dairy products, with specific mentions of companies like Ganyuan Foods and Yuyuan Foods, which are expected to benefit from low base effects in Q2 [4][18] Sector and Individual Stock Performance - The report provides detailed performance metrics for various sectors, indicating that the snack and soft drink sectors are currently outperforming others, while the liquor sector is under pressure [19][22]

证券代码：605016 证券简称：百龙创园 公告编号：2025-010 山东百龙创园生物科技股份有限公司 关于股东权益变动触及 1%整倍数的提示性公告 公司于 2025 年 4 月 21 日收到青岛开金及一致行动人嘉兴开金、郭恩元发来的 《关于股份进展的告知函》，现将有关权益变动的具体情况告知如下： | | 名称 | 青岛恩复开金创业投资基金合伙企业（有限合伙） | | | | | --- | --- | --- | --- | --- | --- | | 基本信息 | 住所 | 山东省青岛市平度市太原路 号山东财经大学平度创新 825 室 | 17 创业园 A 栋 | | | | | 权益变动时间 | 2025 年 4 2025 年 4 月 | 月 15 日至 | 18 日 | | | 权益变动明细 | 变动方式 | 股份种类 （股） | 变动数量 | 变动比例（%） | | | | 大宗交易 | 人民币普通股 | 2,800,000 | 0.87 | | | 基本信息 | 名称 | 嘉兴恩复开金投资合伙企业（有限合伙） 浙江省嘉兴市南湖区南江路 1856 | | 号基金小镇 | 3 号楼 105 | | ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 26 CNY, based on a relative valuation method, corresponding to a PE of 25X for 2025 [6]. Core Viewpoints - The company is a leading player in functional sugars, with accelerated capacity expansion driving high growth. It has established itself as a top supplier of functional ingredients in China, focusing on prebiotics, dietary fibers, and healthy sweeteners. The company is expected to achieve a revenue CAGR of 22% and a net profit CAGR of 25% from 2019 to 2024 [1][3]. Summary by Sections 1. Functional Sugar Leadership and Capacity Expansion - The company has diversified its product matrix to meet health demands, with a focus on prebiotics, dietary fibers, and healthy sweeteners. Its revenue from prebiotics, dietary fibers, and healthy sweeteners accounted for 29%, 54%, and 13% respectively in Q1-Q3 2024 [18][19]. - The company has a stable shareholding structure and experienced management team, with the chairman holding 47.36% of shares, ensuring strong operational control [21][24]. - The company maintains a strong profitability position within the industry, with new production lines expected to enhance profit elasticity in 2025 [26]. 2. Emerging Industry Potential and Competitive Barriers - The dietary fiber industry is experiencing robust growth, with global and Chinese revenues reaching 514 million and 129 million USD in 2023, respectively, and projected to grow significantly by 2030 [2][34]. - The company is positioned to benefit from the high technical barriers in the high-end product segment, particularly in resistant dextrin, which has a market share of 18% in China [40][46]. 3. Performance Growth from Capacity Expansion and Stable Demand - The company anticipates revenue growth from three main areas: increased proportion of high-margin products, continuous capacity expansion, and strong customer stickiness [3][32]. - The company expects a revenue increase of 33% in 2024, reaching 1.15 billion CNY, with net profit projected to grow by 30% to 250 million CNY [3][5]. 4. Financial Forecast - The company’s financial projections indicate a revenue increase to 1.15 billion CNY in 2024, with net profit reaching 250 million CNY, and further growth expected in subsequent years [5][26].

Q&A 请回顾一下百龙创园在 2024 年的整体产品结构和增长情况。 2024 年，百龙创园的收入约为 10.55 亿元，利润达到 2.5 亿元。公司主要产品 包括抗性纤维、益生元和阿拉伯胶。其中，抗性纤维占比超过 50%，益生元占 比约 30%，阿拉伯胶占比不到 20%。膳食纤维的增速尤其显著，其中抗性糊精产 品在 2024 年实现了超过 70%的增长。这一增长带动了整体毛利率的提升，并使 得公司的产品结构发生了显著变化。 百龙创园 20250414 摘要 • 百龙创园 2025 年 Q1 利润增长超 50%，主要得益于高毛利率的抗性糊精 （增长超 70%）和阿洛酮糖产品线原料切换带来的毛利率提升（从 20%+升 至 35%左右）。 • 针对美国关税，百龙创园对洛芬忙采取欧洲直发策略，抗性糊精则由美国 客户申请关税豁免，若不成功则考虑欧洲转运，目前欧洲转运可行，溯源 无问题。 • 阿洛酮糖国内标准预计在 1-5 个月内落地，获批后可直接应用于普通食品 饮料市场，无需特殊场景限制，市场前景广阔，客户已完成终端产品及包 装储备。 • 2024 年美国客户贡献百龙创园收入的 30%-40%，利润的 40%。主要通 ...

本次权益变动后，青岛开金及一致行动人嘉兴开金、郭恩元合计持有公司股份 比例从 12.49%减少至 11.79%，其中青岛开金从 8.86%减少至 8.28%，嘉兴开金从 1.47%减少至 1.36%，郭恩元未减持公司股份，股份比例为 2.16%。 公司于 2025 年 4 月 14 日收到青岛开金及一致行动人嘉兴开金、郭恩元发来 的《关于减持股份进展的告知函》，现将有关权益变动的具体情况告知如下： 证 券 代 码 ： 6 0 5 0 1 6 证 券 简 称 ： 百 龙 创 园 公 告 编 号 ： 2 0 2 5 - 0 0 9 山东百龙创园生物科技股份有限公司 关于持股 5%以上股东及一致行动人 权益变动的提示性公告 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： 本次权益变动为山东百龙创园生物科技股份有限公司（以下简称"公司"）持 股 5%以上股东青岛恩复开金创业投资基金合伙企业（有限合伙）（以下简称"青岛 开金"）及一致行动人嘉兴恩复开金投资合伙企业（有限合伙）（以下简称"嘉兴开 金"）以大宗交易方式 ...

事件：公司发布2025 年第一季度业绩预告，25Q1 预计实现归母净利润8000-8500 万元，同比增长 49.41%-58.75%，预计实现扣非归母净利润8031.23-8531.23 万元，同比增长56.71%-66.47%。 需求向好，前期产能扩张迎来持续收获期，25Q1 表现超预期。根据业绩预告，公司25Q1 归母净利润及 扣非归母净利润预期中值分别为8250 万元/8281.23 万元，分别同比增长54.08%/61.59%。公司业绩预增 的主要原因系：1）境内外客户需求增长导致公司产品销量增加；2）年产3w 吨可溶性膳食纤维项目和 年产1.5w 吨结晶糖项目投产（24 年5 月29 日正式公告投产），产能释放带动销量和收入增加；3）年产 1.5w 吨结晶糖项目的投产导致阿洛酮糖产品成本下降效果显著，使得毛利率进一步提升。 阿洛酮糖有望于上半年获批，健康消费政策利好膳食纤维及代糖内需释放。25 年3 月21 日，国家卫健 委公告将D-阿洛酮糖作为新食品原料的申请纳入公开征求意见范围，我们认为，这意味着阿洛酮糖在 国内获批在即，或有望在今年上半年正式获批，是关键利好。阿洛酮糖市场前景极为广阔，预计将 ...

证券代码：605016 证券简称：百龙创园 公告编号：2025-008 山东百龙创园生物科技股份有限公司 2025年第一季度业绩预告公告 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： 1、山东百龙创园生物科技股份有限公司（以下简称"公司"）2025年第一季度归属于上市公司股东的净 利润与上年同期相比预计增加2,645.68万元-3,145.68万元，同比增长49.41%-58.75%。 2、扣除非经常性损益事项后，归属于上市公司股东的净利润与上年同期相比预计增加2,906.36万 元-3,406.36万元，同比增加56.71%-66.47%。 一、本期业绩预告情况 （一）业绩预告期间 2025年1月1日至2025年3月31日。 （二）业绩预告情况 1、经财务部门初步测算，预计2025年第一季度实现归属于上市公司股东的净利润为8,000.00万 元-8,500.00万元，与上年同期相比预计增加2,645.68万元-3,145.68万元，同比增长49.41%-58.75%。 2、公司预计实现归属于上市公司股 ...

Financial Performance - The net profit attributable to shareholders for Q1 2025 is expected to increase by CNY 26.46 million to CNY 31.46 million, representing a year-on-year growth of 49.41% to 58.75%[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses is projected to rise by CNY 29.06 million to CNY 34.06 million, indicating a year-on-year increase of 56.71% to 66.47%[3]. - The estimated net profit for Q1 2025 is between CNY 80 million and CNY 85 million, compared to CNY 53.54 million in the same period last year[3][5]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between CNY 80.31 million and CNY 85.31 million, up from CNY 51.25 million last year[3][5]. Factors Driving Performance - The increase in performance is primarily driven by higher product sales due to growing domestic and international customer demand[7]. - The launch of the 30,000-ton soluble dietary fiber project and the 15,000-ton crystalline sugar project has contributed to increased production capacity and revenue[7]. - The production of the crystalline sugar project has significantly reduced the cost of allulose products, enhancing the gross profit margin[7]. Caution and Disclaimer - Non-operating gains and losses did not have a significant impact on the company's performance forecast[8]. - The performance forecast is based on preliminary calculations and has not been audited by registered accountants[11]. - Investors are advised to pay attention to investment risks as the data provided is preliminary and subject to change upon the official Q1 2025 report release[12].

百龙创园（605016）公告，2025年第一季度预计实现归属于上市公司股东的净利润为8000万元-8500万 元，与上年同期相比预计增加2645.68万元-3145.68万元，同比增长49.41%-58.75%。预计实现归属于上 市公司股东的扣除非经常性损益事项后的净利润为8031.23万元-8531.23万元，与上年同期相比预计增加 2906.36万元-3406.36万元，同比增加56.71%-66.47%。 ...