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].

一、履行的审议程序 浙江华康药业股份有限公司（以下简称"公司"）于 2024 年 4 月 18 日召开 第六届董事会第十五次会议、第六届监事会第十二次会议，并于 2024 年 5 月 13 日召开 2023 年年度股东大会，审议通过了《关于使用部分闲置募集资金进行现 金管理的议案》，同意公司使用额度不超过 80,000 万元的闲置募集资金进行现 金管理。具体内容详见公司 2024 年 4 月 19 日披露于上海证券交易所网站 （www.sse.com.cn）的《浙江华康药业股份有限公司关于使用部分闲置募集资金 进行现金管理的公告》（2024-026）。 二、投资产品赎回的情况 | 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-055 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于使用部分闲置募集资金进行现金管理赎回的公告 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： 1 投资种类：定期存款 ...

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： 回购注销原因：根据《华康股份 2023 年限制性股票激励计划（草案）》 （以下简称《激励计划》）的相关规定，鉴于对应 2023 年考核年度本激励计划 中的 1 名激励对象考核结果为不合格，由公司对其持有的已获授但不符合解除限 售标准的 11,700 股限制性股票予以回购注销；鉴于公司 2024 年度公司层面业绩 未达到公司层面业绩考核要求，由公司对《激励计划》对应 2024 年考核年度的 全部限制性股票 282.10 万股予以回购注销。 | 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-054 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于股权激励部分限制性股票回购注销实施公告 本次注销股份的有关情况 | 回购股份数量 | | 注销股份数量 | | | | 注销日期 | | | | --- | --- | --- | --- | --- | -- ...

Industry Overview - Allulose, or D-Psicose, is a rare sugar found in small amounts in natural foods like raisins and figs, characterized by its white powder form and low caloric content [1][2] - The global allulose market is projected to reach $14.7 million by 2024 and is expected to grow to $43.6 million by 2032, driven by favorable policies and a global trend towards reduced sugar consumption [1][11] Market Dynamics - The allulose market is expanding rapidly in beverage and baking sectors, with China being the largest consumer market, holding approximately 80.45% of the market share, followed by Japan and South Korea [11][14] - The approval of allulose for use in various food products in multiple countries, including the U.S. and Australia, is facilitating its market entry, while the EU is expected to approve it within 2-3 years [11][13] Production and Technology - The primary production method for allulose is biological conversion, utilizing D-Psicose 3-epimerase to convert fructose into allulose, with key players including Jinhe Industrial, Baolingbao, and Sanyuan Bio [9][16] - Recent advancements in enzyme engineering have improved the yield of allulose production to 88.8%, significantly reducing raw material costs [26] Competitive Landscape - Major global players in the allulose market include CJ CheilJedang, Samyang, Tate & Lyle, and Matsutake, which have established production capabilities and technological advantages [18][29] - Domestic companies in China, such as Jinhe Industrial and Baolingbao, are in the process of expanding their production capacities, with potential domestic capacity exceeding 286,100 tons [20][26] Future Trends - The market is expected to experience a surge in industrial applications due to policy support, with the potential for allulose to be widely used in sugar-free beverages and baked goods by 2025 [25] - Health-conscious consumer trends are driving demand for low-calorie sweeteners like allulose, which is anticipated to see significant growth in the functional food sector [28][29]

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于发行股份购买资产相关申请获得 上海证券交易所受理的公告 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。 浙江华康药业股份有限公司（以下简称"公司"）拟通过发行股份及支付现 金相结合的方式，购买张其宾、谭瑞清、汤阴县豫鑫有限责任公司、谭精忠合计 持有的河南豫鑫糖醇有限公司 100%股权（以下简称"本次交易"）。 公司于 2025 年 4 月 29 日收到上海证券交易所（以下简称"上交所"）出具 的《关于受理浙江华康药业股份有限公司发行股份购买资产申请的通知》（上证 上审（并购重组）〔2025〕28 号）。上交所依据相关规定对申请文件进行了核对， 认为申请文件齐备，符合法定形式，决定予以受理并依法进行审核。 本次交易尚需经上交所审核通过并经中国证监会注册后方可正式实施，能否 审核通过、完成注册尚存在不确定性。 ...

Revenue and Profit - The company achieved total operating revenue of 817 million yuan in Q1 2025, a year-on-year increase of 28.63% from 635 million yuan [1] - However, the net profit attributable to shareholders was 81.04 million yuan, with a modest year-on-year growth of 1.30%, and the non-recurring net profit was 73.26 million yuan, reflecting a growth of only 0.19% [1] Gross Margin and Net Margin - The company's gross margin was 19.4%, showing a year-on-year decline of 19.21%, while the net margin was 9.99%, down 20.7% year-on-year [2] Cost Control - The company made progress in cost control, with total selling, administrative, and financial expenses amounting to 51.46 million yuan, which accounted for 6.3% of revenue, a decrease of 3.32% year-on-year [3] Accounts Receivable and Cash Flow - Accounts receivable increased from 376 million yuan in the same period last year to 537 million yuan, a year-on-year growth of 42.66% [4] - The operating cash flow per share was -0.12 yuan, an improvement from -0.65 yuan in the same period last year, but still negative, indicating a need for attention to accounts receivable recovery and cash flow health [4] Asset and Liability Situation - The company's interest-bearing debt reached 2.806 billion yuan, a year-on-year increase of 20.36%, with an interest-bearing asset-liability ratio of 36.9% [5] - Cash and cash equivalents were 809 million yuan, down 52.83% from 1.716 billion yuan in the same period last year, with a cash to current liabilities ratio of only 82.99% [5] Summary - Overall, the company achieved significant revenue growth in Q1 2025, but showed poor performance in net profit, gross margin, and net margin [6] - The company needs to pay special attention to accounts receivable management and cash flow improvement, while cautiously handling debt issues to ensure financial stability [6]

浙江华康药业股份有限公司 第六届监事会第二十次会议决议公告 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 | 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-049 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司（以下简称"公司"）第六届监事会第二十次会 议于 2025 年 4 月 25 日以现场与通讯相结合的方式召开，本次会议通知于 2025 年 4 月 20 日以通讯方式向全体监事发出。本次会议应出席监事 3 名，实际出席 监事 3 名。公司监事会主席郑芳明先生主持会议，本次会议的召集、召开符合《公 司法》和《公司章程》的有关规定，会议合法有效。 二、监事会会议审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 监事会认为： 1、公司 2025 年第一季度报告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 ...

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-047 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 表决结果：同意 9 票，反对 0 票，弃权 0 票。 本议案已经董事会审计委员会全体成员审议通过。 浙江华康药业股份有限公司 第六届董事会第三十一次会议决议公告 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 浙江华康药业股份有限公司（以下简称"公司"）第六届董事会第三十一次 会议于 2025 年 4 月 25 日以现场与通讯相结合的方式召开，本次会议通知于 2025 年 4 月 20 日以通讯方式向全体董事发出。本次会议应出席董事 9 名，实际出席 董事 9 名。公司董事长陈德水先生主持会议，本次会议的召集、召开符合《公司 法》和《公司章程》的有关规定，会议合法有效。 二、董事会会议审议情况 （一）审议通过《关于公司 2025 年第一季度报告的议案》 具体内容详见同日披露的《华康股份关于使用部分闲置募集资金临时 ...

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-052 | | --- | --- | --- | | 债券代码：111018 | 债券简称：华康转债 | | 浙江华康药业股份有限公司 关于更换首次公开发行股票并上市及向不特定对象发行可转 换公司债券持续督导保荐代表人的公告 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。 浙江华康药业股份有限公司（以下简称"公司"）于近日收到东方证券股份 有限公司（以下简称"东方证券"）关于更换首次公开发行股票并上市及向不特 定对象发行可转换公司债券持续督导保荐代表人的情况说明。东方证券原指派宋 亚峰先生、李志鹏先生担任公司首次公开发行股票并上市及向不特定对象发行可 转换公司债券项目持续督导的保荐代表人。李志鹏先生现因工作变动原因，不再 继续担任公司持续督导保荐代表人。 为保障督导工作的连续性，东方证券委派冯岩先生（简历附后）接替李志鹏 先生担任公司首次公开发行股票并上市及向不特定对象发行可转换公司债券项 目持续督导工作的保荐代表人，继续履行持续督导职责。本次 ...

东方证券股份有限公司 关于浙江华康药业股份有限公司 使用部分闲置募集资金临时补充流动资金的核查意见 东方证券股份有限公司（以下简称"东方证券"或"保荐机构"、 "保荐人"） 作为浙江华康药业股份有限公司（以下简称"华康股份"或"公司"）首次公开发行 股票并上市的持续督导机构及向不特定对象发行可转换公司债券的保荐人，根据 《证券发行上市保荐业务管理办法》《上市公司监管指引第 2 号——上市公司募 集资金管理和使用的监管要求》《上海证券交易所上市公司自律监管指引第 1 号 ——规范运作》等法律法规，对华康股份使用部分闲置募集资金临时补充流动资 金事项进行了核查，核查情况如下： 一、募集资金基本情况 （一）公司首次公开发行股票 经中国证券监督管理委员会《关于核准浙江华康药业股份有限公司首次公开 发行股票的批复》（证监许可[2020]3152 号）核准并经上海证券交易所同意，公 司首次公开发行人民币普通股 A 股股票 2,914 万股，每股发行价格为人民币 51.63 元，募集资金总额为人民币 150,449.82 万元，扣除本次发行费用人民币 12,972.67 万元后，募集资金净额为人民币 137,477.15 ...