华康股份公告，公司于2025年11月28日召开第六届董事会第三十四次会议，审议通过了《关于终止发行 股份及支付现金购买资产暨关联交易事项并撤回申请文件的议案》《关于公司与交易对方签署相关终止 协议的议案》。经公司审慎研究，并与相关交易方友好协商，同意公司终止发行股份及支付现金方式购 买河南豫鑫糖醇有限公司100%的股权，并撤回申请文件，以及与交易对方签署相关终止协议。 ...

Core Points - Huakang Co., Ltd. (605077.SH) closed at 15.98 yuan, with a decline of 2.14%, currently in a broken state [1] - The company was listed on the Shanghai Stock Exchange on February 9, 2021, with an initial public offering of 29.14 million shares at a price of 51.63 yuan per share [1] - Total funds raised amounted to 1,504,498,200 yuan, with a net amount of 1,374,771,476.94 yuan [1] - The funds were intended for various projects, including the annual production of 30,000 tons of xylitol and sorbitol, a comprehensive utilization project for viscose fiber, and a functional sugar alcohol R&D center [1] Fundraising and Financials - The total issuance cost for Huakang's IPO was 12,972.67 million yuan, with underwriting and sponsorship fees of 10,389.98 million yuan [2] - The company issued 13,030,230 convertible bonds on December 25, 2023, with a total issuance amount of 130,302.30 million yuan, set to be traded on the Shanghai Stock Exchange starting January 15, 2024 [2] Dividend Distribution - The company announced a cash dividend of 0.7 yuan per share (tax included) for the 2023 fiscal year, along with a capital reserve conversion of 0.3 shares per share, with the record date on May 27, 2024 [3] - For the 2021 fiscal year, a cash dividend of 0.6 yuan per share and a capital reserve conversion of 0.4 shares per share were distributed [3] - In 2020, a cash dividend of 1 yuan per share and a capital reserve conversion of 0.4 shares per share were issued [3]

| 证券代码：605077 | 证券简称：华康股份 | 公告编号：2025-093 | | --- | --- | --- | | 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 关于召开 2025 年第三季度业绩说明会的公告 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： 本次业绩说明会以网络平台在线交流的形式召开，公司将针对 2025 年第三 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、说明会召开时间、地点 会议召开时间：2025 年 12 月 2 日(星期二)上午 11:00-12:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 " 路 演 中 心 " （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 公开征集问题：投资者可于 2025 年 12 月 1 日（星期一）16:00 前登录上 证 路 演 中 ...

Group 1: Core Insights - The financing of listed companies in the sugar substitute industry primarily aims to enhance production capacity [1] - The majority of external investments by representative companies focus on expanding upstream and downstream operations [1][6] Group 2: Financing and Investment - The main financing methods for listed companies include IPOs, private placements, and convertible bonds, with a focus on new projects and capacity enhancement [1] - Notable external investments include significant amounts such as 100 million RMB by Sanyuan Bio and 10 million RMB by Hainan Baolijian [2][3][4] Group 3: Industry Parks and Development - The number of sugar substitute industrial parks in China is limited, with major parks located in Shandong, which is recognized as a global production base [7][8] - The Dezhou High-tech Zone in Shandong has a production capacity of 1.5 million tons and a domestic market share of over 70% [8] Group 4: Mergers and Acquisitions - Recent mergers and acquisitions in the sugar substitute industry are primarily driven by midstream companies seeking to expand scale and secure upstream resources [9][12] - Key acquisitions include Huakang's purchase of Henan Yuxin Sugar Alcohol Co. for 1.098 billion RMB, aimed at increasing market share [12]

Core Insights - The trend of young consumers moving away from "sugar-free" products is evident, with a noticeable slowdown in the growth of sugar-free tea sales and a decline in the popularity of sugar substitutes [5][12][14] Industry Overview - Sugar-free tea sales growth has significantly decreased, with sales growth rates from April to September 2023 being 3.9%, 7%, 19.9%, 19.5%, 8.5%, and 6.3%, all lower than the same periods in the previous year [2] - The average price of sugar-free tea has been on the rise, increasing from 5.1 yuan per piece in 2023 to 5.6 yuan per piece by 2025, indicating that despite higher prices, total sales growth is slowing [2] - The market is dominated by established brands like Nongfu Spring and Suntory, which together hold 87.3% market share as of September 2023, up 6.4% from the previous year [7] - The second-tier brands' market share has decreased from 11.3% to 7.4%, while the third-tier brands' share has shrunk from 5.1% to 3.4%, highlighting the intensifying head effect in the industry [7][9] Consumer Behavior - The shift in consumer preferences indicates that the younger generation is moving away from extreme health consciousness towards a more indulgent lifestyle, seeking comfort in sugary beverages [5][12] - The demand for sugar substitutes, particularly erythritol, has also faced challenges, with a reported oversupply in the market as of May 2023, where domestic production capacity reached 380,000 tons per year against a global demand of only 173,000 tons [2][14] Product Innovation - There has been a lack of new hit products in the sugar-free tea market, with established products like unsweetened oolong and jasmine tea dominating nearly 70% of the market share [9] - The innovation in the sugar-free tea sector has stagnated, with brands focusing on minor innovations around existing products rather than developing new ones, leading to potential homogenization and price competition [9][11] - In contrast, the sugary tea segment has seen a surge in new product launches, with sugary tea products outnumbering sugar-free tea products significantly in recent months [10] Supplier Challenges - Suppliers of sugar substitutes are experiencing significant operational pressures, with major companies like San Yuan Bio reporting a 7.54% decline in total revenue and a 16.8% drop in net profit for the first three quarters of the year [14][19] - The industry is facing a broader trend of declining demand, leading to increased competition and financial strain on suppliers, many of whom are exploring alternative products and markets to mitigate losses [17][19]

Group 1: Industry Overview - The Chinese sugar substitute industry has a competitive hierarchy, with companies having registered capital exceeding 500 million yuan, such as Rhein Biotech, Jinhui Industrial, and Morning Light Biological, while those with capital between 200 million to 500 million yuan include Baolingbao and Bailong Chuangyuan [1] - The primary production regions for sugar substitute companies in China are Shandong, Hebei, and Anhui provinces, with Shandong housing the most companies, including Sanyuan Biological, Baolingbao, and Bailong Chuangyuan [1] Group 2: Revenue Rankings - In 2024, Huakang Co., Ltd. leads the revenue ranking among listed sugar substitute companies in China, with sales exceeding 1.9 billion yuan. Baolingbao, Rhein Biotech, and Sanyuan Biological follow, each with revenues exceeding 500 million yuan [5] Group 3: Industry Concentration - The concentration levels in the sugar substitute industry are high for products like sucralose, aspartame, and sugar alcohols. Major manufacturers of sucralose include Jinhui Industrial and Shandong Kangbao, while aspartame is primarily produced by companies like Hanguang Sweeteners and the Vito Company [8] Group 4: Company Layout - Companies like Sanyuan Biological and Huakang Co., Ltd. have a high proportion of their business in sugar substitutes. Many companies focus on sugar alcohol products, with Huakang Co., Ltd. producing over 170,000 tons of crystalline sugar alcohol [9][11] - Key sales markets for Chinese sugar substitute companies include China, the Americas, Europe, and Japan and South Korea [9] Group 5: Competitive Analysis - The competitive state of the sugar substitute industry in China shows moderate competition among existing firms, with a significant threat from potential new entrants due to growing health demands [12] - The bargaining power of upstream suppliers is strong, as the main raw materials are sourced from starch and chemical raw material companies, which are generally larger than the sugar substitute manufacturers [12] - The bargaining power of downstream customers is relatively weak, especially for small clients, while industry leaders maintain some pricing power [12]

Core Points - Huakang Co., Ltd. announced the completion of the fundraising project for the "1 million tons of corn deep processing health food ingredients project" [2] - The company has utilized all the raised funds for the project, resulting in a remaining balance of 0 yuan [2] - The company has officially concluded the fundraising project [2]

Core Viewpoint - Huakang Co., Ltd. announced plans to engage in commodity futures and options hedging business, as well as foreign exchange hedging business, to manage raw material needs and mitigate risks [2] Group 1: Commodity Futures and Options Hedging - The company will hold its sixth board meeting on October 28, 2025, to review the proposal for engaging in commodity futures and options hedging [2] - The maximum amount for margin and premiums for futures and options hedging is set at RMB 100 million, with a maximum contract value of RMB 600 million held on any trading day [2] Group 2: Foreign Exchange Hedging - The foreign exchange hedging business will have a maximum margin and premium limit of USD 1 million (or equivalent in other currencies) [2] - The expected maximum contract value for foreign exchange hedging, including related amounts from trading profits, will not exceed USD 10 million (or equivalent in other currencies) on any trading day [2]

Core Insights - Huakang Co., Ltd. (605077.SH) reported a significant increase in operating revenue for Q3 2025, reaching 1.093 billion yuan, which represents a year-on-year growth of 46.33% [1] - The net profit attributable to shareholders of the listed company was 34.6763 million yuan, showing a decline of 28.55% compared to the previous year [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 30.6817 million yuan, reflecting a year-on-year decrease of 40.47% [1]

Core Viewpoint - Huakang Co., Ltd. has elected Chen Deshui as the representative director to execute company affairs and serve as the legal representative of the company [1] Summary by Categories - **Company Leadership** - Chen Deshui has been elected as the director representing the company and will also act as the legal representative [1]