中粮科技：2025年上半年净利同比预增63%-92% 智通财经7月11日电，中粮科技(000930.SZ)发布2025年半年度业绩预告，预计归属于上市公司股东的净 利润为10,000万元–11,800万元，比上年同期增长63% - 92%。报告期内，公司抓住原料采购低价期，合 理把握购销节奏，强化运营效率和精益管理，积极推进系统低成本工作，经营情况稳中有进。 ...

二、对公司的影响 证券代码：000930 证券简称：中粮科技 公告编号：2025-049 中粮生物科技股份有限公司 关于收到 D-阿洛酮糖行政许可的自愿性信息披露公告 本公司及董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、收到 D-阿洛酮糖行政许可的基本情况 近日，中粮生物科技股份有限公司（以下简称公司）收到国家卫生健康委员 会（以下简称国家卫健委）出具的《行政许可审查结论通知书》（卫食新通字[2025] 第0010号），对于公司提交的关于D-阿洛酮糖（卫食新申字（2022）第0013号） 的行政许可申请，根据《食品安全法》《新食品原料安全性审查管理办法》，经 国家卫健委审查通过并已公告。 公司酶法生产D-阿洛酮糖获得卫健委行政许可审查通过，为公司下一步在国 内生产并销售阿洛酮糖确立了先决条件。目前公司尚未生产、销售该产品，敬请 广大投资者注意投资风险。 特此公告。 中粮生物科技股份有限公司 董事会 2025 年 7 月 11 日 ...

Group 1 - The core point of the article is that COFCO Technology (000930) has received approval from the National Health Commission for its application regarding D-Allulose, which establishes a prerequisite for the company to produce and sell this product domestically [1] - The approval signifies a potential opportunity for COFCO Technology to enter the market for D-Allulose, although the company has not yet commenced production or sales of the product [1]

Core Viewpoint - COFCO Technology has received approval from the National Health Commission for its administrative license application to produce D-Allulose through enzymatic methods, establishing a prerequisite for domestic production and sales of the product [1] Group 1 - The administrative license approval is a significant step for COFCO Technology in the production and sales of D-Allulose in China [1] - Currently, the company has not yet commenced production or sales of D-Allulose, which investors should be aware of [1]

Group 1: Approval and Safety Standards - The approved daily intake of allulose by the FDA is 33 grams, while the National Health Commission (NHC) of China has set it at 20 grams, reflecting stricter domestic standards [2][3] - The approval process for allulose took approximately two years for the company, involving safety evaluations by both the Ministry of Agriculture and the NHC [1][2] Group 2: Market Potential and Product Development - The future market potential for allulose is estimated to be between 150,000 to 200,000 tons over the next 3 to 5 years, particularly in beverages, baking, dairy products, and sauces [4] - The company is focusing on optimizing enzyme costs and production processes, as well as conducting extensive research on the application of allulose in various food products [2][3] Group 3: Competitive Advantages - The company holds a first-mover advantage in market access, which is crucial for future development [3] - The core competencies include a strong R&D platform for synthetic biology and a comprehensive industrial layout, particularly in the sugar raw materials sector [3] Group 4: Customer Interaction and Market Readiness - There is significant interest from downstream customers, including tea and dairy companies, indicating a readiness to purchase allulose products once approved for domestic use [2][3] - The company is prepared to offer allulose in both liquid and solid forms based on customer needs and cost assessments [4]

Core Viewpoint - The corn starch industry in China is a crucial pillar of the agricultural product deep processing sector, exhibiting a mature supply-demand system with a balanced state in 2024, where production is projected to reach 37.99 million tons and apparent demand at 37.97 million tons, indicating a tight balance overall [1][13]. Group 1: Industry Overview - The corn starch industry has established a stable supply-demand structure, with production and demand closely aligned, reflecting a trend of "stable total volume and optimized structure" [1][13]. - The industry is transitioning from traditional scale expansion to high-quality development, with an increasing proportion of high-value-added products, demonstrating resilience [1][13]. - The corn starch is derived from corn kernels through various processes and is categorized into three types: regular corn starch, modified starch, and specialty corn starch, widely used in food processing, pharmaceuticals, textiles, and biodegradable materials [2][4]. Group 2: Policy Support - Recent national policies have significantly supported the corn starch industry, emphasizing green manufacturing and high-end product development, with specific encouragement for bio-based products and functional food additives [4]. - Local governments are also promoting the development of the corn starch deep processing industry, aiming for a stable planting area and a substantial industry scale by 2027 [4]. Group 3: Industry Chain - The corn starch industry in China features a complete industrial chain with a "dispersed upstream, concentrated midstream, and diversified downstream" structure [6]. - The midstream processing segment is highly concentrated, with key regions like Shandong and Hebei forming industrial clusters, while downstream applications are diversifying into traditional and emerging sectors [6]. Group 4: Market Dynamics - The corn production in China is vital, with a total output exceeding 294.92 million tons in 2024, accounting for over 40% of the total grain production, supported by increased planting area and yield [9]. - The demand for corn starch is robust across various sectors, with the food industry being the largest consumer, followed by starch sugar, paper, pharmaceuticals, and chemicals [11]. Group 5: Competitive Landscape - The competitive landscape of the corn starch industry is characterized by a concentration of leading firms, with the top five companies holding approximately 45% market share, while smaller firms focus on niche markets [19]. - The industry is evolving towards a "technology-driven, chain collaboration, and scenario-focused" competitive model, with leading companies integrating their operations from corn to starch to bio-based materials [19]. Group 6: Future Trends - The corn starch industry is undergoing a transformation driven by technological innovation, with advancements in smart manufacturing and green production methods [21]. - Market demand is shifting towards high-end and diversified applications, particularly in biodegradable materials and health-oriented products, with significant growth expected in these areas [22][23]. - The industry is also seeing increased integration and globalization, with leading firms expanding their operations and establishing a presence in international markets [24].

Core Viewpoint - The company, COFCO Technology, is actively engaging in futures hedging to mitigate market risks and has established a leading position in the biofuel sector, particularly in the production of D-alloheptulose sugar through a unique enzymatic process approved by health authorities [2][3]. Group 1: Stock Performance - As of July 7, 2025, COFCO Technology's stock closed at 5.85 yuan, down 1.35%, with a turnover rate of 1.33%, a trading volume of 246,400 shares, and a transaction value of 145 million yuan [1]. Group 2: Investor Inquiries and Company Responses - The company plans to continue its futures hedging activities in 2025 to control market risks related to raw materials and product prices [2]. - Alcohol and its by-products account for approximately 45% of the company's total sales revenue, with annual sales of around 1.3 million tons, including about 1 million tons of fuel ethanol, indicating a leading market share in the industry [2]. - The company has received approval from the National Health Commission for its enzymatic production of D-alloheptulose sugar, establishing a unique compliance position and market advantage in China [2].

Core Viewpoint - The corn industry is a strategic pillar for China's food security, with significant growth in planting area, yield, and total production expected in 2024, despite short-term market adjustments due to international price fluctuations and rising costs [1][8][14]. Group 1: Industry Overview - The corn processing industry in China has developed a complete industrial chain, from primary processing to modern biobased material research, becoming a key hub for agricultural production and industrial manufacturing [1][5][14]. - Corn processing can be categorized into primary processing and deep processing, producing various products for food, feed, and industrial applications [2][3][5]. Group 2: Current Development Status - In 2024, China's corn planting area is projected to reach 44.74 million hectares, a year-on-year increase of 1.18%, with a yield of 439.4 kg/mu, contributing to a total production of 294.92 million tons, a 2.1% increase from the previous year [1][8][10]. - The total corn consumption in 2024 is expected to reach 31.78 million tons, with industrial consumption growing by 3.07% to 7.94 million tons, driven by innovations in deep processing [12][14]. Group 3: Market Trends - The corn deep processing market size is expected to adjust to 190 billion yuan in 2024, down 6.4% from its peak in 2022, but the long-term growth trend remains solid [1][14]. - The corn processing industry is transitioning towards green and low-carbon practices, focusing on high-value product development such as polylactic acid and functional sugars [24][25][26]. Group 4: Competitive Landscape - The corn deep processing industry in China has a tiered competitive structure, with leading companies like COFCO Technology and Meihua Biological occupying the top tier, focusing on high-value products [20][22]. - The market for corn starch is highly concentrated, with top companies holding over 44% market share, and there is a trend towards differentiation and expansion into biobased materials and other emerging fields [22][24].

Group 1: Zhong Grain Technology - Zhong Grain Technology has obtained domestic compliance status for the production of allulose, becoming the only company to receive approval for new food ingredients using a specific enzyme method [1] - Allulose has advantages in metabolism, taste, and processing characteristics, with broader future applications expected, particularly in beverages, baking, and dairy products [1] - The company plans to accelerate production line construction, leveraging prior technological accumulation to reduce costs, with a single production capacity planned at 10,000 tons and a construction time of approximately 10 months [1] Group 2: Huadian Technology - Huadian Technology focuses on differentiated operations, emphasizing sustainable long-term benefits and maintaining a balanced customer base while continuously investing in technological innovation [2] - Projected revenues for 2024 are approximately 10.093 billion yuan from the enterprise communications market and about 2.408 billion yuan from the automotive sector [2] - The company is accelerating customer certification and product introduction at its small-scale production base in Thailand while controlling initial costs [2] Group 3: Lansi Heavy Industry - Lansi Heavy Industry holds multiple qualification certificates in the nuclear equipment sector, covering the entire industry chain, and plans to accelerate the development of fourth-generation nuclear power equipment and spent fuel processing markets [3] - Following the acquisition of a superalloy company in 2023, the company has expanded its product range to include various alloy materials, with orders worth 918 million yuan expected in 2024 [3] - The company has established early layouts in the coal chemical industry, with production bases in Xinjiang and Lanzhou, and possesses capabilities in manufacturing various coal chemical equipment and EPC contracting [3]

Summary of Key Points from the Conference Call Industry Overview - The approval of allulose as a new food ingredient expands its application in the food sector, particularly in weight loss and diabetes-related products, and allows for food thermal processing, although production methods have specific strain and donor limitations [1][4][16]. Company Insights COFCO Technology - COFCO Technology has developed allulose production technology using corn starch and has received approval for related enzyme preparations, advancing the construction of a production line with a capacity of 10,000 tons. Expected net profits for 2025-2027 are projected at 100 million, 160 million, and 230 million yuan respectively, with a year-on-year growth rate of approximately 300% this year [1][5]. Bailingbao - Bailingbao is a leading company in functional metabolic products, with a production capacity exceeding 5,000 tons and plans to expand to 30,000 tons by 2026. The company is primarily focused on exports [1][7]. Bailing Chuangyuan - Bailing Chuangyuan is the first company in China to achieve industrial-scale production and revenue from allulose, with a projected revenue of 156 million yuan in 2024 and a gross margin of 19%. The company plans to expand capacity in Thailand, primarily for export [1][6][17]. Jinhui Industrial - Jinhui Industrial is a leader in the sugar substitute industry, with a leading global market share in sucralose and acesulfame. The company is actively developing allulose and offers blended sweetness solutions [3][13]. Jindawei - Jindawei is constructing a 30,000-ton allulose project, benefiting from the approval of allulose as a food additive. The company has also acquired the US brand RX Sugar to expand its portfolio [22]. Market Dynamics - Allulose is viewed as a potential substitute for sucrose, with a sweetness level of 70% compared to sucrose but only 1/10th the calories. It has health benefits such as vascular softening and blood sugar regulation, making it suitable for weight loss and diabetes applications [2][16]. - The global sugar substitute market is still in its early stages, with only about 10% of global food consumption utilizing sugar substitutes. The market for sugar substitutes is expected to grow significantly [9]. Competitive Landscape - Allulose's approval is a significant event for the sugar substitute industry, marking a new phase of development. Companies with technological and production capacity reserves, such as Bailing Chuangyuan, Bailingbao, and COFCO Technology, are expected to have favorable market prospects [8][16]. - The competitive advantage of allulose includes its low caloric content, low glycemic index, and ability to participate in the Maillard reaction, which enhances its application in baked goods [12][16]. Financial Projections - Bailing Chuangyuan's profit growth exceeded expectations at 52% in Q1 2025, with projected annual revenue and profit growth rates of over 35% and 43% respectively [3][19]. - COFCO Technology's stock price is worth monitoring, with a target price of 6.8 yuan, reflecting a projected year-on-year growth of approximately 300% [1][8]. Conclusion - The approval of allulose as a new food ingredient is expected to stimulate capacity release and expand market opportunities for companies with established production capabilities. The overall outlook for the sugar substitute industry remains positive, with significant growth potential in various food applications [1][8][16].