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]

摘要 代糖联合解读：阿洛酮糖获批 20250703 阿洛酮糖获批为新食品原料，扩大了其在食品领域的应用范围，尤其是 在减肥和糖尿病相关产品中，并可用于食品热加工，但需注意生产工艺 的菌种和供体限制。 中粮科技已掌握玉米淀粉为原料的阿洛酮糖生产技术，并获批相关酶制 剂，正推进万吨级产线建设，预计 2025-2027 年归母净利润分别为 1 亿元、1.6 亿元和 2.3 亿元，今年同比增速约 300%。 百龙创园是国内首家实现阿洛酮糖工业化生产和营收的企业，2024 年 健康甜味剂业务营收 1.56 亿元，毛利率 19%，并计划在泰国扩建产能， 主要出口海外。 保龄宝作为功能性代谢产品龙头，具备晶体及液体阿洛酮糖生产能力， 现有产能超 5,000 吨，并计划 2026 年扩产至 3 万吨，主要用于出口。 阿洛酮糖的获批将刺激产能释放，拥有技术和产能储备的公司如百龙创 园、保龄宝和中粮科技的市场前景看好，相关公司股价值得关注，中粮 科技预计今年同比增速约 300%，目标价 6 块 8。 Q&A 阿洛酮糖在全球食品领域的定位是什么？其主要特点和优势有哪些？ 阿洛酮糖被市场视为最具有替代蔗糖潜力的产品。每年全球蔗糖消费 ...

证券代码：000930 证券简称：中粮科技 中粮生物科技股份有限公司投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | □ 特定对象调研□分析师会议 | | --- | --- | | 类别 | □媒体采访□业绩说明会 | | | □新闻发布会□路演活动 | | | □现场参观 | | | 其他（投资者交流会） | | 参与单位名称及 | 中信建投基金管理有限公司、Dymon Asia Capital Limited、上海 | | | 尚雅投资管理有限公司、上海常春藤私募基金管理有限公司、 | | 人员姓名 | 中信证券证券金融业务线、博时基金管理有限公司、中金基金 | | | 管理有限公司、上海尚雅投资管理有限公司、上海远策投资管 | | | 理中心（有限合伙）、珠海横琴智合远见私募基金管理中心（有 | | | 限合伙）、上汽颀臻（上海）资产管理有限公司、中国人民养 | | | 老保险有限责任公司、北大方正人寿保险有限公司、新华基金 管理股份有限公司、深圳前海道谊投资控股有限公司、冯源（宁 | | | 波）私募基金管理有限公司、青岛立心私募基金管理有限公司、 | | | 深圳宽裕资产管理 ...

Investment Rating - The industry investment rating is "Outperform the Market" (maintained rating) [6] Core Viewpoints - The approval of D-Allulose as a new food ingredient in China marks its official application license, indicating significant market potential as a low-calorie sweetener with health benefits [1][2] - The global D-Allulose market is projected to grow at a CAGR of 33.26% from 2019 to 2023, with an expected market size of USD 545 million by 2030 [1] - Companies with relevant production capacity and technology are expected to benefit from the industry boom, with key recommendations including Bailong Chuangyuan, Baolingbao, and COFCO Technology [3] Summary by Sections Section 1: Industry Overview - D-Allulose is a natural low-calorie sweetener found in various plants, with a sweetness level of 70% compared to sucrose and only one-tenth of its calories [1] - The substance has been recognized for its health benefits, including vascular health and blood sugar regulation [1] Section 2: Production and Companies - COFCO Technology is the first and only company in China to produce D-Allulose using enzyme technology, having developed a proprietary enzyme for its production [2] - Bailong Chuangyuan has achieved over RMB 156 million in revenue from D-Allulose, with plans for significant capacity expansion in Thailand [3] - Baolingbao has been involved in D-Allulose research for nearly a decade and is expanding its production capacity to 30,000 tons by 2026 [3] Section 3: Investment Recommendations - The report recommends buying shares of Bailong Chuangyuan, Baolingbao, and COFCO Technology due to their established market positions and expansion plans [3][5]

Core Insights - COFCO Technology has received approval from the National Health Commission for D-Allulose produced through enzyme technology, marking it as the first and only company in China to achieve this milestone [1][2] - The development of D-Allulose involved overcoming significant challenges related to enzyme stability and production processes, demonstrating COFCO's commitment to innovation in the food industry [1][2] Company Development - The project for D-Allulose began in 2017, with a focus on enzyme preparation and regulatory approval, culminating in successful approval in May 2023 after overcoming multiple challenges [2] - COFCO Technology has applied for 17 patents related to D-Allulose technology, with 10 already granted, establishing a strong technological barrier and competitive advantage in the market [2] Strategic Implications - The approval of D-Allulose is a testament to COFCO's strategy of leveraging technological innovation to drive health transformation in the food sector, with plans to further develop applications in health food ingredients [2]

具体内容详见公司于 2024 年 12 月 23 日、2025 年 5 月 21 日在巨潮资讯网、 《中国证券报》、《证券时报》《证券日报》《上海证券报》披露的相关公告《中 粮生物科技股份有限公司九届董事会 2024 年第 4 次临时会议决议公告》（公告 编号：2024-083）、《中粮生物科技股份有限公司关于公开挂牌转让所持参股公 司徽商银行股份有限公司股权的公告》（公告编号：2024-084）和《中粮科技： 关于公开挂牌转让所持参股公司徽商银行股份有限公司股权进展暨交易结果的 公告》（公告编号：2025-044）。 证券代码：000930 证券简称：中粮科技 公告编号：2025-048 中粮生物科技股份有限公司 关于公开挂牌转让所持参股公司徽商银行股份有限公司股权完 成过户登记的公告 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 性陈述或者重大遗漏。 一、本次股权转让的基本情况 2024 年 12 月 19 日，中粮生物科技股份有限公司（以下简称公司）九届董 事会 2024 年第 4 次临时会议决议通过了《关于公开挂牌转让所持参股公司徽商 银行股份有限公司股权的议案》；2024 ...

Investment Rating - The report gives a "Buy" rating for COFCO Technology with a target price of 6.8 CNY, based on a price-to-book (PB) ratio of 1.2 for 2025 [5][3]. Core Views - COFCO Technology is a leading player in the domestic corn deep processing industry, with its dividend value becoming more prominent as performance improves. The company has a strong cost control capability, which has allowed it to turn a profit in 2024 despite low corn prices [1][3]. - The company is focusing on sustainable business models centered around biotechnology, with significant developments in bioenergy, fermentation products, and biodegradable materials [2][3]. Summary by Sections Company Overview - COFCO Technology, controlled by COFCO Group, has established a comprehensive corn processing industry layout covering food, food ingredients, bioenergy, and biodegradable materials. It is recognized as a leading corn deep processing enterprise in terms of scale and technology [1][13]. Main Business Segments 1. **Bioenergy**: - The company is a leader in fuel ethanol production with a capacity of 1.35 million tons, accounting for 23% of the national total. The industry is currently experiencing a slowdown, prompting the company to diversify into high-end alcohol and carbon dioxide utilization [2][31]. 2. **Fermentation Products & Starch Raw Materials**: - COFCO Technology is a leading producer of starch sugars, focusing on products like fructose syrup and maltodextrin. The company plans to expand its production capacity significantly by 2025 [2][46]. 3. **Biodegradable Materials**: - The main product is polylactic acid (PLA), with applications in packaging and agriculture. The company is advancing its biodegradable materials business through subsidiaries and plans to enhance its production capabilities [2][72]. Financial Forecast & Valuation Analysis - Revenue projections for 2025-2027 are 20.62 billion, 21.25 billion, and 22.97 billion CNY, respectively. The net profit attributable to shareholders is expected to reach 1.02 million, 1.64 million, and 2.34 million CNY for the same period [3][4]. - The report highlights the company's strong recovery in profitability, with a net profit of over 40 million CNY in Q1 2025, a year-on-year increase of 63.17% [1][3]. Investment Recommendations - The report emphasizes the potential for COFCO Technology to explore sustainable development models centered on biotechnology, which could enhance its dividend value as performance improves [3][5].

| 4、公司在哪些方面具有竞争优势？ | | --- | | 公司一直保持着较低的资产负债率和比较健康的现金流，通过下 属加工企业的全国布局，有着比较明显的原料掌控能力、市场渠 | | 道开发能力和客户维护能力，同时，公司近几年加大研发投入， | | 在降本增效和技术进步方面发挥很大作用。 | | 5、这些年公司在哪些方面进行了改造和转型？ | | 公司近些年加大在淀粉糖方面的布局，除已经进行的成都 15 万 | | 吨淀粉糖扩建和太仓 55 万吨新建项目外，也在调研其他区域布 | | 局的可行性，并且加大各种风味调配糖浆新品研发、推动阿洛酮 | | 糖前期产品研发。淀粉和酒精业务加大了装置升级改造项目，投 | | 入 4 亿元左右进行热电装置改造。公司下一步将继续通过装置升 | | 级和高附加值产品开发推动转型升级。 | | 6、燃料乙醇产业未来发展的前景如何？是否可以完全替代汽 | | 油？ | | 燃料乙醇在美国需求量近 5000 万吨，巴西也有 2000 多万吨，目 | | 前国内市场需求保持在 330 万吨左右。燃料乙醇产业未来的发展 | | 一方面要结合国家双碳战略和粮食政策，另一方面要突破非粮原 ...

Core Viewpoint - The upgrade of the "plastic ban" has led to a significant increase in the demand for polylactic acid (PLA) in various sectors, including packaging and disposable tableware, with China's PLA consumption expected to reach 240,000 tons in 2024, a year-on-year increase of 60% [1][12]. Industry Overview - Polylactic acid (PLA) is a biodegradable polymer material derived from the polymerization of lactic acid, which can be obtained from renewable plant resources through fermentation [4]. - PLA has good biocompatibility and can be decomposed by microorganisms in the natural environment, making it an environmentally friendly material [4]. Industry Development History - The PLA industry in China has gone through three main stages: the embryonic stage (1979-2006), the initiation stage (2007-2019), and the explosive growth stage (2020-present) [4][5]. - The government has implemented policies to restrict the use of non-degradable plastics, which has significantly boosted the demand for PLA [5][6]. Industry Chain - The PLA industry chain includes upstream raw materials (corn, sugarcane, etc.), midstream PLA production, and downstream applications in food packaging, disposable tableware, and medical devices [8]. Current Industry Status - The demand for PLA has surged due to the expanded scope of the plastic ban, with significant advancements in domestic production technology leading to lower costs and improved product quality [12]. - In the first four months of 2025, China's imports of primary PLA amounted to $48.39 million, a year-on-year increase of 42.69%, while exports reached $22.24 million, up 35.53% [14]. Key Companies' Performance - The PLA industry in China is characterized by strong leading companies, such as Anhui Fengyuan and Zhejiang Haizheng, which have established comprehensive industry chains and technological advantages [16][20]. - Anhui Fengyuan has a complete industry chain from corn planting to PLA deep processing, while Zhejiang Haizheng has achieved significant breakthroughs in the industrialization of key PLA raw materials [17][20]. Industry Development Trends 1. The global upgrade of plastic ban policies is a core driver for the PLA industry's growth, with increasing consumer awareness of environmental issues further boosting demand [22]. 2. Technological innovations and industry chain integration are accelerating, with domestic companies reducing reliance on imported technologies [23][24]. 3. The demand for high-end PLA products is growing, leading to a transformation towards high-value-added sectors, while international competition is intensifying [25].

本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或者重大遗漏。 中粮生物科技股份有限公司（以下简称公司）董事会于近日收到公司独立 董事陈国强先生的书面辞职报告。 陈国强先生因工作原因，申请辞去公司独立董事、董事会战略委员会委 员、董事会提名委员会委员、董事会薪酬与考核委员会委员职务，辞职后，陈 国强先生将不在公司担任任何职务。截至本公告日，陈国强先生未持有公司股 份。 证券代码：000930 证券简称：中粮科技 公告编号：2025-047 中粮生物科技股份有限公司 关于公司独立董事辞职的公告 特此公告。 中粮生物科技股份有限公司 董 事 会 2025 年 6 月 11 日 由于陈国强先生的辞职将导致公司董事会中独立董事的人数低于法定人 数，根据相关规定，陈国强先生的辞职将在公司股东大会选举产生新任独立董 事后生效。在公司新任独立董事尚未确定之前，陈国强先生将继续按照有关法 律法规以及《公司章程》等规定履行独立董事职责。公司董事会将按照有关规 定履行相关程序，尽快完成独立董事的补选工作。 陈国强先生在公司任职期间勤勉尽责，认真履职，公司董事会对陈国强先 生为公司发展做出的贡献 ...