证券代码：002597 证券简称：金禾实业 公告编号：2025-039 安徽金禾实业股份有限公司 第六届董事会第二十六次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 安徽金禾实业股份有限公司（以下简称"公司"或"本公司"）第六届董事会第 二十六次会议于 2025 年 7 月 8 日以电话及邮件的方式向各位董事发出通知，并 于 2025 年 7 月 18 日上午 9 时整在公司会议室以现场结合通讯方式召开，会议由 董事长杨乐先生主持召开，本次会议应参加表决的董事 8 人，实际参加表决的董 事 8 人，符合《公司法》《公司章程》的规定。会议审议并通过了以下议案： 一、审议通过了《关于选举第七届董事会非独立董事候选人的议案》 鉴于公司第六届董事会任期届满，根据《公司法》《公司章程》等有关规定， 公司按照相关程序进行董事会换届选举。经公司董事会提名委员会审核，公司董 事会同意提名杨乐先生、周睿先生、王从春先生、陶长文先生、孙庆元先生为公 司第七届董事会非独立董事候选人。 公司以现场会议形式召开了职工代表大会审议通过并形成以下决议：选举刘 瑞元先生为公司 ...

Core Viewpoint - The company has established a production capacity of 10,000 tons per year for D-alloheptulose and possesses extensive industrial experience in various production processes such as enzyme immobilization, column conversion, purification, and crystallization [1] Production Capacity and Infrastructure - The production base located in Chuzhou, Anhui, is equipped with comprehensive supporting facilities and rich experience in sweetener production, providing a solid foundation for the rapid increase in alloheptulose production capacity [1] - The company is currently collaborating with customers to assess the application and demand for alloheptulose products, indicating a proactive approach to market needs [1] Future Expansion Plans - If necessary, the company plans to timely increase the load of its facilities to expand production capacity [1]

证券代码：002597 证券简称：金禾实业 公告编号：2025-038 安徽金禾实业股份有限公司 本报告期内，公司食品添加剂产品市场供需格局有所改善，主要食品添加剂 产品价格较上年同期有不同程度上涨。同时，部分功能性化工产品价格有较大幅 度的提升，对利润增长形成积极贡献。 一、本期业绩预计情况 1．业绩预告期间：2025 年 1 月 1 日至 2025 年 6 月 30 日 2.预计的业绩： 亏损 扭亏为盈 √同向上升 同向下降 | 项目 | 本报告期 | 上年同期 | | | --- | --- | --- | --- | | 归属于上市公 司股东的净利 | 盈利：33,000.00 万元-35,000.00 万元 | 盈利：24,705.92 | 万元 | | 润 | 比上年同期增长：33.57%-41.67% | | | | 扣除非经常性 损益后的净利 | 盈利：32,000.00 万元-34,000.00 万元 | 盈利：24,969.88 | 万元 | | 润 | 比上年同期增长：28.15%-36.16% | | | | 基本每股收益 | 盈利：0.60 元/股-0.64 元/股 | 盈利：0.4 ...

金禾实业（002597）公告，预计2025年1月1日至2025年6月30日归属于上市公司股东的净利润为3.3亿 元-3.5亿元，比上年同期的2.47亿元增长33.57%-41.67%。 ...

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has shown better performance than the market, with a year-to-date increase of 8.9%, outperforming the Shanghai Composite Index by 4.2 percentage points [4][16] - The global potash market is characterized by oligopoly, with major producers controlling supply and prices. Recent production cuts by key players are expected to sustain potash market conditions [5][27] - Phosphate supply remains tight, with stable prices and potential improvements in export opportunities as demand increases [5][27] Summary by Sections 1. Core Viewpoints - Policies are expected to improve supply-demand dynamics in the chemical sector, with a focus on cyclical investment opportunities [13] - The chemical industry is entering a new long-term prosperity cycle, driven by improved fundamentals and reduced risks [13][14] 2. Overall Performance of the Chemical Sector - The basic chemical industry index increased by 1.5% during the week, outperforming the Shanghai Composite Index by 0.4 percentage points [16] - Year-to-date, the basic chemical industry index has increased by 8.9%, significantly outperforming both the Shanghai Composite and ChiNext indices [16][18] 3. Individual Stock Performance in the Chemical Sector - Among 424 stocks in the basic chemical sector, 298 stocks rose while 123 fell during the week [25] - The top performers included companies like Shangwei New Materials (+72.9%) and Hongbo New Materials (+24.7%) [25][26] 4. Key News and Company Announcements - The autumn fertilizer preparation has begun, with a focus on investment opportunities in potash and phosphate fertilizers [27] - Major potash producers have announced production cuts, which are expected to tighten supply and support prices [5][27] - Phosphate prices remain stable, with potential for improved export conditions as demand increases [5][27] 5. Product Price Changes - The report highlights significant price increases in various chemical products, with notable gains in dimethylamine (+16.7%) and fatty alcohol (+8.2%) [6] - Conversely, urea prices have seen a significant decline (-15%) [6]

Investment Rating - The report maintains a positive outlook on the chemical industry, with specific buy and hold recommendations for various companies [2][20]. Core Insights - The report highlights the closure of Dow's organic silicon production capacity in Barry, UK, which is expected to increase domestic export demand and support the upstream industrial silicon costs, indicating a potential reversal in the organic silicon industry [4][5]. - The demand for high-end AI PCBs is projected to surge due to the continuous growth in computing power requirements, driven by GPU, ASIC, and 800G switch technologies [4]. - The report notes that the recent tariff announcements from the US on imports from Southeast Asia are lower than expected, stabilizing pessimistic market sentiments [4]. Industry Dynamics - The macroeconomic outlook for the chemical industry indicates a significant increase in oil supply led by non-OPEC countries, with a stable global GDP growth rate of 2.8% [5]. - The report mentions that coal prices are expected to decline in the medium to long term, alleviating pressure on downstream sectors [5]. - Natural gas exports from the US are anticipated to accelerate, potentially lowering import costs [5]. Company Recommendations - Companies to watch in the organic silicon sector include Dongyue Silicon Materials, Xin'an Chemical, and Xingfa Group [4]. - In the PCB sector, recommended companies include Shengquan Group, Dongcai Technology, Lianrui New Materials, Yake Technology, Tiancheng Technology, and Jiuri New Materials [4]. - For traditional cyclical stocks, the report suggests focusing on leading companies in various segments such as Wanhu Chemical, Hualu Hengsheng, and Baofeng Energy [4]. Price Trends - The report provides specific price movements for various chemical products, such as PTA prices decreasing by 2.8% to 4715 RMB/ton, while MEG prices increased by 0.7% to 4409 RMB/ton [11]. - Urea prices rose by 2.9% to 1800 RMB/ton, while phosphate prices remained stable [12]. - The report notes that the price of DMC increased by 1.9% to 11000 RMB/ton, indicating a recovery in the organic silicon market [15].

Group 1 - The core index of the CSI 1000 major consumer index reported at 7845.59 points, with a decline of 4.42% over the past month and 2.47% over the past three months, while it has increased by 0.26% year-to-date [1] - The CSI 1000 index consists of 10 industry indices selected based on liquidity and market representation, providing diverse investment targets for investors [1] - The top ten holdings in the CSI 1000 major consumer index include: Lao Baigan Wine (4.28%), Lianhua Holdings (3.75%), Biological Shares (3.1%), Zhongchong Shares (3.01%), Shunxin Agriculture (2.86%), Yanjinpuzi (2.81%), Jinhui Industry (2.79%), Shanghai Jahwa (2.53%), Miaokelan Duo (2.52%), and Tangrenshen (2.43%) [1] Group 2 - The market share of the CSI 1000 major consumer index is divided between the Shanghai Stock Exchange (51.18%) and the Shenzhen Stock Exchange (48.82%) [1] - The industry composition of the CSI 1000 major consumer index includes: Food (36.45%), Breeding (25.12%), Alcohol (12.51%), Household Products (10.76%), Planting (8.80%), Beauty Care (4.35%), and Soft Drinks (2.01%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December, and can also be adjusted temporarily under special circumstances [2]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [6][17]. Core Views - The approval of D-Allulose as a food ingredient marks a significant milestone for the company, positioning it as the second enterprise in China to receive approval for enzyme-based production of D-Allulose, enhancing its competitive edge in the functional sweetener market [3][4]. - The company currently has an annual production capacity of 10,000 tons for D-Allulose and is evaluating the potential for further expansion, indicating a strong growth trajectory in the sweetener segment [3][4]. - The financial projections for the company show a recovery in net profit, with expected figures of 1.17 billion, 2.12 billion, and 2.37 billion yuan for 2025, 2026, and 2027 respectively, reflecting a significant growth rate [4][3]. Summary by Sections Company Overview - The company is recognized for its technological leadership in the functional sweetener sector, particularly with the recent approval of its enzyme product for D-Allulose production [3]. Financial Performance - The projected revenue for 2025 is 6.63 billion yuan, with a growth rate of 25.03% compared to the previous year [4]. - The expected EBITDA for 2025 is 1.83 billion yuan, indicating a strong operational performance [4]. - The net profit for 2025 is projected to be 1.17 billion yuan, with a remarkable growth rate of 110.40% [4]. Market Position - The approval of D-Allulose aligns the company with international standards, as it follows similar approvals in the US, Canada, Australia, and New Zealand, suggesting a robust market potential both domestically and internationally [2][3].

Industry Overview - The approval of D-alloheptulose as a new food ingredient aligns with the trend of innovation and upgrading in China's sugar substitute industry, indicating a potential for rapid market penetration in beverages, baking, and confectionery sectors [1][3] - The global market for D-alloheptulose is projected to reach $147.7 million by 2024, with the U.S. market accounting for 30% and an expected compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [1] Company Developments - Baolingbao has been involved in the research and development of D-alloheptulose for nearly 10 years and plans to complete a technical transformation project in 2024 with an annual production capacity exceeding 5,000 tons [2] - Shandong Sanyuan Biotechnology has an existing annual production capacity of 10,000 tons of D-alloheptulose and is expanding with a second production line of the same capacity [2] - Jinhe Industrial has an annual production capacity of 1,000 tons of D-alloheptulose, while Shandong Bailong Chuangyuan has recently commenced production of its D-alloheptulose products [2]

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].