Core Viewpoint - The company is focused on reducing production costs through various measures, with raw material costs being a key factor [2] Group 1: Raw Material Strategy - The company has transitioned from using glucose as the main raw material to starch, and this year has shifted to primarily using liquid starch, which has effectively reduced upstream energy consumption and helped lower raw material costs [2] - The company is accelerating the construction of a corn processing production line to further reduce raw material costs by extending upstream in the supply chain, enhancing product market competitiveness [2] Group 2: Regulatory Considerations - Utilizing corn as the main raw material may help create conditions for the EU anti-dumping review, aiming to lower tax rates through legal means [2]

证券日报网讯三元生物11月25日发布公告，在公司回答调研者提问时表示，今年以来，受市场利率下调 等因素影响，公司投资收益同比显著减少。为了提升经营业绩，公司在成本管控、生产优化及市场布局 等方面持续推进多项举措：通过丰富产品结构以摊薄固定成本，增加新的利润来源；通过光伏发电和设 备节能改造等方式降低能耗成本；持续提升生产线自动化水平，优化人员配置，确保技术人员能够更好 地支持新产品的产业化；在基础研发和工艺优化方面取得阶段性进展，赤藓糖醇的转化率进一步提升， 并围绕新产品形成系统的专利布局；同时，积极拓展国内市场及东南亚、印度、中东等新兴市场，部分 地区的增量需求对欧美市场波动形成一定对冲作用。 （文章来源：证券日报） ...

Core Viewpoint - Sanwei Biotech is actively advancing the industrialization and market expansion of diversified products, including allulose, tagatose, mannitol, and others, to enhance its product structure and overall business resilience [2]. Product Development - Allulose: The company has launched a production capacity of 10,000 tons, with an additional 10,000 tons under construction. Sales from January to September have shown significant year-on-year growth, meeting the needs of domestic clients like Nayuki Tea and steadily increasing overseas demand [2]. - Tagatose: Approved as a new food ingredient in China since 2014 and recognized in multiple countries, the company is optimizing production processes to reduce costs and enhance market potential. Tagatose and allulose both possess health benefits related to blood sugar control and gut microbiota regulation, with ongoing efficacy research in collaboration with Binzhou Medical University [2]. - Mannose: The company has small-scale production capabilities and is in the process of applying for domestic and overseas certifications. Mannose is gaining attention for its applications in medical research and health nutrition [2]. - Mannitol: The company has developed a cost advantage through new production processes and plans to gradually introduce it to the market [2]. - Reb M: The market acceptance of Reb M is increasing through continuous promotion, and the company has also developed sweet tea glycosides from regular steviol glycosides, with mature processing technology [2]. - Cosmetic Ingredients: The company leverages its synthetic biology technology to develop glycerol glycosides, ascorbic acid glucosides, and alpha arbutin, expanding its product applications in the daily chemical sector [2]. Strategic Goals - The gradual advancement of these products will help the company maintain its core competitiveness in erythritol while enhancing product diversity and improving overall business stability and risk resistance [2].

Core Viewpoint - Sanwei Biotech announced its commitment to customer-driven innovation in the industrial application of functional sugars, particularly focusing on the growing demand for allulose in international markets [2] Group 1: Allulose Market - The demand for allulose from American clients, including companies like Tyle, is robust, with increasing acceptance in Australia and Southeast Asia [2] - The limited number of domestic manufacturers with production licenses for allulose provides a competitive advantage for the company to capture market share [2] Group 2: Tagatose Market - Japanese downstream companies are accelerating their investments in tagatose, with clients visiting the company to assess production capacity and quality systems for stable raw material supply [2] - A well-known Japanese enterprise is planning to develop food products containing mannose and is researching regulatory registration for mannose based on the company's products [2] - Some collaborations are still in the communication and verification stages, with the company aiming to advance new product launches steadily under compliance [2]

（文章来源：证券日报） 证券日报网讯三元生物11月25日发布公告，在公司回答调研者提问时表示，公司出口至美国市场的赤藓 糖醇价格维持在每公斤一美元多的水平，未发生显著变化。针对美国"双反"调查，公司已聘请专业律师 团队依法参与应诉，积极就调查程序及裁定依据提出意见。与此同时，来自美国市场的相关客户亦就调 查期内美国本土企业未生产的有机赤藓糖醇、复配糖和非转基因赤藓糖醇等产品向美国商务部提交了异 议材料，通过法律途径维护其正当权益。公司将继续关注调查进展及相关政策变化，在依法合规的前提 下积极寻求合理的发展空间。 ...

证券日报网讯三元生物11月25日发布公告，在公司回答调研者提问时表示，据公司了解，行业内普遍以 销定产，企业通常仅维持用于平衡生产节奏的必要库存，不存在因反倾销调查而积压大量库存的情形。 从市场价格来看，赤藓糖醇目前处于底部运行。公司在确保成本可控和维持合理价差的前提下，主动通 过适度的价格策略加强客户合作与市场拓展，使产品竞争力和销量均得到一定加强。 （文章来源：证券日报） ...

Core Insights - On November 24, a total of 17 companies were investigated by institutions, with 10 companies being surveyed by funds, indicating a strong interest in specific stocks [1] - Among the surveyed companies, 6 attracted more than 5 funds, with Crystal Morning Technology being the most popular, receiving attention from 35 funds [1] - The total market capitalization of the surveyed A-shares includes 1 company with a market cap over 500 billion yuan, and 6 companies with market caps below 100 billion yuan [1] Company Summaries - **Crystal Morning Technology (688099)**: Received the highest interest with 35 funds participating in the survey, latest closing price at 92.72 yuan, and a 5-day price increase of 15.68% [1] - **Weili Transmission (300904)**: Attracted 19 funds, latest closing price at 69.20 yuan, with a 5-day price decrease of 2.40% [1] - **Haiyou New Materials (688680)**: Surveyed by 8 funds, latest closing price at 39.17 yuan, experiencing a significant 5-day price drop of 14.83% [1] - **Sanyuan Bio (301206)**: Engaged 7 funds, latest closing price at 27.32 yuan, with a 5-day decline of 5.07% [1] - **Dayilong (002209)**: Also received attention from 7 funds, latest closing price at 14.39 yuan, with a 5-day decrease of 5.95% [1] - **Yongdong Shares (002753)**: Participated by 5 funds, latest closing price at 8.01 yuan, with a slight increase of 3.35% over 5 days [1] - **Hengyi Petrochemical (000703)**: Surveyed by 3 funds, latest closing price at 6.96 yuan, with a 5-day decline of 7.94% [1] - **Weichai Power (000338)**: Engaged 2 funds, latest closing price at 16.60 yuan, with a 5-day decrease of 6.21% [1] - **Zhongsheng Pharmaceutical (002317)**: Attracted 1 fund, latest closing price at 24.08 yuan, with a 5-day decline of 9.20% [1] - **Meirui New Materials (300848)**: Also surveyed by 1 fund, latest closing price at 14.89 yuan, with a 5-day drop of 10.52% [1]

Summary of the Conference Call for Sanren Biological Industry and Company Overview - The conference call discusses Sanren Biological, a company involved in the production of erythritol and other sugar substitutes, particularly in the context of international trade challenges and product development strategies. Key Points and Arguments Impact of U.S. Tariffs - The U.S. imposed a preliminary anti-dumping duty of 462% on erythritol, severely hindering direct exports. Despite this, the company managed to maintain some sales through transshipment trade due to strong demand and brand recognition in the U.S. market, although sales volume decreased by 25% year-on-year from January to September [2][3][5]. Legal Actions and Market Adaptation - Some customers have filed lawsuits regarding the anti-dumping duties, which could potentially allow for legal exports if the court rules that certain blended products are exempt. The U.S. government shutdown has delayed these rulings, but a resolution is expected within the next year [2][5]. European Market Challenges - The European Union has also imposed high anti-dumping duties, leading to a halt in direct exports. The company has adjusted its product formulations to produce erythritol blends with less than 90% altritol to circumvent these tariffs, which has been gradually accepted by customers, resulting in increased demand [2][6]. Domestic Market Conditions - Domestic erythritol prices have stabilized at around $1.2 to $1.3 per kilogram, with low inventory levels across the industry. Companies are primarily producing based on sales demand, and despite price reductions for promotions, Sanren Biological has managed to maintain operational effectiveness [2][7][8]. Cost Management Strategies - The company has implemented various measures to reduce production costs, including technological improvements, energy-saving modifications, and automation. These strategies have helped mitigate the impact of anti-dumping measures from the U.S. and Europe while expanding into emerging markets in Southeast Asia, the Middle East, and South America [2][9]. New Product Development - Sanren Biological is actively developing new products such as altritol, tagatose, and cosmetic ingredients, with increasing domestic and international demand for altritol. The company has begun small-scale supply of these products and is exploring market opportunities [2][4][10][11]. Financial Considerations - The decline in bank interest rates has negatively impacted the company's financial income. However, the company plans to manage funds flexibly and explore horizontal mergers and acquisitions to enhance performance and profitability [2][14]. Future Outlook for Altritol - There is significant interest in altritol, with several companies planning large-scale production. However, the company remains cautious about large investments due to potential market oversupply and competition risks [2][15]. Resource Allocation for New Products - The company prioritizes the development of new products based on market acceptance and potential, focusing on altritol, tagatose, and various cosmetic ingredients, while ensuring efficient resource allocation [2][16]. Long-term Development Goals - Sanren Biological aims to expand its product range and contribute to the health industry through technological innovation and resource integration, striving for sustainable development and shareholder returns [2][17].

山东三元生物科技股份有限公司 投资者关系活动记录表 编号：2025-003 |  | 特定对象调研 分析师会议 | □ | | | --- | --- | --- | --- | | □ 投资者关系活动 | 媒体采访 | □ | 业绩说明会 | | □ 类别 | 新闻发布会 | □ | 路演活动 | | □ | 现场参观 | | | | □ | 其他（请文字说明其他活动内容） | | | | | 上海万纳私募基金管理有限公司杨君弈；中信建投证券股份有限 | | | | | 公司夏克扎提·努力木、杨骥、高畅；和谐健康保险股份有限公 | | | | | 司毛一鹏；平安理财有限责任公司芶思雨；招银国际资产管理有 | | | | | 限公司张慎平；华夏理财有限责任公司何煦；广东正圆私募基金 | | | | | 管理有限公司侯昭慧；中信建投经管委财富管理部客户裘峥、赖 | | | | | 昕；北京坤溪私募基金管理有限公司李任翾；长安汇通集团有限 | | | | | 责任公司李郑浩峰；博道基金管理有限公司陈磊；上海渊泓投资 | | | | | 管理有限公司顾屹泉；淳厚基金管理有限公司顾伟；深圳安瑞置 | | | | 参 ...

证券日报网讯 11月24日晚间，三元生物发布公告称，公司于近日收到公司首次公开发行股票并在创业 板上市的保荐机构中信建投证券股份有限公司（简称"中信建投"）出具的《中信建投证券股份有限公司 关于变更山东三元生物科技股份有限公司首次公开发行股票项目持续督导保荐代表人的函》，原保荐代 表人陈磊先生因工作变动原因，不再负责公司首次公开发行股票并在创业板上市的持续督导保荐工作。 为保证公司持续督导工作的有序进行，中信建投委派邵路伟先生接替陈磊先生担任公司持续督导保荐代 表人，继续履行相关职责。 （文章来源：证券日报） ...