Core Viewpoint - The unlocking of restricted shares for Sanyuan Biotech is a significant event, as it involves 92.946 million shares, accounting for 45.94% of the total share capital, which may impact market dynamics and investor sentiment [2][3][4]. Share Unlocking Details - Sanyuan Biotech announced that 92.946 million shares will be unlocked on August 11, representing 45.94% of the total share capital, primarily held by the controlling shareholder, Nie Zaijian [2][3]. - Out of the unlocked shares, 22.6719 million shares will be available for trading, while 70.2741 million shares will remain locked [3]. Shareholder Actions - In July, Sanyuan Biotech disclosed that shareholder Luxin Capital plans to reduce its holdings by up to 6 million shares within three months, raising concerns about the overall share liquidity [4]. Market Stability Measures - To stabilize market confidence amid the unlocking and potential shareholder sell-offs, Sanyuan Biotech's board approved a share buyback plan with a budget of 50 million to 100 million yuan [4]. Industry Challenges - Sanyuan Biotech faces challenges due to its reliance on international markets, with 70.70% of its revenue coming from exports in 2024 [6]. - The company is currently subject to a preliminary anti-dumping duty of 450.64% imposed by the U.S. Department of Commerce, which could significantly impact its sales in the U.S. market [6]. Product Structure Concerns - The company's product structure is heavily reliant on erythritol, which accounted for 72.30% of its revenue in 2024, making it vulnerable to market fluctuations [7]. - Sanyuan Biotech plans to diversify its product offerings and enhance R&D to mitigate risks associated with its current product concentration [7]. Market Conditions - The erythritol market has experienced significant price fluctuations, with prices dropping from 40,000 yuan/ton in 2021 to as low as 9,500 yuan/ton in the first half of 2023, affecting production incentives [7]. - The industry is currently in a phase of cyclical volatility, with excess capacity still a concern, although market mechanisms may lead to consolidation and improved conditions for efficient producers [7]. Future Outlook - Sanyuan Biotech is at a critical juncture, facing both internal and external pressures, and its ability to navigate these challenges for sustainable growth remains to be seen [8].

Core Viewpoint - The recent announcement by Sanyuan Biological regarding the lifting of restrictions on a significant portion of its shares has raised concerns among investors, particularly in light of the company's operational challenges and reliance on international markets [2][3][6]. Group 1: Share Unlocking and Market Impact - Sanyuan Biological will unlock 92.946 million shares, accounting for 45.94% of its total share capital, on August 11, with 22.672 million shares available for trading [2][3]. - The company is facing additional market pressure as other shareholders, such as Luxin Capital, plan to reduce their holdings by up to 6 million shares [3]. - The unlocking of shares is expected to increase the total supply in the market, potentially leading to short-term stock price volatility, especially for companies with weaker fundamentals [5]. Group 2: Financial Performance and Challenges - Sanyuan Biological has experienced fluctuating performance, with revenues of 675 million yuan, 500 million yuan, and 713 million yuan from 2022 to 2024, and net profits of 164 million yuan, 56 million yuan, and 105 million yuan during the same period [5][6]. - The company heavily relies on international markets, with 70.70% of its main business revenue coming from exports in 2024 [6]. - The U.S. Department of Commerce has imposed a preliminary anti-dumping duty of 450.64% on Sanyuan Biological, which is expected to impact its sales in the U.S. market [6]. Group 3: Product Structure and Market Conditions - Sanyuan Biological's product structure is relatively singular, with erythritol revenue constituting 72.30% of total revenue in 2024 [7]. - The company acknowledges that fluctuations in the erythritol market or failures in new product development could adversely affect its performance [7]. - The erythritol market has seen significant price declines, with prices dropping from a peak of 40,000 yuan/ton in 2021 to as low as 9,500 yuan/ton in the first half of 2023, leading to reduced production and market exits by some companies [7]. Group 4: Strategic Responses - In response to market pressures, Sanyuan Biological has initiated a share buyback program, aiming to repurchase shares worth between 50 million and 100 million yuan [4]. - As the company navigates internal and external pressures, its ability to adapt and achieve sustainable growth remains to be seen [8].

Core Viewpoint - The recent announcement by Sanyuan Bio regarding the lifting of restrictions on a significant portion of its shares has raised concerns among investors, particularly in light of the company's operational challenges and reliance on international markets [2][3][5]. Share Unlocking and Market Impact - Sanyuan Bio will unlock 92.946 million shares on August 11, representing 45.94% of its total share capital, primarily held by the controlling shareholder, Nie Zaijian [2][3]. - Out of the unlocked shares, 22.6719 million shares will be available for trading, while 70.2741 million shares will remain locked [3]. - The company has also disclosed that another shareholder, Luxin Capital, plans to reduce its holdings by up to 6 million shares within three months, further intensifying market scrutiny [3]. Market Confidence and Stock Buyback - In response to the potential market pressure from the share unlock and shareholder reductions, Sanyuan Bio has initiated measures to stabilize market confidence, including a share buyback plan with a budget of 50 million to 100 million yuan [4]. - As of July 8, 2025, the company has repurchased approximately 2.33 million shares, accounting for 1.15% of its total share capital, with a total expenditure of about 60.68 million yuan [4]. Operational Challenges - Sanyuan Bio has faced operational challenges, including a significant reliance on international markets, with 70.70% of its revenue coming from exports in 2024 [6]. - The company has experienced revenue fluctuations, with reported revenues of 675 million yuan in 2022, 500 million yuan in 2023, and 713 million yuan in 2024, alongside net profits of 164 million yuan, 56 million yuan, and 105 million yuan for the same years [6]. - The recent imposition of a 450.64% anti-dumping duty by the U.S. Department of Commerce poses additional challenges for the company's sales in the U.S. market [6][7]. Product Structure and Market Dynamics - Sanyuan Bio's product structure is heavily reliant on erythritol, which accounted for 72.30% of its revenue in 2024, raising concerns about vulnerability to market fluctuations [8]. - The erythritol market has experienced significant price volatility, with prices dropping from a peak of 40,000 yuan per ton in 2021 to as low as 9,500 yuan per ton in the first half of 2023 [8]. - The industry is currently in a phase of cyclical volatility, with excess capacity still a concern, although market mechanisms are expected to lead to consolidation and a more favorable competitive landscape for efficient producers [8]. Future Outlook - Sanyuan Bio is at a critical juncture, facing both internal and external pressures, and its ability to navigate these challenges and achieve sustainable growth remains to be seen [9].

证券代码：301206 证券简称：三元生物 公告编号：2025-069 名称：山东三元生物科技股份有限公司 统一社会信用代码：913716007986665561 类型：股份有限公司（上市、自然人投资或控股） 法定代表人：聂在建 注册资本：贰亿零贰佰叁拾贰万伍仟柒佰元整 成立日期：2007 年 01 月 26 日 山东三元生物科技股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 山东三元生物科技股份有限公司（以下简称"公司"）于 2025 年 7 月 15 日 召开了第五届董事会第七次会议、2025 年 7 月 31 日召开了 2025 年第三次临时 股东大会，上述会议审议通过了《关于增加经营场所及修订 <公司章程> 的议案》。 具体内容详见公司于 2025 年 7 月 16 日在巨潮资讯网(www.cninfo.com.cn)披露的 《关于增加公司经营场所及修订 <公司章程> 的公告》（公告编号：2025-064）。 公司于近日完成了相关工商变更登记及《山东三元生物科技股份有限公司章 程》的备案手续，并取得了滨州市行政审批服务局换发的《营业执照》 ...

山东三元生物科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 山东三元生物科技股份有限公司（以下简称"公司"）于 2025 年 7 月 15 日 召开了第五届董事会第七次会议、2025 年 7 月 31 日召开了 2025 年第三次临时 股东大会，上述会议审议通过了《关于增加经营场所及修订<公司章程>的议案》。 具体内容详见公司于 2025 年 7 月 16 日在巨潮资讯网(www.cninfo.com.cn)披露的 《关于增加公司经营场所及修订<公司章程>的公告》（公告编号：2025-064）。 公司于近日完成了相关工商变更登记及《山东三元生物科技股份有限公司章 程》的备案手续，并取得了滨州市行政审批服务局换发的《营业执照》，现将有 关情况公告如下： 一、工商变更登记情况 名称：山东三元生物科技股份有限公司 证券代码：301206 证券简称：三元生物 公告编号：2025-069 （一）山东三元生物科技股份有限公司《营业执照》 统一社会信用代码：913716007986665561 类型：股份有限公司（ ...

司"或"三元生物"）首次公开发行前已发行的股份。 占公司总股本的 45.94%。本次解除限售的股份为公司控股股东、实际控制人、 董事长所持有，实际可上市流通股份数量为 22,671,922 股，继续锁定的股份数量 为 70,274,078 股。 （因原上 市流通日 2025 年 8 月 10 日为非交易日，故顺延至 2025 年 8 月 11 日）。 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 证券代码：301206 证券简称：三元生物 公告编号：2025-068 山东三元生物科技股份有限公司 关于首次公开发行前已发行的部分股份解除限售并上市 流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： （二）上市后股份变动情况 分配及资本公积金转增股本预案的议案》，以资本公积金向全体股东每 10 股转增 于 2022 年 6 月 10 日在巨潮资讯网（www.cninfo.com.cn）披露的《2021 年年度 权益分派实施公告》（2022-044）。 经中国证券监督管理委员会《关于同意山东三元生物科技股份有限公司首次 公开 ...

（文章来源：证券日报） 证券日报网讯 8月5日晚间，三元生物发布公告称，本次上市流通的限售股为山东三元生物科技股份有 限公司（以下简称"公司"或"三元生物"）首次公开发行前已发行的股份。本次解除限售股东户数共计1 户，解除限售股份的数量为92，946，000股，占公司总股本的45.94%。本次解除限售的股份为公司控 股股东、实际控制人、董事长所持有，实际可上市流通股份数量为22，671，922股，继续锁定的股份数 量为70，274，078股。本次解除限售股份上市流通日期为2025年8月11日（星期一）（因原上市流通日 2025年8月10日为非交易日，故顺延至2025年8月11日）。 ...

证券代码：301206 证券简称：三元生物 公告编号：2025-068 山东三元生物科技股份有限公司 关于首次公开发行前已发行的部分股份解除限售并上市 流通的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次上市流通的限售股为山东三元生物科技股份有限公司（以下简称"公 司"或"三元生物"）首次公开发行前已发行的股份。 2、本次解除限售股东户数共计 1 户，解除限售股份的数量为 92,946,000 股， 占公司总股本的 45.94%。本次解除限售的股份为公司控股股东、实际控制人、 董事长所持有，实际可上市流通股份数量为 22,671,922 股，继续锁定的股份数量 为 70,274,078 股。 3、本次解除限售股份上市流通日期为 2025 年 8 月 11 日（星期一）（因原上 市流通日 2025 年 8 月 10 日为非交易日，故顺延至 2025 年 8 月 11 日）。 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意山东三元生物科技股份有限公司首次 公开发行股票注册的批复》（ ...

中信建投证券股份有限公司 关于山东三元生物科技股份有限公司 首次公开发行前已发行的部分股份解除限售并上市流通的 核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"、"保荐机构"）作 为山东三元生物科技股份有限公司（以下简称"公司"、"三元生物"）首次公开 发行股票并在创业板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《深圳证券交易所上市公司自律监管指引第 13 号—保荐业务》《深圳证券交易所 创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号—创业板 上市公司规范运作》等相关规定的要求，对三元生物首次公开发行前已发行的部 分股份解除限售并上市流通事项进行了审慎核查，核查意见如下： 一、首次公开发行前已发行股份概况 （一）首次公开发行股份情况 经中国证券监督管理委员会《关于同意山东三元生物科技股份有限公司首次 公开发行股票注册的批复》（证监许可【2021】4073 号）同意注册，公司公开发 行人民币普通股（A 股）33,721,000 股，并于 2022 年 2 月 10 日在深圳证券交易 所创业板上市交易。 首次公开发行股票完成后，公司总股本由 101,162,800 股变 ...

北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 关于山东三元生物科技股份有限公司 法律意见书 国枫律股字[2025]A0375 号 致：山东三元生物科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见证 贵公司 2025 年第三次临时股东大会（以下简称"本次会议"）。 本所律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人 民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股 东会规则》"）、 《律师事务所从事证券法律业务管理办法》 （以下简称" 《证券法律业务管 理办法》"）、 《律师事务所证券法律业务执业规则（试行）》 （以下简称"《证券法律业务执 业规则》"）等相关法律、行政法规、规章、规范性文件及《山东三元生物科技股份有限 公司章程》 （以下简称"《公司章程》"）的规定，就本次会议的召集与召开程序、召集人 资格、出席会议人员资格、会议表决程序及表决结果等事宜，出具本法律意见 ...