三元生物收到美国反倾销调查初裁结果，适用450.64%的反倾销税

Core Viewpoint - The announcement by Sanyuan Biotech regarding the preliminary ruling of the U.S. anti-dumping investigation on erythritol indicates a significant potential impact on the company's operations and market strategy due to a high anti-dumping tax rate of 450.64% [3][4]. Group 1: Investigation and Tax Implications - Sanyuan Biotech has been subjected to a preliminary anti-dumping tax of 450.64% as a mandatory respondent in the U.S. Department of Commerce's investigation [3]. - The investigation is ongoing, and the final ruling is expected to be announced on November 23, 2025 [3]. - Cargill, Incorporated has initiated a request for anti-dumping and countervailing investigations against erythritol products originating from China [3]. Group 2: Market Impact and Strategic Response - The ongoing anti-dumping and countervailing investigations have negatively affected Sanyuan Biotech's sales in the U.S. market [4]. - The company is shifting its sales strategy from an export-focused approach to a balanced domestic and international strategy, emphasizing the domestic health consumer market [4]. - Sanyuan Biotech is also expanding into emerging markets in Southeast Asia, India, the Middle East, and along the Belt and Road Initiative to mitigate the adverse effects of the U.S. market situation [4]. Group 3: Financial Performance and Market Position - Sanyuan Biotech, a leading domestic erythritol producer, entered the capital market in 2022, benefiting from a booming sugar substitute market [4]. - However, the company has faced significant challenges, including oversupply in the sugar substitute market leading to price declines and the negative impact of the anti-dumping investigation, resulting in a substantial drop in stock price [4]. - Despite some improvement in performance, the company's stock price remains low, indicating ongoing growth challenges [5].