百龙创园午后涨停：净利润增长近5成，新代糖“钱景”受关注

Group 1 - The core viewpoint of the news is the significant growth in the performance of sugar substitute company Bailong Chuangyuan, with a 48.9% increase in net profit for 2025, driven by the approval and application of allulose sugar in China [1] - Bailong Chuangyuan reported a revenue of 1.38 billion yuan for 2025, representing a year-on-year growth of 19.8%, and a net profit of 370 million yuan, reflecting a 48.9% increase compared to the previous year [1] - The company's performance growth is attributed to an optimized product structure, with a higher sales proportion of high-margin resistant dextrin products, as well as cost reductions from technological upgrades and improved capacity utilization [1] Group 2 - The National Health Commission of China officially approved allulose sugar as a new food raw material in July 2025, which is expected to have a demand of 150,000 to 200,000 tons in the domestic market over the next 3-5 years [2] - Following the approval, food and beverage companies in China are accelerating the application of allulose sugar in their products, with brands like Mengniu's Youyi C zero-sugar series being the first to adopt this ingredient on a large scale [2] - Despite the high cost of allulose sugar compared to erythritol, which is 2-3 times higher, several major sugar substitute companies are expanding their production or planning to enter the allulose sugar market to regain competitive advantage [2][3] Group 3 - Current market prices for allulose sugar range from 28,000 to 30,000 yuan per ton, while erythritol is priced between 9,000 and 10,000 yuan per ton, indicating a significant cost disparity [3] - Improvements in technology have led to enhanced conversion and extraction efficiency for allulose sugar, resulting in a decrease in its price, although it remains high compared to erythritol [3] - The market performance of allulose sugar post-launch is still uncertain, as its higher production costs may impact its widespread adoption [3]