百龙创园午后涨停：净利润增长近5成

Core Viewpoint - The sugar substitute stock, Bailong Chuangyuan (605016.SH), experienced a surge in share price following the announcement of a significant profit increase, driven by the approval and application of allulose sugar in China [2][3]. Group 1: Company Performance - Bailong Chuangyuan reported a revenue of 1.38 billion yuan for 2025, marking a year-on-year increase of 19.8% [2]. - The company's net profit attributable to shareholders reached 370 million yuan, reflecting a substantial growth of 48.9% year-on-year [2]. - The growth in performance 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 [2]. Group 2: Market Trends and Product Development - The market is increasingly focused on the development prospects of allulose sugar, with multiple institutions monitoring Bailong Chuangyuan's positioning in this sector [2]. - The company has established a production capacity of 15,000 tons of crystalline allulose sugar and plans to launch a new food raw material factory in Thailand by 2026, which will add 12,000 tons of crystalline allulose sugar and 7,000 tons of liquid D-allulose sugar capacity [3]. - Allulose sugar has been officially approved as a new food raw material in China, with its demand projected to reach between 150,000 to 200,000 tons in the next 3-5 years [3]. Group 3: Competitive Landscape - Despite the promising outlook for allulose sugar, its cost remains significantly higher than that of erythritol, which has hindered large-scale application [4]. - The past two years have seen a decline in the performance growth of other sugar substitute companies due to the chaotic expansion of erythritol production, leading to a drop in raw material prices [4]. - Major sugar substitute companies, including Baolingbao and Sanyuan Biological, are now focusing on allulose sugar to regain market momentum [4].