百龙创园午后涨停：净利润增长近5成

Core Viewpoint - The article highlights the significant growth of the sugar substitute stock, Bailong Chuangyuan (605016.SH), following the approval and application of allulose sugar in China, with a reported 48.9% increase in net profit for 2025 [3][5]. 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% [3]. - The company's net profit attributable to shareholders reached 370 million yuan, reflecting a 48.9% year-on-year growth [3]. - The growth is attributed to an optimized product structure, with a higher sales proportion of high-margin resistant dextrin products, and cost reductions from technological upgrades [3][5]. Group 2: Market Trends and Product Development - The approval of allulose sugar as a new food ingredient in China is expected to drive demand, with projections estimating a domestic demand of 150,000 to 200,000 tons over the next 3-5 years [5]. - Major food and beverage companies, such as Mengniu, are accelerating the application of allulose sugar in their products, with some already testing allulose sugar formulations [5]. - Despite the high cost of allulose sugar compared to erythritol, which is 2-3 times higher, improvements in extraction efficiency are anticipated to gradually lower costs [6]. Group 3: Industry Challenges - The past two years have seen a slowdown in the performance of sugar substitute companies due to the chaotic expansion of erythritol production, leading to a drop in raw material prices [5]. - Companies like San Yuan Biological and Baolingbao are now focusing on allulose sugar to regain market momentum [5].