证券代码：603102 证券简称：百合股份 公告编号：2026-002 威海百合生物技术股份有限公司 第四届董事会第十六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、董事会会议召开情况 威海百合生物技术股份有限公司（以下简称"公司"）于 2026 年 1 月 29 日向各位董事发出了召开第四届董事会第十六次会议的通知。2026 年 2 月 4 日， 第四届董事会第十六次会议以通讯和现场投票相结合的表决方式在公司会议室 召开，应出席本次会议的董事 9 人，实际出席本次会议的董事 9 人，公司相关高 级管理人员列席了本次会议。本次会议由董事长刘新力召集和主持，会议的召开 符合有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 二、董事会会议审议情况 与会董事经认真审议和表决，通过如下决议： （一）审议通过了《关于公司董事会换届选举暨提名第五届董事会非独立 董事候选人的议案》 第四届董事会成员任期于近期届满，根据《公司法》、《公司章程》等相关规 定，经公司董事会推荐，并经董事会提名委员会对相关人 ...

·中共中央、国务院发布关于《现代化首都都市圈空间协同规划（2023－2035年）》的批复，要求高标 准高质量建设河北雄安新区，把北京城市副中心建设成为首都发展新的增长极。 ·《广东省2026年优化市场化一流营商环境工作方案》印发。工作方案提出，推动碳排放权交易市场建 设，支持广州期货交易所推进碳排放权期货市场建设，适时研究推出碳排放权相关的期货品种。 ·据特斯拉官微消息，第三代特斯拉人形机器人即将亮相，从第一性原理出发，进行重新设计，通过观 察人类行为即可学习新技能，预计年产百万台。 今日导读 ·亚太股市集体下跌贵金属成情绪风向标 ·低空经济标准体系建设指南发布助力行业发展 ·烟酰胺价格持续上涨市场规模不断扩大 ·远东股份公布订单合同机构席位净买入通光线缆 上证精选 ·上海黄金交易所调整白银延期合约保证金水平和涨跌停板。若2026年2月2日（星期一）Ag（T+D）合 约出现单边市情况，则自收盘清算时起，该合约的保证金水平从20%调整为26%，下一交易日起涨跌幅 度限制从19%调整为25%。若未出现单边市情况，则Ag（T+D）合约保证金水平和涨跌幅度限制维持不 变。 ·上海期货交易所发布《关于做好市场风险控制工 ...

Industry Overview - The price of niacinamide has been continuously rising, with a reported price of 39.5 yuan per kilogram on February 2, reflecting an increase of approximately 14.5% since early January 2026 [1] - Niacinamide is diversely applied in three major sectors: food, pharmaceuticals, and cosmetics, due to its nutritional enhancement and functional characteristics [1] - In the food industry, niacinamide is widely added to daily foods such as grains and dairy products to meet consumer demands for nutritional fortification [1] - In the cosmetics sector, its excellent anti-aging and whitening effects have made it a star ingredient in skincare products, included in high-end lines like serums and creams [1] - The pharmaceutical industry is seeing deepening applications of niacinamide in disease treatment and health care [1] - The market size for niacinamide is expanding, driven by global population aging trends and increasing consumer demand for health and beauty products [1] Company Insights - Brother Technology focuses on pharmaceutical food and specialty chemicals, with an annual production capacity of 8,000 tons for niacinamide products [2] - Baihe Co., Ltd. is a national high-tech enterprise specializing in the research, production, and sales of nutritional health foods, with its NMN products involving niacinamide [2]

根据国家统计局数据可知：2025年12月全国其他制造业出口货值为68.5亿元，同比增长10.5%；2025年 全国其他制造业累计出口货值为659.8亿元，累计同比增长3.9%。 2019年-2025年全国其他制造业出口货值统计图 相关报告：智研咨询发布的《2026-2032年中国制造业市场竞争格局分析及投资发展研究报告》 上市公司：华纺股份（600448），凤竹纺织（600493），江南高纤（600527），浙文影业（601599）， 千禾味业（603027），广州酒家（603043），台华新材（603055），百合股份（603102），养元饮品 （603156），一鸣食品（605179），华生科技（605180），富春染织（605189），安德利（605198）， 佳禾食品（605300） 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 数据来源：国家统计局，智研咨询整理 ...

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 28.00 [1]. Core Insights - The company is expected to see a significant acceleration in performance in Q4, driven by high demand and improved capacity utilization. The projected revenue for 2025 is RMB 1.38 billion, representing a year-on-year increase of 19.75%, with net profit expected to reach RMB 370 million, up 48.9% [5][6]. - The company is well-positioned to benefit from the growing demand for functional sugars, with new production capacity expected to come online in 2026, further enhancing revenue growth [7][8]. Financial Projections - Revenue projections for the upcoming years are as follows: - 2024: RMB 1.15 billion (+32.64%) - 2025: RMB 1.38 billion (+19.74%) - 2026: RMB 1.74 billion (+25.99%) - 2027: RMB 2.23 billion (+28.52%) [4]. - Net profit forecasts are: - 2024: RMB 246 million (+27.26%) - 2025: RMB 367 million (+49.45%) - 2026: RMB 471 million (+28.27%) - 2027: RMB 620 million (+31.70%) [4]. - The company’s EPS is projected to increase from RMB 0.58 in 2024 to RMB 1.48 in 2027 [4]. Valuation Metrics - The company’s PE ratio is expected to decrease from 38.44 in 2024 to 15.23 in 2027, indicating improving valuation as earnings grow [4]. - The PB ratio is projected to decline from 5.62 in 2024 to 3.37 in 2027, reflecting a more attractive valuation over time [4]. - The EV/EBITDA ratio is expected to fall from 24.75 in 2024 to 9.79 in 2027, suggesting enhanced operational efficiency and profitability [4].

Core Insights - The nutritional functional food industry is experiencing significant growth driven by national policies, increased health awareness, and rising living standards. The market is projected to reach 288 billion yuan by 2025 and 328 billion yuan by 2026 [1][5]. Industry Overview - Nutritional functional foods are defined as foods that contain ingredients beneficial to human health, excluding health foods that require special approval. This category includes special dietary foods and regular packaged foods [2][3]. - The industry is characterized by a diverse range of products and applications, with health snacks being the largest segment, followed by gut health, beauty nutrition, weight management, and sports nutrition [1][5]. Market Size and Growth - The market size for nutritional functional foods in China is expected to grow from 144 billion yuan in 2019 to 288 billion yuan in 2025, with a further increase to 328 billion yuan by 2026 [5][6]. - Specific market segments for 2025 include health snacks at 103 billion yuan (35.76%), gut health at 65 billion yuan (22.57%), beauty nutrition at 39 billion yuan (13.54%), weight management at 36 billion yuan (12.50%), and sports nutrition at 22 billion yuan (7.64%) [1][5]. Industry Structure - The industry operates on a contract manufacturing model, where one party (the client) outsources production to another party (the contractor). This model allows for specialization in production while the client focuses on marketing and brand management [3][4]. - The supply chain includes upstream raw materials such as vitamins, proteins, and minerals, while the midstream involves research, production, and marketing [6]. Competitive Landscape - The competitive landscape is fragmented, with a few leading companies dominating the market. The top five companies accounted for 17.3% of the market share in 2023, up from 13.9% in 2022 [8]. - Major players in the industry include Hengmei Health, Xianle Health, Dajiang Biotechnology, and others, each with unique advantages [7][8]. Regulatory Environment - Recent government policies, such as the "National Food and Nutrition Development Outline (2025-2030)," aim to promote the nutritional functional food industry by emphasizing innovation and quality in food production [7]. Future Trends - The demand for health-oriented products is expected to grow due to rising income levels and an aging population, creating a favorable environment for the nutritional functional food industry [8].

Core Insights - The report emphasizes the misunderstanding of consumption trends in the agricultural food industry, highlighting three key aspects: "health," "happiness," and "value" [3][5]. Group 1: Consumption Trends - China's final consumption expenditure accounts for approximately 55% of GDP, significantly lower than developed countries like the US, UK, and Japan, which hover around 80% [6][8]. - The Consumer Price Index (CPI) in China has shown a downward trend since September 2022, with a slight increase in November 2025, reaching a year-on-year growth of 0.7%, still below that of developed economies [6][8]. - The report indicates a shift in consumer behavior towards health-related investments, with a growing focus on proactive health management rather than reactive treatment [17][18]. Group 2: Health Consumption - The health sector is driven by the "Healthy China" strategy, with increasing consumer awareness leading to a rise in health-related products and services [17][79]. - The market for health-related products is expanding across all age groups, with younger consumers becoming a significant force in health consumption [79]. - The report suggests that the health supplement market in China has substantial growth potential compared to developed countries, where penetration rates are higher [79]. Group 3: Happiness Consumption - The report identifies a growing trend in emotional consumption, particularly in the pet economy, where consumers are willing to spend on experiences and emotional satisfaction [80]. - The emotional economy in China is projected to reach approximately 23,077.67 billion yuan in 2024, reflecting an 18.5% year-on-year increase [17][80]. - Domestic pet food companies are expected to benefit from the ongoing growth in the pet economy, with a focus on brand marketing and channel development [80]. Group 4: Value Consumption - Chinese consumers are becoming more pragmatic, focusing on value and price rather than brand prestige, with over 55% of consumers comparing prices across platforms before purchasing [18][17]. - The report highlights the importance of promotional activities in attracting consumers to new brands, with nearly half of consumers influenced by significant discounts [18][17]. - The agricultural sector is expected to see a rational adjustment in production capacity, particularly in the pig farming industry, which is under pressure from high supply and seasonal demand fluctuations [65][81]. Group 5: Investment Recommendations - The report recommends focusing on health-related companies such as Jin Dawei, Tang Chen Bei Jian, and Kang Bi Te, which have strong brand advantages in the health supplement market [79]. - In the pet food sector, companies like Guai Bao Pet, Zhong Chong, and Pei Di are highlighted as leaders poised to capitalize on the growing pet economy [80]. - For the pork industry, the report suggests investing in leading companies like Mu Yuan and Wen's, which are expected to maintain profitability and shareholder returns despite market fluctuations [81].

数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国制造业市场竞争格局分析及投资发展研究报告》 2025年1-11月，其他制造业企业数（以下数据涉及的企业，均为规模以上工业企业，从2011年起，规模 以上工业企业起点标准由原来的年主营业务收入500万元提高到年主营业务收入2000万元）为2343个， 和上年同期相比，增加了112个，同比增长5.02%，占工业总企业的比重为0.45%。 2016-2025年1-11月其他制造业企业数统计图 上市公司：华纺股份（600448），凤竹纺织（600493），江南高纤（600527），浙文影业（601599）， 千禾味业（603027），广州酒家（603043），台华新材（603055），百合股份（603102），养元饮品 （603156），一鸣食品（605179），华生科技（6051 ...

Market Overview - The food processing sector increased by 0.28% on January 12, with Hai Xin Food leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Top Performers - Hai Xin Food (002702) closed at 7.62, up by 3.25% with a trading volume of 913,900 shares and a transaction value of 682 million [1] - Other notable gainers include: - Gai Shi Food (920826) at 14.45, up by 3.14% [1] - Kang Bi Te (920429) at 15.95, up by 3.04% [1] - Xi Wang Food (000639) at 3.42, up by 2.70% [1] - Hui Fa Food (603536) at 11.74, up by 2.18% [1] Underperformers - Qian Wei Yang Chu (001215) closed at 45.60, down by 3.33% with a trading volume of 62,200 shares and a transaction value of 286 million [2] - Other notable decliners include: - Ba Bi Food (605338) at 31.39, down by 2.52% [2] - Xian Le Health (300791) at 24.39, down by 1.45% [2] Capital Flow - The food processing sector experienced a net outflow of 131 million from institutional investors, while retail investors saw a net inflow of 111 million [2] - Notable capital flows include: - Anjiu Food (603345) had a net inflow of 62.62 million from institutional investors [3] - Gai Shi Food (920826) saw a net inflow of 24.97 million from institutional investors [3] - Tang Chen Bei Jian (300146) had a net inflow of 14.78 million from institutional investors [3]

Group 1 - The company announced that the fourth board of directors will expire on January 15, 2026 [1] - Due to ongoing preparations for the board transition, the board's renewal will be appropriately postponed [1] - The terms of the board's specialized committees and senior management will also be extended accordingly [1]