Group 1: Core Insights - The financing of listed companies in the sugar substitute industry primarily aims to enhance production capacity [1] - The majority of external investments by representative companies focus on expanding upstream and downstream operations [1][6] Group 2: Financing and Investment - The main financing methods for listed companies include IPOs, private placements, and convertible bonds, with a focus on new projects and capacity enhancement [1] - Notable external investments include significant amounts such as 100 million RMB by Sanyuan Bio and 10 million RMB by Hainan Baolijian [2][3][4] Group 3: Industry Parks and Development - The number of sugar substitute industrial parks in China is limited, with major parks located in Shandong, which is recognized as a global production base [7][8] - The Dezhou High-tech Zone in Shandong has a production capacity of 1.5 million tons and a domestic market share of over 70% [8] Group 4: Mergers and Acquisitions - Recent mergers and acquisitions in the sugar substitute industry are primarily driven by midstream companies seeking to expand scale and secure upstream resources [9][12] - Key acquisitions include Huakang's purchase of Henan Yuxin Sugar Alcohol Co. for 1.098 billion RMB, aimed at increasing market share [12]