Core Insights - Erythritol, a key ingredient in the booming "zero-sugar" beverage market, is gaining attention, with Dongxiao Biological being a significant supplier for well-known companies like Yuanqi Forest [1] - Dongxiao Biological is planning to list on the New Third Board, having submitted its public transfer statement on June 30, with its application materials officially accepted [1] - The company, established in December 2004 and located in Zhucheng, Weifang City, focuses on synthetic biology manufacturing and fermentation technology, producing a range of products including animal nutrition, solid beverages, food additives, organic acids, and health sweeteners [1] Financial Performance - Dongxiao Biological's projected revenues for 2023 and 2024 are approximately 7.993 billion yuan and 7.840 billion yuan, respectively [1] - The net profits for the same periods are expected to be 298 million yuan and 578 million yuan [1] - The comprehensive gross profit margins are forecasted to be 10.33% and 13.91% for 2023 and 2024, respectively [1] Market Position - The global erythritol market is projected to reach approximately 910 million USD in 2024, with Chinese companies dominating the market with a 73% share, while Europe and the US combined account for about 22% [1] - Dongxiao Biological has established a complete value chain from raw materials to high-value products, utilizing its annual processing capacity of 1.7 million tons of corn [2] Production Efficiency - Dongxiao Biological has achieved significant breakthroughs in microbial fermentation, reducing the fermentation cycle by 25% and increasing the conversion rate by 5% compared to the industry average [3] - The company's erythritol products are supplied to major brands such as Yuanqi Forest, Coca-Cola, and Nestlé, contributing to the popularization of "zero-sugar" products [3] Future Developments - Dongxiao Biological is also focusing on the next generation of natural sweeteners, such as allulose, with a dedicated R&D team of nearly 200 members, including 5 PhDs and over 40 master's degree holders [3] - The company has established technology platforms for gene editing, high-throughput screening, and fermentation process regulation to drive innovation in biological manufacturing [3]