Core Viewpoint - Sanwei Biotech is actively advancing the industrialization and market expansion of diversified products, including allulose, tagatose, mannitol, and others, to enhance its product structure and overall business resilience [2]. Product Development - Allulose: The company has launched a production capacity of 10,000 tons, with an additional 10,000 tons under construction. Sales from January to September have shown significant year-on-year growth, meeting the needs of domestic clients like Nayuki Tea and steadily increasing overseas demand [2]. - Tagatose: Approved as a new food ingredient in China since 2014 and recognized in multiple countries, the company is optimizing production processes to reduce costs and enhance market potential. Tagatose and allulose both possess health benefits related to blood sugar control and gut microbiota regulation, with ongoing efficacy research in collaboration with Binzhou Medical University [2]. - Mannose: The company has small-scale production capabilities and is in the process of applying for domestic and overseas certifications. Mannose is gaining attention for its applications in medical research and health nutrition [2]. - Mannitol: The company has developed a cost advantage through new production processes and plans to gradually introduce it to the market [2]. - Reb M: The market acceptance of Reb M is increasing through continuous promotion, and the company has also developed sweet tea glycosides from regular steviol glycosides, with mature processing technology [2]. - Cosmetic Ingredients: The company leverages its synthetic biology technology to develop glycerol glycosides, ascorbic acid glucosides, and alpha arbutin, expanding its product applications in the daily chemical sector [2]. Strategic Goals - The gradual advancement of these products will help the company maintain its core competitiveness in erythritol while enhancing product diversity and improving overall business stability and risk resistance [2].

证券日报网讯三元生物11月25日发布公告，在公司回答调研者提问时表示，公司围绕功能糖的产业化应 用，始终坚持以客户需求为导向，积极推进新品市场开拓。在阿洛酮糖方面，泰莱等多家美国客户对阿 洛酮糖的需求较为旺盛，澳大利亚和东南亚市场的接受度也开始增加。国内目前拥有阿洛酮糖生产许可 证并具备实际产能的厂家较少，为公司抢占市场先机创造了有利条件。塔格糖方面，日本下游企业正在 加速布局，已有客户前来公司调研产能与质量体系，以确保其终端产品的原料供应稳定性。此外，有日 本知名企业计划开发含甘露糖的食品，正在研究以公司产品为基础推动甘露糖在日本的法规注册。上述 部分合作仍处于沟通与论证阶段，公司将继续在合规前提下稳步推进新品落地。 （文章来源：证券日报） ...

三元生物 20251124 摘要 美国对赤藓糖醇征收高额预交关税（462%）导致直接出口受阻，但因 美国市场刚性需求和三仁生物品牌效应，产品通过转口贸易维持部分销 量，1-9 月美国市场销量同比下降 25%。 针对美国反倾销，部分客户提起诉讼，若法院裁定特定复配产品不在反 倾销范围内，将有助于合法出口。美国政府停摆导致裁决推迟，预计未 来一年内有结果，同时，企业积极探索通过邻国转口贸易。 欧盟对三仁生物征收较高反倾销税，导致直接出口停滞。公司通过调整 产品配方，生产含 90%以下阿洛酮糖的赤藓糖醇复配产品以规避关税， 并逐步被客户接受，需求量增加。 国内赤藓糖醇价格维持在每公斤 1.2-1.3 美元的底部水平，行业库存普 遍不大，企业多以销定产。公司虽主动降价促销，但通过扩大销量和成 本控制，基本维持了运营效果，预计 2025 年业绩与 2024 年相当。 公司通过技术改进、节能改造和自动化控制等措施降低生产成本，有效 应对欧美反倾销影响，同时积极拓展东南亚、中东和南美等新兴市场。 Q&A 今年前三季度，三仁生物在经营情况上有哪些变化？美国对行业的反倾销调查 进展如何，对公司业绩产生了哪些影响？ 欧盟对公司的 ...

山东三元生物科技股份有限公司 投资者关系活动记录表 编号：2025-003 |  | 特定对象调研 分析师会议 | □ | | | --- | --- | --- | --- | | □ 投资者关系活动 | 媒体采访 | □ | 业绩说明会 | | □ 类别 | 新闻发布会 | □ | 路演活动 | | □ | 现场参观 | | | | □ | 其他（请文字说明其他活动内容） | | | | | 上海万纳私募基金管理有限公司杨君弈；中信建投证券股份有限 | | | | | 公司夏克扎提·努力木、杨骥、高畅；和谐健康保险股份有限公 | | | | | 司毛一鹏；平安理财有限责任公司芶思雨；招银国际资产管理有 | | | | | 限公司张慎平；华夏理财有限责任公司何煦；广东正圆私募基金 | | | | | 管理有限公司侯昭慧；中信建投经管委财富管理部客户裘峥、赖 | | | | | 昕；北京坤溪私募基金管理有限公司李任翾；长安汇通集团有限 | | | | | 责任公司李郑浩峰；博道基金管理有限公司陈磊；上海渊泓投资 | | | | | 管理有限公司顾屹泉；淳厚基金管理有限公司顾伟；深圳安瑞置 | | | | 参 ...

Core Viewpoint - The collaboration between Shanghai Zhiyu Biotechnology, Nanjing Normal University, and Changzhou Beiliguan Biotechnology aims to innovate and industrialize the production of taurine using a biocatalytic method, contributing to a green industry chain driven by synthetic biology [2][3][5]. Group 1: Collaboration Details - The partnership involves three parties: Zhiyu Biotechnology will focus on the core process development for biocatalytic taurine production, ensuring technological leadership and innovation [5]. - Nanjing Normal University will handle pilot-scale testing and technical validation to ensure stable experimental conditions and reliable results [5]. - Changzhou Beiliguan will provide market insights, focusing on market research, channel development, and promotion to facilitate the commercialization of the technological outcomes [5]. Group 2: Taurine Overview - Taurine is a significant ingredient in functional beverages and health products, with its green and efficient production technology being a focal point of industry interest [6]. - As a β-amino acid and a derivative of cysteine, taurine is abundant in various tissues in the human body and is widely used in pharmaceuticals and food sectors for its nutritional enhancement, immune support, and fatigue relief properties [6]. - The biosynthesis of taurine primarily occurs through a series of enzymatic reactions involving cysteine, leading to its final form, which is crucial for various physiological functions [6].

Core Viewpoint - The article highlights the rapid growth of metabolic diseases due to modern lifestyle factors and emphasizes the potential of functional sugars as dietary regulators to alleviate gut microbiota imbalance [2]. Group 1: Functional Sugars Market - The global functional sugars market is experiencing rapid growth, but there is significant product homogeneity and challenges in obtaining new functional sugars with specific structures and targeted regulation [2]. - The difficulties stem from unclear mechanisms of action, unknown biosynthetic pathways, and low levels of intelligent manufacturing in large-scale production [2]. Group 2: Research and Development - Professor Wu Jing's team at Jiangnan University has made advancements in the green biomanufacturing of various functional sugars, including allulose, tagatose, lactulose, resistant dextrin, and human milk oligosaccharides [2]. - These developments are crucial for creating health-oriented dietary regulators for the general public and align with the "Healthy China" strategic planning [2]. Group 3: Upcoming Conference - Professor Wu Jing will present at the SynBioCon 2025 conference, scheduled for August 20-22 in Ningbo, focusing on the topic of "Exploration and Green Biomanufacturing of New Functional Sugars" [2][9]. - The conference will cover topics related to AI and biomanufacturing, green chemicals, new materials, future food, and agriculture [9][10].

Core Viewpoint - The U.S. Department of Commerce has initiated anti-dumping investigations against Chinese erythritol, significantly impacting companies like Sanyuan Biotech, which faces a preliminary anti-dumping tax of 450.64% [1] Company Summary - Sanyuan Biotech has acknowledged that the ongoing anti-dumping and countervailing investigations by the U.S. have affected its sales in the American market, with the extent of future impacts still to be assessed based on the investigation's progress and market changes [1] - The company is shifting its sales strategy from an export-focused approach to a balanced domestic and international strategy, emphasizing the domestic health consumer market and developing B-end clients [1] - Sanyuan Biotech is launching "Yuansheng Sweet" small-packaged sugar products to enhance consumer awareness of healthy sugar alternatives [1] Industry Summary - Erythritol is a low-calorie sweetener widely used in "zero-sugar" foods and beverages, known for its low sweetness, minimal risk of cavities, low blood sugar impact, high stability, and good taste [1] - The U.S. Department of Commerce is expected to release the final ruling on the anti-dumping investigation by November 23, 2025, while the final ruling on the countervailing investigation is anticipated by September 24, 2025 [3] - The erythritol industry is facing multiple international trade challenges, including anti-dumping investigations from both the U.S. and the EU, with the EU imposing anti-dumping duties ranging from 34.4% to 233.3% effective from January 17, 2025 [3] - The erythritol industry is projected to enter a capacity clearing phase starting in 2024, with prices expected to recover and gross margins increasing from 1.1% to a range of 8.3% to 14.2% [3] - The domestic market for erythritol is anticipated to grow due to increasing health consumption awareness, with significant recovery in profitability expected in 2024 [4]

Core Viewpoint - The chairman of Kingdawei, Jiang Bin, emphasizes that effective market value management is achieved through solid business practices, good products, and returning profits to shareholders, society, and employees [5]. Financial Performance - In 2024 and Q1 of this year, Kingdawei achieved a net profit attributable to shareholders of approximately 340 million yuan and 120 million yuan, representing a year-on-year growth of about 23.6% and 72% respectively [5]. - The overall sales gross margin for Kingdawei in Q1 2025 was approximately 41.7% [7]. Product Margins and Competitive Advantage - The gross margins for Kingdawei's Vitamin A, Coenzyme Q10, and nutritional supplements in 2024 were 32.8%, 48.2%, and 35.2% respectively [7]. - Kingdawei leads its competitors in Coenzyme Q10 by 30 to 40 percentage points in gross margin, making it difficult for rivals to catch up in the next three to five years [7]. - The company aims to reduce costs for astaxanthin production using synthetic biology to one-fifth of traditional methods [8]. Synthetic Biology and Innovation - Jiang Bin highlights that the innovation in synthetic biology will usher in a new era of biological manufacturing, which is a disruptive innovation compared to traditional methods [8]. - The production of astaxanthin through synthetic biology allows for controlled quality and reduced costs, making it feasible to enter the high-end aquaculture feed market [8]. Expansion and Production Capacity - Kingdawei is the largest global producer of Coenzyme Q10, with an expanded production capacity of 920 tons per year after completing a 1.5 times expansion project [13]. - The company plans to further increase its production capacity to 1,200 tons and eventually to 1,500 tons, focusing on maintaining a competitive edge through capacity expansion rather than price increases [14]. Global Market Strategy - Kingdawei's overseas sales revenue in 2024 was approximately 2.57 billion yuan, accounting for nearly 80% of total revenue [14]. - The company is expanding its presence in the U.S. market through its subsidiary VitaBest, which is expected to enhance supply chain responsiveness and operational efficiency [17]. Brand Development and Market Penetration - Kingdawei owns several brands in the U.S., including Doctor's Best and Zipfizz, and aims to increase SKU offerings to penetrate major retail channels like Costco [18]. - The acquisition of Viactiv, a well-known calcium supplement brand, further enriches Kingdawei's product matrix targeting women [18].

Group 1: Company Performance and Market Conditions - The company is currently preparing for the launch of a glucose syrup production project with an annual capacity of 80,000 tons, which is still in the preparatory stage [6] - The company reported a significant impact from the EU's anti-dumping tariffs, with a 156.7% increase in tariffs affecting sales [3] - The company is actively seeking to diversify its market presence, particularly in Southeast Asia, South Korea, and Japan, to reduce reliance on the EU and US markets [8] Group 2: Product Development and Market Strategy - The company is focusing on the development of alternative sweeteners, such as allulose and tagatose, to meet the growing demand for healthier options [9] - The production capacity for allulose is currently 10,000 tons, with plans for an additional 10,000 tons under construction [19] - The company aims to capture a potential market of 770,000 tons per year by replacing just 1% of the global sugar consumption of 77 million tons [23] Group 3: Financial and Investment Strategies - The company has a high per-share reserve of 17.3859 yuan and is considering stock conversion options to enhance liquidity [8] - The company is exploring acquisition opportunities to strengthen its position in the synthetic biology sector and enhance its competitive edge [11] - The company is committed to maintaining its current production capacity for erythritol despite ongoing technological upgrades [20] Group 4: Regulatory and Compliance Issues - The company is closely monitoring the US anti-dumping investigation, with initial rulings expected by July 11, 2025 [4] - The company is adjusting its production processes in response to EU anti-dumping regulations and is working with legal experts to navigate these challenges [9] - The company is actively engaging with US clients to capitalize on recent tariff adjustments, aiming to secure more orders [18]

Core Viewpoint - The U.S. Department of Commerce has made a preliminary ruling on countervailing duties for erythritol imported from China, impacting companies like Baolingbao and Sanyuan Biotech, which are adjusting their strategies in response to the investigation [1][2]. Company Responses - Sanyuan Biotech has acknowledged the impact of the U.S. investigation on its sales and is shifting its sales strategy to focus more on the domestic health consumer market while also exploring new markets in Southeast Asia, India, and the Middle East [1][3]. - Baolingbao, facing a lower anti-dumping tax rate of 34.4% from the EU, has seen a significant increase in revenue from erythritol products in Europe, with a 123% year-on-year growth in Q1 2025 [3]. Industry Challenges - The sugar substitute industry is facing multiple international trade challenges, including anti-dumping investigations from both the U.S. and the EU, with the EU imposing anti-dumping duties ranging from 34.4% to 233.3% [2][3]. - The domestic erythritol market is currently experiencing low prices, but the competitive landscape is easing, which may lead to a more stable supply-demand balance in the future [4]. Financial Performance - In 2024, Sanyuan Biotech reported revenues of 710 million yuan, a 42.7% increase year-on-year, and a net profit of 110 million yuan, up 87.5% [3]. - Baolingbao's revenue for the same period was 2.4 billion yuan, a decrease of 4.8%, but its net profit increased by 106% to 110 million yuan [3].