本报记者 马宇薇 邬霁霞 12月26日，由《证券日报》社有限责任公司主办的"2025证券市场年会"圆满落幕。本次年会主题为"改 革与创新资本市场新出发"。 作为资本市场科技创新的主力军，上市公司主动紧握创新发展主线，以多维创新实践激活内生发展动 能，为新质生产力的培育壮大积累了宝贵的行业经验与可复制的实践范式。 包头华资实业股份有限公司（以下简称"华资实业"）正是这场产业变革中的典型代表，近年来，通过三 大关键突破，完成了从传统粮食企业向高科技生物产业企业的华丽转身，为中国粮食深加工产业树立了 创新标杆。 "提及粮食产业，很多人仍固化地将其归为传统行业，却忽视了科技创新正在为这个古老产业注入的澎 湃活力，更未曾预见科技将为其带来的巨大红利。"华资实业董事长张志军在接受《证券日报》记者专 访时表示。 平台建设的最终价值，需通过具体项目落地转化为产业竞争力。以重点项目攻坚推动科技成果转化，是 华资实业实现产业升级的重要抓手。比如，华资实业子公司裕维生物对部分生产线进行专项技术改造， 全新上马抗性糊精项目，采用国内最先进的异构化技术进行生产，最终实现产品得率、纯度双双高达 90%，技术水平在同行业中处于较先进地位。 ...

核心观点 标题 中裕食品控股华资实业后，对公司进行全方位赋能升级。在存量业务上，中裕将整合双方同业资产以提 升运营效率，并以其管理及研发能力帮助改善华资现有谷朊粉、酒精等业务的盈利状况。 华资实业通过两轮股权优化实现战略转型。2025 年 4 月，中裕科技增资盛泰创发间接入主，公司实控 人变更为宋民松，股权结构进一步优化。华资核心管理层实现与中裕食品骨干与内部资深人员融合，为 协同发展提供支撑。 在新业务拓展上，发展高附加的黄原胶和抗性糊精，借助中裕渠道与客户资源将切入高毛利下游市场， 优化产品结构。在产业链层面，中裕在小麦领域的规模化采购优势有助于降低华资的原料成本。同时， 华资子公司恒鲁生物切入护肤品与营养代餐等大健康和功能消费品领域，与中裕在健康食品方向形成协 同效应，借助中裕成熟的餐饮、商超渠道，探索大健康产品发展。 1、新品放量不及预期风险。公司布局包括黄原胶在内的新品及新项目，其市场拓展和盈利能力受宏观 经济环境、产业政策及下游需求变化等因素影响，存在项目效益及产品放量不及预期的风险。 2、食品安全风险。公司已建立较为规范的食品安全管理制度。食品生产组织过程中的每一步流程或步 骤严格遵 守操作规程 ...

大位科技董事长 张微 冰轮环境董事长 李增群 华资实业董事长 张志军 赛目科技董事长 胡大林 浩瀚深度董事长 张跃 欢迎各位嘉宾的到来。接下来进入到问题环节，第一个问题是技术进步。在"十五五"规划里已经看到， 加快高水平科技自立自强已经作为国家的战略任务进行了专章的部署。对于我们所在的产业而言，技术 创新的核心突破口在哪里，企业应该如何通过自主创新，在全球产业竞争格局中占据一席之地？有请三 位嘉宾来聊一聊这个话题，首先有请大位科技的董事长张微。 肖立晟：非常高兴有这个机会来到《证券日报》这个非常宏大的论坛，我是来自于中国社会科学院世界 经济与政治研究所的肖立晟，非常高兴能跟大家一起来讨论AI对中小企业特别是上市公司的一些企业 生态的影响。 刚刚听了以上演讲嘉宾讲的AI新科技对市场的影响，我本人也会跟踪一些AI的变化以及对世界经济的 影响。大家如果还有印象，目前可以往回看一下2022年时大家对自身企业及对世界经济、中国经济的看 法。在当时比较知名的国际金融机构IMF，对世界经济的预测是非常悲观的，认为未来几年将会陷入深 度衰退。它作出这个预测的时间点是2022年的10月份，一个月之后，2022年11月30号Ch ...

证券代码：600191 证券简称：华资实业 公告编号：2025-068 包头华资实业股份有限公司 对外投资成立全资子公司的公告 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。 重要内容提示： ● 投资标的名称：包头华资实业股份有限公司（以下简称"公司"）拟出资成立全资子公司包头恒鲁生物 科技有限公司（以下简称"恒鲁生物"）。 ● 投资金额：本次投资金额为1,000万元。 ● 交易实施尚需履行的审批及其他相关程序：本次交易无需提交股东会审议。 ● 本次投资不构成关联交易，也不构成重大资产重组。 ● 其它需要提醒投资者重点关注的风险事项：本次设立全资子公司尚需获得市场监督管理部门的核准， 新设子公司后续运营可能会受到国家政策、宏观经济、市场环境、行业竞争等多种因素的影响，能否取 得预期收益仍存在一定的不确定性。对此，公司将密切关注有关风险因素对新设子公司经营状况的影 响，并利用自身经验及管理优势，加强对新设子公司运营中各环节的内部控制和风险管控，积极应对各 类经营风险。 一、对外投资概述 （一）本次交易概况 1、本次交易概况 公司 ...

北京商报讯(记者郭秀娟王悦彤)12月18日，华资实业（600191）发布公告称，拟成立全资子公司"包头 恒鲁生物科技有限公司"(名称最终以市场监督管理局核定为准)，注册资本1000万元，由公司100%出 资。本次设立子公司是为了切实推进公司"创新驱动、多元布局，推动产业升级"发展战略。公司现有产 品包括黄原胶、抗性糊精等产品。黄原胶作为化妆品的重要添加剂，新设子公司将其用于开发护肤品； 抗性糊精是可溶膳食纤维，对于瘦身轻体有一定功效，新设子计划推出轻体代餐粉、营养代餐饮料等便 捷营养代餐产品。前述新产品的开发，将有助于公司持续拉长产业链，提升产品价值链。 ...

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Baotou Henglu Biotechnology Co., Ltd., with a registered capital of 10 million yuan to advance its development strategy of "innovation-driven, diversified layout, and promoting industrial upgrading" [1] Group 1: Company Strategy - The establishment of the subsidiary aims to enhance the company's product offerings, including xanthan gum and resistant dextrin, which are crucial for the development of skincare products and convenient nutritional meal replacements [1] - The new products will help the company extend its industrial chain and improve its product value chain [1] Group 2: Technological Collaboration - The subsidiary will leverage existing resources such as the Baotou Huazi Synthetic Biology and Microbial Modification Technology Academician Workstation and the collaborative "Technology Demonstration Base" with the Chinese Academy of Sciences [1] - The company plans to work closely with industry experts, scholars, and research institutions to track cutting-edge technologies and industry trends in biological fermentation and health products [1]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Baotou Henglu Biotechnology Co., Ltd., with a registered capital of 10 million yuan to advance its development strategy of "innovation-driven, diversified layout, and promoting industrial upgrading" [1] Group 1: Company Strategy - The establishment of the new subsidiary aims to enhance the company's product offerings, including the development of skincare products using xanthan gum and convenient nutritional meal replacement products utilizing resistant dextrin [1] - The new product development is expected to extend the company's industrial chain and enhance the value chain of its products [1] Group 2: Technological Collaboration - The subsidiary will leverage existing resources such as the Baotou Huazi Synthetic Biology and Microbial Modification Technology Academician Workstation and the collaborative "Technology Demonstration Base" and "Co-Creation Base" with the Chinese Academy of Sciences [1] - The company plans to collaborate with industry experts, scholars, and research institutions to stay updated on cutting-edge technologies and industry trends in biological fermentation and health products [1]

Core Viewpoint - The company plans to establish a wholly-owned subsidiary, Baotou Henglu Biotechnology Co., Ltd., with a registered capital of 10 million yuan, to advance its development strategy of "innovation-driven, diversified layout, and promoting industrial upgrading" [1] Group 1: Company Strategy - The establishment of the new subsidiary aims to enhance the company's product offerings, including the development of skincare products using xanthan gum, an important additive in cosmetics [1] - The subsidiary will also focus on launching convenient nutritional meal replacement products, such as weight loss meal replacement powder and nutritional beverages, utilizing resistant dextrin, a soluble dietary fiber [1] - The development of these new products is expected to help the company extend its industrial chain and enhance its product value chain [1] Group 2: Technological Collaboration - The new subsidiary will leverage existing resources, including the Baotou Huazi Synthetic Biology and Microbial Modification Technology Academician Workstation, and collaborate with the Chinese Academy of Sciences' Environmental Biotechnology Key Laboratory to establish technology demonstration and co-creation bases [1] - The company plans to work closely with industry experts, scholars, and research institutions to monitor cutting-edge technologies and industry trends in biological fermentation and health products [1] - This initiative aligns with the company's strategic planning for industrial upgrading and development in the health industry [1]

Core Insights - The project "Key Technologies and Industrialization of Functional Carbohydrate Bio-manufacturing" by Shandong Bailong Chuangyuan Biotechnology Co., Ltd. and Jiangnan University has been recognized in the national "14th Five-Year" list of advanced technological innovations in light industry, highlighting significant technological breakthroughs and industrial value [1][2]. Group 1: Company Overview - Bailong Chuangyuan has established a close partnership with Jiangnan University since its inception, focusing on long-term technological collaboration in the field of functional carbohydrates [2]. - The company has developed a series of new functional carbohydrate products by addressing industry challenges such as low preparation efficiency and complex synthesis pathways through key enzyme gene exploration, bio-synthesis pathway transformation, and enhanced biocatalysis [2]. Group 2: Industry Impact - The technological achievements are expected to drive technological upgrades in downstream industries such as food, health products, and pharmaceuticals, promoting comprehensive innovation across the industry chain [2]. - The project aims to transform China's functional sugar industry from a "raw material supply base" to a "high value-added nutrition and health sector," significantly enhancing the market competitiveness and share of related domestic products [2]. - The implementation of these technologies will provide higher quality health food raw materials to the public and guide the industry towards a health-oriented strategic direction [2]. - By developing advantageous industries for functional foods like resistant dextrin and allulose, the project will enhance agricultural productivity and promote coordinated industrial development, injecting new vitality into regional and industrial economies [2].

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first recommendation [1][10]. Core Insights - The completion of the shareholder structure adjustment has positioned Zhongyu Food as the actual controlling entity, which is expected to enhance operational efficiency and profitability in existing businesses while facilitating the launch of new high-value product lines [4][8]. - The company has reported a revenue of 415 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 0.27%, with a net profit of 57 million yuan, up 31.94% [3][10]. Summary by Sections Market Performance - The company's stock price has shown a range from 6.1 to 12.34 yuan over the past 52 weeks, with an average daily trading volume of 126.35 million yuan [1]. Business Overview - The core business revolves around grain deep processing, with related revenue accounting for 86.17% of total income in the first half of 2025, primarily from gluten powder and edible alcohol products [5][6]. - The introduction of Zhongyu Food as the main controlling force is expected to resolve existing competition in gluten powder and alcohol sectors by April 2028, enhancing market opportunities [5][8]. New Product Development - The company is expanding into high-value bioproducts with the introduction of xanthan gum and resistant dextrin, which are anticipated to improve profit margins and product mix in the long term [7][8]. - The xanthan gum project commenced construction in August 2023, with an expected annual capacity of 20,000 tons, while the resistant dextrin production lines are undergoing technical upgrades [7]. Financial Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 634 million, 1.119 billion, and 1.514 billion yuan respectively, with corresponding EPS of 0.17, 0.25, and 0.30 yuan [10][12]. - The report anticipates significant growth in net profit, with projections of 84 million, 119 million, and 148 million yuan for the same years, reflecting growth rates of 231.8% and 41.5% in subsequent years [12][13].