Core Viewpoint - San Yuan Bio is a leading enterprise in the global erythritol industry, established in 2007 and listed on the Shenzhen Stock Exchange in 2022, with a focus on the research, production, and sales of erythritol and its compound products [1] Financial Performance - In Q3 2025, San Yuan Bio reported revenue of 476 million yuan, ranking 19th among 24 companies in the industry, while the top company, Meihua Biological, achieved revenue of 18.215 billion yuan [2] - The net profit for the same period was 67.2847 million yuan, also ranking 19th, with the industry leader, Xinhecheng, reporting a net profit of 5.354 billion yuan [2] Financial Ratios - As of Q3 2025, San Yuan Bio's debt-to-asset ratio was 3.73%, significantly lower than the industry average of 28.46%, down from 5.03% year-on-year [3] - The gross profit margin for the same period was 16.15%, an increase from 10.30% year-on-year, but still below the industry average of 28.77% [3] Executive Compensation - The chairman, Nie Zaijian, received a salary of 800,000 yuan in 2024, an increase of 77,200 yuan from the previous year [4] - The general manager, Cheng Baohua, saw his salary rise to 765,000 yuan, up by 102,600 yuan from 2023 [4] Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 3.67% to 15,800, while the average number of circulating A-shares held per account increased by 3.81% to 8,248.95 [5]

Core Insights - Shandong Sanyuan Biotechnology Co., Ltd. reported a revenue of 712.90 million yuan for 2024, representing a year-on-year growth of 42.72% [1][2] - The net profit attributable to shareholders reached 104.95 million yuan, an increase of 87.47% compared to the previous year [1][2] - The company's net profit after deducting non-recurring gains and losses was 102.48 million yuan, also reflecting an 87.04% year-on-year growth [1][2] Financial Performance - In Q4 2024, the company achieved a revenue of 198 million yuan, which is a 33.49% increase year-on-year [2] - The net profit for Q4 2024 was 23.94 million yuan, up 67.34% from the same quarter last year [2] - The net profit after deducting non-recurring gains and losses for Q4 2024 was 23.01 million yuan, showing a 64.73% increase year-on-year [2] Profitability Metrics - The gross margin for 2024 was reported at 11.11%, an increase of 8.06 percentage points compared to the previous year [3] - The net profit margin for 2024 was 14.72%, which is an increase of 3.51 percentage points year-on-year [3] Expense Analysis - Sales expenses increased by 24.81% year-on-year, while management expenses rose by 27.16% [3] - Research and development expenses decreased by 18.61% compared to the previous year [3] Cash Flow Overview - The net cash flow from operating activities decreased by 123.82% year-on-year, primarily due to a change in payment methods and the need to repay previously issued bank acceptance bills [3] - The net cash flow from investing activities increased by 159.15% year-on-year, mainly due to the redemption of certain large bank deposits [3] - The net cash flow from financing activities grew by 31.19% year-on-year, attributed to higher dividend distributions in 2023 [3] Company Background - Sanyuan Biotechnology was established on March 4, 2022, and was listed on February 10, 2022 [3] - The company's main business includes the research, production, and sales of food additives, specifically erythritol and its compound products [3]