舆情管理制度 第一章 总 则 第一条 为提高山东百龙创园生物科技股份有限公司（以下简称"公司"） 有效预防和应对各类舆情的综合能力，建立快速反应和应急处置机制，及时、妥 善处理各类舆情对公司股价、商业信誉及正常生产经营活动造成的影响，切实保 护投资者合法权益，根据《上海证券交易所股票上市规则》等相关法律、行政法 规、规范性文件和《山东百龙创园生物科技股份有限公司章程》（以下简称"公 司章程"）的规定，结合公司实际情况，制定本制度。 山东百龙创园生物科技股份有限公司 第二条 本制度所称舆情主要包括： （二）社会上存在的已经或将给公司造成不良影响的传言或信息； （三）可能或者已经影响社会公众投资者投资取向，造成股价异常波动的信 息； （四）其他涉及公司信息披露且可能对公司股票及其衍生品交易价格产生较 大影响的事件信息。 第三条 舆情信息的分类： （一）重大舆情：指传播范围较广，严重影响公司公众形象或正常经营活动， 使公司已经或可能遭受损失，已经或可能造成公司股票及其衍生品种交易价格变 动的负面舆情。 （二）一般舆情：指除重大舆情之外的其他舆情。 第二章 舆情管理的组织体系及其工作职责 （一）报刊、电视、网络等媒体 ...

会计师事务所选聘制度 山东百龙创园生物科技股份有限公司 （二）具有固定的工作场所、健全的组织机构和完善的内部管理和控制制度； 第一章 总则 第一条 为规范山东百龙创园生物科技股份有限公司（以下简称"公司"）选 聘（含续聘、改聘，下同）会计师事务所相关行为，根据《中华人民共和国公司 法》《中华人民共和国证券法》《上海证券交易所股票上市规则》《国有企业、上 市公司选聘会计师事务所管理办法》等法律、法规、规范性文件和《山东百龙创 园生物科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定，结合公 司实际情况，制定本制度。 第二条 本制度所称选聘会计师事务所，是指根据相关法律法规要求，聘任 （含选聘、续聘、改聘）会计师事务所对财务会计报告发表审计意见、出具审计 报告的行为。公司聘任会计师事务所从事除财务会计报告审计之外的其他法定审 计业务的，视重要性程度可以参照本制度执行。 第三条 公司选聘或解聘会计师事务所，应当由董事会审计委员会（以下简 称"审计委员会"）审议同意后，提交董事会审议，并由股东大会决定。公司不 得在董事会、股东大会审议前聘请会计师事务所开展审计业务。 第四条 公司控股股东、实际控制人不得向公 ...

山东百龙创园生物科技股份有限公司 第三条 公司关联人包括关联法人（或其他组织）、关联自然人。 第四条 具有以下情形之一的法人（或其他组织），为公司的关联法人（或 者其他组织）： （一）直接或间接地控制公司的法人或其他组织； （二）由前项所述法人直接或间接控制的除公司及其控股子公司以外的法人 或其他组织； 关联交易管理制度 第一章 总则 第一条 为保证山东百龙创园生物科技股份有限公司（以下简称"公司"） 与关联人之间的关联交易符合公平、公正、公开的原则，确保公司的关联交易行 为不损害公司和非关联股东的合法权益，根据《中华人民共和国公司法》《上海 证券交易所股票上市规则》《上海证券交易所公司自律监管指引第 5 号-交易与关 联交易指引》等有关法律、法规、规范性文件及《山东百龙创园生物科技股份有 限公司章程》（以下简称"《公司章程》"）的有关规定，制定本制度。 第二条 公司与关联方之间的关联交易行为除遵守有关法律、法规、规范性 文件和《公司章程》的规定外，还需遵守本制度的有关规定。本制度适用于公司、 公司控股子公司。 第二章 关联人和关联关系 （三）直接或者间接地控制公司的法人（或者其他组织）的董事、监事和高 级管 ...

山东百龙创园生物科技股份有限公司 环境、社会及治理（ESG）管理制度 第八条 公司积极贯彻创新、协调、绿色、开放、共享的新发展理念，把新 发展理念融入经营发展的各领域和全过程，通过在安全生产、科技创新、公司治 理、人才培养等方面的努力和实践，推动产业高质量发展，在为社会贡献力量的 同时实现环境友好建设。 第一章 总则 第一条 为进一步加强山东百龙创园生物科技股份有限公司（以下简称"公 司"）社会责任管理，推动经济社会和环境的可持续发展，积极履行环境、社会 及治理（ESG）职责，根据《中华人民共和国公司法》（以下简称" 《公司法》"）、 《中华人民共和国证券法》（以下简称" 《证券法》"）、《上市公司治理准则》《上 海证券交易所上市公司自律监管指引第 1 号——规范运作》《上海证券交易所上 市公司自律监管指引第 14 号——可持续发展报告 （试行）》等有关法律法规、规 范性文件及 《山东百龙创园生物科技股份有限公司章程》（以下简称 " 《公司章程》"） 的相关规定，结合公司实际情况，制定本制度。 第二条 本制度所称的 ESG 职责，是指公司在经营发展过程中应当履行的环 境 （Environmental）、社会 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of 24.00, unchanged from the previous forecast [2][13]. Core Insights - The company is expected to achieve significant growth in revenue and profit due to the launch of new production lines for dietary fiber and allulose sugar, alongside strong market demand [3][10]. - The company's revenue for 2024 is projected to be 11.51 billion, representing a year-on-year increase of 32.6%, with a net profit of 2.49 billion, up 29.2% [13][10]. - The fourth quarter of 2024 is anticipated to show a substantial revenue increase of 55% year-on-year, with net profit growth of 28% [13][10]. Financial Summary - The company reported a total revenue of 722 million in 2022, which is expected to grow to 1,151 million in 2024, reflecting a compound annual growth rate (CAGR) of 32.6% [10][14]. - The net profit attributable to the parent company is projected to rise from 151 million in 2022 to 249 million in 2024, indicating a growth rate of 29.2% [10][14]. - The earnings per share (EPS) is expected to increase from 0.47 in 2022 to 0.77 in 2024 [10][14]. Market Position and Growth Potential - The company is positioned in a rapidly growing market for functional foods and beverages, with significant opportunities for expansion in both domestic and international markets [3][13]. - The launch of high-margin products like resistant dextrin is expected to enhance revenue structure and profitability [13][10]. - The company has demonstrated strong capabilities in market and customer development, with a focus on innovative products and trends [13].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company's performance in 2024 is in line with expectations, driven by significant increases in dietary fiber and allulose sugar production capacity [8] - The new production capacity is expected to enhance earnings, with allulose sugar anticipated to see both volume and price increases [8] - The company is positioned as a leading domestic producer of health food additives, with ongoing projects expected to contribute to revenue growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 868 million yuan in 2023 to 1,818 million yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 21.5% [2][10] - Net profit attributable to the parent company is expected to increase from 193 million yuan in 2023 to 473 million yuan in 2026, with a CAGR of about 29.5% [2][10] - Earnings per share (EPS) is forecasted to rise from 0.78 yuan in 2023 to 1.47 yuan in 2026 [2][10] - The gross margin is expected to improve from 32.7% in 2023 to 36.0% in 2026 [2] Market Data - As of February 17, 2025, the closing price of the stock is 19.68 yuan, with a market capitalization of 6,358 million yuan [3] - The price-to-earnings (P/E) ratio is projected to decrease from 33 in 2023 to 13 in 2026, indicating potential undervaluation [2][3] Production Capacity and Growth Drivers - The company has successfully launched new production lines for soluble dietary fiber and crystalline sugar, which are expected to significantly boost sales and revenue [8] - The allulose sugar project, with a capacity of 15,000 tons, is fully operational and is anticipated to contribute to substantial revenue growth [8] - The flexible production line for dietary fiber is expected to maintain high growth rates, enhancing profitability [8] Strategic Initiatives - The company plans to issue convertible bonds to fund projects, including a new factory in Thailand, which will enhance international competitiveness and reduce production costs [8] - The establishment of a research and development center in the United States is aimed at further strengthening the company's core competencies [8]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a record high quarterly performance, with a total revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%. The net profit attributable to the parent company reached 249 million yuan, up 29.20% year-on-year [1][4] - The strong performance in Q4 2024 was driven by increased production capacity and sales growth, with Q4 revenue reaching 331 million yuan, a year-on-year increase of 54.45% [1][4] - The company is expected to benefit from the release of new production capacity in May 2024, which will further enhance sales and revenue [4] Financial Summary - Total revenue for 2024 is projected at 1.152 billion yuan, with a growth rate of 32.6% compared to 2023 [3] - The net profit attributable to the parent company is forecasted to be 249 million yuan in 2024, with a year-on-year growth rate of 29.1% [3] - The company's gross margin is expected to improve to 36.3% in 2024, reflecting operational efficiency [3] - Earnings per share (EPS) for 2024 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 25.53 [3] - The return on equity (ROE) is projected to be 14.2% in 2024, indicating strong profitability [3]

Summary of Baolong Chuangyuan Conference Call Company Overview - The conference call pertains to Baolong Chuangyuan, a company specializing in prebiotics, dietary fibers, and allulose products. Key Points and Arguments Financial Performance - In 2024, Baolong Chuangyuan reported a revenue growth of approximately 32% and a profit growth of 29% [3][4] - The company achieved expected growth across major product lines, with prebiotics slightly exceeding expectations and dietary fibers showing significant overall improvement [4][5] Product Performance - Prebiotics have maintained a stable growth rate of over 30% since 2023, with expectations to continue this trend into 2025, potentially increasing to 30%-50% [4][7] - Allulose showed a recovery in Q4 2024, benefiting from new production capacity and achieving full capacity utilization, with expectations for continued strong demand in 2025 [4][8] - The company is facing capacity constraints, prompting optimization of existing production lines to increase output [4][5][9] Market Demand and Competition - Global demand for prebiotics and dietary fibers is currently limited by overall production capacity, with the company actively considering expansion plans to meet market needs [9] - The main competitors are international companies, but their expansion cycles are longer, providing Baolong Chuangyuan with a competitive advantage in the short term [10] - The company’s products are customized to client needs, making them more appealing compared to competitors who primarily offer standard products [11] International Operations - 60%-70% of the company’s total capacity is allocated for export, with the U.S. market accounting for 50% of this export [14] - A new factory in Thailand is expected to begin operations in early 2027, aimed at mitigating U.S. tariffs and benefiting from tax incentives, which will positively impact overall costs [13] Customer Base and Order Growth - The downstream industry is experiencing a demand growth rate of about 10%, while Baolong Chuangyuan is achieving a growth rate of 20%-30% [15] - Orders are increasing from both new and existing customers, including significant partnerships with companies like Nestlé [15][17] - The company is prioritizing existing customers for production capacity while also working on acquiring new clients [17][18] Future Product Development - The company is focusing on technological reserves and R&D for potential new products, such as human milk oligosaccharides and tagatose, which are nearing mass production [19] - The strategy involves ensuring that new products are at least 2-3 years ahead of domestic market trends to effectively respond to international market demands [19] Additional Important Information - The company is currently operating at full capacity and plans to expand production in Thailand by an additional 100,000 tons [4][18] - The impact of a 10% tariff on overseas business is mitigated as it is borne by customers, which does not significantly affect their purchasing decisions [12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company achieved a record high quarterly performance, with a total revenue of 1.152 billion yuan in 2024, representing a year-on-year increase of 32.64%. The net profit attributable to the parent company reached 249 million yuan, up 29.20% year-on-year [1][4] - The strong performance in Q4 2024 was driven by increased production capacity and sales growth, with Q4 revenue reaching 331 million yuan, a year-on-year increase of 54.45% [1][4] - The company is expected to benefit from the release of new production capacity in May 2024, which will further enhance sales and revenue [4] Financial Summary - Total revenue for 2024 is projected at 1.152 billion yuan, with a growth rate of 32.6% compared to 2023 [3] - The net profit attributable to the parent company is forecasted to be 249 million yuan in 2024, with a year-on-year growth rate of 29.1% [3] - The company's gross margin is expected to improve to 36.3% in 2024, reflecting operational efficiency [3] - Earnings per share (EPS) for 2024 is estimated at 0.77 yuan, with a price-to-earnings (P/E) ratio of 25.53 [3] - The return on equity (ROE) is projected to be 14.2% in 2024, indicating strong profitability [3]

Financial Performance - Total operating revenue for 2024 reached CNY 115,163.75 million, a year-on-year increase of 32.64%[5] - Operating profit for 2024 was CNY 28,883.55 million, reflecting a growth of 29.13% compared to the previous year[5] - Net profit attributable to shareholders was CNY 24,935.56 million, up 29.20% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 23,469.84 million, an increase of 33.64%[5] Assets and Equity - Total assets at the end of 2024 amounted to CNY 201,254.37 million, representing a 14.73% increase from the beginning of the year[6] - The total number of shares increased to 32,308.64 million, a growth of 30.00% from the beginning of the year[6] - The company's weighted average return on equity rose to 15.27%, an increase of 1.74 percentage points[4] - The net asset per share decreased to CNY 5.20, down 14.33% from the previous year[4] Production and Revenue Growth - The production capacity for soluble dietary fiber and crystallized sugar projects launched in May 2024 contributed to revenue growth[5] Financial Data Disclaimer - The company emphasizes the preliminary nature of the financial data, which is subject to audit confirmation[7]