Summary of Bailong Chuangyuan Conference Call Company Overview - Bailong Chuangyuan is a food technology company focused on sugars and their derivatives, with key products including dietary fiber, prebiotics, and probiotics. The company ranks fifth globally in prebiotics market share by sales and second in dietary fiber. It is the first in the world to commercialize and export allulose and the first in China to achieve large-scale sales of resistant dextrin [3][4]. Core Insights and Arguments - The company is a leading producer of functional food ingredients, particularly in prebiotics, dietary fiber, and allulose, with significant market positions [4]. - A capacity release period is anticipated, with new production of 30,000 tons of dietary fiber and 15,000 tons of allulose scheduled to commence in June 2024. This, combined with growing demand for health foods, is expected to drive revenue and profit growth exceeding 30% in 2024 and maintaining similar growth in 2025 [4][6]. - The Thailand factory project is expected to start production in the first half of 2026, adding 50,000 tons of capacity and generating approximately 1 billion RMB in output, potentially increasing net profit margins to 30% due to raw material and geopolitical advantages [4][7]. - Allulose has significant potential as a healthy sugar substitute, with a high likelihood of approval in China, which could open up a substantial new market for the company [4][8]. - The impact of U.S. tariff policies on the company is limited, as the burden is primarily borne by downstream customers, and the tariffs are lower than those imposed on Mexico and Canada [4][9]. - Revenue growth is projected to reach 40%-50% in Q4 2024, with profit growth exceeding 30%, driven by capacity release and rising demand [4][10]. - The current valuation of the company is 18 times earnings, corresponding to a profit of 330 million RMB in 2025, with potential for a valuation increase to 25-30 times, indicating a near 40% upside in stock price [4][11]. Industry Dynamics - The demand for dietary fiber, prebiotics, resistant dextrin, and allulose is increasing due to a growing focus on health and functional foods, with international markets growing rapidly and domestic markets gradually developing [5]. - The dietary fiber market currently has a penetration rate of about 10%, with significant growth potential as many countries fall short of the World Health Organization's recommended intake [13]. - The prebiotic and dietary fiber markets are characterized by high profit margins and a growing trend towards health and functionality, with Bailong Chuangyuan holding about 10% market share [15][16]. Additional Important Insights - The company has a strong sales channel strategy, utilizing direct sales in China and partnerships with service providers for international distribution, resulting in a diversified customer base that stabilizes performance [17]. - The R&D management is robust, with a focus on technological investment and collaboration with universities to enhance innovation [22]. - Future growth is expected to be supported by new capacity and optimization projects, although potential risks include tariff increases and raw material price fluctuations [25][26].

证券代码：605016 证券简称：百龙创园 公告编号：2024-067 山东百龙创园生物科技股份有限公司 关于"提质增效重回报"行动方案的公告 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个别及连带责任。 山东百龙创园生物科技股份有限公司（以下简称"公司"）为贯彻落实《国 务院关于加强监管防范风险推动资本市场高质量发展的若干意见》（（国发（ 2024〕 10 号）《国务院关于进一步提高上市公司质量的意见》（国发 2020〕14 号）相 关要求，响应上海证券交易所（《关于开展沪市公司（"提质增效重回报"专项行动 的倡议》，基于对公司未来发展前景的信心及价值的认可，进一步提高公司质量， 维护投资者尤其是中小投资者合法权益，树立良好的资本市场形象，制定了 2025（ 年度"提质增效重回报"行动方案。具体内容如下： 一、聚焦主营主业，着力提质增效 公司主营业务为益生元系列产品、膳食纤维系列产品、健康甜味剂系列产品 和其他淀粉糖（（醇）产品的研发、生产及销售，公司主要产品定位中高端，核心 产品有抗性糊精、阿洛酮糖、异麦芽酮糖、低聚果糖、低聚异麦 ...

重要内容提示： 每股分配比例 证券代码：605016 证券简称：百龙创园 公告编号：2024-066 山东百龙创园生物科技股份有限公司 2024 年季度权益分派实施公告 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。 A 股每股现金红利 0.02 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/12/26 | － | 2024/12/27 | 2024/12/27 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 10 月 11 日的 2024 年第三次临时股东大会审议授权董 事会全权办理三季度利润分配相关事宜，经 2024 年 10 月 30 日的第三届董事会第十三次会议 审议通过利润分配方案。 二、 分配方案 1. 发放年度：2024 年季度 2. 分派对象： 2. 自行发放对象 窦宝德、窦光朋 2 名股东所持股份的现金红利由公司 ...

Investment Rating - The report assigns a "Buy" rating to the company, with a market price of RMB 16.64 and a sector rating of outperforming the market [1][2]. Core Insights - The company, Baolong Chuangyuan, is a leading enterprise in the functional sugar sector, focusing on health-oriented sugar products. It has a strong customer base and is continuously optimizing its product layout and capacity [2][4]. - The company has maintained high revenue growth over the past five years, with a CAGR of 19.83% in revenue and 23.49% in net profit from 2019 to 2023. In the first three quarters of 2024, revenue increased by 25.48% year-on-year [2][62]. - The dietary supplement market is expected to expand, benefiting from the increasing awareness of health among consumers. The company is well-positioned to capitalize on this growth due to its diverse product offerings [2][4]. - The new sugar substitute, allulose, presents significant opportunities, with a projected CAGR of 14.60% from 2023 to 2032 in the global market. The company has a technological edge in producing allulose [2][4]. - The company is set to release new production capacity, with projects coming online in May 2024, which will enhance its growth trajectory [2][4]. Summary by Sections 1. Company Overview - Baolong Chuangyuan focuses on health-oriented sugar products, continuously expanding its product and customer matrix. It has developed a wide range of functional food ingredients, producing over 90 different specifications [51][62]. - The company has a concentrated ownership structure, with the actual controllers holding 49.76% of the shares, ensuring stable management [57][60]. 2. Market Potential - The dietary supplement market is expected to grow significantly, driven by increased consumer health awareness and dietary upgrades. The global and Chinese prebiotic markets are projected to reach RMB 18.548 billion and RMB 3.814 billion by 2026, respectively [2][4]. - The new sugar substitute, allulose, is gaining traction, with the global market expected to grow from USD 128 million in 2023 to USD 440 million by 2032 [2][4]. 3. Production Capacity and Growth - The company is set to launch new production projects in May 2024, including a 30,000-ton soluble dietary fiber project and a 15,000-ton crystalline sugar project, which will alleviate capacity constraints [2][4]. - The company is also expanding its international footprint with a production base in Thailand, which will help reduce costs and enhance its global market presence [2][4]. 4. Financial Performance - The company has shown steady revenue growth, with revenues increasing from RMB 421 million in 2019 to RMB 868 million in 2023, and a projected net profit of RMB 250 million in 2024 [2][62]. - The gross margin improved to 32.73% in 2023, driven by product structure optimization and stable raw material prices [70][72].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [13]. Core Views - The company reported a revenue of 820 million yuan for the first three quarters of 2024, representing a year-on-year increase of 25.48%, and a net profit attributable to the parent company of 183 million yuan, up 29.19% year-on-year [1]. - The growth in the sweetener category is accelerating, with significant volume increase in allulose, contributing to overseas revenue growth [1]. - The company plans to issue convertible bonds to raise up to 780 million yuan for expanding production capacity in Thailand and the United States, enhancing its international market presence [1]. Financial Performance Summary - For 2024, the company is projected to achieve a revenue of 1,142 million yuan, with a growth rate of 32% [2]. - The net profit for 2024 is estimated at 257 million yuan, reflecting a year-on-year growth of 33% [2]. - The earnings per share (EPS) for 2024 is forecasted to be 0.80 yuan, with a price-to-earnings (P/E) ratio of 22.4x [2]. Revenue Breakdown - In Q3 2024, the company generated revenue of 289 million yuan, with the health sweetener segment showing a year-on-year growth of 29.89% [1]. - The revenue from domestic operations decreased by 10.11% year-on-year, while overseas revenue increased by 42.55%, indicating a shift towards international markets [1]. Cost and Profitability Analysis - The gross margin for Q3 2024 was reported at 32.52%, slightly down from the previous year, attributed to increased depreciation from new production lines [1]. - The net profit margin for Q3 2024 was 21.81%, showing a year-on-year increase of 0.96 percentage points [1]. Future Outlook - The company expects to benefit from economies of scale as new production lines ramp up, which may enhance profitability over time [1]. - The projected net profits for 2025 and 2026 are 344 million yuan and 452 million yuan, respectively, with growth rates of 34% and 31% [2].

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook compared to the market [5][6]. Core Insights - The company's Q3 2024 performance met expectations, with a year-on-year revenue increase of 25% to 820 million yuan and a net profit increase of 29% to 183 million yuan [5][6]. - The growth in revenue is attributed to increased sales of dietary fiber and healthy sweeteners, while the decline in profit margin is due to a decrease in high-margin dietary fiber sales [5][6]. - The company plans to issue convertible bonds to raise up to 780 million yuan for new projects, including a health food raw material factory in Thailand, which is expected to enhance international competitiveness and reduce production costs [5][6]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 820 million yuan, with a net profit of 183 million yuan [6]. - The projected revenue for 2024 is 1.198 billion yuan, with a net profit forecast of 263 million yuan, reflecting a year-on-year growth rate of 36.2% [6][8]. - The earnings per share (EPS) for 2024 is estimated at 0.81 yuan, with a price-to-earnings (PE) ratio of 21 times [6][8]. Revenue Breakdown - In Q3 2024, the company achieved revenue of 289 million yuan, with dietary fiber, healthy sweeteners, and prebiotics contributing 151 million yuan, 45 million yuan, and 82 million yuan respectively [5][6]. - The dietary fiber segment saw a year-on-year growth of 23%, while the healthy sweeteners segment grew by 30% [5][6]. Future Outlook - The company is expected to benefit from the approval of D-allohexose as a new food ingredient in China and the EU, which could drive demand for its products [5][6]. - The anticipated completion of new production facilities for soluble dietary fiber and crystalline sugar is expected to further enhance the company's growth trajectory [5][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [3][7]. Core Insights - The company reported a significant year-on-year increase in revenue and profit for the first three quarters of 2024, achieving revenue of 820 million yuan (up 25.5% YoY) and a net profit attributable to shareholders of 180 million yuan (up 29.2% YoY) [3][4]. - The third quarter alone saw revenue of 290 million yuan (up 19.9% YoY, up 3.5% QoQ) and a net profit of 60 million yuan (up 25.5% YoY, down 4.5% QoQ) [3][4]. - The company is experiencing strong growth in its overseas revenue, which increased by 42.5% YoY, while domestic revenue decreased by 10.1% YoY [4]. Financial Performance - The company has fully launched new production capacities, including a soluble dietary fiber project with an annual output of 30,000 tons and a crystallized sugar project with an annual output of 15,000 tons [5]. - As of the end of Q2 2024, the company's fixed assets increased from 320 million yuan in Q1 to 870 million yuan, primarily due to the new production lines becoming operational [5]. - The gross margin for Q3 was 32.5% (down 1.2 percentage points YoY, down 0.7 percentage points QoQ), while the net margin was 21.8% (up 1.0 percentage points YoY, down 1.8 percentage points QoQ) [5]. Future Projects - The company plans to raise up to 780 million yuan through convertible bonds to invest in a new health food raw material factory in Thailand and expand its functional sugar production [6]. - The establishment of the Thailand production base is expected to reduce production costs and improve export conditions to the U.S. market [6]. - The company is committed to developing 5-6 new product specifications annually and has introduced several new products in 2023, with plans for more in 2024 [6]. Market Position - The company is recognized as a global leader in the food additive industry, particularly in dietary fibers and sugar substitutes [7]. - Forecasted net profits for 2024-2026 are projected to be 260 million, 340 million, and 440 million yuan, respectively, supporting the "Buy" rating [7].

百龙创园（ [Table_StockNameRptType] 605016） 公司点评 Q3 业绩符合预期，阿洛酮糖持续放量 | --- | --- | --- | |------------------------------------------------------------------------------------------------------------------|---------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

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二、 董事会会议审议情况 1、审议通过《关于 2024 年三季度报告的议案》 具体内容详见公司同日在上海证券交易所官方网站及指定媒体上披露的 《2024 年三季度报告》。 证券代码：605016 证券简称：百龙创园 公告编号：2024-063 山东百龙创园生物科技股份有限公司 第三届董事会第十三次会议决议公告 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个别及连带责任。 一、董事会会议召开情况 山东百龙创园生物科技股份有限公司（以下简称"公司"）第三届董事会第 十三次会议于 2024 年 10 月 30 日上午 9：00 在公司办公楼一楼第二会议室召开， 本次会议的会议通知和材料已于 2024 年 10 月 20 日通过邮件等方式发出。会议 由董事长窦宝德先生主持，应到董事 9 人，实到董事 9 人，公司全体监事及董事 会秘书列席本次会议。 本次会议的召集、召开符合有关法律、行政法规、部门规章、规范性文件和 《公司章程》的规定，表决形成的决议合法、有效。 2、审议通过《关于 2024 年三季度利润分配预案的议案》 具体内容详见公司同日 ...