关于山东三元生物科技股份有限公司 2025 年第四次临时股东大会的 法律意见书 1．本所律师仅就本次会议的召集与召开程序、召集人和出席现场会议人员资格、 会议表决程序及表决结果的合法性发表意见，不对本次会议所审议的议案内容及该等议 案所表述的事实或数据的真实性、准确性和完整性发表意见； 北京市东城区建国门内大街 26 号新闻大厦 7 层、8 层 电话：010-88004488/66090088 传真：010-66090016 邮编：100005 北京国枫律师事务所 国枫律股字[2025]A0444 号 致：山东三元生物科技股份有限公司（贵公司） 北京国枫律师事务所（以下简称"本所"）接受贵公司的委托，指派律师出席并见 证贵公司 2025 年第四次临时股东大会（以下简称"本次会议"）。 本所律师根据《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》"）、《上市公司股东会规则》（以下简称 "《股东会规则》"）、《律师事务所从事证券法律业务管理办法》（以下简称"《证券法律 业务管理办法》"）、《律师事务所证券法律业务执业规则（试行）》（以下简称"《证券法 律业务执业 ...

山东三元生物科技股份有限公司 关于选举职工代表董事的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步完善公司治理结构，根据《公司法》《上市公司章程指引》《深圳证 券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号 ——创业板上市公司规范运作》等法律法规、规范性文件及《公司章程》的有关 规定，山东三元生物科技股份有限公司（以下简称"公司"）于 2025 年 9 月 15 日召开了 2025 年第一次职工代表大会，经与会职工代表审议及民主选举，一致 同意郑海军先生担任公司第五届董事会职工代表董事（简历详见附件），任期自 2025 年第一次职工代表大会审议通过之日起至第五届董事会届满之日止。 郑海军先生原为公司第五届董事会非职工代表董事，变更为第五届董事会职 工代表董事后，公司第五届董事会构成人员不变。 本次选举完成后，公司董事会中兼任高级管理人员职务的董事以及由职工代 表担任的董事，总计未超过公司董事总数的二分之一，符合相关法律法规及《公 司章程》等的规定。 证券代码：301206 证券简称：三元生物 公告编号：2025-07 ...

Industry Overview - The domestic erythritol industry is establishing a new order after a round of capacity reduction and anti-dumping issues in Europe and the United States [1] - Erythritol supply and demand have returned to balance, but market prices remain low [1][2] - The new sugar substitute, allulose, has been officially approved and is expected to launch products within the year, initiating a new wave of competition [1] Company Performance - Sanwei Biological reported a revenue of 320 million yuan in the first half of the year, a decrease of 15.6% year-on-year, while net profit increased by 10.7% to 60 million yuan [1] - Baolingbao's performance improved significantly, with a revenue of 1.4 billion yuan, an 18% year-on-year increase, and a net profit of 90 million yuan, up 33.7% [1] - Baolingbao's sugar-reducing sweetener business generated 370 million yuan in revenue, a 61.2% increase year-on-year, with a gross margin improvement of 5.6 percentage points to 14.9% [1] Market Dynamics - The erythritol market experienced a surge in demand around 2021 due to the popularity of sugar-free beverages, leading to an expansion in production capacity [2] - By May 2023, domestic erythritol production capacity reached 380,000 tons, significantly exceeding global demand, resulting in a price drop from 40,000 yuan/ton to 9,500 yuan/ton [2] - The industry is currently in a painful capacity reduction phase, with overcapacity largely resolved as some new capacities have been halted or repurposed [2] Competitive Landscape - Competition in the erythritol industry has shifted from capacity to efficiency and quality [3] - Companies are focusing on improving production efficiency through advanced technologies, such as synthetic biology and precision fermentation [3] - The market is expected to see a consolidation of smaller players, allowing leading companies to capture a larger market share [3] New Product Development - Allulose has been approved as a new food ingredient, with major sugar substitute producers increasing investments and planning large-scale expansions [4] - Baolingbao's annual production capacity for allulose is expected to exceed 5,000 tons after technical upgrades, with plans to expand by an additional 20,000 tons in March 2025 [4] - The market performance of allulose remains to be seen, as its cost is still higher than erythritol despite improvements in extraction efficiency [4][5]

Core Viewpoint - The domestic erythritol industry is establishing a new order after experiencing capacity reduction and anti-dumping issues in Europe and the United States, while a new competition is emerging with the approval of allulose as a new sugar substitute [1][3]. Industry Overview - The supply and demand of erythritol have returned to balance, but market prices remain low [2]. - The erythritol market saw a significant increase in demand around 2021, driven by products like sugar-free sparkling water, leading to an oversupply situation by 2023, with production capacity reaching 380,000 tons, far exceeding global demand [3][4]. - The price of erythritol has fluctuated, dropping from 40,000 yuan/ton to 9,500 yuan/ton, and currently stabilizing around 10,000 yuan/ton [3][5]. Company Performance - Sanwei Biological reported a revenue of 320 million yuan in the first half of the year, a decrease of 15.6% year-on-year, while net profit increased by 10.7% to 60 million yuan [3]. - Baolingbao's revenue for the same period was 1.4 billion yuan, an 18% increase year-on-year, with net profit rising by 33.7% to 90 million yuan [3]. - Baolingbao's sugar-reducing sweetener business generated 370 million yuan, a 61.2% increase year-on-year, with erythritol revenue growing approximately 89.5% [3]. Market Dynamics - The competition in the erythritol industry has shifted from capacity to efficiency and quality, with companies focusing on improving production processes [5]. - The market is expected to see a consolidation of smaller players, allowing leading companies to capture a larger market share and stabilize prices [7]. New Product Development - Allulose has been approved as a new food ingredient in China, with major sugar substitute producers increasing their investments and planning large-scale expansions [8]. - Baolingbao plans to increase its allulose production capacity to over 50,000 tons by 2025, while Sanwei Biological aims to double its capacity from 10,000 tons to 20,000 tons [8]. - The cost of allulose remains high compared to erythritol, but improvements in extraction efficiency are expected to lower prices [8][9].

Financial Performance - The company's total revenue for the first half of 2025 was 318 million yuan, a decrease of 15.62% year-on-year [1] - The net profit attributable to shareholders was 57.48 million yuan, an increase of 10.73% year-on-year [1] - The gross profit margin increased by 84.53% year-on-year to 19.2%, while the net profit margin rose by 30.97% to 18.04% [1] - The total of selling, administrative, and financial expenses was 14.66 million yuan, accounting for 4.61% of revenue, which is an increase of 182.81% year-on-year [1] - Earnings per share increased by 11.54% to 0.29 yuan, while operating cash flow per share decreased by 91.59% to 0.01 yuan [1] Business Evaluation - The company's return on invested capital (ROIC) was 2.26% last year, indicating weak capital returns [3] - The net profit margin was 14.72%, suggesting high added value in products or services [3] - Historical data shows a median ROIC of 34.73% since the company went public, with the worst year being 2023 at 1.17% [3] Debt and Cash Management - The company has a healthy cash asset position, indicating good debt repayment capability [4] - The business model relies heavily on capital expenditures, necessitating careful evaluation of the profitability of these projects [4]

Group 1 - The core viewpoint of the article highlights that Sanyuan Bio reported a revenue of approximately 318 million yuan for the first half of 2025, representing a year-on-year decline of 15.62% [1] - The company achieved a net profit of 57.48 million yuan, which reflects a year-on-year increase of 10.73% [1]

Group 1 - The core point of the article is that San Yuan Bio reported its financial results for the first half of 2025, showing a decline in revenue but an increase in net profit [1] Group 2 - In the first half of 2025, the company achieved operating revenue of 318 million yuan, representing a year-on-year decrease of 15.62% [1] - The net profit attributable to the company was 57.48 million yuan, which reflects a year-on-year growth of 10.73% [1]

Core Viewpoint - San Yuan Bio reported a decline in operating revenue for the first half of 2025, while net profit showed an increase, indicating mixed financial performance [1] Financial Performance - The company achieved operating revenue of 317,965,979.00 yuan for the first half of 2025, representing a year-on-year decrease of 15.62% [1] - The net profit attributable to shareholders of the listed company was 57,481,930.48 yuan, reflecting a year-on-year increase of 10.73% [1]

山东三元生物科技股份有限公司 信息披露管理制度 二〇二五年八月 | | | 山东三元生物科技股份有限公司 信息披露管理制度 第一章 总 则 第一条 为规范山东三元生物科技股份有限公司（以下简称"公司"）及其 他信息披露义务人的信息披露行为，确保信息披露的公平性，切实保护投资者的 合法权益，根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司信息披露管理办法》《深圳证券交易所创业板股票上市规则》《深圳证券交易 所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《深圳证券交易 所上市公司自律监管指引第 5 号——信息披露事务管理》等相关法律、法规、规 范性文件和《山东三元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，特制定本制度。 第二条 本制度所称信息披露义务人，是指公司及其董事、高级管理人员、 股东、实际控制人，收购人，重大资产重组、再融资、重大交易有关各方等自然 人、单位及其相关人员，破产管理人及其成员，以及法律、行政法规和中国证监 会规定的其他承担信息披露义务的主体。 第三条 信息披露义务人应当及时依法履行信息披露义务，披露的信息应当 真实、准确、完整、简明清晰 ...

山东三元生物科技股份有限公司 董事会议事规则 第一条 为完善山东三元生物科技股份有限公司（以下简称"公司"）法人 治理结构，规范董事会及其成员的组织和行为，保证董事会议事程序及其决议的 合法性，确保董事会高效运作和科学决策，维护公司、股东、债权人及公司职工 的合法权益，根据《中华人民共和国公司法》（以下简称"《公司法》"）《上 市公司治理准则》《上市公司章程指引》《深圳证券交易所创业板股票上市规则》 《深圳证券交易所上市公司自律监管指引第2号——创业板上市公司规范运作》 以及《山东三元生物科技股份有限公司章程》（以下简称"《公司章程》"）等法律、 法规、规范性文件的有关规定，制定本规则。 二〇二五年八月 | | | 山东三元生物科技股份有限公司 董事会议事规则 第一章 总 则 第二章 董事会的组成和职权 第二条 董事会由9名董事组成，其中3名独立董事。 董事为自然人，无需持有公司股份。公司全体董事根据法律、行政法规、部 门规章和《公司章程》的规定对公司负有忠实义务和勤勉义务。 董事应当具备法律、行政法规和《公司章程》规定的资格条件。 第三条 公司建立独立董事制度。公司董事会成员中应当有1/3以上独立董事， 其 ...