Core Viewpoint - The final ruling on anti-dumping and countervailing duties ("double reverse") against Chinese erythritol products has been announced, with Tsinghua Biotech facing a maximum combined tax rate of 93.58%, significantly impacting its market competitiveness in the U.S. [2][3] Group 1: Tax Rates and Impact - Tsinghua Biotech's final anti-subsidy rate is 8.63%, and the anti-dumping rate is 84.95%, leading to a total tax rate of 93.58% [2][3] - The company did not qualify for separate rate status, resulting in a nationwide unified tax rate of 184.26% for other producers/exporters without separate rate qualifications [3] - The high tax rates are expected to weaken Tsinghua Biotech's cost competitiveness in the U.S. market, leading to potential order reductions and market share loss [3] Group 2: Market Demand and Supply Dynamics - The U.S. is projected to have a per capita sugar and sweetener consumption of approximately 121 pounds (about 55 kg) in 2025, with erythritol being a popular choice due to its natural and zero-calorie properties [5] - Global demand for erythritol is expected to reach 238,000 tons in 2024, with a compound annual growth rate (CAGR) of 22% from 2020 to 2024, indicating strong market demand [5] - The global erythritol market is forecasted to reach $2.63 billion by 2030, with a growth rate of 21.0% during the 2024-2030 period [5] Group 3: Industry Competition and Challenges - The introduction of new production capacities in 2022 has led to an imbalance in the erythritol market, resulting in increased competition and a risk of low-quality products displacing higher-quality ones [6] - Analysts note that erythritol is not a high-barrier product, and ongoing innovations may highlight its limitations [7] Group 4: Strategic Alternatives - Tsinghua Biotech can potentially circumvent the high tariffs by altering product forms, such as selling processed erythritol products directly to consumers [8] - The company is exploring third-party channels and overseas production to maintain market access in the U.S. [8] - Tsinghua Biotech is also developing alternatives like allulose, which is gaining global recognition and is expected to expand its market significantly [9]

Industry News - The Ministry of Transport's new regulatory meeting addressed issues with Gaode Taxi, highlighting management shortcomings and requiring immediate corrective actions to protect driver rights [41] - The Ministry of Commerce held a meeting with automotive companies to discuss strategies for enhancing automotive consumption, including the implementation of a vehicle trade-in program and industry management improvements by 2026 [41] - Apple plans to launch a new iPhone Flip model following the iPhone Fold, prompting Samsung Display to evaluate expanding OLED panel production capacity for Apple [41] - Rare earth product prices have increased, with praseodymium-neodymium oxide averaging 798,800 yuan/ton, up 41,300 yuan/ton; neodymium metal averaging 976,300 yuan/ton, up 61,900 yuan/ton; dysprosium oxide averaging 1,400,800 yuan/ton, up 16,500 yuan/ton; and terbium oxide averaging 6,214,300 yuan/ton, up 77,200 yuan/ton [41][42] Company News - Zhiguang Electric announced a contract for the sale of energy storage systems worth 1.004 billion yuan [43] - Zhejiang Longsheng reported a price increase of 5,000 yuan/ton for certain disperse dyes as of February 8 [43] - Source Technology plans to invest 1.251 billion yuan in the second phase of its optical communication semiconductor chip and device R&D production base [48] - Jinwei Co. intends to acquire 100% of Fusheng Mining for 210 million yuan, with the target company holding mining rights for a production scale of 50,000 tons/year [48]

Core Viewpoint - The trade friction between China and the U.S. regarding erythritol has reached a critical point, with significant tariffs imposed on Chinese products, impacting market access and prompting companies to diversify their strategies to mitigate risks [2][3][4]. Group 1: Tariff Implications - The U.S. Department of Commerce announced final anti-dumping and countervailing duties on Chinese erythritol products, with a countervailing duty of 8.63% and an anti-dumping duty of 84.95%, resulting in a combined tariff of 93.58% [2][3]. - This combined tariff, although reduced from a previous rate of 450.64%, still poses a significant barrier for Chinese companies seeking to enter the U.S. market [2][3][4]. Group 2: Market Dynamics - The initial investigation began in December 2024, initiated by U.S. producer Cargill, leading to a significant drop in Chinese erythritol exports to the U.S. due to high tariffs [3]. - The competitive landscape in the sugar substitute industry remains challenging, with nearly 94% tariffs creating a heavy burden for companies relying solely on raw material exports [4]. Group 3: Strategic Responses - In response to the tariffs, the company is accelerating the production of allulose, a promising new product, with plans for a 20,000-ton annual production capacity, which is expected to meet growing demand in the U.S. and other markets [7][8]. - The company is also diversifying its product offerings by developing high-value products such as rebaudioside M and sweet tea glycosides, as well as cosmetic raw materials, to reduce reliance on erythritol [8]. - To counteract the challenges in the U.S. market, the company is expanding into neighboring markets like Canada and Mexico, and is also addressing raw material cost issues by building a corn processing line [8].

Core Viewpoint - The U.S. Department of Commerce announced the final ruling on the anti-dumping and countervailing duty investigation regarding Chinese erythritol, imposing a countervailing duty rate of 8.63% on the company, with a significant increase in the overall tax rate for direct exports to the U.S. [1] Group 1 - The final countervailing duty rate for the company is set at 8.63%, while the overall tax rate for direct exports to the U.S. is 184.26%, which is a reduction of 266.38% from the preliminary ruling [1] - The company did not qualify for separate rates, but exports through specific channels may be subject to a deposit rate of 84.95% [1] - The U.S. International Trade Commission is expected to announce its determination on industry damage in March, which could lead to the issuance of tax orders by the Department of Commerce if the determination is affirmative [1] Group 2 - The "double-reverse" investigation has created substantial pressure on the company's business operations in the U.S. [1] - In response to these challenges, the company is implementing measures such as strengthening cooperation with specific channels, diversifying its product offerings, and expanding its domestic and international market presence [1]

Core Viewpoint - The company, San Yuan Bio, has received a renewed certification as a high-tech enterprise from multiple governmental bodies in Shandong Province, indicating its continued status in the high-tech sector [2]. Group 1 - The announcement was made on February 9, highlighting the company's successful re-certification process [2]. - The re-certification follows the expiration of the previous high-tech enterprise certificate held by the company [2].

Core Viewpoint - The U.S. Department of Commerce announced the final ruling on anti-dumping and countervailing investigations regarding erythritol products originating from China, which significantly impacts the company's export conditions and market competitiveness [1] Summary by Category Anti-Dumping and Countervailing Duties - The company, as a mandatory respondent, faces a countervailing duty rate of 8.63% [1] - Other Chinese manufacturers/exporters are subject to countervailing duty rates ranging from 4.54% to 8.12% [1] - The company did not qualify for separate rates as an exporter, resulting in a unified anti-dumping tax rate of 184.26%, a reduction of 266.38% from the preliminary ruling of 450.64% [1] Export Conditions - When exporting through a specific separate rate channel (SRA), the company can apply an anti-dumping cash deposit rate of 84.95% [1] - The combined execution tax rate for exports to the U.S. through this specific channel is 93.58%, which includes the anti-dumping cash deposit rate and the countervailing duty rate [1] Market Impact - The high tax rate is expected to weaken the company's cost competitiveness in the U.S. market [1] - The company faces risks of reduced orders and loss of market share for the affected products due to these duties [1]

此次美国商务部公布的为反倾销、反补贴调查终裁结果，美国国际贸易委员会（ITC）预计将于2026年 3月公布产业损害最终裁定。若ITC做出肯定性裁定，美国商务部将正式发布反倾销、反补贴税令。本 次"双反"调查对公司在美市场的业务拓展产生了实质性压力。鉴于公司通过前述特定渠道（SRA）出口 美国的综合执行税率（反倾销现金保证金率84.95%+反补贴税率8.63%）仍达到93.58%，该税率水平预 计将削弱公司相关产品在美市场的成本竞争优势，公司面临涉案产品订单缩减及市场份额流失的风险。 目前，公司正在采取多种措施积极应对。首先，在严守贸易合规的前提下，公司将加强与具备特定单独 税率资格的贸易渠道（SRA）合作，充分利用相对较低的综合税率通道维持美国市场的业务连续性。同 时，公司将充分利用前述产品排除条款，加大对美出口非涉案的小包装复配糖产品，并积极推广莱鲍迪 苷M、阿洛酮糖及塔格糖等非涉案新产品，通过差异化布局提升出口业务的抗风险能力。 2026年2月4日，美国商务部公布了关于本次赤藓糖醇反倾销调查终裁结果。公司作为出口商未能获得分 别税率资格，直接向美国出口时适用184.26%的中国全国统一税率，较初裁（450 ...

Core Viewpoint - Sanmiao Biotechnology (301206.SZ) has received the "High-tech Enterprise Certificate" from multiple governmental bodies in Shandong Province, indicating a successful re-certification after the expiration of its previous certificate [1] Group 1 - The company has been recognized as a high-tech enterprise, which may enhance its credibility and competitive advantage in the biotechnology sector [1] - The re-certification process was conducted by the Shandong Provincial Department of Science and Technology, the Shandong Provincial Department of Industry and Information Technology, the Shandong Provincial Department of Finance, and the State Taxation Administration of Shandong Province [1]

证券代码：301206 证券简称：三元生物 公告编号：2026-010 山东三元生物科技股份有限公司 关于继续使用暂时闲置超募资金进行现金管理的进展公告 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。 山东三元生物科技股份有限公司（以下简称"公司"）于 2026 年 2 月 4 日 召开了第五届董事会第十一次会议，会议审议通过了《关于继续使用暂时闲置超 募资金进行现金管理的议案》。同意公司在不影响日常生产经营和保证超募资金 安全使用的前提下，拟继续使用不超过 60,000 万元人民币暂时闲置超募资金进 行现金管理。使用期限自公司第五届董事会第十一次会议审议通过之日起 12 个 月内有效，在上述投资额度和使用期限内资金可滚动使用。本次公司继续使用暂 时闲置超募资金进行现金管理属于董事会审议权限范围内事项，无需提交股东会 审议。公司授权管理层在上述额度范围及期限内行使投资决策、签署相关文件等 事宜，具体事项由公司财务部负责组织实施。具体内容详见公司于 2026 年 2 月 5 日在巨潮资讯网（www.cninfo.com.cn）披露的《关于继续使用暂时闲置超募资 ...

（450.64%）降低266.38%。公司作为生产商通过特定单独税率渠道向美国出口时，可适用84.95%的反 倾销现金保证金率。鉴于公司通过前述特定渠道（SRA）出口美国的综合执行税率（反倾销现金保证金 率84.95%+反补贴税率8.63%）仍达到93.58%，该税率水平预计将削弱公司相关产品在美市场的成本竞 争优势，公司面临涉案产品订单缩减及市场份额流失的风险。 每经AI快讯，2月9日，三元生物（301206）(301206.SZ)公告称，美国商务部于2026年2月4日公布对原 产于中国的赤藓糖醇产品反倾销、反补贴调查的最终裁定结果。公司作为强制应诉企业，最终裁定反补 贴税率为8.63%。中国其他生产商/出口商适用的反补贴税率为4.54%~8.12%。反倾销方面，公司作为出 口商未能获得分别税率资格，直接向美国出口时适用184.26%的中国全国统一税率，较初裁 ...