Two months have passed since allulose was approved in China. How are the three Shandong listed companies progressing?

On July 2nd of this year, the National Health Commission issued an announcement officially approving allulose as a new food ingredient. Industry insiders generally believe this could open up new market potential in the domestic market. Two months have passed. How are the business progress of three A-share listed companies with allulose products—Bailong Chuangyuan, Baolingbao, and Sanyuan Bio—with this product? We investigated their semi-annual reports, public information, and other sources.

Bailong Chuangyuan's healthy sweetener series, primarily allulose, generated revenue of 92.9685 million yuan in the first half of this year, a year-on-year increase of 55.63%, primarily driven by growing demand for this product in overseas markets.

Baolingbao's sugar-reducing sweetener segment primarily includes erythritol, allulose, and crystalline fructose. Since the beginning of this year, sugar-reducing sweeteners have generated revenue of 372 million yuan, accounting for 26.55% of total revenue, compared to 19.44% in the same period last year, representing a year-on-year increase of 61.22%.

Baolingbao does not separately break out allulose revenue. In its first-quarter report this year, Baolingbao disclosed that its sugar-reducing sweetener revenue grew by approximately 96% year-over-year, with allulose increasing by approximately 82%.

Similar to Baolingbao, Sanyuan Biotech also fails to clearly disclose allulose product revenue. Its functional sugars primarily include allulose and tagatose. In the first half of this year, functional sugar revenue reached 27.3078 million yuan, a year-on-year increase of 7.52%, and its gross profit margin increased by 11.24%.

This is the relevant information for the first half of the year. Since allulose was approved in China in July, the sales revenue of the three companies in the first half of the year likely came from international markets.

In its semi-annual report, Baolingbao stated: "In March 2025, the company submitted an application to the National Health Commission for approval of its domestic allulose preparations, which is currently under review. The company will actively promote the review and approval of allulose preparations and products, striving to achieve the early domestic market launch of the company's allulose products."

Bailong Chuangyuan is in a similar situation; its allulose products are not yet available for sale domestically. On September 3rd, Qilu Capital contacted Bailong Chuangyuan on behalf of an individual investor. The staff member stated that the previously obtained production license required additional documentation, with a decision expected in the coming months.

Online information, according to a query on Artery.com from the Shandong Provincial Market Supervision Administration, indicates that on July 9th, Bailong Chuangyuan obtained a production license for D-allulose, valid until December 7, 2026.

Sanyuan Bio's situation is different. Regarding allulose, the staff member stated that "the production license has been obtained" and that sales are progressing.

We will continue to monitor the domestic launch of the allulose products of the three listed companies.