（文章来源：证券日报） 证券日报网讯索宝蛋白11月4日在互动平台回答投资者提问时表示，截至2025年10月31日，公司股东人 数为17，895户。 ...

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 26.5 RMB per share based on a 25x PE for 2025E [4][13]. Core Insights - The company has shown steady revenue growth in the first three quarters, with a revenue of 1.24 billion RMB, representing a year-over-year increase of 7.37%. The gross profit margin (GPM) increased by 6.81 percentage points to 17.91%, while the net profit attributable to shareholders grew by 60% to 147 million RMB [4][14]. - In Q3 2025, the company achieved a revenue of 466 million RMB, a significant year-over-year growth of 21.75%, with a GPM of 16.53% [4][15]. - The company is expanding its overseas market presence, with notable cost reduction and efficiency improvements, including the commencement of sales in Singapore [4][16]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 1,748 million RMB, 1,555 million RMB, 1,681 million RMB, 1,869 million RMB, and 2,066 million RMB, respectively [2]. - Net profit attributable to shareholders is projected to grow from 146 million RMB in 2023A to 294 million RMB in 2027E, with significant growth rates in the intervening years [2]. - The earnings per share (EPS) forecast for 2025E is 1.06 RMB, increasing to 1.53 RMB by 2027E [4][13].

Core Insights - The agricultural processing sector experienced a rise of 0.87% on November 3, with Huazi Industrial leading the gains [1] - The Shanghai Composite Index closed at 3976.52, up 0.55%, while the Shenzhen Component Index closed at 13404.06, up 0.19% [1] Agricultural Processing Sector Performance - Huazi Industrial (600191) closed at 9.11, up 4.35% with a trading volume of 233,300 shares and a turnover of 210 million yuan [1] - Jingliang Holdings (000505) closed at 7.02, up 3.24% with a trading volume of 253,200 shares and a turnover of 176 million yuan [1] - Zuneng Co., Ltd. (003030) closed at 21.12, up 2.92% with a trading volume of 52,800 shares and a turnover of 111 million yuan [1] - Other notable performers include COFCO Sugar (600737) at 16.01, up 2.43%, and Guangnong Sugar (000911) at 7.89, up 2.33% [1] Capital Flow Analysis - The agricultural processing sector saw a net inflow of 60.82 million yuan from institutional investors, while retail investors experienced a net outflow of 14.89 million yuan [2] - Major stocks like COFCO Sugar had a net inflow of 10.3 million yuan from institutional investors but faced significant outflows from retail investors [3] - Double Tower Food (002481) recorded a net inflow of 25.30 million yuan from institutional investors, indicating strong institutional interest [3]

Core Viewpoint - Ningbo Suobao Protein Technology Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong growth in the soybean protein market driven by rising consumer demand for health and safety in food products [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.24 billion yuan, a year-on-year increase of 7.37% [1] - Net profit attributable to shareholders reached 147 million yuan, reflecting a substantial year-on-year growth of 60.00% [1] - In Q3 alone, operating revenue was 466 million yuan, up 21.75% year-on-year, while net profit for the quarter was 49.26 million yuan, marking a remarkable increase of 135.87% [1] Group 2: Business Operations - Suobao Protein specializes in the research, production, and sales of non-GMO soybean protein products, having established a comprehensive deep processing industry chain for non-GMO soybeans [1] - The main products include soybean isolate protein, soybean concentrate protein, textured protein, soybean dietary fiber, and non-GMO soybean oil [1] - The company is actively expanding its international market presence while consolidating its domestic market, enhancing brand recognition and influence [2] Group 3: Industry Trends - There is a growing consumer focus on environmental and health issues, leading to increased demand for organic, green, functional, and health foods globally [1] - Soybean protein is widely used in various sectors, including plant-based meat, meat products, snacks, health products, nutritional supplements, pet food, and bio-fermentation, indicating a broad market development potential [1]

Core Viewpoint - Sobo Protein (603231.SH) reported its Q3 2025 results, highlighting a significant institutional ownership of 65.15% of its total shares, with a slight decline in institutional holding compared to the previous quarter [1] Institutional Ownership - As of October 30, 2025, eight institutional investors disclosed holding a total of 125 million shares of Sobo Protein, representing 65.15% of the company's total share capital [1] - The institutional ownership decreased by 2.60 percentage points compared to the previous quarter [1] Public Fund Activity - One new public fund, Guolian Jingsheng One-Year Mixed A, was disclosed in this period, while 46 public funds were not disclosed compared to the previous quarter [1] - Notable funds that were not disclosed include ICBC Agricultural Industry Stock, E Fund Yi Bai Intelligent Quantitative Strategy Mixed A, and Huabao CSI All-Index Agriculture, Animal Husbandry, and Fishery ETF Initiated Linked A [1]

Core Insights - The company reported a total revenue of 1.24 billion yuan for Q3 2025, ranking 18th among disclosed peers [1] - The net profit attributable to shareholders was 147 million yuan, with net cash inflow from operating activities at 129 million yuan, ranking 15th among peers [1] Financial Performance - The latest debt-to-asset ratio is 9.67%, an increase of 0.95 percentage points from the previous quarter and 0.45 percentage points from the same period last year [3] - The latest gross profit margin is 17.91%, down 0.83 percentage points from the previous quarter [3] - The return on equity (ROE) stands at 7.47% [3] Earnings and Ratios - The diluted earnings per share (EPS) is 0.77 yuan [4] - The total asset turnover ratio is 0.58 times, ranking 14th among disclosed peers [4] - The inventory turnover ratio is 3.78 times, a decrease of 1.13 times from the same period last year, representing a year-on-year decline of 22.99% [4] Shareholder Structure - The number of shareholders is 19,000, with the top ten shareholders holding a total of 132 million shares, accounting for 68.85% of the total share capital [4] - The largest shareholder is Shandong Wande Fu Industrial Group Co., Ltd., holding 43.2 million shares [4]

证券代码：603231 证券简称：索宝蛋白 公告编号：2025-027 宁波索宝蛋白科技股份有限公司 关于部分募投项目变更的公告 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法律责任。 重要内容提示： 金额：17,000 万元 宁波索宝蛋白科技股份有限公司(以下简称"公司")于 2025 年 10 月 30 日 召开第三届董事会第五次会议及第三届监事会第五次会议，分别审议通过了《关 于部分募投项目变更并向全资子公司增资以实施募投项目的议案》，现将有关事 项公告如下： 一、变更募集资金投资项目的概述 （一）实际募集资金金额和资金到账时间 根据中国证券监督管理委员会出具的《关于同意宁波索宝蛋白科技股份有限 公司首次公开发行股票注册的批复》（证监许可[2023]1851 号），同意公司首 次公开发行股票的注册申请，并经上海证券交易所同意，公司于 2023 年 12 月 15 日首次向社会公众公开发行人民币普通股（A 股）4,786.48 万股，发行价格 为每股人民币 21.29 元，募集资金总额为人民币 101,904.16 万元，扣除发行 ...

证券代码：603231 证券简称：索宝蛋白 公告编号：2025-029 宁波索宝蛋白科技股份有限公司 2025年前三季度主要经营数据公告 单位：万元 | 模式 | 2025年1-9月 | | | --- | --- | --- | | | 金额 | 比例 | | 直销 | 74,970.68 | 60.84% | | 经销 | 48,245.26 | 39.16% | | 合计 | 123,215.94 | 100.00% | 单位：万元 项目 2025年1-9月 金额 比例 大豆分离蛋白 36,767.77 29.84% 非转基因大豆油 28,336.59 23.00% 组织化蛋白 20,877.49 16.94% 大豆浓缩蛋白 24,065.47 19.53% 其他产品 13,168.62 10.69% 合计 123,215.94 100.00% 三、按销售区域分类的主营业务销售情况 单位：万元 | 项目 | 2025年1-9月 | | | --- | --- | --- | | | 金额 | 比例 | | 境内 | 77,599.79 | 62.98% | | 境外 | 45,616.15 | 37.0 ...

证券代码：603231 证券简称：索宝蛋白 公告编号：2025-028 宁波索宝蛋白科技股份有限公司 关于召开2025年第一次临时股东大会的通知 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。 重要内容提示： 一、 召开会议的基本情况 (四)现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通 过互联网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 (六)融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者 的投票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运 作》等有关规定执行。 (七)涉及公开征集股东投票权 召开的日期时间：2025 年 11 月 17 日 14 点 30 分 召开地点：山东省东营市垦利区华丰路 23 号山东万得福生物科技有限公司 办公楼会议室 股东大会召开 ...

证券代码：603231 证券简称：索宝蛋白 公告编号：2025-025 宁波索宝蛋白科技股份有限公司 第三届监事会第五次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 宁波索宝蛋白科技股份有限公司（以下简称"公司"）第三届监事会第五次会议 于 2025 年 10 月 25 日以邮件和书面送达等方式发出会议通知和资料，并于 2025 年 10 月 30 日在公司会议室以现场结合通讯表决方式召开会议。会议应出席监事 3 名，实际 出席 3 名，会议由监事会主席崔学英女士主持召开。董事会秘书列席本次会议。会议 召开符合法律法规、《公司法》及《公司章程》的规定，会议决议合法、有效。 二、监事会会议审议情况 （一）审议通过《关于 2025 年第三季度报告的议案》 监事会认为： 公司 2025 年第三季度报告的编制和审议程序符合法律法规、《公司章程》和公 司内部制度的各项规定；该定期报告的内容与格式符合中国证监会和上海证券交易 所的各项要求，所包含的信息真实、准确、完整地反映了报告期内的经营情况和财 ...