Core Insights - D-Allulose, a new natural sweetener, has been approved for commercial use in China, with significant industry interest and potential applications in food products [1][2][4] Industry Overview - The approval of D-Allulose aligns with the goal of reducing daily sugar intake to 25 grams per person by 2030 as outlined in the Healthy China Action Plan [1] - D-Allulose is recognized for its low-calorie content, being approximately one-tenth the energy of sucrose, and its potential benefits in managing obesity and type 2 diabetes [2] Market Potential - The global market for D-Allulose is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [3] Production and Technology - D-Allulose can be produced through two main methods: fermentation using E. coli and enzyme-catalyzed conversion [4] - Companies like Zhongliang Group have developed proprietary enzymes for D-Allulose production, while others rely on partnerships with research institutions for enzyme sourcing [5][11] Industry Players - Major companies such as Baolingbao, Sanyuan Biotech, and Dongxiao Biotech are expanding their D-Allulose production capabilities, with Baolingbao aiming for an annual capacity of 30,000 tons by 2026 [6][8] - Downstream companies, including Wahaha and Mengniu, are showing interest in testing D-Allulose in their products, although large-scale adoption is still in the experimental phase [7][8] Cost Considerations - The current price of D-Allulose ranges from 20,000 to 24,000 yuan per ton, significantly higher than erythritol, which is around 10,000 yuan per ton [9] - Companies are exploring ways to reduce costs through scale and customized formulations to enhance competitiveness [9][11] Challenges and Risks - The industry faces potential overcapacity risks, as seen with erythritol, which previously experienced a price crash due to oversupply [10] - The successful market penetration of D-Allulose will depend on continuous innovation, cost control, and the establishment of a comprehensive industry ecosystem [11]

Core Insights - D-Allulose, a new low-GI sweetener, has been approved for commercial use in China, with significant industry interest and potential applications in food products [1][2][4] - The global market for D-Allulose is projected to reach $14.77 million in 2024, with a compound annual growth rate (CAGR) exceeding 14% from 2025 to 2034 [3] Industry Overview - The approval of D-Allulose aligns with the "Healthy China Action (2019-2030)" initiative, which aims to limit daily added sugar intake to 25 grams per person by 2030 [1] - D-Allulose is recognized for its sugar-like taste, low caloric content (1.67 kJ/g or 0.4 kcal/g), and potential health benefits, including no impact on blood lipids or uric acid levels [2] Production and Supply Chain - D-Allulose can be produced through two main methods: fermentation using E. coli and enzyme-catalyzed conversion [4][5] - Companies like COFCO and Zhongda Hengyuan are actively developing production capabilities, with COFCO utilizing self-developed enzymes for production [5] - The production process is complex, with a need for advanced technology and significant initial investment, leading to a competitive landscape among producers [4][5] Market Dynamics - Downstream companies, including Wahaha and Mengniu, are showing interest in D-Allulose, but large-scale application is still in the testing phase [6][7] - The current cost of D-Allulose is significantly higher than other sweeteners, with prices ranging from 20,000 to 24,000 yuan per ton, compared to around 10,000 yuan per ton for erythritol [8] Future Prospects - The industry is optimistic about D-Allulose's potential, citing its broader application scenarios compared to erythritol, particularly in products sensitive to crystallization [10] - Key factors for market success include ongoing technological innovation, cost control, and the establishment of a complete industry ecosystem [10]

特别提示： 证券代码：002286 证券简称：保龄宝 公告编号：2025-054 保龄宝生物股份有限公司 关于实际控制人控制的企业增持公司股票计划进展的公告 深圳松径投资合伙企业（有限合伙）保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 本次松径投资增持计划符合《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司收购管理办法》《深圳证券交易所上市公司自律监管指引第 10 号——股份变动管理》等法律法规的相关规定，不会导致公司股权分布不具备上 市条件，不会影响公司的上市地位，不会导致公司控制权发生变化。 1.增持计划实施进展情况：截至本公告披露日，深圳松径投资合伙企业（有 限合伙）（以下简称"松径投资"）延期实施增持计划实施期限已过半，延期实施 增持计划期间（2025 年 4 月 8 日至 2025 年 10 月 8 日）松径投资未增持保龄宝 生物股份有限公司（以下简称"公司"）股票。 2.风险提示：本次增持计划可能存在因资本市场情况发生变化、增持资金未 能及时到位、股价波动等因素导致增持计划延迟实施 ...

Core Viewpoint - The company Baolingbao announced the approval of a stock incentive plan, granting 450,000 restricted shares to three eligible recipients at a price of RMB 5.12 per share, with the grant date set for September 29, 2025 [1] Group 1 - The sixth board meeting of the company was held on September 29, 2025, where the stock incentive plan was approved [1] - The plan involves granting restricted stock to three qualified incentive recipients [1] - The price for the restricted shares is set at RMB 5.12 per share [1]

Group 1 - The core point of the article highlights that Baolingbao (SZ 002286) announced a board meeting on September 29, 2025, to discuss the granting of reserved restricted stock under the 2025 restricted stock incentive plan [1] - For the first half of 2025, Baolingbao's revenue composition is entirely from the food manufacturing industry, accounting for 100.0% [1] - As of the report date, Baolingbao's market capitalization stands at 3.7 billion yuan [1] Group 2 - The article also discusses the competitive landscape in the beverage industry, noting that the launch of Farmer's green bottle has led to a significant decline in market share for Yibao, dropping nearly 5 percentage points [1] - The competition between Farmer and Yibao is intensifying, with Farmer gaining a larger share of the market [1] - The article mentions that the winner in this competition appears to be Zhong Fulili, who has managed to capture more market share [1]

保龄宝生物股份有限公司（以下简称"公司"）本次预留授予限制性股票的激 励对象共 3 人，本次授予的限制性股票在各激励对象间的分配情况如下表所示： | 姓名 | 职务 | 获授的限制性股票 | | 占预留授予限制性股 | 占目前公司总股本的 | | --- | --- | --- | --- | --- | --- | | | | 数量（万股） | | 票总量的比例 | 比例 | | 核心管理人员（3 | 人） | | 45 | 60% | 0.12% | | 合计 | | | 45 | 60% | 0.12% | 保龄宝生物股份有限公司 2025 年限制性股票激励计划预留授予激励对象名单 （预留授予日） 一、本次限制性股票激励计划分配情况总表 2025 年 9 月 29 日 二、本次限制性股票预留分配名单 | 序号 | 姓名 | 岗位、职务 | | --- | --- | --- | | 1 | 姚海峰 | 核心管理人员 | | 2 | 邹 强 | 核心管理人员 | | 3 | 李应新 | 核心管理人员 | 保龄宝生物股份有限公司 ...

证券代码：002286 证券简称：保龄宝 公告编号：2025-052 保龄宝生物股份有限公司 关于向 2025 年限制性股票激励计划激励对象 授予预留部分限制性股票的公告 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。 重要内容提示： 鉴于《保龄宝生物股份有限公司 2025 年限制性股票激励计划（草案）》（以 下简称"本次激励计划"、"《激励计划（草案）》"）规定的授予条件已成就，根 据保龄宝生物股份有限公司（以下简称"公司"）2024 年年度股东会对公司董事 会的授权，公司于 2025 年 9 月 29 日召开第六届董事会第十三次会议审议通过了 《关于向 2025 年限制性股票激励计划激励对象授予预留部分限制性股票的议 案》，同意以 2025 年 9 月 29 日为本次激励计划的预留授予日，以人民币 5.12 元 /股的价格向符合条件的 3 名激励对象授予 45 万股限制性股票。现将有关事项公 告如下： 一、股权激励计划简述及已履行的程序 （一）本次激励计划简述 本次激励计划已经由公司 2025 年 4 月 24 日召开的第六届董事会第九次会议 以及 202 ...

北京植德律师事务所 关于保龄宝生物股份有限公司 向 2025 年限制性股票激励计划激励对象 授予预留部分限制性股票事项的 法律意见书 植德(证)字[2025]0046-1 号 二〇二五年九月 北京植德律师事务所 Merits & Tree Law Offices 北京市东城区东直门南大街1号来福士中心办公楼 12 层 | 邮编:100007 12th Floor, Raffles City Beijing Office Tower, No.1 Dongzhimen South Street, Dongcheng District, Beijing 100007 P.R.C 电话(Tel):010-56500900 传真(Fax):010-56500999 www.meritsandtree.com 北京植德律师事务所 在发表法律意见之前,本所律师声明如下: 1. 本所律师仅针对本法律意见书出具日前已经发生或存在的事实,根据中 国现行有效的法律、法规、规章和规范性文件发表法律意见; 2. 本所律师根据《证券法》《律师事务所从事证券法律业务管理办法》和《律 师事务所证券法律业务执业规则(试行)》等规定及本法律意见 ...

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。 一、会议召开情况 保龄宝生物股份有限公司（以下简称"公司"）关于召开第六届董事会第十 三次会议的通知于2025年9月24日以电子邮件的方式发出，会议于2025年9月29 日以通讯表决的方式召开。会议应出席董事9人，实际出席董事9人。会议召集、 召开程序符合《公司法》和《公司章程》等法规的规定。 二、会议审议情况 证券代码：002286 证券简称：保龄宝 公告编号：2025-053 保龄宝生物股份有限公司 第六届董事会第十三次会议决议公告 1、会议以 9 票同意，0 票反对，0 票弃权，审议通过《关于向 2025 年限制性 股票激励计划激励对象授予预留部分限制性股票的议案》。 根据《上市公司股权激励管理办法》、《保龄宝生物股份有限公司2025年 限制性股票激励计划（草案）》的有关规定以及公司2024年年度股东会对公司 董事会的授权，公司2025年限制性股票激励计划规定的授予条件已经成就，同 意以2025年9月29日为本次激励计划的预留授予日，以人民币5.12元/股的价格向 符合条件的3名激励对象授予45万股预留限制 ...

保龄宝生物股份有限公司董事会 薪酬与考核委员会关于公司 2025 年限制性股票激励计划预留 授予激励对象名单（预留授予日）的核查意见 保龄宝生物股份有限公司（以下简称"公司"）于 2025 年 9 月 29 日召开了第 六届董事会薪酬与考核委员会第五次会议，依据《中华人民共和国公司法》、《中 华人民共和国证券法》、《上市公司股权激励管理办法》等相关法律法规、规范性 文件和《公司章程》的有关规定，对公司《保龄宝生物股份有限公司 2025 年限制性 股票激励计划（草案）》(以下简称 "本次激励计划")预留授予激励对象名单（预 留授予日）进行了核查，发表核查意见如下: 公司董事会薪酬与考核委员会认为，公司本次向 2025 年限制性股票激励计划激 励对象授予预留部分限制性股票，有利于进一步完善公司治理结构，健全公司激励 制度，有利于公司的持续发展，不会损害公司及全体股东的利益。 公司本次获授预留限制性股票的 3 名激励对象均符合公司 2024 年年度股东会审 议通过的本次激励计划及其摘要对激励对象的规定。本次激励计划拟授予的激励对 象均具备《中华人民共和国公司法》《中华人民共和国证券法》等法律、法规和规 范性文件规定 ...