保龄宝生物股份有限公司 2025 年半年度财务报告 保龄宝生物股份有限公司 2025 年半年度财务报告 2025 年 8 月 1 保龄宝生物股份有限公司 2025 年半年度财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：保龄宝生物股份有限公司 法定代表人：戴斯觉 主管会计工作负责人：周瑜 会计机构负责人：温文秀 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 270,564,591.88 | 254,954,747.97 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 279,688,352.65 | 242,427,300.35 | | 应收款项融资 | 9,609,377.78 | 3,363,379.49 | | 预付款项 | 29,705,129.05 | ...

证券代码：002286 证券简称：保龄宝 公告编号：2025-047 保龄宝生物股份有限公司 第六届董事会第十二次会议决议公告 公司董事会及全体成员保证公告内容的真实、准确和完整，不存在虚假记 录、误导性陈述或者重大遗漏。 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十二次 会议的通知于2025年8月15日以电子邮件的方式发出，会议于2025年8月26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 （一）会议以 9 票同意，0 票反对，0 票弃权，审议通过《2025 年半年度报告 全文及摘要》 根据《公司法》《证券法》《公司章程》及其他有关规定，经董事会审核，认 为公司《2025 年半年度报告》及其摘要的编制和审核程序符合法律法规及相关监 管规定，报告内容真实、准确、完整地反映了公司的实际情况，不存在任何虚假 记载、误导性陈述或者重大遗漏。 本议案已经公司董事会审计委员会审议通过。 （二）会议以 9 票同意，0 票反对，0 票弃权，审议通过《关于变更注册资本 及修订<公司章程 ...

Corporate Governance and Legal Matters - The company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital[5]. - The legal representative of the company is Dai Sijue[16]. - The company has not disclosed any significant changes in its contact information during the reporting period[18]. - The company has not made any changes to its information disclosure and storage locations during the reporting period[19]. - The company has not reported any changes in other relevant information during the reporting period[20]. - The company has not engaged in speculative derivative investments during the reporting period[163]. - There were no significant asset or equity sales during the reporting period[165]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[187]. - The company has not experienced any major litigation or arbitration matters during the reporting period[192]. - The company has not undergone any bankruptcy reorganization during the reporting period[190]. - The company has not disclosed any non-standard audit reports for the current or previous year[190]. - The controlling shareholder Yongyu Investment has been listed as a defendant by the Harbin Intermediate People's Court with an execution amount of ¥35,156,315, which remains unpaid[193]. - Yongyu Investment has also been listed as a defendant by the Nanchang Intermediate People's Court with an execution amount of ¥252,854,798[193]. - There were no related party transactions during the reporting period concerning daily operations[194]. - The company did not engage in any asset or equity acquisitions or sales during the reporting period[195]. - There were no joint external investment related party transactions during the reporting period[196]. - The company reported no related party debt and credit transactions during the reporting period[197]. - There were no financial transactions with related financial companies during the reporting period[198]. - The controlling financial company of the company did not have any deposits, loans, or credit transactions with related parties during the reporting period[199]. - The company had interest income and interest expense transactions with the related legal entity Yucheng Rural Commercial Bank during the reporting period[200]. Financial Performance - The report period covers from January 1, 2025, to June 30, 2025[14]. - Revenue for the reporting period reached ¥1,399,238,903.60, an increase of 18.02% compared to ¥1,185,567,446.50 in the same period last year[21]. - Net profit attributable to shareholders, excluding share-based payment impacts, was ¥95,327,189.76, up 37.49% from ¥69,331,995.88 year-over-year[21]. - The net cash flow from operating activities was ¥23,083,640.38, representing a significant increase of 211.41% compared to ¥7,412,539.62 in the previous year[21]. - Basic and diluted earnings per share increased to ¥0.25, a rise of 31.58% from ¥0.19 in the same period last year[21]. - Total assets at the end of the reporting period were ¥2,779,578,750.95, reflecting a growth of 3.95% from ¥2,673,967,499.20 at the end of the previous year[21]. - The net assets attributable to shareholders increased to ¥2,123,020,501.39, up 3.99% from ¥2,041,529,687.09 at the end of the previous year[21]. - The comprehensive gross margin improved to 13.17%, up 1.36% from the previous year[128]. - The operating cost increased to ¥1,214,903,447.95, up 16.21% from ¥1,045,448,405.34, primarily due to increased sales volume of core products[142]. - The cash and cash equivalents increased by ¥16,740,280.91, compared to a decrease of ¥8,979,170.36 in the previous year, mainly due to increased revenue and net profit[142]. - The company reported a significant decrease in contract liabilities, which fell to CNY 13,989,024.58, down by 0.75% from the previous year[150]. - The company has adjusted its revenue classification to better reflect the development of its core business and long-term value, effective from the 2025 semi-annual report[147]. - The company engaged in hedging activities to mitigate market risks, achieving a hedging effect that supports stable long-term development[162]. - The company reported a total of 3,065 million in hedging business, with a loss of 6.15 million during the reporting period[162]. Market and Industry Trends - The company’s main business focuses on functional foods and related products[14]. - The company operates in the functional ingredients sector, focusing on prebiotics, dietary fibers, and sugar-reducing sweeteners, which are aligned with consumer demand for health products[28]. - The core products, including prebiotics and dietary fibers, are expected to drive future growth due to their high profit margins and contribution to revenue[28]. - The company has identified significant market opportunities in the health food and beverage sectors, indicating a positive outlook for expansion[28]. - The global market size for probiotic-containing consumer products reached $8.628 billion in 2023, with the food and beverage segment accounting for 71% of this market[40]. - The global oligofructose market is projected to reach $1.386 billion in sales by 2024, with a compound annual growth rate (CAGR) of 3.9% expected until 2031[40]. - The probiotic industry is experiencing rapid growth due to increasing consumer awareness of health and nutrition, driven by aging populations and rising health consciousness[39]. - The demand for functional foods and beverages is increasing, driven by rising obesity rates and health issues, which is significantly boosting the probiotic industry[41]. - Probiotics are being increasingly integrated into various food categories, including dairy, beverages, and infant formula, reflecting a growing trend in health-oriented product development[41]. - The dietary fiber industry is experiencing rapid growth in China, driven by increasing health awareness and the prevalence of chronic diseases[48]. - The dietary fiber market in China is expected to reach RMB 1.17 billion by 2025, with a compound annual growth rate (CAGR) of 13.4% from 2019 to 2030[49]. - The global dietary fiber market is projected to reach RMB 4.42 billion by 2025, with a CAGR of 8.8% from 2019 to 2030[49]. - The average daily fiber intake in China is only 11-13 grams, which is less than half of the recommended intake of 25-35 grams[49]. - The dietary fiber market is characterized by a high concentration of leading manufacturers, including international giants like ADM and domestic companies like Baolingbao[49]. - The company is focusing on cross-field health solutions, moving beyond traditional nutrition supplements to address broader health needs[42]. - The global consumer awareness of health has reached a historical high, with 83% of respondents considering "low sugar" as a core purchasing factor for food and beverages, an increase of 31 percentage points since 2019[72]. - In 2023, the sugar-free beverage market in China reached a scale of 24.1 billion yuan, representing a year-on-year growth of 26%[72]. - The market for sugar substitutes in China is projected to grow by 27.6% year-on-year in 2024, with natural sugar substitutes like erythritol and steviol glycosides experiencing growth rates exceeding 40%[72]. - The trend of zero-sugar beverages has led to the rapid adoption of erythritol in various application fields, while Alotose is gaining market attention due to its unique properties[68]. - The sugar tax policies have created a favorable external environment for the rapid development of the natural sweetener market[74]. Product Development and Innovation - The company is launching new products in 2024, including 2'-FL and LNnT in the field of human milk oligosaccharides, and starting production of isomerized lactose[42]. - The company is developing new prebiotics with high stability and safety, aimed at enhancing gut health and preventing constipation[42]. - The company plans to launch new sugar-free high-fiber polydextrose and sugar-free resistant dextrin products in 2024, further enhancing its dietary fiber product portfolio[52]. - The company is advancing the approval process for human milk oligosaccharides (HMOs) and allulose, with HMOs technology winning the iSEE Global Innovation Award[183]. - The company has established a "company + base + farmer" cooperation model to support rural revitalization and promote modern efficient agriculture[183]. - The company is actively pursuing the approval of alloheptulose enzyme preparations to expedite market entry for its products[135]. - The company has established long-term partnerships with major clients such as Coca-Cola, Yili, and Mengniu since 2006, enhancing its market presence in the starch sugar industry[88]. - The company focuses on developing customized and differentiated products based on customer needs, such as low-viscosity liquid starch sugars for the beverage industry[90]. - The company has developed over 90 different specifications of functional food ingredients, making it one of the largest manufacturers in the industry in terms of product variety[94]. - The company has nearly 100 authorized patents and over 90 proprietary core technologies, having participated in the revision of more than 40 international, national, and industry standards[113]. - The company has achieved significant advancements in technology, being the first in China to industrialize functional sugars, and has established multiple national-level research platforms[121]. Strategic Goals and Future Outlook - The company aims to become a world-class provider of functional and health solutions, focusing on the food and nutrition sectors[91]. - The company plans to enhance its procurement strategies and improve production processes to reduce raw material costs[169]. - The company is focusing on expanding into new application areas and developing new downstream clients to mitigate demand fluctuations from major customers[170]. - The competitive landscape in the functional sugar industry is intensifying, prompting the company to invest in R&D to maintain its market position[172]. - The company aims to strengthen brand recognition and customer loyalty to safeguard its market share against competitors[172]. - The company plans to enhance market development for new products and improve the revenue-generating capability of new projects[174]. - The company launched a restricted stock incentive plan for 2025, with performance targets set for net profit of no less than ¥1.7 billion in 2025 and a cumulative target of ¥6.47 billion from 2025 to 2027[139]. - The company aims to achieve peak carbon emissions by 2030, with significant reductions in carbon intensity and water consumption observed in the first half of 2025[182].

Group 1 - The company announced a revenue of 1.399 billion yuan for the first half of 2025, representing a year-on-year growth of 18.02% [1] - The net profit attributable to shareholders of the listed company, after deducting the impact of share-based payment expenses, reached 95.3272 million yuan, an increase of 37.49% year-on-year [1] - The net profit attributable to shareholders of the listed company was 92.672 million yuan, showing a year-on-year growth of 33.66% [1] - The net profit attributable to shareholders of the listed company, after deducting non-recurring gains and losses, amounted to 90.8695 million yuan, reflecting a year-on-year increase of 40.37% [1]

Group 1 - The agricultural processing sector increased by 1.79% on August 26, with Baolingbao leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] - Key stocks in the agricultural processing sector showed significant price increases, with Baolingbao rising by 5.41% to a closing price of 11.30 [1] Group 2 - The agricultural processing sector saw a net inflow of 123 million yuan from institutional investors, while retail investors experienced a net outflow of 60.66 million yuan [2][3] - Among the top stocks, COFCO Sugar had a net inflow of 151 million yuan, representing 8.15% of its total trading volume [3] - Baolingbao also attracted significant institutional investment, with a net inflow of 42.47 million yuan, accounting for 10.70% of its trading volume [3]

Group 1 - The core viewpoint of the article highlights a significant surge in the sugar substitute concept stocks, with notable performances from several companies [1] Group 2 - Zhonghua International experienced a limit-up increase in its stock price [1] - Baolingbao saw an increase of over 5% in its stock price [1] - Huakang Co., Bailong Chuangyuan, and Xinghuo Technology also experienced upward movements in their stock prices [1]

Group 1 - The concept stocks related to sugar substitutes experienced significant fluctuations, with Zhonghua International hitting the daily limit increase [1] - Baolingbao saw an increase of over 5%, indicating strong market interest [1] - Other companies such as Huakang Co., Bailong Chuangyuan, and Xinghuo Technology also followed suit with upward movements in their stock prices [1]

Core Insights - The stock price of Baolingbao (002286) closed at 10.85 yuan on August 19, 2025, with an increase of 2.36% and a trading volume of 170,100 lots, amounting to 183 million yuan in transaction value [1] - The company reported total revenue of 685 million yuan for Q1 2025, representing a year-on-year growth of 24.23%, and a net profit attributable to shareholders of 50.36 million yuan, up 117.35% year-on-year [1] - Baolingbao has made investments in 17 companies and participated in 197 bidding projects, with a total of 139 trademarks and 248 patents registered [2] Financial Performance - Total revenue for Q1 2025: 685 million yuan, a 24.23% increase year-on-year [1] - Net profit attributable to shareholders: 50.36 million yuan, a 117.35% increase year-on-year [1] - Non-recurring net profit: 49.45 million yuan, a 143.31% increase year-on-year [1] - Current ratio: 1.517, Quick ratio: 0.988, Debt-to-asset ratio: 24.53% [1] Investment and Intellectual Property - Total external investments: 17 companies [2] - Number of bidding projects participated: 197 [2] - Trademark registrations: 139 [2] - Patent registrations: 248 [2] - Administrative licenses held: 76 [2] Company Overview - Baolingbao Biological Co., Ltd. was established in 1997 and is located in Dezhou, primarily engaged in the food manufacturing industry [1] - Registered capital: 369.77 million yuan, paid-in capital: 60 million yuan [1] - Legal representative: Dai Sijue [1]

Core Points - The major shareholder, Ningbo Baopu Futong Asset Management Center (Limited Partnership), has notified the company about a share reduction that has reached the 1% threshold [1] - The share reduction occurred between July 3, 2025, and August 14, 2025, totaling 4,190,000 shares through centralized bidding and block trading [1] Summary by Category Shareholder Actions - Ningbo Baopu Futong Asset Management Center (Limited Partnership) holds more than 5% of the company's shares and has communicated its intention to reduce its holdings [1] - The reduction of 4,190,000 shares represents a significant change in the shareholder structure, impacting the overall ownership dynamics of the company [1] Timeframe - The share reduction took place over a period from July 3, 2025, to August 14, 2025, indicating a planned divestment strategy by the major shareholder [1]

Investment Rating - The report gives an "Accumulate" rating for the sweetener industry, marking it as a first-time rating [5]. Core Insights - The sweetener market in China is poised for significant growth, with a current per capita sugar consumption of approximately 30g/day, exceeding the recommended limit of 25g/day. This indicates a substantial potential for sugar substitutes [1][9]. - The report highlights the dual demand for health and sweetness, leading to the rise of sugar substitutes. Nearly 40% of American consumers are opting for low-calorie or zero-calorie sugars to reduce calorie intake [1][17]. - The report identifies two main investment themes: the ongoing demand for artificial sweeteners like sucralose and the potential for new natural sweeteners like allulose, driven by consumer acceptance and technological advancements [3]. Market Overview - The sweetener market is characterized by a growing trend towards reduced sugar consumption, with a projected sugar consumption of 15.9 million tons in China for the 2025/26 season, reflecting a compound annual growth rate (CAGR) of about 0.5% from 2015/16 to 2025/26 [9]. - The beverage sector represents the largest share of sugar demand, with a market penetration rate for sugar-free beverages at only 7.9% in 2023, suggesting significant room for growth [20][22]. Selection Criteria - The choice of sweeteners is influenced by economic factors, taste, and safety. Artificial sweeteners generally have a higher sweetness-to-price ratio compared to natural sweeteners, which often have lower ratios [2][28]. - Safety concerns are paramount, with natural sweeteners typically having no Acceptable Daily Intake (ADI) limits, while artificial sweeteners are subject to ADI restrictions and some face safety controversies [2][40]. Product Analysis - Sucralose is identified as the largest artificial sweetener in terms of market space, with a global sales volume of approximately 20,000 tons in 2023, reflecting a 7% year-on-year growth [46]. - Erythritol, a low-calorie sugar alcohol, has seen rapid market expansion, particularly following its use in popular beverages, leading to a significant increase in production capacity [63][65]. Future Outlook - The report emphasizes the importance of consumer education and acceptance for the successful adoption of new sweeteners like allulose, which currently faces low consumer awareness [3][42]. - Investment opportunities are highlighted in companies with strong technological capabilities and financial strength, particularly those involved in the production of sucralose and erythritol [3][3].