股票简称：保龄宝 股票代码：002286 公告编号：2025-062 保龄宝生物股份有限公司 关于公司董事长辞职的公告 保龄宝生物股份有限公司（以下简称"保龄宝"或"公司"）董事会于2025 年11月17日收到公司董事长戴斯觉先生的书面辞职报告。戴斯觉先生因个人原因 申请辞去公司董事长、董事、董事会战略委员会主任委员职务。戴斯觉先生辞职 后 仍 担 任 公 司 全 资 孙 公 司 BLB INTERNATIONAL DEVELOPMENT(SINGAPORE) PTE.ITD.、BLB BIO-TECH USA INC董事职务。 根据《公司章程》、《深圳证券交易所上市公司自律监管指引第1号——主 板上市公司规范运作》的有关规定，戴斯觉先生的辞职不会导致公司董事会成员 低于法定最低人数，不会影响公司董事会的正常运行及公司正常生产经营工作， 戴斯觉先生的辞职报告自送达公司董事会时生效。鉴于新任董事长的选举工作尚 需经过相应的法定程序，公司将按照法定程序尽快完成公司董事长的补选等相关 工作，并及时履行信息披露义务。 截至本公告披露日，戴斯觉先生未直接持有公司股份，通过北京永裕投资管 理有限公司持有公司29,508, ...

Group 1 - The core point of the news is that Baolingbao's stock price has experienced fluctuations, with a current price of 10.60 CNY per share, reflecting a year-to-date increase of 44.81% [1] - As of November 17, Baolingbao's market capitalization stands at 4.034 billion CNY, with a trading volume of 76.62 million CNY and a turnover rate of 1.93% [1] - The company has seen a net outflow of 5.7993 million CNY in principal funds, with significant buying and selling activity from large orders [1] Group 2 - Baolingbao Biotech Co., Ltd. is located in Dezhou, Shandong Province, and was established on October 16, 1997, with its listing date on August 28, 2009 [2] - The company's main business involves the research, production, and sales of functional sugars, with revenue composition including starch sugars (29.89%), sugar substitutes (26.55%), feed and by-products (22.40%), probiotics (13.48%), dietary fibers (7.39%), and others (0.29%) [2] - For the period from January to September 2025, Baolingbao achieved a revenue of 2.126 billion CNY, representing a year-on-year growth of 15.98%, and a net profit attributable to shareholders of 134 million CNY, up 32.58% [2]

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The application of Human Milk Oligosaccharides (HMOs) is expected to accelerate, driven by their recognized nutritional benefits and expanding regulatory approvals [3] - The infant formula market is experiencing increased concentration, with the top 10 companies' market share rising from 68% in 2017 to 83% in Q3 2025, indicating a shift towards premium product offerings that include HMOs [2] - The potential market space for HMOs in the Chinese infant formula sector is estimated to be between 5.86 billion to 11.72 billion yuan, based on projected production and pricing [2] Summary by Sections HMO Nutritional Benefits - HMOs are the third largest nutritional component in breast milk, consisting of various structures that contribute positively to infant health, including growth, gut health, immunity, and cognitive development [1] Market Dynamics - The implementation of stringent new standards for infant formula has led to significant market consolidation and a focus on nutritional enhancement, with major brands introducing HMO-enriched products [2] - The expected production of infant formula in China for 2024 is approximately 1.563 million tons, with a significant portion anticipated to be high-end products requiring HMO addition [2] Regulatory Developments - Recent approvals by health authorities to expand the use of HMOs in various food products indicate a growing recognition of their value, which could lead to exponential market growth if HMOs are utilized beyond infant formula [3] - Companies like Ganbaiyou and Qiu Tian Man Man are already responding to these regulatory changes by launching HMO-added products [3] Company Focus - Companies such as Langkun Technology, Baolingbao, and Jiabiyou are actively developing HMO production capabilities, with significant annual production capacities planned [10]

Core Insights - The recent approval of infant formula products with upgraded formulations, particularly focusing on the addition of 2'-fucosyllactose (2'-FL) and lacto-N-neotetraose (LNnT), indicates a significant shift in the market for infant nutrition products in China [1][2]. Regulatory Developments - The approval process for Human Milk Oligosaccharides (HMOs) began in 2016, with 2023 marking a milestone year as the National Health Commission officially approved 2'-FL and LNnT as food nutrition fortifiers for infant formula and other specialized products [2][3]. - By October 2023, nearly 20 HMO products had received approval, with multiple companies claiming the ability to supply HMO products [2]. Market Dynamics - The approval of HMO formulations by leading dairy companies such as Yili, Feihe, and Junlebao signifies the establishment of a complete industrial cycle from raw material approval to product launch, transitioning the industry into a phase of large-scale application [3]. - The market for HMOs, previously dominated by foreign companies, is experiencing a shift due to breakthroughs in domestic synthetic biology, significantly reducing production costs and enabling local companies to compete effectively [4]. Technological Advancements - Domestic advancements in synthetic biology have led to a substantial decrease in the production cost of 2'-FL, with prices dropping below 500,000 yuan per ton, making it feasible for local dairy companies to upgrade their formulas [4]. - Companies like Baolingbao have developed proprietary strains and enzyme immobilization processes, achieving international standards in purity and production capacity [4]. Customer and Market Strategy - Baolingbao's extensive customer base in the infant formula sector positions it well to capitalize on the growing demand for HMO products, with major brands already preparing to launch HMO-enhanced products [5]. - The company is diversifying its product offerings beyond infant formula to include HMO and other prebiotic products, catering to a broader range of dairy and beverage clients [5]. Market Projections - According to QYResearch, the global HMO market is projected to reach $704 million in 2024 and exceed $3.21 billion by 2031, with a CAGR of 24.6% from 2025 to 2031, indicating a much higher growth rate in the Chinese market compared to the global average [6].

Core Viewpoint - On November 13, 2025, the company announced that a major shareholder, Ningbo Baopu Futong Asset Management Center (Limited Partnership), reduced its stake by 3,805,558 shares through centralized bidding, which triggered a 1% threshold notification [1]. Summary by Categories - **Shareholder Activity** - The major shareholder, Baopu Futong, holds over 5% of the company's shares and has informed the company about the reduction of its stake [1]. - The share reduction occurred between November 12 and November 13, 2025, indicating active trading during this period [1].

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 10月10日，保龄宝发布《关于实际控制人控制的企业增持公司股票计划进展公告》，截至该公告日，公 司实际控制人控制的企业松径投资累计增持129.94万股，占公司总股本的0.3418%，与公司2024年10月8 日承诺的"6个月内增持不低于5%、不超过10%"的增持计划大相径庭，增持时间一拖再拖，增持进度十 分缓慢。 松径投资的"信心"公告曾承诺6个月内增持5%—10%，如今增持计划为何进展"龟速"，在长达一年的时 间内，仅仅完成增持0.3418%？ 实控人被列"失信" 2024年10月8日，保龄宝发布公告称，公司实控人戴斯觉控制的企业松径投资计划于未来6个月内，以集 中竞价、大宗交易等方式增持公司股份5%至10%，对应股数1848.84万股至3697.67万股，且不设置固定 价格、价格区间。 这份"大手笔"增持计划，尤其是不设置固定价格和价格区间，在当时被市场解读为实控人对公司前景的 强烈看好，这一信心背书一度大大提升了中小投资者对公司的预期。 然而，增持计划的推进速度却堪称"龟速"。2025年3月22日，公司发布公告，松径投资累计增持数 ...

Core Viewpoint - Baolingbao (002286.SZ) announced a share reduction by Baopufu Tong through centralized bidding, decreasing its stake in the company from 7.10684% to 6.10687% [1] Summary by Category - **Share Reduction Details** - Baopufu Tong reduced its holdings by 3,805,558 shares, which represents 0.99997% of the total share capital of Baolingbao [1]

保龄宝生物股份有限公司 | 信息披露义务人 | | | --- | --- | | | 宁波趵朴富通资产管理中心(有限合伙) | | 住所 | 浙江省宁波市北仑区梅山七星路88号1幢401室A区F0818 | | 权益变动时间 | 2025年11月12日-2025年11月13日 | | | 2025年11月12日-13日，趵朴富通通过集中竞价方式减 | | | 持公司股份3,805,558股，占公司总股本的0.99997%，持股 | | | 比例由7.10684%减少至6.10687%。 | | | 本次减持计划，集中竞价减持部分不超过公司总股本 | | | 的1%（3,805,673股），目前已减持3,805,558股，剩余115 | | 权益变动过程 | 股尚未减持。 | | | 本次减持与此前已披露的减持计划一致，减持数量在 | | | 减持计划范围内，不存在违反《证券法》、《上市公司收 | | | 购管理办法》、《深圳证券交易所股票上市规则》等法律 | | | 法规、部门规章、规范性文件的情况。本次减持股份不会 | | | 导致公司控制权发生变更，不会对公司的经营产生重大影 | | 响。 | | | ...

Core Viewpoint - The major shareholder, Baopeng Futong, has reduced its stake in the company by selling 3.8056 million shares, which represents 0.99997% of the total share capital, decreasing its ownership from 7.10684% to 6.10687% [1] Summary by Sections - **Shareholder Reduction** - Baopeng Futong, holding more than 5% of the shares, executed a reduction of 3.8056 million shares through centralized bidding [1] - The reduction aligns with the previously announced plan and does not lead to a change in control of the company [1] - **Impact on Company** - The reduction in shares will not have a significant impact on the company's operations [1] - The remaining shares not sold amount to 115 shares, indicating that the reduction is nearly complete [1]

Core Viewpoint - The report from Huaxi Securities indicates that Baolingbao's Q3 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 727 million, 41 million, and 34 million yuan respectively, showing year-on-year growth of 12.23%, 30.21%, and 11.72% [1] Group 1: Financial Performance - Baolingbao's significant revenue growth is attributed to the substantial increase in sales of core products such as sugar-reducing sweeteners, prebiotics, and dietary fibers [1] - The improvement in gross margin is due to cost reduction and efficiency enhancement, alongside the increasing revenue share from core products [1] Group 2: Market Position and Product Strategy - As a leading enterprise in the domestic functional sugar industry, Baolingbao holds a significant market share in sugar-reducing sweeteners, prebiotics, and dietary fibers, supported by its comprehensive product layout and technological advantages [1] Group 3: Future Outlook - Short-term: With the new corn harvest in major production areas, corn prices are expected to remain low in Q4, which, combined with production cost reductions, may further enhance the gross margin of core products [1] - Mid-term: The accelerated approval process for allulose in China is expected to open up the domestic market, with Baolingbao's 20,000-ton expansion project already initiated, aiming for an annual capacity of approximately 30,000 tons by the end of 2026 [1] - Long-term: The launch of new high-value-added products such as HMOs (human milk oligosaccharides), algal oil DHA, and sugar-free resistant dextrin will further optimize the company's profit structure [1]