Core Viewpoint - The resignation of Dai Sijue as the chairman of Baolingbao (stock code: 002286) due to personal reasons raises questions about the company's leadership during a challenging market period for erythritol products [1][3]. Company Summary - Dai Sijue submitted his resignation as chairman, director, and head of the board's strategic committee on November 17 [1]. - As of the announcement date, Dai held no direct shares in the company but controlled 29,508,653 shares (7.75% of total shares) through Beijing Yongyu Investment Management Co., Ltd., making him one of the actual controllers of the company [3]. - Beijing Yongyu Investment Management Co., Ltd. was listed as a dishonest executor by Jiangxi Bank with an execution target amount of 253 million yuan [3]. - Dai Sijue became the youngest chairman of an A-share company in 2021, taking office during a favorable period for the erythritol industry driven by the popularity of sugar-free beverages [3][5]. Industry Summary - Baolingbao is a leading company in the erythritol sector, which experienced rapid growth due to collaborations with popular brands like Yuanqi Forest [5]. - The erythritol market has faced challenges due to increased competition leading to oversupply and price wars [5]. - In November 2023, the European Commission initiated an anti-dumping investigation into erythritol products originating from China, adding pressure to the industry [5]. - Despite these challenges, Baolingbao reported a net profit of 111 million yuan for 2024, a year-on-year increase of 105.97%, attributing this success to improved supply chain management and a focus on high-value products [5]. - For the first three quarters of 2025, Baolingbao achieved a revenue of 2.126 billion yuan, a 15.98% increase year-on-year, and a net profit of 134 million yuan, up 32.58% year-on-year [5].

Core Viewpoint - The sudden resignation of the chairman of Baolingbao, Dai Sijue, has led to a significant drop in the company's stock price, raising concerns about the company's governance and financial stability [1][4][7]. Company Overview - Baolingbao, listed in August 2009, was the first company in China's functional sugar industry to go public, initially thriving through partnerships with well-known brands [5]. - The company experienced peak revenue of 2.765 billion yuan in 2021, driven by the rising demand for sugar substitutes [5]. Recent Developments - Dai Sijue resigned due to personal reasons but remains a director in two subsidiaries. His resignation is effective immediately upon submission [4]. - Following the announcement, Baolingbao's stock price fell by 6.37% to 10 yuan per share, with a total market value of 3.806 billion yuan [1][4]. Financial Performance - Baolingbao's revenue has declined for three consecutive years from 2022 to 2024, with figures of 2.713 billion yuan, 2.524 billion yuan, and 2.402 billion yuan respectively, attributed to external pressures and increased competition [6]. - In the first three quarters of 2025, the company reported revenue of approximately 2.126 billion yuan, a year-on-year increase of 15.98%, and a net profit of approximately 134 million yuan, up 32.58% [6]. Industry Context - The sugar substitute industry has seen accelerated capacity expansion, with global demand for erythritol reaching 173,000 tons in 2022, while the production capacity of leading manufacturers exceeds demand by more than double [6]. - The competitive landscape has intensified, posing challenges for Baolingbao as it seeks to maintain its market position [6]. Governance Concerns - Concerns have arisen regarding the financial pressures faced by the controlling shareholder, Yongyu Investment, which has been listed as a defendant in multiple court cases with significant execution amounts [7][8]. - The potential for stock pledge or reduction risks due to Yongyu Investment's financial issues could impact the stability of Baolingbao's shareholding structure [7][8].

证券之星消息，11月18日农产品加工板块较上一交易日下跌0.93%，保龄宝领跌。当日上证指数报收于 3939.81，下跌0.81%。深证成指报收于13080.49，下跌0.92%。农产品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300268 | *ST佳沃 | 14.84 | 12.17% | 7.86万 | | 1.13亿 | | 000972 | *ST中基 | 4.19 | 1.70% | 21.38万 | | 8995.35万 | | 000505 | 京根控股 | 7.39 | 0.14% | 24.72万 | | 1.83亿 | | 003030 | 祖名股份 | 21.93 | 0.00% | 2.21万 | | 4835.84万 | | 605198 | 安德利 | 39.48 | -0.23% | 1.58万 | | 6191.53万 | | 300999 | 金龙鱼 | 32.73 | -0.55% | 9.54万 | | 3. ...

11月17日晚间，保龄宝（002286.SZ）公告称，董事会于2025年11月17日收到公司董事长戴斯觉的书面 辞职报告。戴斯觉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。 公告称，戴斯觉辞职后仍担任公司全资孙公司BLB INTERNATIONALDEVELOPMENT(SINGAPORE)PTE.ITD.、BLB BIO-TECH USA INC董事职务。 曾是A股最年轻董事长 根据保龄宝相关公告信息，戴斯觉，男，1995年1月出生，毕业于英国曼彻斯特大学，金融经济学理学 硕士学历；中国香港居民。2016年至今历任北京永裕投资管理有限公司董事长兼总经理。2021年3月起 任公司董事长。2024年戴斯觉从公司获得的税前报酬总额为151.55万元，其董事长、董事任期终止日期 原为2027年4月29日。 实控人增持，一拖再拖 值得注意的是，2024年8月19日，保龄宝控股股东永裕投资与深圳松径投资合伙企业（有限合伙）（以 下简称"松径投资"）签署《一致行动协议》。公司实际控制人由戴斯觉一人，变更为戴斯觉、戴斯聪 （戴斯觉之兄弟）二人共同控制。 戴斯觉（图片来源：保龄宝公众号） 变更后不久，新 ...

中证报中证网讯(记者张鹏飞)保龄宝（002286）11月17日晚间公告称，董事会于2025年11月17日收到公 司董事长戴斯觉的书面辞职报告。戴斯觉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。 公告称，戴斯觉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。 公告显示，根据相关规定，戴斯觉的辞职报告自送达公司董事会时生效。公司将按照法定程序尽快完成 董事长的补选等相关工作。截至公告披露日，戴斯觉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29508653股股票，占公司总股本的7.75%，戴斯觉为公司实际控制人之一。戴斯觉不存在 应当履行而未履行的承诺事项。 根据保龄宝相关公告信息，戴斯觉，男，1995年1月出生，毕业于英国曼彻斯特大学，金融经济学理学 硕士学历；中国香港居民。2016年至今历任北京永裕投资管理有限公司董事长兼总经理。2021年3月起 任公司董事长。2024年戴斯觉从公司获得的税前报酬总额为151.55万元，其董事长、董事任期终止日期 ...

Core Points - The resignation of Dai Sijue, the chairman of Baolingbao, comes at a time when the company is experiencing a strong performance rebound, with a reported net profit of 1.11 billion yuan in 2024, a year-on-year increase of 105.97% [4] - Despite the company's recovery, Dai Sijue cited "personal reasons" for his resignation, which raises concerns about potential financial pressures within the controlling shareholder's structure [2][4] - The company has faced challenges, including a significant increase in competition and a price war in the erythritol industry, as well as an anti-dumping investigation by the European Union [4][6] Company Performance - Baolingbao reported a net profit of 1.11 billion yuan in 2024, marking a 105.97% increase year-on-year, with a significant rise in non-recurring net profit by 254.56% [4] - For the first three quarters of 2025, the company achieved a revenue of 2.126 billion yuan, a year-on-year growth of 15.98%, and a net profit of 134 million yuan, up 32.58% [4] - The growth is attributed to increased sales of core products such as sugar-reduced sweeteners, prebiotics, and dietary fibers, along with improved gross margins due to cost reduction and efficiency enhancements [4] Shareholder Dynamics - The actual control of Baolingbao shifted from Dai Sijue alone to a joint control structure with his brother, Dai Sicong, in August 2024 [6] - A promised shareholding increase by the new controlling entity has faced delays, with the initial commitment to increase holdings by at least 5% not being met due to "funding arrangements" [7] - As of the resignation announcement, Dai Sijue held 29.51 million shares through his investment company, representing 7.75% of the total share capital [7]

Core Points - The chairman of Baolingbao Biotech Co., Ltd., Mr. Dai Jue, has resigned due to personal reasons, effective immediately upon submission of his resignation report [1][2] - Mr. Dai Jue will continue to serve as a director for the company's wholly-owned subsidiaries, BLB International Development (Singapore) PTE. LTD. and BLB Bio-Tech USA INC [1] - The resignation will not affect the minimum number of board members or the normal operation of the board and the company [2] Company Information - Mr. Dai Jue holds 29,508,653 shares of the company through Beijing Yongyu Investment Management Co., Ltd., representing 7.75% of the total share capital, and is one of the actual controllers of the company [2] - The board expressed gratitude for Mr. Dai Jue's contributions to the company's strategic development and stable operations during his tenure [2]

Core Viewpoint - The resignation of Dai Sijue, the chairman of Baolingbao, comes at a time of strong performance recovery for the company, raising questions about underlying financial pressures within the controlling shareholder's structure [5][6]. Company Overview - Baolingbao's stock price was reported at 10.86 yuan, with a market capitalization of 4.064 billion yuan as of November 17 [2]. - Dai Sijue, born in January 1995, became the youngest chairman in A-share market history at the age of 26 in March 2021 [3][6]. - His tenure lasted approximately four and a half years, during which he faced significant challenges, including industry fluctuations and an EU anti-dumping investigation [4][6]. Performance Analysis - Despite the challenges, Baolingbao demonstrated resilience, achieving a net profit of 111 million yuan in 2024, a year-on-year increase of 105.97%, and a significant rise in net profit excluding non-recurring items by 254.56% [8]. - For the first three quarters of 2025, the company reported revenue of 2.126 billion yuan, up 15.98%, and a net profit of 134 million yuan, reflecting a 32.58% increase year-on-year [8]. Shareholder Dynamics - The actual control of Baolingbao shifted in August 2024 from Dai Sijue alone to a joint control structure with his brother, Dai Sicong [10]. - A planned share buyback by the new controlling entity has faced delays due to "funding arrangements," with the initial commitment to increase holdings by 5% not being met [11][12]. - As of the resignation announcement, Dai Sijue held 29.5087 million shares through his investment firm, representing 7.75% of the total shares [13].

证券日报网讯11月17日晚间，保龄宝（002286）发布公告称，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。 ...

Core Viewpoint - The resignation of Dai Sijue, the youngest chairman in A-share history, comes at a time when the company, Baolingbao, is experiencing a strong performance rebound, raising questions about underlying pressures within the company's control structure [1][2][3] Company Performance - Baolingbao reported a net profit of 111 million yuan for 2024, a year-on-year increase of 105.97%, and a significant increase in non-recurring net profit by 254.56% [3] - For the first three quarters of 2025, Baolingbao achieved a revenue of 2.126 billion yuan, up 15.98% year-on-year, and a net profit of 134 million yuan, reflecting a 32.58% increase [3] Industry Context - The erythritol industry faced severe supply-demand imbalances and price wars in 2023 due to an influx of new players, followed by an anti-dumping investigation by the European Union [3] - The company has shown resilience in navigating the industry's cyclical challenges, focusing on high-value products and optimizing supply chain management [3] Control Structure Changes - The actual control of Baolingbao shifted from Dai Sijue alone to a joint control with his brother, Dai Sicong, in August 2024 [5] - A promised share buyback plan by the new controlling entity has faced delays, with the initial commitment to increase holdings by 5% not being fulfilled as of the latest reports [6] Financial Pressures - Dai Sijue's controlling entity, Yongyu Investment, has faced significant financial pressures, being listed as an executor in multiple court cases with total amounts exceeding 280 million yuan [1][6] - As of the resignation announcement, Dai Sijue held 7.75% of Baolingbao's shares through Yongyu Investment, indicating ongoing involvement despite his resignation [6]