北京雍行律师事务所 关于保龄宝生物股份有限公司 2025 年限制性股票激励计划首次授予相关事项 之 法律意见书 二〇二五年六月 | 一、本次授予的批准与授权 4 | | --- | | 二、本次授予的具体情况 6 | | 三、结论意见 7 | 释义 除非另有说明或上下文文意另有所指，本法律意见书中相关词语具有以下特 定含义： | 保龄宝、公司 | 指 | 保龄宝生物股份有限公司 | | --- | --- | --- | | 本次激励计划、本激励 | 指 | 保龄宝生物股份有限公司 年限制性股票激励计划 2025 | | 计划 | | | | 本次授予 | 指 | 保龄宝生物股份有限公司2025年限制性股票激励计划首 次授予 | | 《激励计划（草案）》、 | 指 | 《保龄宝生物股份有限公司2025年限制性股票激励计划 | | 激励计划草案 | | （草案）》 | | 《考核管理办法》 | 指 | 《保龄宝生物股份有限公司2025年限制性股票激励计划 | | | | 实施考核管理办法》 | | 《公司法》 | 指 | 《中华人民共和国公司法》 | | 《证券法》 | 指 | 《中华人民共和国证券法》 | | ...

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首次 授予激励对象名单（截止授予日）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 6 月 9 日召开了第六 届董事会薪酬与考核委员会第四次会议，依据《中华人民共和国公司法》(以下简称 "《公司法》")、《中华人民共和国证券法》(以下简称"《证券法》")、《上市 公司股权激励管理办法》(以下简称"《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")首次授予激励对象名单（截止授 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，公司实施激励计划及向激励对象授予限制 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。 综上，董事会薪酬与考核委员会同意限制性股票的授予日为 2025 年 6 月 9 日， 以 3.92 元/股的授予价格向符合授予条件的 50 名激励对象授予 1,035 万股限制性股 保龄宝生物 ...

证券代码：002286 证券简称：保龄宝 公告编号：2025-037 保龄宝生物股份有限公司 第六届董事会第十一次会议决议公告 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 一次会议的通知于2025年6月6日以电子邮件的方式发出，会议于2025年6月9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 1、会议以 5 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首次授予限制性股票的议案》，关联董事李洪波、王强、 刘峰、秦翠萍回避表决。 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，拟 将首次授予日确定为2025年6月9日，以3.92元/股的价格向符合条件的50名激励 对象授 ...

Core Insights - The functional sugar industry in China is experiencing a boom driven by national policy support and increasing health consumption demand, but it also faces challenges from international trade tensions and domestic competition [1][5][6] Industry Overview - Yucheng, known as the "Capital of Functional Sugar" in China, produces 35% of the global and 60% of the domestic functional sugar market share, with major companies like Baolingbao and Bailong Chuangyuan leading the industry [2][3] - The city has an annual production capacity of 1.5 million tons of various functional sugar products, leveraging local corn resources for production [2][3] Product Categories - Functional sugars are categorized into three types: functional sugar alcohols, functional dietary fibers, and functional oligosaccharides, with products like erythritol and xylitol being prominent examples [3][4] - New products such as trehalose are being developed for medical applications, including wound healing and vaccine stabilization [3] Market Dynamics - The rise of "zero-sugar" beverages has significantly increased the demand for erythritol, leading to a surge in production capacity that outstripped global demand, resulting in a price drop and industry consolidation [5][6] - Erythritol prices peaked at 40,000 yuan per ton before falling below cost price due to oversupply, leading to financial difficulties for many companies [6] Financial Performance - Companies like Baolingbao and Bailong Chuangyuan are beginning to see a recovery in profits, with Baolingbao reporting a net profit of 110 million yuan in 2024, a 106% increase year-on-year [6] Trade Challenges - The industry faces uncertainties due to anti-dumping investigations in the US and EU, with potential tariffs ranging from 3.29% to 233.3% on Chinese erythritol products [6][7] Strategic Adjustments - Companies are shifting focus to domestic markets while exploring new international markets, adapting their sales strategies to balance domestic and export demands [7] - New product development is a priority, with companies planning to increase production of high-demand products like allulose and tagatose [7][9] Future Outlook - The allulose market is expected to grow significantly, with projections estimating a market size of $200 million in 2024 and $500 million by 2030 [8][9] - Companies are actively expanding their allulose production capacities, anticipating regulatory approvals for new products in the near future [9][10]

Core Viewpoint - The major shareholder of Baolingbao, Ningbo Baopu Futong Asset Management Center, plans to reduce its stake by up to 3% through block trading and centralized bidding from June 24 to September 23, 2023, despite the company's recent performance recovery [2][7]. Shareholder Reduction - Baolingbao announced that Baopu Futong will reduce its holdings by no more than 3% of the total shares, with a maximum of 2% (7.3953 million shares) through block trading and 1% (3.6977 million shares) through centralized bidding [2][7]. - Since 2020, Baolingbao has disclosed seven announcements regarding Baopu Futong's share reductions, with six plans not executed. The only successful reduction was in July 2020, where 3.85% was reduced from a planned 5.4% [2]. Financial Performance - In 2024, Baolingbao's revenue was approximately 2.402 billion yuan, a decrease of 4.84% year-on-year, primarily due to adjustments in product structure and marketing strategies [4]. - The core business segments, including prebiotics, dietary fiber, and sugar-reducing sweeteners, showed significant recovery, with revenues of approximately 335 million yuan (up 16.02%), 238 million yuan (up 14.52%), and 516 million yuan (up 29.73%) respectively [4]. - In Q1 2025, Baolingbao achieved a revenue of approximately 685 million yuan, a year-on-year increase of 24.23%, and a net profit attributable to shareholders of approximately 50.36 million yuan, up 117.35% [6][7]. Market Dynamics - The European market for Baolingbao's erythritol products has seen an increase in both volume and price following the EU's anti-dumping investigation [5]. - The company is focusing on high-end products such as prebiotics, dietary fiber, and sugar-reducing sweeteners, adopting a business model that emphasizes small-batch, high-value, and differentiated orders [8]. Management Changes - Baolingbao has experienced frequent changes in its executive team, with several high-level resignations in early 2023. Analysts suggest that while some departures may be due to personal reasons, others could relate to operational adjustments [9]. - The competitive landscape for sugar-reducing sweeteners includes major players like Jinhe Industrial and Sanyuan Biological, which have advantages in product development and market channels [9][10]. R&D and Future Outlook - Baolingbao is increasing its investment in allulose, with a technical transformation project set to produce over 5,000 tons annually, and a second-phase expansion project planned for 20,000 tons [10]. - Despite the growth in the sugar-reducing sweetener market, industry analysts express caution regarding the pace of product innovation and the competitive gap between Baolingbao and leading companies [10].

Group 1 - The major shareholder, Ningbo Baoputong Asset Management Center, plans to reduce its stake in Baolingbao by up to 11.093 million shares, accounting for 3% of the company's total share capital, starting from June 24, 2025 [2] - Baolingbao reported a strong performance in Q1 2025, with revenue increasing by 24.23% year-on-year and net profit soaring by 117.35%, but the net cash flow from operating activities remained negative at -0.16 billion, worsening compared to the previous year [4] - Following the announcement, Baolingbao's stock price experienced a significant drop, reaching a near 10% decline, indicating investor caution regarding the share reduction [4] Group 2 - Baoputong has previously reduced its holdings in Baolingbao, having sold over 14.21 million shares since 2020, realizing approximately 289 million in cash [4] - If the current reduction is completed, Baoputong's shareholding will decrease to 7.31%, but it will still remain the largest shareholder of the company [4] - Analysts suggest that the continuous reduction by the major shareholder may signal a cautious outlook on the industry or the company's valuation, especially amid increasing competition in the functional food raw materials sector [4] Group 3 - Baolingbao emphasized that Baoputong is not a controlling shareholder and that the reduction is a normal market behavior, which will not significantly impact the company's governance or ongoing operations [4] - However, given Baolingbao's cash flow situation and the history of shareholder reductions, market sentiment may remain under pressure in the short term [4] - Future attention should be directed towards the actual execution of the reduction plan and whether Baolingbao can improve its cash flow performance while maintaining high growth in earnings to restore investor confidence [4]

沪指5月30日下跌0.47%，申万所属行业中，今日上涨的有5个，涨幅居前的行业为农林牧渔、银行，涨 幅分别为1.20%、0.64%。农林牧渔行业位居今日涨幅榜首位。跌幅居前的行业为汽车、综合，跌幅分 别为1.91%、1.87%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 300498 | 温氏股份 | 1.59 | 1.43 | -7689.61 | | 002286 | 保龄宝 | -9.23 | 16.38 | -4846.02 | | 300871 | 回盛生物 | -2.79 | 8.13 | -4405.77 | | 002215 | 诺普信 | -2.56 | 10.55 | -3578.05 | | 300189 | 神农种业 | -0.48 | 8.29 | -1933.60 | | 300119 | 瑞普生物 | -0.32 | 2.98 | -1764.13 | | 300021 | 大禹节水 | -1.23 | 7.94 | -1479.99 | | 300673 | ...

中国经济网北京5月30日讯保龄宝（002286）(002286.SZ)今日盘中股价一度跌停，报10.82元，跌幅 9.98%。 保龄宝2025年一季度报告显示，趵朴富通系公司第一大股东。 | | | | | | | 早见:胶 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 报告期末普通股股东总数 | | 30.156 | | 报告期末表决权恢复的优先股股东总数(如有) | | | 0 | | | | | 前 10 名股东持股情况(不含通过转融通出借股份) | | | | | | 股东名称 | 股东性质 | 持股比例 | 持股数量 | 持有有限售条 | 质押、标记或冻结情况 | | | | | | (%) | | 件的股份数量 | 股份状态 | 数量 | | | 宁波的朴富通资产管理中 | 境内非国有 法人 | 10.31% | 38.139.244 | 0 | 不适用 | | 0 | | 心(有限合伙) | | | | | | | | | 北京水裕投资管理有限公 리 | 境内非国有 | 7.98% | 29.508.653 | 0 | 冻结 | ...

证券代码：002286 证券简称：保龄宝 公告编号：2025-036 保龄宝生物股份有限公司关于 持股 5%以上的股东宁波趵朴富通资产管理中心(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。 若减持期间公司有送股、资本公积金转增股本等股份变动事项，上述股东 拟减持股份数量将进行相应调整。 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。 特别提示：持有保龄宝生物股份有限公司（以下简称"公司""保龄宝" ）股份38,139,244股（占本公司总股本比例10.3144%）的大股东宁波趵朴富通 资产管理中心(有限合伙)（以下简称"趵朴富通""本合伙企业"）计划在自 本公告披露之日起十五个交易日后的三个月内（2025年6月24日至2025年9月23 日）以集中竞价交易方式和大宗交易方式合计减持保龄宝股份不超过 交易方式减持公司股份的总数，合计不超过公司总股本的2%（7,395,347股）； 任意连续90日内通过集中竞价交易方式减持公司股份的总数，合计不超过公司 总股本的1%（3,697,673股）。 公司于2025年5月29日收到持股5%以上股东趵朴富通 ...