保龄宝生物股份有限公司 2025 年半年度报告全文 保龄宝生物股份有限公司 2025 年半年度报告 2025 年 8 月 1 保龄宝生物股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会及董事、高级管理人员保证半年度报告内容的真实、准确、 完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法 律责任。 公司负责人戴斯觉、主管会计工作负责人周瑜及会计机构负责人(会计主 管人员)温文秀声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本报告涉及的未来计划等前瞻性陈述，不构成公司对投资者的实质承诺， 投资者及相关人士均应当对此保持足够的风险认识，并且应当理解计划、预 测与承诺之间的差异，敬请投资者注意投资风险。 公司在本报告第三节"管理层讨论与分析"中"十、公司面临的风险和 应对措施"中详细描述了公司经营中可能存在的风险和应对措施，敬请投资 者注意投资风险。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | | | . | | --- | --- | --- | | 2 | 1 | | | | | 2 | ...

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].

证券代码：002268 证券简称：保龄宝 公告编号：2025-046 保龄宝生物股份有限公司 关于持股5%以上的股东减持股份触及1%刻度的公告 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。 近日，保龄宝生物股份有限公司（以下简称"公司"）收到持股5%以上股东宁 波趵朴富通资产管理中心(有限合伙)（以下简称"趵朴富通"）出具的《关于股份 减持触及1%刻度的告知函》，获悉其在2025年7月3日至2025年8月14日期间通过 集中竞价、大宗交易方式合计减持公司股份4,190,000股，本次变动触及1%刻度。 现将具体情况公告如下： | 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7月3日至2025年8月14日 2025年7月3日至2025年8月14日期间，趵朴富通通过 | | | 集中竞价及大宗交易方式合计减持公司股份共计 | | | 4,190,000股，其中集中竞价减持3,570 ...

Group 1 - The core transaction involved 620,000 shares of Baolingbao, with a total transaction value of 5.9148 million yuan, representing 5.18% of the total trading volume on that day [1][2] - The transaction price was 9.54 yuan per share, which is a discount of 8.53% compared to the market closing price of 10.43 yuan [1][2]