Core Viewpoint - The company has obtained a drug production license for lactulose active pharmaceutical ingredient, marking a significant milestone in its strategic expansion into the raw material and health sectors [1][2]. Group 1: License Details - The drug production license was issued by the Shandong Provincial Drug Administration, with the license number Lu20250024, valid until October 28, 2030 [1]. - The production facility is located in the Yucheng High-tech Industrial Development Zone, Shandong Province, and is authorized to produce lactulose solution for registered use only [1]. Group 2: Impact on the Company - The acquisition of the drug production license accelerates the application, registration, and market launch processes for lactulose, initiating the company's diversification into raw materials [2]. - This milestone is seen as a key leverage point for enhancing industry value and strengthening market competitiveness, aligning with the company's goal to establish itself as a world-class provider of functional and health solutions [2]. - Currently, lactulose is only exported to select overseas markets, but future approvals in domestic and major global markets are expected to boost sales revenue and operational performance, although the immediate impact on current performance is anticipated to be minimal [2].

Core Viewpoint - The company has obtained a "Drug Production License" from the Shandong Provincial Drug Administration, which accelerates the application, registration, and上市 process for its first active pharmaceutical ingredient, lactulose, marking the beginning of the company's diversification in raw materials [1] Group 1 - The acquisition of the "Drug Production License" is a significant regulatory milestone for the company [1] - The license facilitates the subsequent processes for the company's first raw material drug, lactulose [1] - This development represents the start of the company's strategy to diversify its raw material offerings [1]

许可证编号：鲁 20250024 统一社会信用代码：91371400723870085E 分类码：Dh 住所(经营场所)：山东德州(禹城)高新技术产业开发区东外环路 1 号 股票代码：002286 股票简称：保龄宝 公告编号：2025-060 保龄宝生物股份有限公司 关于取得乳果糖原料药药品生产许可证的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的 虚假记载、误导性陈述或者重大遗漏承担责任。 近日，保龄宝生物股份有限公司(以下简称"公司""保龄宝")取得了山东 省药品监督管理局下发的《药品生产许可证》。现将相关情况公告如下： 一、《药品生产许可证》主要情况 企业名称：保龄宝生物股份有限公司 公司致力于成为世界一流的功能与健康解决方案服务商，本次保龄宝首次取 得《药品生产许可证》，是公司向原料药和大健康领域战略深化落地的核心里程 碑，更是撬动产业价值升级、夯实市场竞争力的关键支点，有利于公司树立"功 能与健康解决方案服务商"的品牌形象，实现从产品到价值的深度升级。 公司乳果糖原料药目前仅出口至部分海外国家，预计随着未来几年乳果糖原 料药在国内和全球主要国家陆续获批上市后，将增加相关产品的 ...

Core Viewpoint - The company, Baolingbao (002286.SZ), has obtained a Drug Manufacturing License from the Shandong Provincial Drug Administration, which accelerates the application, registration, and market launch process for its first active pharmaceutical ingredient, lactulose, marking the beginning of the company's diversification in raw materials [1] Group 1 - The acquisition of the Drug Manufacturing License is a significant regulatory milestone for the company [1] - The approval facilitates the subsequent steps for the company's first raw material drug, lactulose [1] - This development represents the start of the company's strategy to diversify its raw material offerings [1]

Core Viewpoint - The company, Baolingbao (002286), has recently obtained a "Drug Production License" from the Shandong Provincial Drug Administration, which allows it to produce the raw material drug lactulose solution, marking the beginning of its diversification into raw material drugs [1] Group 1 - The acquisition of the "Drug Production License" accelerates the subsequent application, registration, and market launch processes for the company's first raw material drug, lactulose [1] - This license represents a significant step in the company's strategy to diversify its raw material drug offerings [1]

Core Viewpoint - The company Baolingbao (002286.SZ) has obtained a Drug Manufacturing License from the Shandong Provincial Drug Administration, which accelerates the registration and market launch process for its first active pharmaceutical ingredient, lactulose solution [1] Group 1 - The Drug Manufacturing License was issued for the production site located at No. 1, East Outer Ring Road, Yucheng, High-tech Industrial Development Zone, Dezhou, Shandong [1] - The license specifically allows for the production of lactulose solution for registered declaration use only, marking a significant step in the company's diversification into active pharmaceutical ingredients [1] - This achievement is seen as the beginning of the company's strategy to expand its portfolio in the pharmaceutical sector [1]

Core Viewpoint - The company has obtained a Drug Manufacturing License from the Shandong Provincial Drug Administration, which accelerates the registration and market launch process for its first active pharmaceutical ingredient, lactulose solution, marking the beginning of its diversification in the active pharmaceutical ingredient sector [1] Group 1 - The Drug Manufacturing License was issued for the production site located at No. 1, East Outer Ring Road, Yucheng, High-tech Industrial Development Zone, Dezhou, Shandong [1] - The license specifically pertains to the active pharmaceutical ingredient lactulose solution, which is limited to registered declaration use [1] - The acquisition of this license is a significant step for the company in expanding its portfolio of active pharmaceutical ingredients [1]

Group 1: Industry Overview - The Chinese sugar substitute industry has a competitive hierarchy, with companies having registered capital exceeding 500 million yuan, such as Rhein Biotech, Jinhui Industrial, and Morning Light Biological, while those with capital between 200 million to 500 million yuan include Baolingbao and Bailong Chuangyuan [1] - The primary production regions for sugar substitute companies in China are Shandong, Hebei, and Anhui provinces, with Shandong housing the most companies, including Sanyuan Biological, Baolingbao, and Bailong Chuangyuan [1] Group 2: Revenue Rankings - In 2024, Huakang Co., Ltd. leads the revenue ranking among listed sugar substitute companies in China, with sales exceeding 1.9 billion yuan. Baolingbao, Rhein Biotech, and Sanyuan Biological follow, each with revenues exceeding 500 million yuan [5] Group 3: Industry Concentration - The concentration levels in the sugar substitute industry are high for products like sucralose, aspartame, and sugar alcohols. Major manufacturers of sucralose include Jinhui Industrial and Shandong Kangbao, while aspartame is primarily produced by companies like Hanguang Sweeteners and the Vito Company [8] Group 4: Company Layout - Companies like Sanyuan Biological and Huakang Co., Ltd. have a high proportion of their business in sugar substitutes. Many companies focus on sugar alcohol products, with Huakang Co., Ltd. producing over 170,000 tons of crystalline sugar alcohol [9][11] - Key sales markets for Chinese sugar substitute companies include China, the Americas, Europe, and Japan and South Korea [9] Group 5: Competitive Analysis - The competitive state of the sugar substitute industry in China shows moderate competition among existing firms, with a significant threat from potential new entrants due to growing health demands [12] - The bargaining power of upstream suppliers is strong, as the main raw materials are sourced from starch and chemical raw material companies, which are generally larger than the sugar substitute manufacturers [12] - The bargaining power of downstream customers is relatively weak, especially for small clients, while industry leaders maintain some pricing power [12]

Core Viewpoint - Baolingbao Bio-Technology Co., Ltd. is a leading enterprise in the functional sugar industry in China, with significant market shares in sugar substitutes, prebiotics, and dietary fibers, supported by comprehensive product layout and technological advantages [1][6]. Group 1: Business Performance - In Q3 2025, Baolingbao reported revenue of 2.126 billion yuan, ranking 5th among 12 companies in the industry, with the top company, COFCO Sugar, generating 20.305 billion yuan [2]. - The main business composition includes starch sugar and others at 418 million yuan (29.89%), sugar substitutes at 372 million yuan (26.55%), feed and by-products at 313 million yuan (22.40%), prebiotics at 189 million yuan (13.48%), dietary fibers at 103 million yuan (7.39%), and others at 4.0175 million yuan (0.29%) [2]. - The net profit for the same period was 134 million yuan, ranking 4th in the industry, with the leading company, COFCO Sugar, achieving 828 million yuan [2]. Group 2: Financial Health - As of Q3 2025, Baolingbao's debt-to-asset ratio was 19.47%, lower than the previous year's 23.99% and the industry average of 36.70%, indicating strong solvency [3]. - The gross profit margin for the period was 13.30%, an increase from 11.80% in the previous year and above the industry average of 13.16%, reflecting improved profitability [3]. Group 3: Management and Shareholder Information - The chairman, Dai Sijue, received a salary of 1.5155 million yuan in 2024, an increase of 162,600 yuan from 2023 [4]. - The total number of A-share shareholders decreased by 0.40% to 33,900 as of September 30, 2025, while the average number of circulating A-shares held per account increased by 0.40% to 10,900 [5]. Group 4: Future Prospects and Projects - Baolingbao is expected to see rapid revenue growth in sugar substitutes, benefiting from EU anti-dumping policies, with erythritol and crystalline fructose revenues increasing by 89.53% and 50.57% year-on-year, respectively [6]. - The company plans to establish a DHA algae oil production line with an initial target of 2,000 tons per year and is set to launch a project for 2,500 tons of HMOs (human milk oligosaccharides) expected to commence production in the second half of 2025 [6]. - An expansion project for 20,000 tons of allulose sugar is underway, with an anticipated annual capacity of approximately 30,000 tons by the end of 2026 [6].

Market Overview - The agricultural processing sector increased by 0.28% compared to the previous trading day, with *ST Jiawo leading the gains [1] - The Shanghai Composite Index closed at 3986.9, down 0.73%, while the Shenzhen Component Index closed at 13532.13, down 1.16% [1] Stock Performance - The following stocks in the agricultural processing sector showed notable performance: - *ST Jiawo: Closed at 10.94, up 2.72% with a trading volume of 23,100 shares and a turnover of 25.23 million yuan [1] - Zhongliang Sugar Industry: Closed at 15.69, up 2.21% with a trading volume of 541,900 shares and a turnover of 85.7 million yuan [1] - Baolingbao: Closed at 9.86, up 2.18% with a trading volume of 120,400 shares [1] - Oufu Egg Industry: Closed at 11.35, up 1.43% with a trading volume of 157,200 shares [1] - Suobao Protein: Closed at 19.97, up 0.96% with a trading volume of 55,800 shares [1] Capital Flow - The agricultural processing sector experienced a net outflow of 26.8 million yuan from institutional investors and 77.7 million yuan from speculative funds, while retail investors saw a net inflow of 104 million yuan [2] - The following stocks had significant capital flow: - Zhongliang Sugar Industry: Net inflow of 57.5 million yuan from institutional investors, with a net outflow of 42.8 million yuan from speculative funds [3] - Baolingbao: Net inflow of 2.2 million yuan from institutional investors, with a net outflow of 8.3 million yuan from speculative funds [3] - *ST Jiawo: Net inflow of 4.6 million yuan from institutional investors, with a net outflow of 3.1 million yuan from speculative funds [3]