Group 1: Wind Power Gearbox Industry - The report highlights the scarcity of wind power gearboxes, with a focus on the expected performance and valuation elasticity due to increased production capacity and orders [2][24][25] - The company has completed its precision wind power gearbox production project, with a significant increase in sales expected in 2025, leading to a projected gross margin recovery to 16.6% by 2025, an increase of 10 percentage points from 2024 [2][25] - A strategic cooperation agreement with Goldwind Technology was signed in October 2024, establishing a foundation for future orders, with the gearbox (speed increaser) accounting for 23% of the value, which is nine times that of the reducer, indicating substantial growth potential [2][25][26] Group 2: Functional Sugar Industry - The report indicates that the company is the largest producer of oligosaccharides globally, with a focus on functional sugars, which are expected to see rapid growth in demand [27][30] - The company has optimized its operational strategies and management efficiency, leading to a return to growth in 2024, with significant contributions from prebiotics and sugar substitutes [27][28] - Future production expansions include a 20,000-ton alulose sugar project starting in March 2025 and the introduction of new products using synthetic biology technology, which are expected to enhance profitability [31][32] Group 3: Construction and Chemical Engineering Industry - The report emphasizes the rising investment opportunities in infrastructure in the central and western regions of China, particularly in Xinjiang and Tibet, driven by the Belt and Road Initiative [3][43][45] - The chemical engineering sector is expected to benefit from the acceleration of coal chemical projects, with a total investment exceeding 1.4 trillion yuan, indicating strong order support for chemical engineering companies [3][46] - The report recommends companies such as Sany Road and Bridge, China Energy Construction, and China Electric Power Construction as key players in the infrastructure and chemical engineering sectors [3][44][46]

Company Overview - Baolingbao is a leading company in the functional sugar sector, focusing on the research, production, and sales of prebiotics, sugar-reducing sweeteners, and dietary fibers, with an annual comprehensive production capacity exceeding 500,000 tons and over 2,000 active customers [2][3] - The company has recently appointed Mr. Wang Qiang as the general manager, who has extensive management experience in food raw material companies [2] Performance and Growth Strategy - In 2024, Baolingbao is expected to achieve a significant profit increase through proactive adjustments in product structure and marketing strategies, while also adjusting revenue [2] - The company has set ambitious performance targets for 2025-2027, with net profit goals of at least 170 million yuan in 2025, a cumulative total of at least 382 million yuan for 2025-2026, and at least 647 million yuan for 2025-2027 [2] Industry Trends - The functional sugar industry is experiencing rapid growth driven by demographic changes, consumer preferences, and policy guidance, with a shift from traditional sweeteners to healthier alternatives [3] - The demand for sugar substitutes and functional sugars is on the rise, indicating a favorable market environment for Baolingbao's products [3] Product Focus - Baolingbao is the largest producer of isomaltooligosaccharides globally, with prebiotics being the primary source of gross profit in 2024 [4] - The company is also a pioneer in the industrial production of erythritol and is expanding its market share internationally, with erythritol sales revenue increasing by 52.58% year-on-year in 2024 [4] Future Prospects - The company plans to launch several new products utilizing synthetic biology technology in the next 1-2 years, including new capacities for erythritol and a 20,000-ton expansion project for allulose starting in March 2025 [5] - Baolingbao's revenue projections for 2025-2027 are 2.574 billion yuan, 2.794 billion yuan, and 3.069 billion yuan, respectively, with net profits of 170 million yuan, 221 million yuan, and 274 million yuan [5]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 13.5 CNY, based on a current price of 11.08 CNY [7]. Core Viewpoints - The company is positioned as a leader in the functional sugar sector, with a focus on optimizing management efficiency and strategies to return to a growth trajectory in 2024 [1][16]. - The company has set ambitious profit targets for 2025-2027, with a minimum net profit of 1.7 billion CNY in 2025 and cumulative targets of 3.82 billion CNY and 6.47 billion CNY for 2025-2026 and 2025-2027, respectively [1][25]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of functional ingredients such as prebiotics, sugar-reducing sweeteners, and dietary fibers, with an annual capacity exceeding 500,000 tons and over 2,000 active customers [1][16]. Industry Transformation - The functional sugar industry is experiencing rapid growth driven by demographic changes, consumer preferences, and policy guidance, leading to a shift from traditional sweeteners to healthier alternatives [2][54]. Product Focus - The company is the largest producer of isomalto-oligosaccharides globally and has seen a 52.58% increase in sales revenue from erythritol in 2024, capitalizing on opportunities in international markets [3][56]. Future Prospects - The company plans to launch new products utilizing synthetic biology technology and expand production capacity for erythritol and allulose, with significant projects set to commence in 2025 [4][56]. Financial Forecast & Investment Recommendations - Revenue projections for 2025-2027 are 2.57 billion CNY, 2.79 billion CNY, and 3.07 billion CNY, with corresponding net profits of 170 million CNY, 221 million CNY, and 274 million CNY [5][6]. The report highlights the company's strong growth potential and recommends a target price based on a 30x PE ratio for 2025 [5].

北京雍行律师事务所 关于保龄宝生物股份有限公司 2025 年第二次临时股东会的法律意见书 致：保龄宝生物股份有限公司 根据《中华人民共和国证券法》《中华人民共和国公司法》（以下简称"《公 司法》"）、《上市公司股东会规则》（以下简称"《股东会规则》"）、《律 师事务所从事证券法律业务管理办法》（以下简称"《证券法律业务管理办法》"） 等相关法律、法规和规范性文件以及《保龄宝生物股份有限公司章程》（以下简 称"《公司章程》"）的规定，北京雍行律师事务所（以下简称"本所"）指派 本所律师出席保龄宝生物股份有限公司（以下简称"保龄宝"）2025 年第二次临 时股东会（以下简称"本次股东会"），并出具本法律意见书。 本所律师已经按照《股东会规则》的要求对本次股东会的真实性、合法性进 行了核查和验证（以下简称"查验"）并发表法律意见，本法律意见书中不存在 虚假记载、误导性陈述及重大遗漏，否则本所律师将承担相应的法律责任。本所 律师无法对网络投票股东资格进行核查，在参与网络投票的股东资格均符合法律、 行政法规、规范性规定及《公司章程》规定的前提下，相关出席会议股东符合资 格。 保龄宝通过深圳证券交易所交易系统和深圳证券交 ...

证券代码：002286 证券简称：保龄宝 公告编号：2025-044 保龄宝生物股份有限公司 2025 年第二次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1.本次股东会由保龄宝生物股份有限公司（以下简称"公司""保龄宝"）董事 会召集。召开本次股东会的通知已于 2025 年 6 月 10 日在公司指定信息披露媒体 上予以公告。所有议案已在本次股东会通知公告中列明，相关议案内容已依法披 露。 （三）会议召集人：保龄宝生物股份有限公司第六届董事会。 （四）会议召开方式：现场投票与网络投票相结合。 2.本次股东会无否决提案的情形。 3.本次股东会不涉及变更前次股东会决议。 一、会议召开情况 （一）会议召开时间： 1.现场会议召开时间：2025 年 6 月 26 日（星期四）上午 9：00。 2.网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 6 月 26 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网 投票系统进行投票的时间为 2025 年 6 月 ...

Core Viewpoint - The report details the equity change of Baolingbao Biological Co., Ltd., indicating that Ningbo Baopu Futong Asset Management Center (Limited Partnership) has reduced its shareholding to below 10% through a centralized bidding transaction [1][2]. Group 1: Equity Change Details - The equity change was executed due to the information disclosure obligor's funding needs, resulting in a reduction of shares held from 38,139,244 shares (10.03354% of total shares) to 38,011,644 shares (9.99998%) [4][10]. - The reduction involved selling 127,600 shares at an average price of 10.86 RMB per share, accounting for a decrease of 0.03357% in the total shareholding [5][10]. - The total share capital of the company is reported to be 380,117,380 shares [8]. Group 2: Future Plans and Compliance - The information disclosure obligor has indicated potential plans to continue reducing its shareholding within the next 12 months, adhering to relevant laws and regulations [5][10]. - No other significant changes in shareholding structure or rights restrictions were reported, ensuring that the equity change does not affect the company's controlling shareholder or actual controller [8].

Group 1 - The core point of the announcement is that Ningbo Baopu Asset Management Center plans to reduce its shareholding in Baolingbao Biological Co., Ltd. by selling up to 127,600 shares, which represents approximately 0.03357% of the company's total share capital [1] - Before the reduction, Ningbo Baopu held 38,139,244 shares, accounting for 10.03354% of the total share capital, and after the reduction, it will hold 38,011,644 shares, which is 9.99998% of the total share capital [1] - The reduction was executed through centralized bidding on June 24, 2025, at an average price of 10.86 yuan per share [1] Group 2 - Ningbo Baopu Asset Management Center is a limited partnership established in Ningbo, Zhejiang Province, with a registered capital of 431 million yuan [1] - The business scope of Ningbo Baopu includes asset management and investment management, but it is prohibited from engaging in certain financial activities without regulatory approval [1] - The announcement also mentions that further details regarding the equity change will be disclosed in a simplified equity change report on June 26, 2025 [1]

保龄宝（002286）公告，宁波趵朴富通资产管理中心于2025年6月24日通过集中竞价交易方式减持公司 股份12.76万股，减持均价为10.86元/股，占公司总股本的0.03357%。本次权益变动后，宁波趵朴富通资 产管理中心持有公司股份3801.16万股，占公司总股本的9.99998%。信息披露义务人计划以集中竞价交 易方式和大宗交易方式合计减持公司股份不超过1109.3万股。截至本报告书签署日，减持计划尚未实施 完毕。 ...

关于股东权益变动的提示性公告 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。 特别提示： 1、本次权益变动属于持股5%以上股东减持，不触及要约收购； 2、本次权益变动不会使公司控股股东和实际控制人发生变化。 一、本次权益变动基本情况 保龄宝生物股份有限公司（以下简称"保龄宝""公司"）于2025年5月30日披 露了《关于持股5%以上股东减持股份预披露的公告》（公告编号：2025-036）， 公司持股5%以上的股东宁波趵朴富通资产管理中心(有限合伙)(以下简称"宁波 趵朴")计划以集中竞价交易方式和大宗交易方式合计减持公司股份不超过 11,093,020股。 证券代码：002286 证券简称：保龄宝 公告编号：2025-043 保龄宝生物股份有限公司 委派代表：陈思源 企业类型：有限合伙企业 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 注册资本：43100.00 万人民币 营业期限：2016-07-08 至 2066-07-07 经营范围：资产管理,投资管理.(未经金融等监管部门批准不得从事吸收存 款、融资担保、代客理财、 ...

保龄宝生物股份有限公司 简式权益变动报告书 上市公司名称：保龄宝生物股份有限公司 股票上市地点：深圳证券交易所 股票简称：保龄宝 股票代码：002286 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 通讯地址：上海市浦东新区国展路1529号4层F08 股份变动性质：股份减少 签署日期：2025 年 6 月 24 日 信息披露义务人声明 一、本报告书系依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号—权 益变动报告书》及相关的法律、法规和部门规章的有关规定编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行义务亦不违 反任何法律法规及内部规范性文件。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本报告 书已全面披露了信息披露义务人在保龄宝生物股份有限公司中拥有权益的股份变动 情况。 截至本报告书签署日，除本报告书披露的信息外，信息披露义务人没有通过任何 其他方式增加或减少其在保龄宝生物股份有限公司中拥有权益的股份。 四 ...