BLB(SZ:002286) Sou Hu Cai Jing·2025-11-18 01:23Core 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]