BLB(SZ:002286) Sou Hu Cai Jing·2025-11-19 10:20Core Viewpoint - The resignation of Dai Sijue as the chairman of Baolingbao (stock code: 002286) due to personal reasons raises questions about the company's leadership during a challenging market period for erythritol products [1][3]. Company Summary - Dai Sijue submitted his resignation as chairman, director, and head of the board's strategic committee on November 17 [1]. - As of the announcement date, Dai held no direct shares in the company but controlled 29,508,653 shares (7.75% of total shares) through Beijing Yongyu Investment Management Co., Ltd., making him one of the actual controllers of the company [3]. - Beijing Yongyu Investment Management Co., Ltd. was listed as a dishonest executor by Jiangxi Bank with an execution target amount of 253 million yuan [3]. - Dai Sijue became the youngest chairman of an A-share company in 2021, taking office during a favorable period for the erythritol industry driven by the popularity of sugar-free beverages [3][5]. Industry Summary - Baolingbao is a leading company in the erythritol sector, which experienced rapid growth due to collaborations with popular brands like Yuanqi Forest [5]. - The erythritol market has faced challenges due to increased competition leading to oversupply and price wars [5]. - In November 2023, the European Commission initiated an anti-dumping investigation into erythritol products originating from China, adding pressure to the industry [5]. - Despite these challenges, Baolingbao reported a net profit of 111 million yuan for 2024, a year-on-year increase of 105.97%, attributing this success to improved supply chain management and a focus on high-value products [5]. - For the first three quarters of 2025, Baolingbao achieved a revenue of 2.126 billion yuan, a 15.98% increase year-on-year, and a net profit of 134 million yuan, up 32.58% year-on-year [5].