Group 1 - Acesulfame is widely used in various industries such as food and beverage, pharmaceuticals, and cosmetics due to its superior performance [1][2] - The domestic acesulfame market is primarily export-oriented, with a low apparent consumption level influenced by differences in domestic and overseas consumption habits [1][7] - The no-sugar beverage market is the main application area for acesulfame, which has seen rapid growth due to increased national health awareness [1][7] Group 2 - The production capacity of acesulfame in China is expected to reach 33,500 tons by 2024, with a projected output of 23,180 tons, imports of 15 tons, and exports of 19,356 tons [1][10] - By 2025, the estimated production capacity will be around 24,640 tons, with imports of approximately 17 tons and exports of about 20,618 tons [1][10] - The domestic demand for acesulfame is projected to increase from 3,839 tons in 2024 to approximately 4,039 tons in 2025 [1][10] Group 3 - The acesulfame industry in China is characterized by a duopoly between Jinhe Industrial and Vine Chemical, which together account for over 80% of the market capacity [21][24] - The market participants include companies such as Nantong Acetic Acid Chemical Co., Anhui Jinhe Industrial Co., Jiangsu Weido Co., Shandong Yabong Chemical Technology Co., and Suzhou Nut Food Technology Co. [18][21] - The industry is currently in a growth phase, with increasing competition and pressure on costs [23][24] Group 4 - Acesulfame was discovered in 1967 and has undergone extensive safety testing, leading to its approval for use in various countries [16] - The market for acesulfame is expected to continue expanding, driven by health-conscious consumer trends and supportive food policies [23][24] - The sales revenue for the acesulfame manufacturing industry is projected to be 906 million yuan in 2024, with an expected increase to 973 million yuan in 2025 [10][12] Group 5 - The main production methods for acesulfame include the Aminosulfonyl Fluoride-Diethylene Ketone method, Acetoacetamide-Sulfur Trioxide method, and others [3][4] - The acesulfame industry supply chain includes raw materials such as aminosulfonic acid and diethylene ketone, with food and beverage being the largest application market [14][18] - The market for acesulfame is expected to reach 265 million yuan by 2031, reflecting the growing demand for low-sugar and no-sugar products [23][24]

Core Viewpoint - The major shareholder of Baolingbao, Ningbo Baopu Futong Asset Management Center, plans to reduce its stake by up to 3% through block trading and centralized bidding from June 24 to September 23, 2023, despite the company's recent performance recovery [2][7]. Shareholder Reduction - Baolingbao announced that Baopu Futong will reduce its holdings by no more than 3% of the total shares, with a maximum of 2% (7.3953 million shares) through block trading and 1% (3.6977 million shares) through centralized bidding [2][7]. - Since 2020, Baolingbao has disclosed seven announcements regarding Baopu Futong's share reductions, with six plans not executed. The only successful reduction was in July 2020, where 3.85% was reduced from a planned 5.4% [2]. Financial Performance - In 2024, Baolingbao's revenue was approximately 2.402 billion yuan, a decrease of 4.84% year-on-year, primarily due to adjustments in product structure and marketing strategies [4]. - The core business segments, including prebiotics, dietary fiber, and sugar-reducing sweeteners, showed significant recovery, with revenues of approximately 335 million yuan (up 16.02%), 238 million yuan (up 14.52%), and 516 million yuan (up 29.73%) respectively [4]. - In Q1 2025, Baolingbao achieved a revenue of approximately 685 million yuan, a year-on-year increase of 24.23%, and a net profit attributable to shareholders of approximately 50.36 million yuan, up 117.35% [6][7]. Market Dynamics - The European market for Baolingbao's erythritol products has seen an increase in both volume and price following the EU's anti-dumping investigation [5]. - The company is focusing on high-end products such as prebiotics, dietary fiber, and sugar-reducing sweeteners, adopting a business model that emphasizes small-batch, high-value, and differentiated orders [8]. Management Changes - Baolingbao has experienced frequent changes in its executive team, with several high-level resignations in early 2023. Analysts suggest that while some departures may be due to personal reasons, others could relate to operational adjustments [9]. - The competitive landscape for sugar-reducing sweeteners includes major players like Jinhe Industrial and Sanyuan Biological, which have advantages in product development and market channels [9][10]. R&D and Future Outlook - Baolingbao is increasing its investment in allulose, with a technical transformation project set to produce over 5,000 tons annually, and a second-phase expansion project planned for 20,000 tons [10]. - Despite the growth in the sugar-reducing sweetener market, industry analysts express caution regarding the pace of product innovation and the competitive gap between Baolingbao and leading companies [10].