Core 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]

Core Viewpoint - The resignation of Dai Sijue, the youngest chairman in A-share history, comes amid a strong performance rebound for Baolingbao, raising questions about underlying financial pressures within the company's controlling entities [1][2][3] Group 1: Resignation Details - Dai Sijue submitted his resignation as chairman and board member of Baolingbao on November 17, 2023, citing personal reasons [2] - He will continue to hold positions in Baolingbao's subsidiaries, indicating a partial retention of influence [2] - Dai Sijue became chairman in March 2021 at the age of 26, during a peak period for the sugar-free beverage market [2][3] Group 2: Company Performance - Baolingbao reported a net profit of 111 million yuan for 2024, a year-on-year increase of 105.97%, and a significant rise in non-recurring net profit by 254.56% [3] - For the first three quarters of 2025, the company achieved a revenue of 2.126 billion yuan, up 15.98%, and a net profit of 134 million yuan, reflecting a 32.58% increase [3] - The growth is attributed to increased sales of core products such as sugar-reduced sweeteners and dietary fibers, alongside improved gross margins [3] Group 3: Control and Financial Pressures - The actual control of Baolingbao shifted from Dai Sijue alone to a joint control with his brother, Dai Sicong, in August 2024 [4] - A planned share buyback by Dai Sicong's investment firm has faced delays due to "funding arrangements," with the initial commitment to acquire 5% of shares not met [4][5] - Dai Sijue's investment firm, Yongyu Investment, has been listed as a defendant in multiple court cases, with total amounts exceeding 280 million yuan, indicating financial strain [1][5]