Group 1: Company Overview - The company specializes in the research, production, and sales of functional ingredients such as prebiotics, dietary fibers, and sugar-reducing sweeteners, aiming to be a global leader in functional ingredients and health food innovation [2] - The company has established a full industrial chain manufacturing system, meeting diverse procurement needs of downstream customers [2] Group 2: Financial Performance - In 2024, the company achieved a net profit of 111.16 million CNY, a year-on-year increase of 105.97%, and a net profit of 123.90 million CNY after deducting non-recurring gains and losses, up 254.56% [2] - Total revenue for 2024 was 2.40 billion CNY, a decrease of 4.84% due to the intentional reduction of low-value feed and by-product businesses, while core product revenue and profit saw significant growth [2] Group 3: Product Performance - Revenue from prebiotics in 2024 reached 334.99 million CNY, up 16.02%, with a sales volume of 36,000 tons, a 23.74% increase [2] - Dietary fibers generated 238.40 million CNY in revenue, a 14.52% increase, with a sales volume of 21,400 tons, up 14.39% [2] - Sugar-reducing sweeteners achieved 516.10 million CNY in revenue, a 29.73% increase, with a sales volume of 50,000 tons, up 41.66% [2] Group 4: Margin Improvement - The gross margin for core products improved from 9.74% in 2023 to 15.84% in 2024, with prebiotics' margin rising to 24.60%, dietary fibers to 18.12%, and sugar-reducing sweeteners to 9.09% [6] - Key reasons for margin improvement include optimized product structure, reduced production costs, and lower procurement costs [5] Group 5: Strategic Initiatives - The company is focusing on a "small, refined, and flexible" production model, targeting small-batch, high-value, and differentiated orders [8] - New product developments include DHA algae oil, lactulose, and HMOs, with production capacity expansions underway [9] Group 6: Market Impact - The EU's anti-dumping tax on erythritol, ranging from 34.4% to 233.3%, has led to a 123% year-on-year increase in sales revenue for the company's erythritol products in Q1 2025 [10] - The company does not anticipate significant impacts from U.S.-China trade tensions, as exports to the U.S. represent a small portion of total revenue [12]

Market Review - On Tuesday, sugar futures prices declined, with the main September contract closing at 5936 CNY/ton, down 41 CNY/ton from the previous trading day [1] Fundamental Summary - According to the USDA Foreign Agricultural Service (FAS) Lagos data, Nigeria's raw sugar imports for the 2025-26 fiscal year are expected to increase by 12% compared to the previous year [2] - The Brazilian National Supply Company (CONAB) forecasts that Brazil's sugar production for the 2025/26 fiscal year will reach 45.875 million tons, a year-on-year increase of 4.0% [2] - As of April 30, over 30 sugar enterprises in Yunnan have commenced sugarcane processing, exceeding half of the total number of sugar factories that opened this season, indicating that the province has entered the processing phase [2] Institutional Perspectives - Guotou Anxin Futures noted that while Brazil experienced less rainfall in the first quarter, the high sugar-alcohol price ratio is expected to maintain a high sugar production ratio, leading to uncertainty in production levels. The focus is shifting towards consumption and imports, with good domestic sugar sales and a significant reduction in imported sugar supply, creating bullish factors on both supply and demand sides. However, the trend for US sugar remains downward, and domestic supply is ample, leading to expectations of price fluctuations with a cautious trading approach [3] - Guoxin Futures reported a decline in raw sugar futures, with market attention on the May raw sugar contract expiration. The May contract fell by 0.22 cents/pound, a decrease of 1.2%. Weak demand in the spot market may lead to a large delivery of the May contract, potentially reaching about 2 million tons. CONAB indicated that Brazil's sugar production for the 2025/26 fiscal year is expected to reach record highs due to favorable market conditions, despite a year-on-year decline in sugarcane production. Short-term focus is on weather conditions in major production areas, with heavy rains in Guangxi alleviating drought conditions but raising concerns about potential flooding. A short-term trading strategy is recommended [3]

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant revenue and profit growth driven by product expansion and capacity enhancements [1][3]. Financial Performance - In 2024, the company achieved revenue of 1.152 billion yuan, a year-on-year increase of 32.64%, and a net profit attributable to shareholders of 246 million yuan, up 27.26% [1]. - For Q1 2025, revenue reached 313 million yuan, reflecting a year-on-year growth of 24.27%, with a net profit of 81 million yuan, marking a substantial increase of 52.06% [1]. Product Revenue Breakdown - In 2024, the dietary fiber series generated revenue of 624 million yuan, up 40.42%, while the prebiotic series brought in 322 million yuan, a 25.43% increase. The health sweeteners series earned 156 million yuan, growing by 13.85%. However, other starch sugars (alcohols) saw a decline, with revenue of 4 million yuan, down 72.48% [1]. - For Q1 2025, the dietary fiber series revenue was 170 million yuan, up 25.4%, the prebiotic series earned 86 million yuan, a 17.3% increase, and the health sweeteners series saw a remarkable growth of 105.3%, generating 50 million yuan. Other starch sugars (alcohols) achieved 2 million yuan, up 10.3% [2]. Profitability and Cost Management - The company's gross margin for 2024 was 33.65%, with a net profit margin of 21.33%. In Q1 2025, these figures improved to 39.74% and 25.99%, respectively, indicating a significant enhancement in profitability [3]. - The increase in gross margin is attributed to the production chain extension from new projects, a decrease in raw material prices, and the realization of scale efficiencies [3]. Capacity Expansion Projects - The company is actively constructing two major capacity enhancement projects: the functional sugar drying expansion project, expected to be completed by 2025-2026, and the Thailand health food raw material smart factory project, anticipated to start construction in Q2-Q3 2025 [4]. - The Thailand project aims to produce various sugar products, which will help reduce production costs and mitigate potential trade risks due to tariffs [4]. Market Opportunities - The domestic approval of D-allohexose as a new food raw material is expected soon, providing a significant market opportunity for the company's health sweeteners [5]. - The "Healthy China Action" initiative includes functional sweeteners in its support directory, with over 500 million yuan in subsidies planned for 2025, further bolstering the market for alternative sweeteners [5]. Profit Forecast - The company is projected to achieve net profits of 341 million yuan, 457 million yuan, and 624 million yuan for 2025-2027, representing year-on-year growth rates of 39%, 34%, and 37%, respectively [5].

Group 1 - The core viewpoint of the articles highlights that Baolingbao Biotech Co., Ltd. reported a revenue of 2.402 billion yuan in 2024, a year-on-year decline of 4.84%, while net profit surged by 105.97% to 111 million yuan, and non-recurring net profit increased by 254.56% to 124 million yuan [2] - The significant profit growth is attributed to the increase in sales of high-value-added products and effective cost control, with core businesses such as prebiotics, dietary fiber, and sugar-reducing sweeteners experiencing revenue growth of 16.02%, 14.52%, and 29.73% respectively [2] - Sales revenue of erythritol saw a remarkable increase of 52.58%, primarily due to the implementation of the EU anti-dumping policy, allowing Baolingbao to capture the European market with a minimum tax rate of 34.4% [2] Group 2 - Research and development innovation is another highlight for Baolingbao, with R&D expenditure rising to 4.08% of revenue and the R&D team expanding to 154 members, with a significant increase in the proportion of highly educated talent [3] - In March 2025, Baolingbao won the iSEE Global Innovation Award for its "high-purity breast milk oligosaccharide Shumuzi" technology, reinforcing its technological leadership in the functional sugar sector [3] - However, the company faces challenges such as fluctuations in raw material prices and intensified industry competition, particularly with a 31.98% year-on-year decline in revenue from the feed and by-products business, which has negatively impacted overall income [3] - Looking ahead, Baolingbao plans to intensify its expansion efforts in the European and American markets and advance its functional sugar alcohol project in the United States to enhance global competitiveness [3]

策略早餐 主要品种策略早餐 （2025.04.29） 养殖、畜牧及软商品板块 品种：生猪 日内观点：稳中偏弱 中期观点：宽幅震荡 参考策略：卖出虚值看跌期权 核心逻辑： 1、供应方面，据国家统计局数据，2024 年 4 月至 2024 年 11 月能繁母猪存栏量持续上 涨，而 2024 年 12 月至今能繁母猪存栏量持续高位，暂无产能减少的情况，2025 年 3 月全 国能繁母猪存栏量为 4039 万头，为 3900 万头正常保有量的 103.6%，处于 105%的产能调控 绿色合理区域上限，这也预示着 2025 年产能持续充裕。养殖端目前去产能的驱动较小，在 行业集中度越来越高的情况下，预计未来能繁母猪存栏量的变化将逐步缩小，产能或将维持 稳定。 2、需求方面，截至 2025 年 4 月 25 日，当周重点屠宰企业冻品库容率为 17.45%，仍处 于较低位置。由于春节后屠宰端持续亏损，尽管毛猪价格较低，但终端消费不接受高价猪肉， 因此屠宰端后续或将转向投机行为，叠加当前冻品库存处于历史低位，当价格足够低时，屠 宰端或将进行冻品分割入库，后续或有增加库存可能，对于消费有一定提振作用。 3、综合来看，前期的二育 ...

荣光因劳动而闪耀，幸福由奋斗来书写。4月28日上午，庆祝中华全国总工会成立100周年暨全国劳 动模范和先进工作者表彰大会在北京隆重举行。在这次表彰大会上，广西共有58人获得殊荣，其中全国 劳动模范39人、全国先进工作者19人。 今年是5年一次的全国劳动模范和先进工作者表彰年，是我国第17次评选表彰全国劳动模范和先进 工作者。自治区党委、政府高度重视全国劳动模范和先进工作者的推荐评选工作，按照规定程序，坚持 公开、公平、公正原则，充分发扬民主，广泛接受社会监督，经层层遴选，广西共有58人荣获全国劳动 模范、先进工作者称号。 广西58名受表彰人员涵盖了机关事业单位人员、企业职工、一线和专业技术人员、农民等多个群 体，其中包括产业工人、新就业形态劳动者、新质生产力人员、科研人员、统战人士、新的社会阶层人 士等。他们不仅是各行各业的优秀代表，更是过去5年广西经济社会发展中各条战线涌现出来的先进人 物。这些劳动者以各自独特的方式为社会的发展作出了突出贡献，展现了新时代劳动者的风采和担当。 （郭燕群） 全国劳动模范和先进工作者名单 （广西壮族自治区，58名） 全国劳动模范 李 华（女） 广西南宁百会药业集团有限公司党委副 ...

行业 白糖日报 日期 2025 年 4 月 29 日 研究员：王海峰 021-60635728 wanghaifeng@ccb.ccbfutures.com 期货从业资格号：F0230741 021-60635740 linzhenlei@ccb.ccbfutures.com 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635732 hongchenliang@ccb.ccbfutures .com 期货从业资格号：F3076808 研究员：刘悠然 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农产品研究团队 研究员：林贞磊 研究员：余兰兰 研究员：洪辰亮 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 | 表1：期货行情 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 合约 | 收盘价（元/吨 | 美分/磅） | 涨跌 | ...

全球糖市纵览（2025/4/28） 华金期货 研究院 糖 市 信 息 汇 总 市场焦点 巴西：新榨季即将开始，关注天气及开榨进度 印度：榨季内产糖降低 至4月中，印度累计产糖2542.5万吨，较去年同期减少574万吨，降幅18.42%； 泰国：预计24/25产糖量增加 截至3月23日，泰国产糖量为997.58万吨，较去年同期的870.6万吨增加126.98万吨，增幅14.58%。 国内：逐步收榨，库存偏高 比增117万吨）、销糖量600万吨（同比增126万吨），销售进度55.8%（同比快6.3%） 新季：广西4月2日全部收榨，总产糖量645万吨，同比增27万吨；截止3月底，全国总产糖量1075万吨（同 库存：3 月国内糖工业库存回落明显。 巳西：ICE-乙醇折糖价差3.3，大稳小劢； 价格信息 观点 国内斱面，未来进口糖及替代品将成为夏季市场供应端最大的变量。建议白糖短期震荡思路对徃，相关企业根据生产 情况开展保值操作。 基本面 CFTC净多持仏：净多持仏增加，仍处往年同期低位； 双周数据：至3月底，巳西24/25累计产糖4016.9万吨，同比降5.3%。 出口：3月出口185万吨，榨季内累计已出口3525万 ...

Core Insights - The article highlights the successful implementation of a financial model that supports the sugarcane industry in Yunnan Province, China, through innovative credit products and supply chain financing [1][2]. Group 1: Financial Support and Innovations - The Construction Bank's Wenshan branch provided a loan of 200,000 yuan for sugarcane farmers, enabling them to upgrade to new varieties and drip irrigation systems, resulting in a 30% improvement in crop conditions compared to the previous year [1]. - The Wenshan branch also allocated 40 million yuan in supply chain loans to the Yunnan Funing Xianggui Sugar Industry Co., which led to equipment upgrades, increasing sugar extraction rates by 1.2 percentage points and allowing for an additional 30 tons of sugar production daily [1]. Group 2: Economic Impact and Growth - The comprehensive output value of the sugarcane industry in Funing County has increased by 40% over the past three years, benefiting nearly 50,000 farmers with an average income increase of over 8,500 yuan [2]. - The total output value of the sugarcane industry in the county has surpassed 440 million yuan, with additional processing projects for by-products contributing an extra 300 yuan per acre [2].