本报讯 8月26日晚，保龄宝生物股份有限公司（以下简称"保龄宝"）披露2025年半年度报告，公司上半 年业绩表现亮眼，营收、净利润均实现双位数增长，核心产品减糖甜味剂业务增速尤为突出，同时在新 品研发与产能布局上持续发力。 益生元业务同样稳健，实现收入1.89亿元，同比增长20.23%，毛利率提升0.62个百分点至25.03%，低聚 异麦芽糖等主力产品全球市占率优势稳固。膳食纤维业务受市场环境影响收入略有下滑，但整体产品结 构向高附加值方向优化。 （文章来源：证券日报） 此外，公司推出2025年限制性股票激励计划，绑定核心团队利益，考核目标为2025年至2027年累计归母 净利润不低于6.47亿元，为长期发展注入动力。 研发与产能布局方面，公司上半年新增3项发明专利授权，参与修订5项国家标准，"D-阿洛酮糖产业化 关键技术研发及应用"项目获山东省科技奖项。产能端，年产2万吨阿洛酮糖（二期）项目已启动建设， 母乳低聚糖（HMOs）、DHA藻油等新项目预计下半年投产，未来将进一步丰富产品矩阵。 报告显示，2025年上半年，保龄宝实现营业收入13.99亿元，同比增长18.02%；归属于上市公司股东的 净利润9267 ...

8月26日晚，代糖行业龙头企业保龄宝（002286）发布2025年半年度报告，报告期内实现营业收入13.99 亿元，同比增长18.02%；净利润9267.2万元，同比增长33.66%。 值得关注的是，今年1月16日，欧盟委员会公布了关于本次赤藓糖醇反倾销调查终裁公告，对国内赤藓 糖醇生产企业征收34.4%-233.3%不等的反倾销税。上述反倾销措施于欧盟终裁公告发布次日(即2025年1 月17日)起生效，实施期限为5年。其中保龄宝相关产品被征收34.4%的反倾销税，为本次反倾销加征税 率最低的企业。 保龄宝表示，公司抓住反倾销税率最低带来的市场机遇，赤藓糖醇产品在欧洲地区实现量价齐升，良好 的国际影响力和品牌力也带动了国内销售。 项目建设进展方面，保龄宝于2024年利用部分富裕产线进行改造，建立了DHA藻油生产线，初步计划 年产2000吨DHA藻油毛油。同年，该公司启动乳果糖项目的生产及上市许可注册工作。此外，保龄宝 还启动新建"年产2,500吨HMOs(母乳低聚糖)建设项目"。上述项目预计2025年下半年投产。 2025年3月，保龄宝了启动年产2万吨阿洛酮糖(二期)扩产项目，目前已完成备案正在建设中。预计2 ...

2025年半年度，公司产品综合毛利率进一步提升至13.17%，较去年同期提高1.36%。三大核心产品（益 生元、膳食纤维、减糖甜味剂）实现收入6.64亿元，同比增长32.15%，毛利率较去年同期提升1.93%至 17.94%。 8月26日，保龄宝发布2025年半年报。当中披露，2025年上半年，公司实现营业总收入 13.99亿元，同比 增长18.02%；实现归属净利润9267.20万元，同比增长33.66%。公司业绩增长主要原因为公司核心产品 减糖甜味剂、益生元等销量同比大幅增长，收入占比持续提升以及降本增效导致毛利率改善所致。 （企业公告） ...

Company Overview - Baolingbao is a leading company in the functional sugar sector, focusing on the research, production, and sales of prebiotics, sugar-reducing sweeteners, and dietary fibers, with an annual comprehensive production capacity exceeding 500,000 tons and over 2,000 active customers [2][3] - The company has recently appointed Mr. Wang Qiang as the general manager, who has extensive management experience in food raw material companies [2] Performance and Growth Strategy - In 2024, Baolingbao is expected to achieve a significant profit increase through proactive adjustments in product structure and marketing strategies, while also adjusting revenue [2] - The company has set ambitious performance targets for 2025-2027, with net profit goals of at least 170 million yuan in 2025, a cumulative total of at least 382 million yuan for 2025-2026, and at least 647 million yuan for 2025-2027 [2] Industry Trends - The functional sugar industry is experiencing rapid growth driven by demographic changes, consumer preferences, and policy guidance, with a shift from traditional sweeteners to healthier alternatives [3] - The demand for sugar substitutes and functional sugars is on the rise, indicating a favorable market environment for Baolingbao's products [3] Product Focus - Baolingbao is the largest producer of isomaltooligosaccharides globally, with prebiotics being the primary source of gross profit in 2024 [4] - The company is also a pioneer in the industrial production of erythritol and is expanding its market share internationally, with erythritol sales revenue increasing by 52.58% year-on-year in 2024 [4] Future Prospects - The company plans to launch several new products utilizing synthetic biology technology in the next 1-2 years, including new capacities for erythritol and a 20,000-ton expansion project for allulose starting in March 2025 [5] - Baolingbao's revenue projections for 2025-2027 are 2.574 billion yuan, 2.794 billion yuan, and 3.069 billion yuan, respectively, with net profits of 170 million yuan, 221 million yuan, and 274 million yuan [5]

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 13.5 CNY, based on a current price of 11.08 CNY [7]. Core Viewpoints - The company is positioned as a leader in the functional sugar sector, with a focus on optimizing management efficiency and strategies to return to a growth trajectory in 2024 [1][16]. - The company has set ambitious profit targets for 2025-2027, with a minimum net profit of 1.7 billion CNY in 2025 and cumulative targets of 3.82 billion CNY and 6.47 billion CNY for 2025-2026 and 2025-2027, respectively [1][25]. Summary by Sections Company Overview - The company specializes in the research, production, and sales of functional ingredients such as prebiotics, sugar-reducing sweeteners, and dietary fibers, with an annual capacity exceeding 500,000 tons and over 2,000 active customers [1][16]. Industry Transformation - The functional sugar industry is experiencing rapid growth driven by demographic changes, consumer preferences, and policy guidance, leading to a shift from traditional sweeteners to healthier alternatives [2][54]. Product Focus - The company is the largest producer of isomalto-oligosaccharides globally and has seen a 52.58% increase in sales revenue from erythritol in 2024, capitalizing on opportunities in international markets [3][56]. Future Prospects - The company plans to launch new products utilizing synthetic biology technology and expand production capacity for erythritol and allulose, with significant projects set to commence in 2025 [4][56]. Financial Forecast & Investment Recommendations - Revenue projections for 2025-2027 are 2.57 billion CNY, 2.79 billion CNY, and 3.07 billion CNY, with corresponding net profits of 170 million CNY, 221 million CNY, and 274 million CNY [5][6]. The report highlights the company's strong growth potential and recommends a target price based on a 30x PE ratio for 2025 [5].

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].

Market Outlook - The market for health-conscious products is expected to grow significantly due to rising income levels and changing consumer preferences towards sugar-free and nutritious options [2] - The aging population presents a substantial opportunity in the silver economy, with increasing demand for health improvement products [2] - National policies are anticipated to further boost the market for natural sweeteners and functional health foods such as prebiotics and dietary fibers [2] Revenue Projections - The company aims for a net profit of no less than 170 million RMB in 2025 as part of its stock incentive plan [6] - The company expects stable growth in its three core products: prebiotics, dietary fibers, and sugar-reducing sweeteners [4] Production Capacity - The company has initiated a project to expand its production capacity of allulose to 20,000 tons annually, with an expected total capacity of approximately 30,000 tons by 2026 [3] - The company has completed the construction of a 2,500-ton annual production line for HMOs (human milk oligosaccharides) and is currently in the trial production phase [6] Impact of Raw Material Prices - The company is closely monitoring corn prices and employing strategies to balance procurement costs and market uncertainties [3] Export and Market Expansion - The company plans to establish a sales subsidiary in the U.S. and enhance customer service to increase market share [7] - The company’s export business to the U.S. is expected to benefit from reduced tariffs, which will facilitate exports [4] Industry Trends - The overall industry is benefiting from the growing health consciousness among consumers and the aging population, which is driving demand for health-related products [11] - The company’s market share for erythritol in the EU has increased to 50%, with a significant revenue growth of approximately 123% year-on-year in Q1 2025 [5] Stock Performance and Investor Relations - The company is actively engaging in investor relations to improve market perception and stock performance, including hosting analyst meetings and enhancing information disclosure [10] - The company acknowledges that stock price is influenced by various factors, including company earnings and market conditions [12]

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage of the stock [2]. Core Insights - The introduction of professional managers has aided the company's reform, with product structure optimization driving profit improvement. The company has a rich product matrix in functional sugars and nutritional supplements, and has successfully adjusted its operational strategies during industry downturns, leading to a significant rebound in profit and gross margin improvement [1]. - The company stands to benefit from anti-dumping measures on erythritol and is positioned to capture the growing domestic market for allulose. With a production capacity of 30,000 tons per year, the company is expected to see volume and price increases in the European market due to its favorable anti-dumping tax rate [1]. - In 2024, all major segments achieved growth in both sales volume and gross margin, with a net profit of 111 million yuan, a year-on-year increase of 106%. The company has set ambitious performance targets for its stock incentive plan, reflecting confidence in future growth [1]. Summary by Sections Company Overview - Founded in 1997, the company is a leading player in the functional sugar industry in China, focusing on the research and production of biological (multi)sugars. It has established strategic partnerships with global giants like Coca-Cola and Yili, and has a comprehensive product system covering various functional sugars [18][21]. Management and Strategy - The company has undergone significant management restructuring, bringing in experienced professionals to enhance strategic planning and operational efficiency. The management team now combines international experience with local insights, which is expected to strengthen the company's competitive position in the functional sugar sector [24][25]. Financial Performance - The company forecasts net profits of 181 million, 216 million, and 260 million yuan for 2025, 2026, and 2027, respectively, with corresponding PE ratios of 20.07, 16.82, and 13.99 times. This indicates a strong growth trajectory compared to industry averages [2][12]. Product Segments - The company has diversified its product offerings, including prebiotics, dietary fibers, and sugar substitutes, which are experiencing rapid growth in demand. The market for these products is expected to expand significantly, driven by increasing consumer health awareness [1][7][23]. Market Outlook - The report highlights the potential for growth in the allulose market and the stability of the erythritol market, suggesting that the company is well-positioned to capitalize on these trends. The anticipated approval of allulose in China is expected to open up new market opportunities [1][10].

Group 1 - The company has introduced professional managers to assist in reform and optimize product structure, leading to improved profitability. The company, established in 1997, has a diverse product matrix in functional sugars and nutritional supplements, consisting of five layers: starch sugars, reduced-sugar sweeteners, prebiotics, dietary fibers, and special functional food ingredients. After the peak and subsequent decline of erythritol in 2019, the company adjusted its operational strategies and product structure during the industry downturn, resulting in a significant rebound in profits and gross margin improvement last year [1] - Erythritol is benefiting from anti-dumping measures, and there is a focus on the domestic market potential for allulose. Following the surge in popularity of erythritol in 2021, prices have stabilized at a low point due to new production capacities. The company has an annual capacity of 30,000 tons and is the domestic enterprise with the lowest anti-dumping tax rate in the EU, which is expected to lead to a rise in both volume and price in the European market. The optimal marginal pricing for the company in Europe is estimated at 15,800 yuan per ton, higher than the domestic price of 6,500 yuan per ton. Additionally, the U.S. has initiated a "double anti" investigation against Chinese erythritol, with preliminary anti-dumping tax rates set at 260%-450%. The company is not a mandatory respondent, and attention should be paid to the market changes in the U.S. following the May tax rate announcement. Allulose, as a new star in the sugar substitute market, has significant growth potential, with domestic approval expected in March [1][2] Group 2 - In 2024, all major segments of the company achieved growth in both sales and gross margin, with stock incentives reflecting confidence in future development. The company reported a net profit attributable to shareholders of 111 million yuan in 2024, a year-on-year increase of 106%. The growth was driven by increased sales and gross margins across key revenue segments, with sales volumes for prebiotics, dietary fibers, reduced-sugar sweeteners, starch sugars, and others reaching 357,000 tons, 214,000 tons, 500,000 tons, and 2,426,000 tons, respectively, representing year-on-year growth of 23.74%, 14.39%, 41.66%, and 2.29%. Gross margins for these segments were 24.60%, 18.12%, 9.09%, and 12.22%, with year-on-year increases of 5.26 percentage points, 5.48 percentage points, 7.83 percentage points, and 2.17 percentage points. The company announced stock incentives for 2024, with performance targets for 2025-2027 set at 170 million yuan, 212 million yuan, and 265 million yuan, corresponding to growth rates of 53%, 25%, and 25%, demonstrating confidence in future development [2] Group 3 - Profit forecasts and valuations indicate that the company is expected to achieve net profits attributable to shareholders of 181 million yuan, 216 million yuan, and 260 million yuan from 2025 to 2027, with corresponding PE valuations of 20.07, 16.82, and 13.99 times. The initial coverage has been initiated with a "buy" rating [3]

Group 1 - The core viewpoint is that Baolingbao has demonstrated resilience in the face of challenges, particularly benefiting from the EU's anti-dumping tax on erythritol, leading to increased sales and revenue in Europe [1] - In Q1 2025, Baolingbao's erythritol sales revenue grew approximately 123% year-on-year due to the lowest anti-dumping tax rate of 34.4% applied to its products [1] - The company's overall revenue in 2024 decreased by 4.84% to 2.402 billion yuan, primarily due to a strategic reduction in low-value feed and by-product businesses [2] Group 2 - Baolingbao's net profit for 2024 reached 1.11 yuan per share, marking a significant year-on-year increase of 105.97% [3] - The profit growth was driven by product structure adjustments, with prebiotics revenue increasing by 16.02% to 335 million yuan and dietary fiber revenue rising by 14.52% to 238 million yuan [4] - The revenue from sugar-reducing sweeteners surged by 29.73% to 516 million yuan, with a notable 41.66% increase in sales volume [4] Group 3 - The case of Baolingbao illustrates the systemic advantages of Chinese manufacturing, highlighting competitive strengths in various sectors [5] - As of May 6, Baolingbao's stock price was 9.34 yuan per share, reflecting a 1.30% increase [6] - In contrast, the Shanghai Consumer 80 Index reported a decline of 0.46% on the same day [7]