11月17日晚间，保龄宝（002286.SZ）公告称，董事会于2025年11月17日收到公司董事长戴斯觉的书面 辞职报告。戴斯觉因个人原因申请辞去公司董事长、董事、董事会战略委员会主任委员职务。 公告称，戴斯觉辞职后仍担任公司全资孙公司BLB INTERNATIONALDEVELOPMENT(SINGAPORE)PTE.ITD.、BLB BIO-TECH USA INC董事职务。 曾是A股最年轻董事长 根据保龄宝相关公告信息，戴斯觉，男，1995年1月出生，毕业于英国曼彻斯特大学，金融经济学理学 硕士学历；中国香港居民。2016年至今历任北京永裕投资管理有限公司董事长兼总经理。2021年3月起 任公司董事长。2024年戴斯觉从公司获得的税前报酬总额为151.55万元，其董事长、董事任期终止日期 原为2027年4月29日。 实控人增持，一拖再拖 值得注意的是，2024年8月19日，保龄宝控股股东永裕投资与深圳松径投资合伙企业（有限合伙）（以 下简称"松径投资"）签署《一致行动协议》。公司实际控制人由戴斯觉一人，变更为戴斯觉、戴斯聪 （戴斯觉之兄弟）二人共同控制。 戴斯觉（图片来源：保龄宝公众号） 变更后不久，新 ...

Core Insights - The stock price of Baolingbao increased by 2.02% on November 10, reaching 10.09 CNY per share, with a total market capitalization of 3.84 billion CNY [1] - Baolingbao's stock has risen 37.84% year-to-date, with a recent 1.31% increase over the last five trading days [1] - The company reported a revenue of 2.126 billion CNY for the period from January to September 2025, reflecting a year-on-year growth of 15.98% [2] Financial Performance - The net profit attributable to the parent company for the same period was 134 million CNY, showing a year-on-year increase of 32.58% [2] - Baolingbao has distributed a total of 309 million CNY in dividends since its A-share listing, with 95.072 million CNY distributed over the last three years [3] Stock Market Activity - The company has appeared on the stock market's "龙虎榜" (top trading list) five times this year, with the most recent occurrence on May 22, where it recorded a net buy of -50.8373 million CNY [1] - As of October 31, the number of shareholders for Baolingbao was 33,600, a decrease of 0.25% from the previous period [2]

Company Overview - Baolingbao Bio-Technology Co., Ltd. is located in Dezhou, Shandong Province, and was established on October 16, 1997, with its listing date on August 28, 2009 [1] - The company's main business involves the research, production, and sales of functional sugars, with revenue composition as follows: starch sugars and others 29.89%, sugar-reducing sweeteners 26.55%, feed and by-products 22.40%, probiotics 13.48%, dietary fibers 7.39%, and others 0.29% [1] Financial Performance - For the period from January to September 2025, Baolingbao achieved operating revenue of 2.126 billion yuan, representing a year-on-year growth of 15.98%, and a net profit attributable to shareholders of 134 million yuan, reflecting a year-on-year increase of 32.58% [2] - Since its A-share listing, Baolingbao has distributed a total of 309 million yuan in dividends, with 95.072 million yuan distributed over the past three years [3] Stock Performance - As of November 4, Baolingbao's stock price decreased by 2.01% to 9.76 yuan per share, with a total market capitalization of 3.714 billion yuan [1] - Year-to-date, the stock price has increased by 33.33%, with a slight increase of 0.83% over the last five trading days, but a decline of 0.10% over the last 20 days and 9.04% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on May 22, where it recorded a net buy of -50.8373 million yuan [1] Shareholder Information - As of October 20, Baolingbao had 33,700 shareholders, a decrease of 0.69% from the previous period, with an average of 10,972 circulating shares per shareholder, which is an increase of 0.70% [2]

Core Viewpoint - Baolingbao Bio-Technology Co., Ltd. is a leading enterprise in the functional sugar industry in China, with significant market shares in sugar substitutes, prebiotics, and dietary fibers, supported by comprehensive product layout and technological advantages [1][6]. Group 1: Business Performance - In Q3 2025, Baolingbao reported revenue of 2.126 billion yuan, ranking 5th among 12 companies in the industry, with the top company, COFCO Sugar, generating 20.305 billion yuan [2]. - The main business composition includes starch sugar and others at 418 million yuan (29.89%), sugar substitutes at 372 million yuan (26.55%), feed and by-products at 313 million yuan (22.40%), prebiotics at 189 million yuan (13.48%), dietary fibers at 103 million yuan (7.39%), and others at 4.0175 million yuan (0.29%) [2]. - The net profit for the same period was 134 million yuan, ranking 4th in the industry, with the leading company, COFCO Sugar, achieving 828 million yuan [2]. Group 2: Financial Health - As of Q3 2025, Baolingbao's debt-to-asset ratio was 19.47%, lower than the previous year's 23.99% and the industry average of 36.70%, indicating strong solvency [3]. - The gross profit margin for the period was 13.30%, an increase from 11.80% in the previous year and above the industry average of 13.16%, reflecting improved profitability [3]. Group 3: Management and Shareholder Information - The chairman, Dai Sijue, received a salary of 1.5155 million yuan in 2024, an increase of 162,600 yuan from 2023 [4]. - The total number of A-share shareholders decreased by 0.40% to 33,900 as of September 30, 2025, while the average number of circulating A-shares held per account increased by 0.40% to 10,900 [5]. Group 4: Future Prospects and Projects - Baolingbao is expected to see rapid revenue growth in sugar substitutes, benefiting from EU anti-dumping policies, with erythritol and crystalline fructose revenues increasing by 89.53% and 50.57% year-on-year, respectively [6]. - The company plans to establish a DHA algae oil production line with an initial target of 2,000 tons per year and is set to launch a project for 2,500 tons of HMOs (human milk oligosaccharides) expected to commence production in the second half of 2025 [6]. - An expansion project for 20,000 tons of allulose sugar is underway, with an anticipated annual capacity of approximately 30,000 tons by the end of 2026 [6].

Core Insights - A new wave of consumer brands is emerging in Jinan, focusing on various sectors such as beauty, silver economy products, functional sugars, and cold chain food, driven by technological advancements and market demand [2][5]. Group 1: Company Developments - Huaxi Biological has transitioned from a B2B model supplying hyaluronic acid to a B2C model, investing 3 billion yuan to build the world's largest pilot platform, enhancing its product development capabilities and market responsiveness [4]. - Tanghe Tang Biotechnology, a subsidiary of Shengquan Group, has evolved from a 10 million yuan revenue company in 2008 to over 400 million yuan by leveraging patented technology to produce high-value functional sugars [3]. - Tangpai Group has established a comprehensive supply chain for silver economy products, offering over 3,000 types of products and creating a new consumption model with a focus on elderly care [5]. Group 2: Market Trends - The silver economy is gaining traction in China, with Tangpai Group addressing the supply-demand mismatch by launching 20-30 new products weekly domestically and 100-200 products internationally [5]. - The cold chain logistics sector is being transformed by Weierkang Group, which has expanded its cold storage capacity from 10,000 tons to 360,000 tons, establishing a nationwide distribution network [6][7].

Core Viewpoint - Dezhou's foreign trade demonstrates strong resilience and steady growth in both scale and quality, with a total import and export value of 50.57 billion yuan in the first three quarters of 2023, reflecting a year-on-year increase of 7.4% [3]. Group 1: Trade Performance - The import and export values in Dezhou maintained positive growth across all three quarters, with the first quarter at 13.65 billion yuan (up 3.6%), the second quarter at 19.81 billion yuan (up 16.9%), and the third quarter at 17.11 billion yuan (up 1%) [3]. - The export value reached 43.43 billion yuan, accounting for over 80% of the total, with a growth rate of 12% [3]. Group 2: Market Diversification - Dezhou's exports reached 27.67 billion yuan to countries along the Belt and Road and emerging markets, marking an 8.4% increase and representing 54.7% of the total import and export value [4]. - Exports to emerging markets in Latin America, the Middle East, and Africa grew significantly by 64.4%, 28.2%, and 21.6% respectively [4]. Group 3: Product Structure Optimization - The export of electromechanical products totaled 21.09 billion yuan, increasing by 12.9%, with integrated circuits contributing 3.17 billion yuan (up 9.5%) [5]. - Labor-intensive products saw a notable increase in exports, reaching 9.95 billion yuan (up 31.4%), with textiles and clothing exports at 4.7 billion yuan (up 45.9%) [5]. - The export of self-owned brand products reached 10.02 billion yuan, growing by 10.3% and nearing a quarter of the total export value [5]. Group 4: Economic Contribution and Trade Methods - The number of foreign trade entities in Dezhou increased by 265, totaling 1,985, with private enterprises contributing 39.53 billion yuan (up 14.3%), accounting for 78.2% of the total trade value [6]. - General trade imports and exports reached 43.64 billion yuan (up 5.4%), while processing trade grew to 5.91 billion yuan (up 13%) [6]. Group 5: Logistics and Infrastructure Development - The Dezhou International Land Port opened a new international road transport line to Moscow, enhancing logistics efficiency and reducing costs for enterprises [7]. - Approximately 16,000 standard containers were exported through the land port in the first three quarters, marking a 13.2% increase [7].

Core Insights - The Guangxi Autonomous Region has issued the "Sugar Industry Development Action Plan (2025-2027)" aiming to enhance the sugar industry by optimizing industrial layout, upgrading industrial chains, and promoting technological innovation [1][2] Group 1: Industry Goals - The plan targets an industrial output value of 72 billion yuan by 2025, 76 billion yuan by 2026, and 81 billion yuan by 2027, positioning Guangxi as an internationally advanced sugar manufacturing base [1] - The development framework includes "two cores, one pole, and two areas," focusing on key cities like Chongzuo and Laibin for advanced manufacturing, while Nanning will serve as an innovation hub [1] Group 2: Industrial Chain Upgrading - Guangxi aims to enhance deep processing of sugarcane, developing new sugar products such as functional sugars, nutritional sugars, and liquid sugars to significantly increase product value [2] - The initiative includes expanding into beverage, snack, and high-end health food sectors, as well as diversifying into products like sugarcane water and rum [2] Group 3: Technological Innovation - The plan emphasizes tackling key technologies and industrial applications, particularly in deep processing and by-product utilization, to overcome existing technological bottlenecks [2] - There will be a focus on developing harvesting machinery and smart agricultural equipment to improve efficiency in sugarcane production [2] Group 4: Digital Transformation - Guangxi will promote digital transformation in the sugar industry, supporting the establishment of smart factories and digital workshops, and integrating AI technologies into sugar production [2] Group 5: Additional Actions - The plan includes initiatives for project quality improvement, cost reduction, enterprise strengthening, green transformation, and enhancing industrial clusters to foster high-quality development in the sugar industry [3]

Core Viewpoint - Guangxi is focusing on advancing its sugar industry towards high-end, intelligent, and green development, aiming for an industrial output value of 81 billion RMB by 2027, establishing an internationally advanced sugar manufacturing base [1][2] Group 1: Industry Development Strategy - Guangxi will create a new industrial development pattern characterized by "two cores, one pole, and two zones," with Chongzuo and Laibin as the core areas for modern sugar manufacturing [1] - Nanning will serve as the innovation leading area, while Liuzhou and Guigang will act as supporting areas for modern sugar manufacturing [1] Group 2: Product and Technology Focus - The focus will be on deep processing of sugar, transitioning products towards high-value areas such as functional sugars, nutritional sugars, and pharmaceutical sugars [1] - New product lines like L-arabinose and arabinoxylan will be introduced, and the industry chain will extend to beverages and snacks [1] - There will be an emphasis on the recycling and comprehensive utilization of by-products like bagasse and molasses, developing high-value products such as eco-friendly tableware and dietary fiber [1] Group 3: Technological Advancement - Guangxi will support enterprises in overcoming "bottleneck" technologies in deep processing and sugar-based bio-manufacturing, accelerating the industrialization of research outcomes [1] - Digital transformation will empower traditional industries, with plans to promote digital pilot projects in the sugar industry and support the establishment of smart factories [1] - The exploration of "AI + sugar industry" applications will enhance the intelligence level across the entire chain from planting to quality inspection [1] Group 4: International Collaboration - Guangxi will guide enterprises to "go global" by participating in overseas sugarcane planting and production [2] - The region will utilize platforms like the China-ASEAN Sugar Industry Expo to deepen exchanges and cooperation, encouraging partnerships with top international sugar companies and research institutions [2]

Group 1 - The company, Baolingbao Biotech Co., Ltd., established in 1997, specializes in the production of functional sugar products using corn as raw material and has become a leader in China's functional sugar industry [1] - The company has a comprehensive production capacity of over 1 million tons, with 16 production lines and a workforce of approximately 1,400 employees [1] - Baolingbao is recognized as a national high-tech enterprise and has been the first in China to achieve industrial-scale production of oligosaccharides [1] Group 2 - The company has implemented a rigorous grain safety management system to ensure the quality and safety of corn supply, with a planned storage of 320,000 tons of corn in 2024, averaging 1,000 tons per day [2] - The procurement process is transparent, utilizing mobile apps and WeChat mini-programs to publish purchasing information and ensure timely payment to farmers [2] - The company monitors market prices dynamically to ensure reasonable procurement prices and protect farmers' interests [2] Group 3 - The company has increased investment in storage facilities, with 13 grain storage units and a total storage capacity of 80,000 tons [3] - New storage facilities are equipped with intelligent systems for real-time monitoring of temperature, humidity, and grain conditions, enhancing operational efficiency [3] - Upgrades to existing storage facilities are ongoing to improve automation and smart technology [3] Group 4 - The company focuses on innovation in deep processing of corn, extending the value chain from starch to functional sugars and high-value products [4] - Recent product developments include erythritol, allulose, and DHA, contributing to significant value addition and economic benefits [4] - The company's efforts in deep processing not only enhance its economic performance but also support local agricultural development and food security [4]

Company Overview - Baolingbao Bio-Technology Co., Ltd. is located in Dezhou, Shandong Province, and was established on October 16, 1997, with its listing date on August 28, 2009 [1] - The company's main business involves the research, production, and sales of functional sugars, with revenue composition as follows: starch sugars and others 29.89%, sugar-reducing sweeteners 26.55%, feed and by-products 22.40%, probiotics 13.48%, dietary fibers 7.39%, and others 0.29% [1] Stock Performance - As of September 4, Baolingbao's stock price increased by 2.06% to 10.90 CNY per share, with a total market capitalization of 4.143 billion CNY [1] - Year-to-date, the stock price has risen by 48.91%, but it has seen a decline of 5.22% over the last five trading days and a decrease of 5.63% over the last 60 days [1] - The company has appeared on the "Dragon and Tiger List" five times this year, with the most recent appearance on May 22, where it recorded a net buy of -50.8373 million CNY [1] Financial Performance - For the first half of 2025, Baolingbao achieved operating revenue of 1.399 billion CNY, representing a year-on-year growth of 18.02%, and a net profit attributable to shareholders of 92.672 million CNY, up 33.66% year-on-year [2] - The company has distributed a total of 309 million CNY in dividends since its A-share listing, with 9.507 million CNY distributed in the last three years [3] Shareholder Information - As of August 20, the number of shareholders for Baolingbao was 36,800, an increase of 0.89% from the previous period, with an average of 10,031 circulating shares per shareholder, a decrease of 0.88% [2]