2025年10月31日，金秋的尾声里，刘连民那颗炽热的心脏停止了跳动，带着对事业的无限眷恋溘然长 逝，享年69岁。噩耗传来，博兴百姓无不悲痛。遗体告别仪式上，滨州市、博兴县党政机关干部，香驰 的合作伙伴、公司同仁与周边乡邻数千人自发赶来，含泪送别。当灵车缓缓绕行香驰厂区，列队的员工 泣不成声，满是不舍与缅怀。 在老战友记忆里，他是在青藏高原一天能挖近3立方米石渣的铁道兵；在创业好友眼中，他是一名雷厉 风行、真诚实干、谦虚务实的企业家；在员工心中，他是嘘寒问暖、亲如家人的"当家人"；在家乡百姓 口中，他是带领企业走向全国、自己却始终扎根乡土的企业家……他就是博兴县香驰控股有限公司原党 委书记、董事长刘连民。 一代人有一代人的"上甘岭"。刘连民曾把青春挥洒在风沙呼啸的青藏高原，一锹一镐，将铁道兵的坚韧 夯进高原铁路的路基；他更把毕生心血倾注于粮油食品加工产业，将一个名不见经传的小型植物油厂， 打造成拥有3000余名员工、位列中国企业500强的大豆玉米精深加工标杆企业——香驰控股有限公司。 在青藏高原，一名铁道兵日常任务是铲挖0.8立方米的石渣修筑路基，刘连民一天能铲挖到2.6立方米 1957年，刘连民出生于博兴县 ...

Core Insights - The domestic soybean industry is experiencing differentiated competition due to the dual supply of domestic and imported soybeans, alongside an upgrade in the value extraction of domestic soybeans driven by consumption upgrades [1][3]. Group 1: Market Dynamics - A soybean oil pressing factory in Heilongjiang has chosen to halt production for maintenance, as the average price of imported soybeans is around 3900 yuan per ton, which is 100-200 yuan lower than that of domestic high-oil soybeans, and the oil yield from imported soybeans is 2-3 percentage points higher [3]. - In contrast, a deep processing soybean enterprise in Yucheng, Shandong, is experiencing a production peak, with products including soybean protein isolate, plant-based meat, and functional beverages, targeting markets that imported soybeans cannot easily replace [5]. Group 2: Procurement and Production Trends - The Yucheng soybean processing company has procured over 50,000 tons of new season soybeans, with over 30% being high-protein soybeans, marking a year-on-year increase of approximately 15% [7]. - A new soybean protein deep processing plant is under construction in Heilongjiang, expected to be operational by the end of the year, with an annual processing capacity of 150,000 tons of domestic soybeans [9]. Group 3: Product Development and Market Potential - The focus is on creating high-end differentiated soybean protein products, which can reach prices of 25,000 to 30,000 yuan per ton in applications such as health foods, special medical foods, infant foods, and elderly foods [11]. - Customs data indicates that from January to October 2025, China imported 95.682 million tons of soybeans, a year-on-year increase of 6.4%, suggesting a steady rise in overall demand for soybeans as the industry chain continues to extend [13]. Group 4: Future Outlook - The domestic soybean industry is expected to avoid homogenized competition with imported soybeans by leveraging the unique advantages of high-protein domestic soybeans, while also extending the industry chain [17].

Core Viewpoint - The stock price of Suobao Protein has been declining for five consecutive days, with a total drop of 8.35% during this period, currently trading at 19.98 CNY per share [1] Company Overview - Suobao Protein Technology Co., Ltd. is located in Ningbo Free Trade Zone, Zhejiang Province, established on October 17, 2003, and listed on December 15, 2023. The company specializes in the research, production, and sales of soybean protein products [1] - The revenue composition of Suobao Protein includes: 32.42% from soybean isolate protein, 20.79% from non-GMO soybean oil, 19.98% from soybean concentrate protein, 17.36% from textured protein, 9.03% from other products, and 0.43% from supplementary products [1] Fund Holdings - Guolian Fund has one fund heavily invested in Suobao Protein. The Guolian Jingsheng One-Year Holding Mixed A Fund (011353) held 22,000 shares in the third quarter, accounting for 0.26% of the fund's net value, ranking as the tenth largest holding. The estimated floating loss today is approximately 7,700 CNY, with a total floating loss of 40,000 CNY during the five-day decline [2] - The Guolian Jingsheng One-Year Holding Mixed A Fund was established on May 14, 2021, with a current size of 144 million CNY. Year-to-date returns are 3.13%, ranking 7,225 out of 8,136 in its category; the one-year return is 5.23%, ranking 6,756 out of 8,055; and the return since inception is 9.07% [2] Fund Manager Information - The fund managers of Guolian Jingsheng One-Year Holding Mixed A Fund are Chen Xinyu, Huo Shunchao, and Ye Tianyang. Chen Xinyu has a tenure of 6 years and 114 days, managing assets totaling 1.211 billion CNY, with the best return of 68.57% and the worst return of -19.21% during his tenure [3] - Huo Shunchao has a tenure of 2 years and 226 days, managing assets of 16.251 billion CNY, with the best return of 30.93% and the worst return of 0.48% [3] - Ye Tianyang has a tenure of 226 days, managing assets of 2.196 billion CNY, with the best return of 2.97% and the worst return of 0.05% [3]

Core Insights - The plant protein industry, particularly soybean protein, is experiencing rapid growth due to increasing awareness of health and nutrition, with the market size in China projected to reach 16.161 billion yuan in 2024, a year-on-year increase of 4.47% [1][10]. Overview - Protein is essential for life and is composed of amino acids, with 20 types in total. Among these, 8 are essential and must be obtained from food. Plant proteins, particularly from beans, are lower in cholesterol and saturated fats, making them suitable for individuals with liver diseases and for preventing cardiovascular diseases [2][4]. Industry Barriers - The soybean protein industry is subject to strict regulations and quality control measures, including licensing and traceability requirements. New entrants face high technical barriers due to the established production processes and technology of existing players [6][7]. Market Policies - The Chinese government has implemented various policies to enhance soybean self-sufficiency and ensure quality control in soybean protein production. These policies promote the development of the soybean industry and require strict adherence to safety and quality standards [8]. Industry Chain - The soybean protein industry encompasses upstream activities such as soybean cultivation and procurement, midstream production, and downstream applications in various sectors including meat processing, snacks, dairy, and pharmaceuticals. The cost structure indicates that direct materials account for over 60% of production costs, with soybean being the primary raw material [8][9]. Current Development - Soybean is recognized for its high protein content and nutritional value, with various health benefits including cholesterol reduction and improved gut health. The domestic market for soybean protein is maturing rapidly, with significant growth in applications across multiple sectors [10][11]. Competitive Landscape - The soybean protein industry in China has seen the emergence of several key players, including Shandong Yuwang Ecological Food Co., Ltd., and Ningbo Suobao Protein Technology Co., Ltd. These companies are expanding their product offerings and market presence [11][12]. Future Trends - The soybean protein industry is shifting towards high-end products, with increasing production of high-purity and organized proteins. Innovations in processing technologies are expected to enhance the application of soybean protein in emerging fields such as pharmaceuticals and 3D printing [14][15].

Investment Rating - The report assigns an "Outperform" rating to the company, with a target price of 26.5 RMB per share based on a 25x PE for 2025E [4][13]. Core Insights - The company has shown steady revenue growth in the first three quarters, with a revenue of 1.24 billion RMB, representing a year-over-year increase of 7.37%. The gross profit margin (GPM) increased by 6.81 percentage points to 17.91%, while the net profit attributable to shareholders grew by 60% to 147 million RMB [4][14]. - In Q3 2025, the company achieved a revenue of 466 million RMB, a significant year-over-year growth of 21.75%, with a GPM of 16.53% [4][15]. - The company is expanding its overseas market presence, with notable cost reduction and efficiency improvements, including the commencement of sales in Singapore [4][16]. Financial Summary - Total revenue projections for 2023A to 2027E are as follows: 1,748 million RMB, 1,555 million RMB, 1,681 million RMB, 1,869 million RMB, and 2,066 million RMB, respectively [2]. - Net profit attributable to shareholders is projected to grow from 146 million RMB in 2023A to 294 million RMB in 2027E, with significant growth rates in the intervening years [2]. - The earnings per share (EPS) forecast for 2025E is 1.06 RMB, increasing to 1.53 RMB by 2027E [4][13].

Core Viewpoint - Ningbo Suobao Protein Technology Co., Ltd. reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong growth in the soybean protein market driven by rising consumer demand for health and safety in food products [1][2]. Group 1: Financial Performance - The company achieved operating revenue of 1.24 billion yuan, a year-on-year increase of 7.37% [1] - Net profit attributable to shareholders reached 147 million yuan, reflecting a substantial year-on-year growth of 60.00% [1] - In Q3 alone, operating revenue was 466 million yuan, up 21.75% year-on-year, while net profit for the quarter was 49.26 million yuan, marking a remarkable increase of 135.87% [1] Group 2: Business Operations - Suobao Protein specializes in the research, production, and sales of non-GMO soybean protein products, having established a comprehensive deep processing industry chain for non-GMO soybeans [1] - The main products include soybean isolate protein, soybean concentrate protein, textured protein, soybean dietary fiber, and non-GMO soybean oil [1] - The company is actively expanding its international market presence while consolidating its domestic market, enhancing brand recognition and influence [2] Group 3: Industry Trends - There is a growing consumer focus on environmental and health issues, leading to increased demand for organic, green, functional, and health foods globally [1] - Soybean protein is widely used in various sectors, including plant-based meat, meat products, snacks, health products, nutritional supplements, pet food, and bio-fermentation, indicating a broad market development potential [1]

证券代码：603231 证券简称：索宝蛋白 公告编号：2025-029 宁波索宝蛋白科技股份有限公司 2025年前三季度主要经营数据公告 单位：万元 | 模式 | 2025年1-9月 | | | --- | --- | --- | | | 金额 | 比例 | | 直销 | 74,970.68 | 60.84% | | 经销 | 48,245.26 | 39.16% | | 合计 | 123,215.94 | 100.00% | 单位：万元 项目 2025年1-9月 金额 比例 大豆分离蛋白 36,767.77 29.84% 非转基因大豆油 28,336.59 23.00% 组织化蛋白 20,877.49 16.94% 大豆浓缩蛋白 24,065.47 19.53% 其他产品 13,168.62 10.69% 合计 123,215.94 100.00% 三、按销售区域分类的主营业务销售情况 单位：万元 | 项目 | 2025年1-9月 | | | --- | --- | --- | | | 金额 | 比例 | | 境内 | 77,599.79 | 62.98% | | 境外 | 45,616.15 | 37.0 ...

Group 1 - The core viewpoint of the news is that Sobao Protein's stock experienced a decline of 2.52% on October 16, with a trading volume of 57.79 million yuan, indicating market volatility and investor sentiment [1] - As of October 16, Sobao Protein's financing balance reached 113 million yuan, accounting for 5.71% of its circulating market value, which is above the 90th percentile of the past year, suggesting a high level of leverage [1] - The company reported a revenue of 774 million yuan for the first half of 2025, reflecting a year-on-year growth of 0.24%, while the net profit attributable to shareholders increased by 37.62% to 97.43 million yuan [2] Group 2 - Sobao Protein's main business revenue composition includes 32.42% from soybean isolate protein, 20.79% from non-GMO soybean oil, and 19.98% from soybean concentrate protein, indicating a diversified product portfolio [1] - The number of shareholders for Sobao Protein decreased by 3.86% to 19,000 as of September 30, while the average circulating shares per person increased by 4.01% to 5,599 shares [2] - Since its A-share listing, Sobao Protein has distributed a total of 153 million yuan in dividends [3]

Core Viewpoint - The upcoming release of the "National Food Safety Standard for Good Manufacturing Practices for Health Foods" aims to enhance industry regulation and safety standards, following a five-year special rectification action that has significantly improved compliance and reduced non-conformity rates in the health food sector [1][3]. Group 1: Regulatory Actions and Achievements - The State Administration for Market Regulation (SAMR) has conducted a five-year special rectification action, resulting in a continuous non-conformity rate of less than 0.6% in health food inspections over the past five years [1]. - A total of 31,000 cases have been investigated, with fines amounting to 540 million yuan, effectively curbing industry malpractices [1]. - The rectification action has established a comprehensive regulatory system covering pre-approval, production, and post-market surveillance [1]. Group 2: Registration and Filing System - China implements a dual-track system of registration and filing for health foods, which has positively impacted industry development [2]. - Strict registration management is applied to products using complex raw materials, while simpler products like vitamins and minerals are subject to filing management [2]. - The national health food filing regulatory platform has achieved intelligent review capabilities, significantly shortening product market entry times [2]. Group 3: New Standards and Industry Development - The forthcoming standards will enhance source control and set higher requirements for raw material and production process management [3]. - Companies are required to establish a comprehensive food safety management responsibility system and improve management levels [3]. - The revised standards will provide clearer enforcement guidelines and promote a full-chain risk control approach to ensure consumer safety [3].

| 单位：万元 | | --- | | 项目 | 2025年上半年 | | | --- | --- | --- | | | 金额 | 比例 | | 大豆分离蛋白 | 25,087.69 | 32.56% | | 非转基因大豆油 | 16,088.05 | 20.88% | | 组织化蛋白 | 13,436.16 | 17.44% | | 大豆浓缩蛋白 | 15,458.36 | 20.06% | | 其他产品 | 6,985.49 | 9.07% | | 合计 | 77,055.75 | 100.00% | 证券代码：603231 证券简称：索宝蛋白 公告编号：2025-022 宁波索宝蛋白科技股份有限公司 2025年半年度主要经营数据公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上海证券交易所上市公司自律监管指引第 3 号行业信息披露：第十四 号——食品制造》的相关要求，宁波索宝蛋白科技股份有限公司（以下简称"公 司"）现将 2025 年半年度主要经营数据公告如下： 一、按产品类别分类的主营业务销售情况 单位： ...