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].

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]

| 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： ...

证券代码：603231 证券简称：索宝蛋白 公告编号：2025-014 宁波索宝蛋白科技股份有限公司 2025年第一季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。 | 项目 | 2025年第一季度 | | | --- | --- | --- | | | 金额 | 比例 | | 境内 | 23,532.92 | 60.24% | | 境外 | 15,532.06 | 39.76% | | 合计 | 39,064.98 | 100.00% | 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年第一季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：万元 | 项目 | 2025年第一季度 | | | --- | --- | --- | | | 金额 | 比例 | | 大豆分离蛋白 | 12,475.93 | 31.94% | | 非转基因大豆油 | 8,727.65 | 22. ...

宁波索宝蛋白科技股份有限公司 Solbar Ningbo Protein Technology Co., Ltd. (注册地址:浙江省宁波保税区兴业大道12号) 首次公开发? 在主板上市 招股说明书 (注册稿) 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力,仅供预先披露之用。投资者应当 以正式公告的招股说明书全文作为作出投资决定的依据。 保荐机构(主承销商) FILE HOST SOOCHOW SECURITIES CO.,LTD (注册地址:苏州工业园区星阳街5号) 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 宁波索宝 ...

宁波索宝蛋白科技股份有限公司 （注册地址：浙江省宁波保税区兴业大道 12 号） 首次公开发行股票并在主板上市 招股说明书 （上会稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 保荐机构（主承销商） 1-1-1 Solbar Ningbo Protein Technology Co., Ltd. 以正式公告的招股说明书全文作为作出投资决定的依据。 1-1-1 宁波索宝蛋白科技股份有限公司 招股说明书（上会稿） 本次发行概况 （注册地址：苏州工业园区星阳街5号） | 股票种类 | 人民币普通股（A 股） | | --- | --- | | 发行股数 | 本次公开发行股票数量不超过 万股，全部为新股发行，不涉 4,786.48 | | | 及股东公开发售股份。 | | 每股面值 | 人民币 1.00 元 | | 每股发行价格 | 人民币【】元 | | 预计发行日期 | 【】年【】月【】日 | | 拟上市的证券交易 所 | 上海证券交易所 | | 发行后总股本 | 不超过 19,145.9105 万股 | | 保荐人、主承销 ...

宁波索宝蛋白科技股份有限公司 Solbar Ningbo Protein Technology Co., Ltd. （注册地址：浙江省宁波保税区兴业大道 12 号） 首次公开发行股票并在主板上市 招股说明书 （申报稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应程序。本招 股说明书不具有据以发行股票的法律效力，仅供预先披露之用。投资者应当 以正式公告的招股说明书全文作为作出投资决定的依据。 保荐机构（主承销商） （注册地址：苏州工业园区星阳街5号） 1-1-1 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发行 人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其 对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任 何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 宁波索宝蛋白科技股份有限公司 招股说明书（申报稿） 本次发行概 ...