全球及中国甜菊糖甜味剂市场深度分析及需求预测报告2025-2031年 本文源自：中赢信合研究网 1 甜菊糖甜味剂市场概述 1.1 甜菊糖甜味剂行业概述及统计范围 1.2 按照不同产品类型，甜菊糖甜味剂主要可以分为如下几个类别 1.2.1 不同产品类型甜菊糖甜味剂增长趋势2019 VS 2025 VS 2031 1.2.2 Reb-A甜菊糖 1.2.3 STV甜菊糖 1.2.4 葡萄糖基甜菊糖 1.2.5 Reb-M甜菊糖 1.2.6 Reb-D甜菊糖 1.3 从不同应用，甜菊糖甜味剂主要包括如下几个方面 1.3.1 不同应用甜菊糖甜味剂增长趋势2019 VS 2025 VS 2031 9.3.4 Julong High-tech公司简介及主要业务 9.3.5 Julong High-tech企业最新动态 9.4 Biolotus Technology 9.4.1 Biolotus Technology基本信息、甜菊糖甜味剂生产基地、销售区域、竞争对手及市场地位 9.4.2 Biolotus Technology甜菊糖甜味剂产品规格、参数及市场应用 9.4.3 Biolotus Technology甜菊糖甜味剂 ...

反内卷，怎么反？ 总量联合行业投资机会全解析 20250708 摘要 当前反内卷政策强调结构性调整，旨在通过提高高质量供给比例实现产 业升级，与 2016 年钢铁、煤炭行业去产能政策不同，后者主要解决周 期性供求失衡，而当前问题更多是结构性的，有质量好的供给不足，有 质量差的供给过剩。 新修订的《反不正当竞争法》增加了关于治理内卷式竞争的规定，明确 禁止地方政府违法违规补贴行为，并要求严格执行公平条例，加强对低 价、低质产品及偷工减料等行为的监管，规范市场环境。 2023-2024 年中国工业用电量增长远快于工业增加值，但目前工业增 加值在增长，用电量在下降，表明投资放缓，产能出清顺应时局。传统 行业如钢铁、化工可能通过自发出清和政府帮助改善供给格局。 光伏产业面临硅料环节产能过剩、全产业链亏损销售等挑战。监管层可 能加强对低价销售的惩罚措施，并关注硅料产能收储整合平台公司的设 立。风电、储能、新能源车等子行业也有望受益。 Q&A 反内卷政策的背景和主要目标是什么？ 反内卷政策的背景源于 2025 年 7 月 1 日召开的二十届第六次财经委会议，会 议的主要议题是共同推进全国统一大市场建设，具体聚焦在综合整治 ...

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]

公司报告 | 首次覆盖报告 保龄宝（002286） 证券研究报告 功能糖龙头业绩重入增长快轨，未来看点何在？ 1. 保龄宝：功能糖龙头经营策略优化、管理效率提升，24 年业绩重入增长快轨 公司主营益生元、减糖甜味剂、膳食纤维等功能性配料的研产销，年综合产能超 50 万吨，活跃客户超 2000 多家，产品远销 100 多个国家和地区，是中国功能糖领 域的龙头企业。公司通过职业经理人团队管理公司。2023 年 6 月，王强先生被聘 任为公司总经理，拥有丰富的食物原辅料公司管理经验。2024 年，公司通过采取 对产品结构和营销策略的积极调整一系列措施，在营收调整的同时，利润实现显 著增长。2025年公司发布股票激励计划，2025-2027年业绩考核目标分别为：归母 净利润 2025 年不少于 1.7亿元，25-26年累计不少于 3.82 亿元，25-27年累计不少 于 6.47 亿元。25Q1，公司发展延续向好势头。 2. 行业变革：从甜味剂到功能糖，从满足味觉到更健康 功能糖是功能性低聚糖（益生元）、功能性膳食纤维、功能性糖醇（甜味剂）等几 种具有特殊生理功效的物质的统称。从人口结构、消费者偏好、政策指引三个维度 ...

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].

基础化工 | 证券研究报告 — 调整盈利预测 2025 年 5 月 20 日 605016.SH 买入 | 流通股 (百万) | 323.09 | | --- | --- | | 总市值 (人民币 百万) | 8,745.95 | | 3 个月日均交易额 (人民币 百万) | 140.78 | | 主要股东持股比例(%) | | | 窦宝德 | 47.36 | 资料来源：公司公告， Wind ，中银证券 以 2025 年 5 月 19 日收市价为标准 中银国际证券股份有限公司 具备证券投资咨询业务资格 基础化工：化学制品 证券分析师：余嫄嫄 (8621)20328550 yuanyuan.yu@bocichina.com 证券投资咨询业务证书编号：S1300517050002 联系人：赵泰 tai.zhao@bocichina.com 一般证券业务证书编号：S1300123070003 原评级：买入 市场价格:人民币 27.07 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 55.6 52.5 39.5 (11.2) 相对上证综指 52.4 49.7 39.1 (17 ...

Archer Daniels Midland Company (ADM) 2025 Conference Summary Company Overview - **Company**: Archer Daniels Midland Company (ADM) - **Date**: May 14, 2025 - **Key Speakers**: Manish Padalawala (CFO), Chris Cuddy (President of Carb Solutions and North America) Core Industry Insights - **Commodity Cycle Management**: ADM is focused on managing through the commodity cycle, simplifying its business, and pursuing strategic growth opportunities to enhance earnings potential over time [1][2] - **Cost Optimization**: The company aims to achieve cost efficiencies of $500 million to $750 million over the next three to five years, with $200 million to $300 million targeted for the current year [10][34] - **Growth Opportunities**: ADM sees significant growth potential in biosolutions, carbon capture, and emerging markets, alongside its nutrition business [11][30] Financial Performance and Projections - **Earnings Guidance**: ADM reaffirmed its earnings guidance at $4.00 to $4.75 per share, with expectations for improved crush margins in the second half of the year [21][22] - **Operational Challenges**: The company has faced operational challenges, including unplanned downtimes, but is working to improve efficiency and reliability in its plants [35][39] Regulatory and Market Factors - **RVO Impact**: ADM has lobbied for Renewable Volume Obligations (RVOs) of 15 billion gallons for ethanol and 5.25 billion gallons for biomass biodiesel, emphasizing the importance of certainty in regulations for capital investments [14][15] - **Market Demand**: The company is cautious about demand softness in certain segments, particularly in the carbohydrate solutions and nutrition businesses, but remains optimistic about long-term growth [41][49] Strategic Initiatives - **Digital Transformation**: ADM is investing in digital capabilities to enhance operational efficiency and data analytics, which are expected to drive better decision-making and performance [11][71] - **Capital Allocation**: The company is focused on maintaining a strong balance sheet while investing in organic growth and returning capital to shareholders through dividends and share buybacks [67][72] Additional Insights - **Sustainability Focus**: ADM is committed to sustainability initiatives, including carbon capture and renewable products, which are seen as key growth areas [30][31] - **Portfolio Management**: The company is actively evaluating its portfolio for simplification and potential divestitures, with a focus on areas where it has a competitive advantage [65][73] Conclusion - **Long-term Outlook**: ADM is positioned for long-term value creation through operational excellence, strategic growth initiatives, and a strong balance sheet, despite facing short-term challenges in the market [12][73]

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]

Core Viewpoint - The Chinese government has initiated a comprehensive governance action to address the abuse of food additives, emphasizing the importance of food safety and consumer health [1][5]. Group 1: Definition and Importance of Food Additives - Food additives are substances added to food to enhance its quality, flavor, and preservation, categorized into 23 types including sweeteners and preservatives [3]. - Proper use of food additives is crucial for modern food production, providing benefits such as preservation, flavor enhancement, and resource savings [3]. Group 2: Governance Action Overview - The governance action targets the abuse of food additives, defined as exceeding the permitted scope and limits, which poses health risks [5]. - The action plan involves multiple departments, including agriculture, industry, customs, health, and market regulation, to ensure comprehensive oversight from production to consumption [7][30]. Group 3: Regulatory Focus Areas - Key areas of focus include: - Strict enforcement against illegal agricultural inputs in food production [7]. - Enhanced management of chemical products and industrial raw materials [7]. - Increased scrutiny of imported food additives for compliance with regulations [7]. - Development of a dynamic management system for food additive varieties [7]. - Rigorous monitoring of food additive production, sales, and usage [7]. Group 4: Specific Regulatory Measures - Local market regulatory authorities are conducting inspections of food additive production facilities, focusing on compliance with supplier management and production standards [9][11]. - The regulatory framework includes the prohibition of certain additives in specific food products, such as preservatives in canned foods and certain baked goods [14][21]. Group 5: Restaurant and Food Service Regulations - The governance action also emphasizes the regulation of food additives in the restaurant sector, requiring compliance with national safety standards and transparency in ingredient usage [22][25]. - Specific banned substances in the restaurant industry include industrial oxalic acid, nitrites, and other illegal additives [25][27]. Group 6: Import Food Safety Measures - Customs authorities are implementing strict checks on imported food products to ensure adherence to the new national standards for food additives [30][31]. - Measures include the rejection or destruction of products that violate additive regulations and thorough review of foreign production facility registrations [31].

证券研究报告 | 公司深度 | 农产品加工 保龄宝(002286) 报告日期：2025 年 05 月 08 日 产品结构优化驱动盈利改善，功能糖龙头再谱新篇章 ——保龄宝深度报告 投资要点 ❑ 要点一 引入职业经理人助力公司改革，产品结构优化驱动盈利改善。公司成立于 1997 年，是国内功能糖和营养补充剂产品矩阵最为丰富的企业之一，公司现已构成由 淀粉糖—减糖甜味剂—益生元—膳食纤维—特种功能性食品原料的五层产品矩 阵。在经历了 2019 年赤藓糖醇爆火后的冲高回落，公司在管理层中引入职业经 理人，在行业下行期积极调整经营策略和产品结构，在优化成本的同时推出高附 加值及差异化产品，助力公司去年实现利润的触底反弹，毛利率得到显著改善。 ❑ 要点二 赤藓糖醇反倾销受益标的，关注阿洛酮糖国内增量市场。赤藓糖醇在经历 21 年 元气森林爆火后，随着新增产能投产，价格冲高回落至景气度底部，当前行业格 局趋于稳定，全球仅中国、欧洲和美国拥有产能，公司目前拥有 3 万吨/年的产 能，受益于公司是欧盟反倾销税率最低的国内企业，预计公司赤藓糖醇在欧洲市 场有望迎来量价齐升，根据我们的测算，公司在欧洲的边际最优定价为 1.58 ...