杨瑞馥表示，健康肠道有多层含义，除了最容易想到的"没有疾病"外，还应当注重肠道舒适，即肠道没 有任何不适症状，规律排便，无腹胀或腹痛、胀气等。 "肠道的微生态平衡极易被打破，高糖高脂饮食、压力、抗生素滥用等，都会让有害菌占上风，引发慢 性低度炎症。"杨瑞馥说，这种"无声的炎症"堪称健康的"隐形杀手"，它像一颗埋在体内的定时炸弹， 与自闭症、老年痴呆、肿瘤、心血管疾病、肥胖等疾病密切相关，甚至调控着我们一生的免疫、情绪与 代谢。 "饮食是塑造肠道微生态的'第一推手'。"杨瑞馥介绍，科学护肠的饮食法则很简单，首先，多给"燃 料"，每天25克~30克膳食纤维（燕麦、豆类、西兰花等），喂饱双歧杆菌等有益菌；其次，补充"特种 兵"，多酚（蓝莓、绿茶等）是菌群的抗氧化剂，坚果和橄榄油等食物中的不饱和脂肪酸能修复肠黏 膜，许多食品中的益生元能促进有益菌生长；第三，避开"破坏王"，少吃加工食品（添加剂扰乱菌 群）、红肉（促炎物质增加）及过量的糖或甜味剂（有害菌的"口粮"）。 （来源：工人日报） 本报讯（记者陶稳）"当我们谈论健康时，往往聚焦于躯体与精神，却忽略了人体内一个隐形的'第三生 命'微生物组。"近日，在第三届国民营养 ...

Investment Rating - The report initiates coverage on Bailong Chuangyuan with a "Buy" rating and sets a target price of RMB 28.00, corresponding to a 25x PE for 2026 [1][5][7]. Core Insights - Bailong Chuangyuan is positioned as a leader in the functional sugar sector, benefiting from a product mix that aligns with health trends, strong technical barriers providing pricing power, and a global production layout that supports sustained leadership in the functional sugar market [1][14][35]. - The company is expected to experience robust growth driven by the release of dietary fiber and prebiotic capacities in the first half of 2026, alongside the penetration potential of allulose sugar, which is anticipated to become a new growth driver [1][2][35]. Summary by Sections Beta Dimension - Bailong Chuangyuan focuses on the functional sugar sector, with three main product categories—prebiotics, dietary fibers, and allulose sugar—benefiting from the global "sugar reduction" and health upgrade trends [2][15]. - The global market for prebiotics is projected to grow at a CAGR of 8.6% from 2024 to 2030, driven by increasing consumer awareness and supportive policies in dairy and infant formula sectors [2][15]. - Dietary fibers are expected to see a CAGR of 10.0% from 2024 to 2030, with resistant dextrin leading the growth due to its enhanced functionality [2][15]. - Allulose sugar is anticipated to have a CAGR of 16.9% from 2024 to 2030, as it expands from beverages to baked goods, supported by regulatory approvals in key markets [2][15]. Alpha Dimension - The company leads in market share within the functional sugar industry, with significant global market positions in dietary fibers, prebiotics, and allulose sugar [3][16]. - Technical advantages include high purity and low-cost production methods for resistant dextrin and allulose sugar, which enhance competitive positioning [3][16]. - Customer stickiness is strong, with 67% of revenue coming from overseas markets, where the competitive environment is less aggressive than in domestic markets [3][16]. - The company’s flexible production management allows for efficient capacity allocation, focusing on high-value products, and plans for expansion in Thailand are expected to further enhance global competitiveness [3][16]. Market Perspective - The report counters market concerns regarding domestic competition leading to price wars, emphasizing the company's high overseas revenue proportion and the customized nature of its products, which create high switching costs for customers [4][16]. - The business model is designed to mitigate risks associated with capacity expansions by competitors, as the company's products are closely tied to long-term health trends rather than short-term price competition [4][16]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is RMB 3.6 billion, RMB 4.7 billion, and RMB 6.2 billion for the years 2025 to 2027, respectively, with corresponding EPS of RMB 0.86, RMB 1.12, and RMB 1.48 [5][10].

【SynBioCon】 获 悉，12月22日，上海市发布《上海市加快食品科技创新赋能产业发展行动方案（2026—2030年）》。 关键词 | 全球政策进展 |上海|食品科技 方案提及，到2027年， 实现合成生物食品创制重要突破 ，提升食品数智化制造水平。 研制并获批3—5种新食品原料、食品添加剂新品种、食品相关产品新品种 （以下简称"三新食品"） ， 开发1—2个特殊医学用途配方食品；引育5家以上具 有食品创制核心技术与数智化制造能力的自主创新企业 ；建立健全食品产业发展的标准体系，形成研、检、审联动的协同机制。 到2030年，打造具有全球影响力的食品科技创新策源地与产业高地，形成更安全、更健康、更便捷、可持续的食品创新生态。 加快新食品原料挖掘 。以功能性蛋白、糖类、脂质开发为重点，兼顾功能活性物质、香料、色素等分子创制，拓展天然来源或人工合成的新食品原料，解 析生理调控与代谢机制，开展新型功能成分的发掘提取、稳态化、递送技术研究，提高活性保留率与生物利用度。（市科委） 加快生物合成技术迭代 。通过合成生物学与人工智能深度融合，持续提升标准化元件及底盘细胞的性能与适配度，推动高通量细胞筛选、异源高效表达、 ...

人民财讯12月22日电，上海市科学技术委员会等多部门印发《上海市加快食品科技创新赋能产业发展行 动方案(2026—2030年)》，其中指出，支持新型食品研发。开展替代蛋白、人造肉、人造奶、3D打印食 品、藻类等新食品研发，创制具有生理调控功能的活性肽、工程益生菌、益生元、后生元、食药同源食 品、适老食品等产品，满足多元化食物消费需求、个性化营养健康需求和可持续发展需求。 ...

Core Viewpoint - The appointment of Wang Qiang as the new chairman of Baolingbao follows the resignation of the previous chairman, Dai Sijue, highlighting significant management changes within the company amid industry challenges [1][2] Management Changes - Baolingbao has experienced nearly 10 changes in its board and senior management positions within the year, indicating a strategic shift in response to operational pressures [1][2] - The resignation of Dai Sijue, who was noted as the youngest chairman in A-shares, reflects the need for management transformation due to competitive pressures in the industry [1][2] - The company has introduced several experienced management talents to enhance operational efficiency and focus on high-margin businesses [2] Industry Context - The functional sweetener industry is facing a "winter" period characterized by overcapacity and price wars, particularly following the surge in the sugar-free beverage market since 2021 [1][3] - The industry is undergoing a transition from high-intensity artificial sweeteners to natural and functional sweeteners to meet health demands, with rapid development in natural sweeteners like steviol glycosides and monk fruit sugar [3] Financial Performance - In 2023, Baolingbao's sales of sugar alcohol products plummeted by 41.79%, with a gross margin dropping to -9.65%, prompting management adjustments [1] - For the first three quarters of 2024, Baolingbao reported revenue of 2.126 billion yuan, a year-on-year increase of 15.98%, and a net profit of 134 million yuan, up 32.58% [4] - The core products, including prebiotics, dietary fiber, and sugar-reducing sweeteners, accounted for 61.5% of revenue and 68.6% of gross profit, indicating a focus on high-margin segments [4]

Core Insights - The appointment of Wang Qiang as the new chairman of Baolingbao follows the resignation of the previous chairman, Dai Sijue, highlighting significant leadership changes within the company amid industry challenges [1][4] - The frequent turnover of nearly 10 executives in Baolingbao this year reflects broader struggles within the functional sweetener industry, which is facing pressures to balance short-term performance with long-term strategic investments [1][5] Company Developments - Dai Sijue resigned for personal reasons, marking a shift in Baolingbao's management in response to competitive pressures in the market, particularly after a significant drop in sales and profitability in 2023 [4][9] - Wang Qiang, who has extensive experience in multinational corporations, was brought in to lead the company through a strategic transformation and enhance operational efficiency [4][5] - The company has seen a drastic decline in sales of its sugar alcohol products, with a 41.79% year-on-year drop in 2023 and a negative gross margin of -9.65% [4][9] Industry Context - The functional sweetener industry is experiencing intense competition, with many companies undergoing leadership changes as they adapt to market conditions [6][7] - The industry is characterized by a clear competitive hierarchy, with companies like Lian Biological and Jinhe Industrial leading the market, while Baolingbao and others are positioned in the mid-tier [7][8] - The shift towards natural and functional sweeteners is evident, with companies focusing on product differentiation and technological upgrades to meet health demands [8][9] Financial Performance - Baolingbao reported a revenue of 2.126 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 15.98%, and a net profit of 134 million yuan, up 32.58% [9] - The core products, including prebiotics, dietary fibers, and sugar-reducing sweeteners, accounted for 61.5% of the company's revenue, indicating a strategic focus on high-margin products [9]

Core Insights - The article discusses the optimization solutions for poultry gut health, focusing on feed additives, nutritional strategies, and management practices to enhance digestive health and reduce disease risks [1][3][4]. Market Overview - The poultry industry has undergone significant changes due to genetic improvements and fluctuations in feed ingredient prices, leading to increased demand for enhanced nutritional and management practices [3]. - The global demand for antibiotic-free (ABF) poultry has surged, with over 50% of chicken production in the U.S. adhering to "no antibiotics ever" (NAE) programs [3][4]. - The market for poultry gut health optimization solutions is projected to reach $4.882 billion by 2024, with a compound annual growth rate (CAGR) of 8.86% [10]. Current Development - There has been a surge in the development of alternative gut health optimization solutions, including probiotics, prebiotics, enzymes, organic acids, and plant-based products [4]. - Regulatory support for antibiotic alternatives is increasing, particularly in Europe and North America, driving the adoption of gut health optimization solutions [6]. - Innovations in feed additives are aiding poultry producers in optimizing feed efficiency and improving overall flock health [4][6]. Future Trends - The adoption of ABF production methods is on the rise, driven by consumer demand for antibiotic-free meat, which will propel the development of alternative gut health solutions [5]. - There is a growing emphasis on sustainability and animal welfare, leading to increased demand for solutions that improve feed conversion rates and reduce waste [5]. - The market is expected to expand globally, particularly in developing regions like Asia and Africa, as poultry consumption increases [5]. SWOT Analysis - **Strengths**: Regulatory support for antibiotic alternatives, growing demand for antibiotic-free poultry, and advancements in microbiome science [6]. - **Weaknesses**: High initial investment costs for implementing advanced gut health solutions and the complexity of managing gut health due to various influencing factors [7]. - **Opportunities**: Expanding global market, potential for innovative product development, and integration with digital solutions for improved gut health management [8]. - **Threats**: Increasing market competition and rapidly changing consumer preferences that may disrupt traditional poultry markets [9]. Market Segmentation - Probiotics and prebiotics currently dominate the market, accounting for approximately 40.73% of the share, as they are crucial for improving gut microbiota and overall poultry health [15]. - Broilers represent the largest demand source, making up about 68.80% of the market, due to their rapid growth and high feed conversion efficiency [17].

Core Viewpoint - The sudden resignation of the chairman of Baolingbao, Dai Sijue, has led to a significant drop in the company's stock price, raising concerns about the company's governance and financial stability [1][4][7]. Company Overview - Baolingbao, listed in August 2009, was the first company in China's functional sugar industry to go public, initially thriving through partnerships with well-known brands [5]. - The company experienced peak revenue of 2.765 billion yuan in 2021, driven by the rising demand for sugar substitutes [5]. Recent Developments - Dai Sijue resigned due to personal reasons but remains a director in two subsidiaries. His resignation is effective immediately upon submission [4]. - Following the announcement, Baolingbao's stock price fell by 6.37% to 10 yuan per share, with a total market value of 3.806 billion yuan [1][4]. Financial Performance - Baolingbao's revenue has declined for three consecutive years from 2022 to 2024, with figures of 2.713 billion yuan, 2.524 billion yuan, and 2.402 billion yuan respectively, attributed to external pressures and increased competition [6]. - In the first three quarters of 2025, the company reported revenue of approximately 2.126 billion yuan, a year-on-year increase of 15.98%, and a net profit of approximately 134 million yuan, up 32.58% [6]. Industry Context - The sugar substitute industry has seen accelerated capacity expansion, with global demand for erythritol reaching 173,000 tons in 2022, while the production capacity of leading manufacturers exceeds demand by more than double [6]. - The competitive landscape has intensified, posing challenges for Baolingbao as it seeks to maintain its market position [6]. Governance Concerns - Concerns have arisen regarding the financial pressures faced by the controlling shareholder, Yongyu Investment, which has been listed as a defendant in multiple court cases with significant execution amounts [7][8]. - The potential for stock pledge or reduction risks due to Yongyu Investment's financial issues could impact the stability of Baolingbao's shareholding structure [7][8].

Core Points - The resignation of Dai Sijue, the chairman of Baolingbao, comes at a time when the company is experiencing a strong performance rebound, with a reported net profit of 1.11 billion yuan in 2024, a year-on-year increase of 105.97% [4] - Despite the company's recovery, Dai Sijue cited "personal reasons" for his resignation, which raises concerns about potential financial pressures within the controlling shareholder's structure [2][4] - The company has faced challenges, including a significant increase in competition and a price war in the erythritol industry, as well as an anti-dumping investigation by the European Union [4][6] Company Performance - Baolingbao reported a net profit of 1.11 billion yuan in 2024, marking a 105.97% increase year-on-year, with a significant rise in non-recurring net profit by 254.56% [4] - For the first three quarters of 2025, the company achieved a revenue of 2.126 billion yuan, a year-on-year growth of 15.98%, and a net profit of 134 million yuan, up 32.58% [4] - The growth is attributed to increased sales of core products such as sugar-reduced sweeteners, prebiotics, and dietary fibers, along with improved gross margins due to cost reduction and efficiency enhancements [4] Shareholder Dynamics - The actual control of Baolingbao shifted from Dai Sijue alone to a joint control structure with his brother, Dai Sicong, in August 2024 [6] - A promised shareholding increase by the new controlling entity has faced delays, with the initial commitment to increase holdings by at least 5% not being met due to "funding arrangements" [7] - As of the resignation announcement, Dai Sijue held 29.51 million shares through his investment company, representing 7.75% of the total share capital [7]

Core Viewpoint - The resignation of Dai Sijue, the chairman of Baolingbao, comes at a time of strong performance recovery for the company, raising questions about underlying financial pressures within the controlling shareholder's structure [5][6]. Company Overview - Baolingbao's stock price was reported at 10.86 yuan, with a market capitalization of 4.064 billion yuan as of November 17 [2]. - Dai Sijue, born in January 1995, became the youngest chairman in A-share market history at the age of 26 in March 2021 [3][6]. - His tenure lasted approximately four and a half years, during which he faced significant challenges, including industry fluctuations and an EU anti-dumping investigation [4][6]. Performance Analysis - Despite the challenges, Baolingbao demonstrated resilience, achieving a net profit of 111 million yuan in 2024, a year-on-year increase of 105.97%, and a significant rise in net profit excluding non-recurring items by 254.56% [8]. - For the first three quarters of 2025, the company reported revenue of 2.126 billion yuan, up 15.98%, and a net profit of 134 million yuan, reflecting a 32.58% increase year-on-year [8]. Shareholder Dynamics - The actual control of Baolingbao shifted in August 2024 from Dai Sijue alone to a joint control structure with his brother, Dai Sicong [10]. - A planned share buyback by the new controlling entity has faced delays due to "funding arrangements," with the initial commitment to increase holdings by 5% not being met [11][12]. - As of the resignation announcement, Dai Sijue held 29.5087 million shares through his investment firm, representing 7.75% of the total shares [13].