来源：每日经济新闻 "三十而立"的戴斯觉，选择在公司业绩强势反弹之际辞职。 11月17日晚间，保龄宝（002286.SZ，股价10.86元，市值40.64亿元）突发公告，公司董事会于11月17日 收到公司董事长戴斯觉的书面辞职报告。 彼时，戴斯觉年仅26岁，而保龄宝是功能糖龙头企业，他接手的时点，正值无糖饮料带动的赤藓糖醇行 业风口。凭借与元气森林等"网红气泡水"的合作，赤藓糖醇成为市场爆款。然而，戴斯觉在任期内很快 便经历了行业周期性变动的挑战。 2023年，赤藓糖醇行业因新玩家涌入导致产能激增，随即陷入了严重的供需失衡和价格战。紧接着， 2023年11月，欧盟委员会决定对原产于中国的赤藓糖醇产品发起反倾销调查。 戴斯觉任期内完整地经历了行业从高热到寒冬的"过山车"。不过，从业绩上看，保龄宝展现了穿越周期 的韧性。 《每日经济新闻》记者注意到，戴斯觉出生于1995年1月，在2021年3月接棒时年仅26岁，一度刷新A股 市场最年轻董事长的纪录。 戴斯觉此次辞任距其上任约四年半，他接手于"无糖风口"的鼎盛时期，随后经历了行业周期性波动和欧 盟反倾销调查的严峻挑战。 值得注意的是，尽管保龄宝在2024年及2025 ...

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].

Core Viewpoint - The resignation of Dai Sijue, the youngest chairman in A-share history, comes at a time when the company, Baolingbao, is experiencing a strong performance rebound, raising questions about underlying pressures within the company's control structure [1][2][3] Company Performance - Baolingbao reported a net profit of 111 million yuan for 2024, a year-on-year increase of 105.97%, and a significant increase in non-recurring net profit by 254.56% [3] - For the first three quarters of 2025, Baolingbao achieved a revenue of 2.126 billion yuan, up 15.98% year-on-year, and a net profit of 134 million yuan, reflecting a 32.58% increase [3] Industry Context - The erythritol industry faced severe supply-demand imbalances and price wars in 2023 due to an influx of new players, followed by an anti-dumping investigation by the European Union [3] - The company has shown resilience in navigating the industry's cyclical challenges, focusing on high-value products and optimizing supply chain management [3] Control Structure Changes - The actual control of Baolingbao shifted from Dai Sijue alone to a joint control with his brother, Dai Sicong, in August 2024 [5] - A promised share buyback plan by the new controlling entity has faced delays, with the initial commitment to increase holdings by 5% not being fulfilled as of the latest reports [6] Financial Pressures - Dai Sijue's controlling entity, Yongyu Investment, has faced significant financial pressures, being listed as an executor in multiple court cases with total amounts exceeding 280 million yuan [1][6] - As of the resignation announcement, Dai Sijue held 7.75% of Baolingbao's shares through Yongyu Investment, indicating ongoing involvement despite his resignation [6]

每经记者｜彭斐 每经编辑｜张益铭 "三十而立"的戴斯觉，选择在公司业绩强势反弹之际辞职。 辞职背后，保龄宝实控人层面的资金压力隐现。就在2024年，保龄宝变更为由戴斯觉、戴斯聪兄弟共同 控制，而由戴斯聪控制的企业所承诺的增持计划，因"资金安排"原因一再拖延。与此同时，戴斯觉本人 控制的控股股东北京永裕投资管理有限公司（以下简称"永裕投资"），年内已多次被列为被执行人，涉 及金额超2.8亿元。 曾经的A股"最年轻董事长"谢幕 根据保龄宝11月17日晚间的公告，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，戴斯觉的辞职不会导致公司董事会成员低于法定最低人数，辞职报告自送达董事会时生效。辞 职后，他仍将担任公司全资孙公司BLB INTERNATIONAL DEVELOPMENT(SINGAPORE)PTE.ITD.、 BLB BIO-TECH USA INC董事职务。 戴斯觉的"A股最年轻董事长"身份始于2021年。资料显示，戴斯觉出生于1995年1月，为中国香港居 民，拥有英国曼彻斯特大学金融经济学理学硕士学历。2021年3月25日，保龄宝召开第五届董事会第一 次会议，会议以 ...

Group 1 - The core point of the news is that Baolingbao's stock price has experienced fluctuations, with a current price of 10.60 CNY per share, reflecting a year-to-date increase of 44.81% [1] - As of November 17, Baolingbao's market capitalization stands at 4.034 billion CNY, with a trading volume of 76.62 million CNY and a turnover rate of 1.93% [1] - The company has seen a net outflow of 5.7993 million CNY in principal funds, with significant buying and selling activity from large orders [1] Group 2 - Baolingbao Biotech Co., Ltd. is located in Dezhou, Shandong Province, and was established on October 16, 1997, with its listing date on August 28, 2009 [2] - The company's main business involves the research, production, and sales of functional sugars, with revenue composition including starch sugars (29.89%), sugar substitutes (26.55%), feed and by-products (22.40%), probiotics (13.48%), dietary fibers (7.39%), and others (0.29%) [2] - For the period from January to September 2025, Baolingbao achieved a revenue of 2.126 billion CNY, representing a year-on-year growth of 15.98%, and a net profit attributable to shareholders of 134 million CNY, up 32.58% [2]

Core Viewpoint - The report from Huaxi Securities indicates that Baolingbao's Q3 2025 revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 727 million, 41 million, and 34 million yuan respectively, showing year-on-year growth of 12.23%, 30.21%, and 11.72% [1] Group 1: Financial Performance - Baolingbao's significant revenue growth is attributed to the substantial increase in sales of core products such as sugar-reducing sweeteners, prebiotics, and dietary fibers [1] - The improvement in gross margin is due to cost reduction and efficiency enhancement, alongside the increasing revenue share from core products [1] Group 2: Market Position and Product Strategy - As a leading enterprise in the domestic functional sugar industry, Baolingbao holds a significant market share in sugar-reducing sweeteners, prebiotics, and dietary fibers, supported by its comprehensive product layout and technological advantages [1] Group 3: Future Outlook - Short-term: With the new corn harvest in major production areas, corn prices are expected to remain low in Q4, which, combined with production cost reductions, may further enhance the gross margin of core products [1] - Mid-term: The accelerated approval process for allulose in China is expected to open up the domestic market, with Baolingbao's 20,000-ton expansion project already initiated, aiming for an annual capacity of approximately 30,000 tons by the end of 2026 [1] - Long-term: The launch of new high-value-added products such as HMOs (human milk oligosaccharides), algal oil DHA, and sugar-free resistant dextrin will further optimize the company's profit structure [1]

Core Viewpoint - The stock of Baolingbao has shown significant growth this year, with a notable increase in both stock price and trading volume, indicating strong market interest and performance [1][2]. Group 1: Stock Performance - As of November 12, Baolingbao's stock price increased by 2.16% to 11.36 CNY per share, with a trading volume of 1.22 billion CNY and a turnover rate of 2.94%, resulting in a total market capitalization of 4.323 billion CNY [1]. - Year-to-date, Baolingbao's stock price has risen by 55.19%, with a 15.56% increase over the last five trading days, 13.94% over the last 20 days, and 5.87% over the last 60 days [1]. Group 2: Capital Flow - The net outflow of main funds was 6.5193 million CNY, with large orders showing a buy of 19.1894 million CNY (15.72% of total) and a sell of 23.0777 million CNY (18.91% of total) [1]. - Baolingbao has appeared on the "Dragon and Tiger List" five times this year, with the most recent instance on May 22, where the net buy was -50.8373 million CNY [1]. Group 3: Company Overview - Baolingbao Biotechnology Co., Ltd. was established on October 16, 1997, and listed on August 28, 2009, focusing on the research, production, and sales of functional sugars [2]. - The company's main business revenue composition includes starch sugars and others (29.89%), sugar-reducing sweeteners (26.55%), feed and by-products (22.40%), probiotics (13.48%), dietary fiber (7.39%), and others (0.29%) [2]. - As of October 31, the number of shareholders was 33,600, a decrease of 0.25%, with an average of 10,999 circulating shares per person, an increase of 0.25% [2]. Group 4: Financial Performance - For the period from January to September 2025, Baolingbao achieved a revenue of 2.126 billion CNY, representing a year-on-year growth of 15.98%, and a net profit attributable to shareholders of 134 million CNY, up by 32.58% [2]. - Since its A-share listing, Baolingbao has distributed a total of 309 million CNY in dividends, with 95.0722 million CNY distributed over the past three years [2].

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company's revenue, net profit attributable to shareholders, and net profit after deducting non-recurring gains and losses for Q3 2025 were CNY 727 million, CNY 41 million, and CNY 34 million, respectively, representing year-on-year growth of 12.23%, 30.21%, and 11.72% [2] - The significant growth in performance is attributed to the substantial increase in sales of core products such as sugar-reduced sweeteners, prebiotics, and dietary fibers, along with improved gross margins due to cost reduction and efficiency enhancement [2][3] - The company's three core products accounted for 61.5% of revenue, with a gross margin contribution of 68.6%, and their sales revenue grew by 25.8% year-on-year [3] - The approval of HMO (Human Milk Oligosaccharides) for infant formula has been finalized, allowing for the expansion of product offerings in this category [4] - The gross margin for Q3 2025 was 13.54%, an increase of 1.76 percentage points year-on-year, while the gross margin for core products improved by 5.3 percentage points [5] Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 2.126 billion, net profit attributable to shareholders of CNY 134 million, and operating cash flow of CNY 158 million, reflecting year-on-year growth of 15.98%, 32.58%, and 62.38% respectively [2] - The company’s inventory decreased by 8.06% year-on-year, with inventory turnover days reduced to 39 days [6] Investment Recommendations - The company is positioned as a leader in the functional sugar industry, with a strong market share in sugar-reduced sweeteners, prebiotics, and dietary fibers [7] - Short-term outlook suggests further improvement in gross margins due to declining corn prices and production efficiency [7] - Mid-term prospects include accelerated approval for allulose, which is expected to open up the domestic market [7] - Long-term growth is anticipated from the launch of high-value products such as HMOs, DHA, and sugar-free resistant dextrin [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are CNY 2.718 billion, CNY 2.966 billion, and CNY 3.211 billion, respectively, with corresponding net profits of CNY 179 million, CNY 222 million, and CNY 269 million [9][11]

Investment Rating - The report does not explicitly state an investment rating for the dietary fiber industry Core Insights - Dietary fiber is recognized as the seventh essential nutrient, crucial for human health, aiding in weight control and the prevention of obesity, cardiovascular diseases, and diabetes. The demand for dietary fiber is expected to rise due to aging populations, increased health awareness, and changing dietary habits, leading to an expanding market size in China, which has become a major consumer region globally [4][5][37] Summary by Sections Industry Definition - Dietary fiber is defined as a carbohydrate polymer that is not digestible by the human small intestine and has health benefits. It is categorized into soluble and insoluble fibers based on solubility and can be derived from plant, animal, microbial, or synthetic sources [5][6][7] Industry Characteristics - The dietary fiber industry is characterized by its wide application across food, beverages, health products, and pharmaceuticals, significant health benefits, and high difficulty in industrial production, creating barriers for new entrants [14][15][16][17] Development History - The dietary fiber industry began in developed countries like the UK, USA, and Japan in the 1960s, with China starting later but rapidly advancing. The industry has grown significantly, with dietary fiber now recognized as an important nutrient for health [18][21][22] Industry Chain Analysis - The dietary fiber industry chain includes upstream raw material sourcing (starch, sugar, glucose), midstream processing into functional products, and downstream applications in food, beverages, and health products. The price fluctuations of raw materials significantly impact the cost and pricing of dietary fiber products [23][24][26] Market Size - The global dietary fiber market reached $514 million in 2023 and is projected to grow to $1 billion by 2030, with a CAGR of 10.03%. China is the largest consumer market, driven by population size and rising health consciousness [37][38][39] Competitive Landscape - The global dietary fiber market is dominated by major players from the USA and Europe, with emerging competition from Japanese and Chinese companies. The competition is influenced by the historical development of the industry in these regions [45][46][48]

Core Insights - The company reported a revenue of 969 million yuan for Q1-Q3 2025, representing a year-on-year increase of 18.10%, and a net profit attributable to shareholders of 265 million yuan, up 44.93% year-on-year [1] - In Q3 2025, the company achieved a revenue of 320 million yuan, a year-on-year growth of 10.61%, with a net profit of 95 million yuan, reflecting a 50.48% increase year-on-year [1] - The growth in Q3 revenue was primarily driven by overseas markets, with significant demand for core products [1] Financial Performance - The gross margin for Q3 2025 was 44.46%, an increase of 11.94 percentage points year-on-year, while the net profit margin was 29.67%, up 7.86 percentage points year-on-year [2] - The improvement in gross margin is attributed to product mix optimization and enhanced production efficiency [2] - The expense ratios for sales, management, R&D, and financial costs were relatively stable, with slight increases in sales, management, and R&D expenses [2] Product Development - D-Allulose has been approved as a new food ingredient in China as of July 2025, marking a new phase for its development in the domestic market [2] - The application scenarios for D-Allulose are extensive, and significant growth in domestic demand is anticipated in the coming years [2] - The company has already collaborated with various clients to develop related products, indicating a proactive approach to market expansion [2] Profit Forecast and Investment Rating - The company is projected to achieve net profits attributable to shareholders of 359 million, 466 million, and 606 million yuan for 2025-2027, representing year-on-year growth rates of 46%, 30%, and 30% respectively [2] - The current stock price corresponds to a price-to-earnings ratio of 24X, 18X, and 14X for 2025-2027 [2] - The investment rating is maintained at "Strong Buy" [2]