三元生物 20251124 摘要 美国对赤藓糖醇征收高额预交关税（462%）导致直接出口受阻，但因 美国市场刚性需求和三仁生物品牌效应，产品通过转口贸易维持部分销 量，1-9 月美国市场销量同比下降 25%。 针对美国反倾销，部分客户提起诉讼，若法院裁定特定复配产品不在反 倾销范围内，将有助于合法出口。美国政府停摆导致裁决推迟，预计未 来一年内有结果，同时，企业积极探索通过邻国转口贸易。 欧盟对三仁生物征收较高反倾销税，导致直接出口停滞。公司通过调整 产品配方，生产含 90%以下阿洛酮糖的赤藓糖醇复配产品以规避关税， 并逐步被客户接受，需求量增加。 国内赤藓糖醇价格维持在每公斤 1.2-1.3 美元的底部水平，行业库存普 遍不大，企业多以销定产。公司虽主动降价促销，但通过扩大销量和成 本控制，基本维持了运营效果，预计 2025 年业绩与 2024 年相当。 公司通过技术改进、节能改造和自动化控制等措施降低生产成本，有效 应对欧美反倾销影响，同时积极拓展东南亚、中东和南美等新兴市场。 Q&A 今年前三季度，三仁生物在经营情况上有哪些变化？美国对行业的反倾销调查 进展如何，对公司业绩产生了哪些影响？ 欧盟对公司的 ...

Core Insights - The trend of young consumers moving away from "sugar-free" products is evident, with a noticeable slowdown in the growth of sugar-free tea sales and a decline in the popularity of sugar substitutes [5][12][14] Industry Overview - Sugar-free tea sales growth has significantly decreased, with sales growth rates from April to September 2023 being 3.9%, 7%, 19.9%, 19.5%, 8.5%, and 6.3%, all lower than the same periods in the previous year [2] - The average price of sugar-free tea has been on the rise, increasing from 5.1 yuan per piece in 2023 to 5.6 yuan per piece by 2025, indicating that despite higher prices, total sales growth is slowing [2] - The market is dominated by established brands like Nongfu Spring and Suntory, which together hold 87.3% market share as of September 2023, up 6.4% from the previous year [7] - The second-tier brands' market share has decreased from 11.3% to 7.4%, while the third-tier brands' share has shrunk from 5.1% to 3.4%, highlighting the intensifying head effect in the industry [7][9] Consumer Behavior - The shift in consumer preferences indicates that the younger generation is moving away from extreme health consciousness towards a more indulgent lifestyle, seeking comfort in sugary beverages [5][12] - The demand for sugar substitutes, particularly erythritol, has also faced challenges, with a reported oversupply in the market as of May 2023, where domestic production capacity reached 380,000 tons per year against a global demand of only 173,000 tons [2][14] Product Innovation - There has been a lack of new hit products in the sugar-free tea market, with established products like unsweetened oolong and jasmine tea dominating nearly 70% of the market share [9] - The innovation in the sugar-free tea sector has stagnated, with brands focusing on minor innovations around existing products rather than developing new ones, leading to potential homogenization and price competition [9][11] - In contrast, the sugary tea segment has seen a surge in new product launches, with sugary tea products outnumbering sugar-free tea products significantly in recent months [10] Supplier Challenges - Suppliers of sugar substitutes are experiencing significant operational pressures, with major companies like San Yuan Bio reporting a 7.54% decline in total revenue and a 16.8% drop in net profit for the first three quarters of the year [14][19] - The industry is facing a broader trend of declining demand, leading to increased competition and financial strain on suppliers, many of whom are exploring alternative products and markets to mitigate losses [17][19]

11月17日，保龄宝（证券代码：002286）发布公告，公司董事会于当日收到公司董事长戴斯觉的书面辞 职报告。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。 公告显示，截至本公告披露日，戴斯觉未直接持有公司股份，通过北京永裕投资管理有限公司持有公司 29508653股股票，占公司总股本的7.75%，戴斯觉为公司实际控制人之一。 中国执行信息公开网显示，戴斯觉控股的北京永裕投资管理有限公司，2025年9月，北京永裕投资管理 有限公司被江西银行股份有限公司南昌红谷滩支行，列为失信被执行人，执行标的金额为2.53亿元。 | 失信被执行人 | | --- | | 被执行人姓名/名称:北京永裕投资管理有限公司 | | 静砂性号器/用药机构代码: 9111010530 *** 280p | | 执行法院: 江西省南昌市中级人民法院 | | 省份: 江西 | | 执行体报文号: (2022) 赣01民机369号 | | 立案时间:2025年06月19日 | | 案号: (2025) 赣01执佐186号 | | 碳出执行体验单位: 江西省南昌市中级人民法院 | | 生效法律文书确定的义务: (202 ...

11月17日晚间，保龄宝突发公告，董事会当日收到公司董事长戴斯觉的书面辞职报告。戴斯觉在2021年3月接棒保龄宝，一度成为A股上市公司最年轻的董 事长。11月18日收盘，保龄宝股价大跌6.37%至10元/股，总市值38.06亿元。 知名战略定位专家、福建华策品牌定位咨询创始人詹军豪在接受北京商报记者采访时表示，"保龄宝前三季度业绩增长得益于核心产品销量提升、收入占比 增加及降本增效。若公司能持续优化产品结构、扩大高附加值产品份额，并保持降本增效措施，叠加健康消费趋势，业绩复苏具备可持续性"。 业绩向好下，董事长辞职的原因业内议论纷纷。有观点认为，保龄宝实控人永裕投资存在资金压力。中国执行信息公开网显示，永裕投资在2024年9月被哈 尔滨市中级人民法院列为被执行人，执行标的金额为3515.63万元，戴斯觉因此被限制高消费；2025年9月，永裕投资再被江西省南昌市中级人民法院列为被 执行人，执行标的金额高达2.53亿元。两项执行金额相加，约为保龄宝去年归母净利润的2.5倍。 詹军豪认为，"永裕投资作为控股股东，多次被列为被执行人，执行标的金额巨大，可能引发股权质押或减持风险。若其资金问题无法缓解，对于公司股权 结 ...

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 ...

"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6.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。 《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年前三季度展现了强劲的业绩复苏，但戴斯觉最终以"个人原因"选择谢幕。 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 ...

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 ...

Core Viewpoint - The article discusses the return of white sugar to beverage ingredient lists, driven by an upgrade in consumer health awareness and a demand for controllable taste experiences [4][27]. Group 1: Market Trends - The beverage market has seen a significant shift with the rise of sugar-free drinks, initiated by brands like Yuanqi Forest in 2018, which led to a decline in the presence of white sugar in ingredient lists [9][15]. - However, in the recent beverage season, traditional beverage companies have reintroduced white sugar in their products, indicating a change in consumer preferences towards a balance of taste and health [8][15]. - The global largest erythritol manufacturer, San Yuan Bio (301206.SZ), saw its erythritol revenue peak at 1.567 billion yuan in 2021, but it is projected to drop to 515 million yuan in 2024 due to an oversupply in the market [12][13]. Group 2: Consumer Preferences - Consumers are now more inclined to accept the presence of white sugar in beverages, as seen with brands like Yuanqi Forest and Nongfu Spring launching new products that contain white sugar while promoting low-sugar options [15][17]. - The trend reflects a shift from an absolute avoidance of sugar to a preference for lower sugar content that still delivers enjoyable taste experiences [27][28]. - Brands are strategically reducing serving sizes to manage sugar intake while still offering products that satisfy taste preferences, indicating a nuanced approach to sugar consumption [18][22]. Group 3: Competitive Landscape - The sugar tea market, valued at nearly 90 billion yuan, is experiencing a competitive yet stable environment, with traditional beverage companies maintaining significant market shares [32][35]. - Major players like Master Kong, Uni-President, and Nongfu Spring dominate the market, collectively holding over 69% of the market share, with growth rates exceeding 5% [35][36]. - The introduction of new products in the sugar tea category continues to outpace sugar-free options, suggesting a sustained consumer interest in traditional flavors [34][35].

Core Viewpoint - The article discusses the resurgence of white sugar in beverage ingredient lists, highlighting a shift in consumer preferences towards a balance of taste and health, as well as the evolving strategies of beverage companies in response to these trends [5][14][26]. Group 1: Market Trends - The beverage market has seen a significant shift with the rise of sugar-free drinks, initiated by brands like Yuanqi Forest in 2018, which led to a decline in the presence of white sugar in ingredient lists [8][12]. - However, in the recent beverage season, traditional beverage companies have reintroduced white sugar in their products, indicating a change in consumer perception towards health and taste [7][14]. - The market for sugary tea beverages is substantial, nearing 900 billion, and is experiencing a transition from rapid expansion to a focus on quality development [31][34]. Group 2: Consumer Preferences - Consumers are increasingly seeking a balance between health and taste, leading to a demand for products that offer lower sugar content without sacrificing flavor [18][26]. - The trend of "controlled indulgence" is emerging, where brands are marketing products with reduced sugar while still incorporating white sugar to enhance taste [16][20]. - Younger consumers are particularly interested in products that provide enjoyable flavors without the guilt associated with high sugar content [21][26]. Group 3: Company Strategies - Companies like Yuanqi Forest and Nongfu Spring have launched new products featuring white sugar, emphasizing low-sugar and reduced-sugar branding to attract health-conscious consumers [14][16]. - The use of alternative sweeteners like erythritol and sucralose has been prevalent, but companies are now recognizing the unique taste benefits of white sugar, leading to its reintroduction in various products [10][20]. - Major brands such as Master Kong and Uni-President maintain significant market shares in the sugary tea segment, indicating their strong influence and the stability of this market despite health trends [34][35].