投资建议：我们预计公司2025-2027 年营业收入分别为16.58/18.81/21.36 亿元，分别同比增长 6.57%/13.50%/13.54%，预计公司2025-2027 年实现归母净利润1.86/2.15/2.66 亿元，分别同比增长 53.46%/15.81%/23.56%，首次覆盖给予"推荐"评级。 风险提示：原材料价格波动风险，市场开拓不及预期风险，食品安全风险 健康与环保驱动下游需求快速增长，行业集中度有望进一步提升。大豆蛋白下游应用较为广泛，包括肉 制品加工、仿肉行业、休闲食品、保健品行业等，在消费者健康和环保意识提升驱动下，下游需求持续 提升。我国为全球最大的大豆蛋白市场，占据约50%的市场份额，22 年我国大豆蛋白行业规模达到 145.2 亿元，18-22 年CAGR 为3.89%。竞争格局方面，大豆蛋白行业CR5 为60%，公司大豆蛋白的市占 率约10%，公司和嘉华股份等头部厂商近两年销量持续提升，随着落后产能不断出清，行业集中度有望 进一步提升。 全产业链布局铸就高盈利壁垒，产品结构优化盈利中枢有望提升。公司专注非转基因大豆深加工，经过 近二十余年积累成为行业内为数不多的拥有大豆 ...

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 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 ...

Core Insights - JD Group's Seven Fresh Kitchen has publicly disclosed its list of food suppliers, emphasizing the use of well-known brands for all major categories including oils, grains, and seasonings [3] - The supply chain strategy focuses on high-quality, recognizable brands, with local suppliers for fresh vegetables, ensuring thorough verification of qualifications and inspection reports [3] - Seven Fresh Kitchen aims to maintain transparency in its supply chain by regularly updating and publicizing its ingredient list, and has introduced a 24-hour live kitchen broadcast for consumers [3] Supplier Details - The oil used is non-GMO soybean oil from Golden Dragon Fish, while rice is sourced from October Rice Field's Northeast first-grade rice [3] - Meat and poultry are supplied by reputable companies such as Charoen Pokphand Group, and seasonings come from brands like China Salt and Haitian [3] - Fresh vegetables are processed into ready-to-cook products, ensuring quality and convenience for consumers [3] Business Performance - Since its opening, Seven Fresh Kitchen has seen a continuous increase in order volume, positively impacting the order volume of nearby quality restaurants by over 12% within a 3-kilometer radius [4]

Core Viewpoint - The food safety issues in the restaurant industry are gaining significant attention, and supply chain transparency is crucial for ensuring consumer confidence in food safety [1] Group 1: Supply Chain Transparency - Seven Fresh Kitchen, a brand under JD Group, has implemented measures such as open kitchen policies and 24-hour live streaming of kitchen operations to enhance food safety standards [1][7] - The company has publicly disclosed its core ingredient suppliers, covering all major categories including vegetables, meat, grains, oils, and condiments [4][5] Group 2: Ingredient Sourcing - Seven Fresh Kitchen sources high-quality ingredients from well-known brands, such as non-GMO soybean oil from Jinlongyu and premium rice from Shiyue Rice [5] - The company emphasizes using local top suppliers for fresh vegetables and conducts thorough checks on supplier qualifications and inspection reports [5] Group 3: Consumer Engagement - The establishment of a three-tiered assurance system from ingredient transparency to kitchen transparency and cooking transparency aims to provide consumers with a reassuring dining experience [7] - Consumers can monitor the cooking process in real-time through the 24-hour kitchen live stream, enhancing their confidence in the food being prepared [7] Group 4: Business Performance - Since its opening, Seven Fresh Kitchen has experienced continuous growth in order volume, significantly boosting the sales of nearby restaurants by over 12% [9] - The brand acts as a "traffic entrance," attracting consumers seeking high-quality takeout, which in turn benefits other quality restaurants in the same delivery area [9] Group 5: Future Plans - Seven Fresh Kitchen plans to share its supply chain with other quality restaurants to promote the prosperity of regional dining services [9]

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]

Core Viewpoint - The company West B is addressing customer concerns regarding its food production processes and has acknowledged a significant gap between its practices and customer expectations. The company has committed to implementing nine adjustments across its nationwide stores by October 1, 2025, to enhance customer experience and food safety [1][4][8]. Group 1: Customer Concerns and Company Response - West B issued an apology on September 15, acknowledging the confusion and concerns raised by customers regarding its food production methods [1][4]. - The company emphasized its commitment to food safety and compliance with national regulations while actively seeking to improve its production processes [4][5]. - The adjustments planned include transitioning from pre-prepared to freshly made items in stores, such as using non-GMO soybean oil and preparing various dishes on-site [3][5]. Group 2: Impact of Controversy - The controversy began on September 10 when a public figure criticized West B's dishes as pre-prepared, leading to a heated exchange between the company's founder and the critic [8][9]. - Following the criticism, West B experienced a significant drop in daily revenue, with losses estimated at 1 million yuan on September 10 and 11, and further declines of 2 to 3 million yuan on September 12 [9]. - The company had to halt its initiative to allow public kitchen inspections after negative reports surfaced regarding food safety practices [9].

| 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： ...

Core Viewpoint - The Ironling Market Supervision Administration conducted food safety inspections, revealing that out of 12 batches tested, 11 were compliant while 1 was deemed non-compliant, leading to further investigation and handling procedures [2]. Summary by Category Food Safety Inspection Results - A total of 12 batches were tested, covering 7 major categories including grain products, starch and starch products, meat products, dairy products, edible oils, vegetable products, and catering foods [2]. - Out of the 12 batches, 11 were found to be compliant with food safety standards, while 1 batch was identified as non-compliant [2]. Non-Compliant Sample Details - The non-compliant sample was from a catering business, specifically a meat dish, which contained anionic synthetic detergent (sodium dodecylbenzenesulfonate) at a level of 0.0626 mg/100 cm², exceeding the allowable limit of "not detectable" [2]. Compliant Sample Highlights - Several compliant products were highlighted, including: - Non-GMO soybean oil from Jiu San Food Co., Ltd. (900 mL) [2] - Five-spice chicken from Dezhou Huaye Food Co., Ltd. (500 g) [2] - Various dairy products from Liaoning Yili Dairy Co., Ltd. and Tianjin Haihe Dairy Co., Ltd. [2] - Wheat flour from Inner Mongolia Hengfeng Group [2].