智通财经APP获悉，国盛证券发布研报称，据功能食品圈数据，益生菌行业2023-2025年复合增速 14.2%，行业保持高成长，其中均价复合增速11.3%，销量复合增速2.4%，以价增驱动为主，预计为细 分强功能、复配产品等高增长拉动。市场端，根据魔镜洞察&功能食品圈数据，淘宝天猫京东抖音等平 台AKK菌品类销量从2025年1月1.37万件大幅攀升至2025年10月4.72万件，未来随着入局者增加，品类 或从萌芽迎来爆量机会。 国盛证券主要观点如下： 益生菌行业：双位数高成长，强功效、复配等驱动均价提升 据功能食品圈数据，益生菌行业2023-2025年复合增速14.2%，行业保持高成长，其中均价复合增速 11.3%，销量复合增速2.4%，以价增驱动为主，预计为细分强功能、复配产品等高增长拉动。分品牌来 看，精准切中消费者痛点的国货品牌如Wonderlab、呜咔实验室等品牌份额显著提升。产品端，睡眠/情 绪、增强免疫等赛道复配产品爆发，强化产品功效。 益生菌功效细分，AKK酝酿爆量机遇 益生菌功效不断细分，精准解决消费者痛点。AKK益生菌是定殖于粘膜层的肠内共生菌，在肠道定植 时代谢产物与肠道屏障相互作用，功效包 ...

上市企业：养元饮品（603156）,承德露露（000848）,东鹏饮料（605499）,均瑶健康（605388） 2020-2025年中国饮料产量统计图 数据来源：国家统计局，智研咨询整理 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 相关报告：智研咨询发布的《2026-2032年中国饮料行业市场运营格局及未来前景分析报告》 根据国家统计局数据显示：2025年12月中国饮料产量为1342万吨，同比增长1.1%；2025年中国饮料累 计产量为17925.3万吨，累计增长3%。 ...

证券日报网讯 1月26日，均瑶健康在互动平台回答投资者提问时表示，公司2025年度业绩受多重因素影 响出现亏损，公司高度重视经营改善，持续聚焦益生菌核心技术研发与产业链整合，并通过渠道优化与 新品开发拓展市场。目前公司正积极推进战略转型，强化成本管控与运营效率，争取以更好的业绩来回 报投资者。 （文章来源：证券日报） ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 野马财经 作者丨姚悦 "自身事业不顺，又上有老下有小"在一家上市公司身上具象化。 "自身事业不顺，又上有老下有小"，这句话此时竟在一家上市公司身上有了具象化。 近日，爱建集团（600643.SH）集中发布了数条公告，从其中2025年预亏；为子/孙公司提供担保，而且 公司2025年押上绝大部分身家提供担保——额度占净资产的83%；以及控股股东滚动质押所持股份超 70%等这些公告来看，爱建集团身负的压力可见一斑。 据爱建集团母公司均瑶集团官网显示，均瑶集团的金融服务以爱建集团、上海华瑞银行、上海东瑞互为 业务依托。爱建集团是其中唯一的上市公司。 作为"均瑶系"的核心金融平台，爱建集团如此境遇背后，"均瑶系"也正面临挑战。均瑶集团不仅质押了 爱建集团股份，也对吉祥航空（603885.SH ）、均瑶健康（605388.SH）进行了高比例质押；而"孩子 们"的经营状况同样不理想：均瑶健康日前公告2025年预计亏损扩大；吉祥航空2025年前三季度业绩承 压；大东方（600327.SH ）净利润已经连续三年下滑，2025年前三季度净利润50 ...

关于本期业绩预减的主要原因，公告指出，报告期内，含乳饮料市场份额有所缩减，下游客户需求不振，公司传统常 温乳酸菌业务收入水平较去年同期减少，导致利润同比有所下降。报告期内，公司着力优化业务收入结构，同时积极 拓展电商渠道、新零售渠道及连锁 KA 渠道，由此带来的前置性销售费用及市场费用较去年同期出现较大幅度增长。 此外，公司加大研发投入力度，研发费用相应增加。报告期内，公司受部分存货资产价格持续下行、去化周期延长等 多种因素的影响，基于谨慎性原则，公司拟对存在风险的存货计提资产减值准备，预计影响损益3000万元到5000万 元，最终计提减值金额将由公司聘请的评估机构及审计机构进行评估和审计后确定。报告期内，公司受部分应收款项 信用风险增加、保全应收款项收回的抵押物价值下降等因素影响，基于谨慎性原则，公司拟对相关应收款项个别认定 计提信用减值准备，预计影响损益5000万元到9000万元，最终计提减值金额将由公司聘请的评估机构及审计机构进行 评估和审计后确定。报告期内，公司结合内外部环境与下属子公司实际及预期经营情况、市场变化等综合因素考虑， 基于谨慎性原则，公司拟对部分子公司形成的商誉计提商誉减值准备，预计影响 ...

Core Viewpoint - Junyao Health (605388) is expected to report a net loss of between 144 million to 216 million yuan for 2025, significantly increasing from a net loss of 29 million yuan in the previous year, indicating a deterioration in financial performance [1] Financial Performance - The total revenue for Junyao Health for the quarter ending December 31, 2024, was 1.458 billion yuan, down from 1.634 billion yuan in the same quarter the previous year [2] - The gross profit for the same period was 441.9 million yuan, compared to 399.2 million yuan a year earlier [2] - The net profit attributable to shareholders was a loss of 29.12 million yuan, contrasting with a profit of 57.58 million yuan in the previous year [2] Business Challenges - The company attributes its projected losses to a shrinking market share in the dairy beverage sector, driven by weak consumer demand [3] - Increased sales and marketing expenses due to efforts to optimize revenue structure and expand into e-commerce and new retail channels have negatively impacted profitability [3] - The company plans to recognize asset impairment provisions for inventory, credit, and goodwill, which are expected to affect profits by 30 million to 50 million yuan, 50 million to 90 million yuan, and 15 million to 45 million yuan, respectively [3] Management Actions - A group of five executives at Junyao Health announced plans to reduce their shareholdings between February 6 and May 5, citing personal financial needs [4] - The largest planned reduction comes from executive Xiang Weibing, who intends to sell up to 69,000 shares, potentially cashing out around 500,000 yuan based on the current share price [4] - This is not the first instance of share reduction by executives, as eight executives have sold shares over the past two years, raising concerns about the company's long-term value [5][6]

Core Viewpoint - Junyao Health is expected to report a net loss of approximately 144 million to 216 million yuan for the year 2025, representing a significant decrease of about 115 million to 187 million yuan compared to the previous year, with a year-on-year decline of 395.14% to 642.71% [1] Group 1: Financial Performance - The anticipated net loss for 2025 is between 144 million and 216 million yuan [1] - This represents a decrease of approximately 115 million to 187 million yuan compared to the previous year [1] - The year-on-year decline is projected to be between 395.14% and 642.71% [1] Group 2: Market Conditions - The decline in performance is primarily attributed to a challenging consumer environment, which has led to a reduction in market share for dairy beverages [1] - Downstream customer demand has been weak, resulting in decreased revenue from the company's traditional ambient yogurt business compared to the same period last year [1] Group 3: Business Strategy - The company is focusing on optimizing its revenue structure and actively expanding e-commerce, new retail channels, and chain KA channels [1] - This strategic shift has resulted in a significant increase in upfront sales and marketing expenses compared to the previous year [1] - Additionally, the company has increased its investment in research and development, leading to a corresponding rise in R&D expenses [1]

Group 1 - The core point of the article is that Junyao Health (605388.SH) announced a plan for key executives to reduce their holdings of shares due to personal financial needs, which may impact the company's stock performance [2][3]. - The total number of shares to be reduced by the executives is up to 474,900 shares, representing approximately 0.079% of the company's total shares [3]. - This is not the first instance of collective share reduction by Junyao Health's executives, as a similar event occurred in June 2025 [3]. Group 2 - For the first three quarters of 2025, Junyao Health reported revenue of 1.095 billion yuan, a year-on-year decline of 6.95%, and a net profit attributable to shareholders of -2.369 million yuan, a year-on-year decline of 104.79% [3]. - Following the announcement of the executives' share reduction, the stock price of Junyao Health experienced a two-day decline of approximately 4%, with a total market value of around 4.4 billion yuan [4]. - Since the peak in 2023, Junyao Health's stock price has halved, indicating a significant downturn in its market performance [3].

Market Overview - The beverage and dairy sector experienced a slight decline of 0.01% on January 20, with Junyao Health leading the drop [1] - The Shanghai Composite Index closed at 4113.65, down 0.01%, while the Shenzhen Component Index closed at 14155.63, down 0.97% [1] Stock Performance - Notable gainers in the beverage and dairy sector included: - Huanlejia (300997) with a closing price of 26.93, up 3.10% and a trading volume of 229,100 shares, totaling 616 million yuan [1] - Yangyuan Beverage (603156) closed at 34.45, up 1.62% with a trading volume of 116,300 shares, totaling 402 million yuan [1] - Weiwei Co. (600300) closed at 3.71, up 1.37% with a trading volume of 671,200 shares, totaling 248 million yuan [1] - Conversely, Junyao Health (605388) saw a decline of 2.57%, closing at 7.20 with a trading volume of 147,800 shares, totaling 106 million yuan [2] - Other notable decliners included: - Bei Yin Mei (002570) down 2.46% to 6.34 with a trading volume of 679,500 shares, totaling 432 million yuan [2] - Xibu Muye (300106) down 2.38% to 11.09 with a trading volume of 105,800 shares, totaling 118 million yuan [2] Capital Flow - The beverage and dairy sector saw a net outflow of 70.03 million yuan from institutional investors, while retail investors contributed a net inflow of 104 million yuan [2] - The capital flow for specific stocks indicated: - Yili Group (600887) had a net inflow of 91.01 million yuan from institutional investors, while retail investors experienced a net outflow of 61.14 million yuan [3] - Huanlejia (300997) had a net inflow of 60.50 million yuan from institutional investors, but a significant net outflow of 79.94 million yuan from retail investors [3] - Knight Dairy (920786) had a net inflow of 11.97 million yuan from institutional investors, with minimal impact from retail investors [3]

Core Viewpoint - Junyao Health (605388.SH) anticipates a significant decline in net profit for 2025, projecting a loss of between 216 million yuan and 144 million yuan due to pressures on its main business, high expenses, and planned asset impairment provisions [1] Financial Performance - The company expects a net profit attributable to shareholders of -216 million to -144 million yuan for 2025, a decrease of 115 million to 187 million yuan compared to the previous year, representing a year-on-year decline of 395.14% to 642.71% [1] - The projected non-recurring net profit is estimated to be -233 million to -155 million yuan, a reduction of 97.04 million to 175 million yuan year-on-year, equating to a decline of 167.33% to 301.00% [1] Reasons for Performance Decline - The decline in performance is attributed to several factors, including a challenging consumer environment leading to reduced market share in the dairy beverage sector and decreased revenue from traditional ambient yogurt business [1] - Increased sales and marketing expenses due to efforts to expand e-commerce, new retail, and chain channels have significantly raised costs compared to the previous year [1] - The company has also increased its R&D investment, contributing to higher expenses [1] Asset Impairment Provisions - Junyao Health plans to make multiple asset impairment provisions based on prudence, including: - Inventory impairment due to declining prices and extended liquidation periods, expected to impact profits by 30 million to 50 million yuan [2] - Credit impairment on receivables due to increased credit risk and decreased collateral value, anticipated to affect profits by 50 million to 90 million yuan [2] - Goodwill impairment related to certain subsidiaries, expected to impact profits by 15 million to 45 million yuan [2] - The total potential impairment could reach up to 185 million yuan, representing a significant source of non-operating losses [2] Business Challenges - Junyao Health is facing multiple challenges, including sluggish growth in its main business and profit pressures during its transformation phase [2] - The company is focusing on its probiotic business as a second growth curve, achieving substantial progress in strain research, but new business initiatives are still in the investment phase and have not yet contributed positively to overall financial performance [2]