均瑶健康 20251217 摘要 味动力 2025 年受零食量贩渠道影响，预计全年收入下降两位数，公司 下半年推出新品已进入部分 KA 渠道，并与盒马合作推出四款新品，旨 在推动饮料业务增长。 益生菌食品业务 2025 年收入约 1 亿元，受限于产能，预计 12 月扩产 后，2026 年可达 3 亿元。C 端业务美博士通过与盒马合作及线上线下 销售，实现增长，明年目标是扩大收入和品类，保持盈利。 公司供应链 2026 年将转向内部团队，以销售自有产品为主，提高毛利 率。新品已进入部分 KA 渠道，单点动销良好，预计明年显著贡献增速， 新品毛利与老品相当或更高。 与盒马深度合作上线四款 SKU，共同研发，盒马负责销售，公司负责生 产，预计四季度带来积极变化，为明年饮料业务奠定基础，未来将继续 开发新饮料。 润盈 2025 年产能满负荷，预计收入 2 亿左右，未能实现 6 亿目标，因 增产计划推迟。若 2026 年新产能顺利投产，预计可达 3 亿左右，增加 收入约 1 亿。 Q&A 请介绍一下君药健康在 2025 年的业务近况及未来展望。 2025 年，君药健康的业务内容略有变化。原有的肠乳酸菌和胃动力产品面临 ...

证券之星消息，12月17日饮料乳品板块较上一交易日上涨0.75%，庄园牧场领涨。当日上证指数报收于 3870.28，上涨1.19%。深证成指报收于13224.51，上涨2.4%。饮料乳品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002910 | 庄园牧场 | 11.28 | 10.05% | 17.40万 | | 1.91亿 | | 600882 | 妙可蓝多 | 28.07 | 4.31% | 14.42万 | | 4.03亿 | | 600419 | 天润乳业 | 9.98 | 4.28% | 14.29万 | | 1.42亿 | | 605337 | 李子园 | 12.36 | 2.23% | - 12.47万 | | 1.54亿 | | 6655509 | 东鵬饮料 | 269.76 | 2.12% | 2.24万 | | 6.03亿 | | 600429 | 三元股份 | 5.79 | 2.12% | 104.77万 | | 5.99亿 | ...

Core Viewpoint - New consumption categories, represented by health food, are identified as a core investment theme for the food and beverage sector in 2025, with expectations for continuity into 2026 and beyond. The focus will be on health food as a key investment direction due to its rich SKU variety and long-tail structure, similar to the snack sector investment logic [1] Industry Overview - The health food market, including natural and nutritional health foods, has a combined market size of approximately 600 billion yuan. Since 2025, there have been profound changes in external demand and distribution channels, driven by a shift in consumer demographics from the elderly to younger groups and an expansion of consumption scenarios from disease prevention to personalized needs such as emotional relief and weight management. Additionally, the rise of interest e-commerce, cross-border e-commerce, and membership supermarkets has addressed issues of consumer trust and category recognition [1] Category Insights - The investment logic for health food is similar to that of the snack sector, focusing on selecting listed companies that are well-positioned in key categories. The "function-scenario-price" triangle is crucial for identifying potential best-selling products. Recommended categories include: - Oats: Market size of 10 billion yuan, low GI characteristics, and versatile usage in breakfast and snacks [2] - Corn: Market size of approximately 200 billion yuan, low GI, and broad acceptance as both a staple and snack [2] - Walnuts: Market size of 80 billion yuan, beneficial for heart and brain health, with a competitive price among tree nuts [2] - Black sesame: Beneficial for hair nourishment, priced around 1 yuan per bag, with applications in traditional and baking scenarios [2] - Sports health: Market size of approximately 6 billion yuan, expected to grow with the increasing number of fitness enthusiasts [2] - Gut health: Online market size estimated at 4 billion yuan, with probiotics accounting for over 75% [2] Key Companies - Companies that are strategically positioned in potential categories are expected to achieve rapid growth: - Ximai Food: Leading in the domestic cereal industry with a revenue CAGR of approximately 18% over the past three years [3] - October Rice Field: A new consumption brand with a revenue CAGR of about 17% over the past three years [3] - Wugu Mofang: Leading in walnut and sesame powder, recovering from a low point with a revenue CAGR of around 9% [3] - Xianle Health: A leading CDMO in China with a revenue CAGR of approximately 21% over the past three years [3] - Junyao Health: A pioneer in probiotic foods with a revenue CAGR of about 17% over the past three years [3]

Investment Rating - The report maintains a "Recommended" rating for the food and beverage industry [1] Core Insights - The health food market is approximately 600 billion yuan, with significant growth potential driven by changing consumer demographics and preferences [3][5] - The report emphasizes the importance of new consumption trends, particularly in the health food sector, which is expected to continue its growth trajectory into 2026 and beyond [3] - Key product categories identified for growth include oats, corn, walnuts, and other health foods, which are expected to thrive due to their health benefits and consumer acceptance [3][5] Summary by Sections 1. Demand and Channel Transformation - The health food market is divided into natural health foods (over 300 billion yuan) and nutritional health foods (approximately 250 billion yuan) [5] - Consumer demand is shifting from older demographics to younger groups, with a focus on personalized health needs such as emotional relief and weight management [5][9] - New sales channels, including e-commerce and membership supermarkets, are enhancing consumer trust and product awareness [14][15] 2. Natural Health Foods - Key categories include oats, corn, nuts, and other health foods, which are expected to see significant growth due to their health benefits and consumer recognition [18][27] - Oats are projected to have a market size of 10.1 billion yuan in 2024, while corn is expected to reach 220.9 billion yuan [29][30] - Walnuts are anticipated to have a market size of 78.7 billion yuan in 2024, benefiting from increased consumer awareness of their health properties [36] 3. Nutritional Health Foods - The nutritional health food segment includes dietary supplements, weight management products, and sports nutrition [42] - The market for sports nutrition is projected to reach approximately 6.4 billion yuan in 2024, driven by the growing fitness trend [49] - Weight management products are expected to grow to around 16.9 billion yuan, supported by increasing consumer awareness of health and wellness [54] 4. Key Companies - Notable companies in the natural health food sector include West麦食品, 十月稻田, and 五谷磨坊, which are positioned for rapid growth due to their innovative products and market strategies [61] - In the nutritional health food sector, companies like 汤臣倍健 and 仙乐健康 are highlighted for their strong market presence and growth potential [61]

证券日报网讯12月16日，均瑶健康（605388）在互动平台回答投资者提问时表示，近两年均瑶健康已持 续推进欧盟市场布局，旗下均瑶润盈的益生菌产品已覆盖欧盟22个国家，形成稳定的出口业务态势。公 司始终以国际合规标准为核心，通过ISO22000、HACCP等多项国际认证，针对欧盟市场的监管要求构 建全流程品质管控体系，核心菌株的安全性与功能性也已具备适配欧盟市场的基础。 ...

格隆汇12月16日｜延续昨日涨势，A股市场乳业股今日再度集体走强，其中，皇氏集团（维权）2连 板，南侨食品涨超6%，阳光乳业涨超5%，均瑶健康、熊猫乳品涨超4%。 消息面上，有媒体从全国医疗保障工作会议上获悉，为积极适应人口发展战略，推动生育保险发展，将 根据医保基金可承受能力，合理提升产前检查医疗费用保障水平，力争明年全国基本实现政策范围内分 娩个人"无自付"。目前，吉林、江苏、山东等7个省份实现政策范围内住院分娩医疗费用全额保障。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002329 | 皇氏集团 | 1 | 10.10 | 38.12亿 | 26.17 | | 605339 | 南侨食品 | 兼 | 6.13 | 95.42 乙 | 33.49 | | 001318 | 阳光别业 | 1 | 5.43 | 48.31亿 | 52.45 | | 605388 | 均瑶健康 | 1 | 4.56 | 49.54 乙 | 32.46 | | 300898 | 熊猫乳品 | | 4.26 | 35 ...

股票频道更多独家策划、专家专栏，免费查阅>> 责任编辑：栎树 12月16日，延续昨日涨势，A股市场乳业股今日再度集体走强，其中，皇氏集团2连板，南侨食品涨超 6%，阳光乳业涨超5%，均瑶健康、熊猫乳品涨超4%。 消息面上，有媒体从全国医疗保障工作会议上获悉，为积极适应人口发展战略，推动生育保险发展，将 根据医保基金可承受能力，合理提升产前检查医疗费用保障水平，力争明年全国基本实现政策范围内分 娩个人"无自付"。目前，吉林、江苏、山东等7个省份实现政策范围内住院分娩医疗费用全额保障。 | 代码 | 名称 | | 涨幅% ↓ | 总市值 | 年初至今涨幅% | | --- | --- | --- | --- | --- | --- | | 002329 | 皇氏集团 | 1 | 10.10 | 38.12亿 | 26.17 | | 605339 | 南侨食品 | 兼 | 6.13 | 95.42 Z | 33.49 | | 001318 | 阳光彩 亚 | 1 | 5.43 | 48.31 乙 | 52.45 | | 605388 | 均瑶健康 | 1 | 4.56 | 49.54 乙 | 32.46 | | 3 ...

Core Insights - The food and beverage ETF Tianhong (159736) has seen significant trading activity, with a total transaction volume of 26.84 million yuan as of December 15, 2025, and a 0.87% increase in the tracked CSI Food and Beverage Index [1] - The agricultural ETF Tianhong (512620) recorded a turnover of 6.55% and a transaction volume of 21.58 million yuan, with the CSI Agricultural Theme Index rising by 0.67% [1] Group 1: Food and Beverage Sector - The food and beverage ETF Tianhong (159736) has experienced a net inflow of funds for four consecutive days, totaling 42.82 million yuan, with a peak single-day inflow of 19.36 million yuan [1][2] - Key stocks in the food and beverage ETF include leading brands in high-end and mid-range liquor, as well as beverages, dairy, and condiments, with top ten weighted stocks including Moutai, Wuliangye, and Yili [2] - The performance of constituent stocks such as Huanlejia (300997) and Yiyuan Health (605388) has been notable, with increases of 19.98% and 10.04% respectively [1] Group 2: Agricultural Sector - The agricultural ETF Tianhong (512620) has also seen a net inflow of 42.82 million yuan over the past five trading days, indicating strong investor interest [2] - The agricultural ETF tracks the CSI Agricultural Index, selecting 50 stocks with a focus on livestock (41.9%) and agricultural chemicals (17.7%), featuring leading companies like Muyuan and Haida [2] - The agricultural sector is diversifying its portfolio to mitigate cyclical risks, showcasing a strategic approach to investment [2] Group 3: Market Trends and Insights - A recent article emphasizes the importance of expanding domestic demand as a strategic move for economic stability and security, highlighting the need for sustained economic growth [4] - Research breakthroughs in barley seed dormancy mechanisms may provide new pathways for sustainable agricultural systems, addressing future food security challenges [5] - Analysts from China Galaxy Securities note a slight pullback in the food and beverage index due to seasonal sales fluctuations, but maintain a positive outlook for new consumption trends and potential recovery in traditional consumption [6]

Market Overview - The A-share market experienced a volatile adjustment on December 15, with major indices showing a "V" shaped trend. The Shanghai Composite Index closed at 3867.92 points, down 0.55%, while the Shenzhen Component Index fell 1.10% to 13112.09 points. The ChiNext Index led the decline, closing at 3137.80 points, down 1.77% [2] - Market trading activity decreased, with total turnover at 1.79 trillion yuan, a drop of 324.6 billion yuan from the previous trading day [2] Sector Performance - The consumer sector showed resilience, with dairy stocks like Huangshi Group and Sunshine Dairy hitting the daily limit shortly after market open. Retail stocks also performed well, with Baida Group achieving three consecutive limit-ups [2] - The liquor sector rebounded, led by Huangtai Liquor, with other brands like Jiu Gui Liquor and Gujing Gongjiu also seeing gains [2] Financial Sector Insights - The insurance sector saw strong performance, with China Ping An rising nearly 5%, reaching its highest level since March 2021, supported by favorable regulatory policies. The brokerage sector also showed resilience, with firms like Huatai Securities and Zhongyin Securities gaining over 2% [3] - The technology sector faced downward pressure, particularly in the CPO and chip segments, with stocks like Shijia Optoelectronics and Changfei Fiber experiencing significant declines [3] Future Market Outlook - Analysts from various brokerages suggest that the market may improve due to key events and data aligning with or exceeding expectations. The year-end asset reallocation and institutional fund inflows are expected to enhance market liquidity and trading activity, indicating a potential cross-year rally [3] - According to CITIC Securities, the underlying logic for an upward trend remains intact, driven by structural market dynamics and capital market reforms. The market has largely completed its adjustment phase, and a new wave of growth is anticipated [3] - Everbright Securities forecasts a favorable cross-year market, supported by ongoing domestic economic policies and historical performance trends during the start of the 13th and 14th Five-Year Plans [4]

其中，皇氏集团、均瑶健康、南侨食品、阳光乳业涨停，骑士乳业涨超8%，三元股份、贝因美等跟涨。 | 代码 | 名称 | 张幅号 张庆 | 现价 | | --- | --- | --- | --- | | 300997 欢乐家 | | +19.98% 44.62 | 27.74 | | 002329 皇氏集团 | | +10.05% +0.38 | 4.16 | | 605388 均瑶健康 | | +10.04% +0.72 | 7.89 | | 605339 南侨食品 | | +10.02% +1.93 | 21.19 | | 001318 阳光影 | | +9.97% +1.47 | 16.21 | | 77786 骑士歌,业 | | +8.86% +0.84 | 10.32 | | 600429 三元股份 | | +5.36% +0.29 | 5.70 | | 002570 贝因美 | | +5.26% +0.32 | 6.40 | | 300898 熊猫乳品 | | +5.01% +1.30 | 27.23 | | 002719 麦越尔 | | +4.94% +0.41 5 紓壓ໂ | | 今日A股市场婴 ...