本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 湖北均瑶大健康饮品股份有限公司（下称"均瑶健康"，股票代码：605388.SH）于近日发布2025年年度 业绩预告。公告显示，公司预计2025年年度实现归属于上市公司股东的净利润为-2.16亿元到-1.44亿 元。 （来源：公司公告） 据公告，与上年同期相比，均瑶健康归属于上市公司股东的净利润将减少1.15亿元到1.87亿元，同比减 少395.14%到642.71%。上年同期该指标为-2911.64万元。 同时，公司预计2025年年度实现归属于上市公司股东的扣除非经常性损益的净利润为-2.33亿元到-1.55 亿元，与上年同期相比将减少9704.89万元到1.75亿元，同比减少167.33%到301.00%。上年同期该指标 为-5799.79万元。 公告披露，业绩变动主要受市场环境影响，公司表示报告期内消费环境持续承压，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。 目前，这家公司正面临着传统核心产品"味动力"增长失速与新业务投入产出不成正比的双重问题。 "味动力"是均瑶健康主打的一款乳酸菌产品 ...

Core Insights - The company aims to achieve profitability by 2026, focusing on its core business and optimizing its business structure [1] - The beverage segment is expected to drive revenue growth through enhanced cooperation with new channels and the introduction of new SKUs [1] - The probiotics segment will continue to expand its overseas presence and optimize production capacity [1] - The company will concentrate on the health beverage sector, refining its product matrix and ensuring collaboration across core business segments for sustainable development [1]

Core Insights - The company plans to focus its beverage business on probiotics by 2026, developing new products that cater to consumer health needs, including functional probiotic drinks, low-temperature live probiotic drinks, juice-based probiotic drinks, and probiotic sparkling water [1] Group 1: Product Development - The new product lineup will gradually enhance the product matrix and channel construction, forming a collaborative capacity and product layout for both ambient and refrigerated products [1] - The company aims to accelerate the coverage of new products in the top 100 CVS channels nationwide by 2026, having already engaged deeply with several leading channels [1] Group 2: Channel Strategy - The company will prioritize solidifying partnerships with leading chain channels and gradually expand into other channels, leveraging the advantages of these top channels to boost confidence among distributors regarding new products [1] - The first phase of co-branded products has exceeded market expectations, and the company plans to focus on collaboration in 2026, with new SKUs centered around unique probiotic strains [1] Group 3: Production Capacity - The company plans to expand production capacity in line with business needs, considering the number of new production lines to be added [1]

Core Viewpoint - The core reason for the fluctuation in the profit baseline for 2025 is the decline in the main business of Weiyuan Health, which is the key variable affecting the overall performance for the year [2] Summary by Categories Profit and Loss - The company anticipates that the decline in its main business will significantly impact its annual performance in 2025 [2] Impairment Provisions - Specific impairment provisions for 2025 include: - Accounts receivable and inventory impairments due to increased credit risk of certain receivables and decreased value of collateral [2] - Inventory impairment resulting from declining prices and extended turnover periods [2] - Goodwill impairment primarily related to the performance results of subsidiaries affected by industry conditions [2] - All impairments are based on a principle of prudence [2]

Core Viewpoint - Junyao Health adopts a three-pronged R&D strategy focusing on "independent strain breakthroughs, collaborative research with academia, and synchronized capacity implementation" to enhance its probiotic product matrix and maintain a competitive edge in technology [2] Group 1: R&D Strategy - The company emphasizes core strain independent research to establish technological barriers, particularly in fermentation technology and strain selection [2] - Junyao Health collaborates with universities and research institutions to build joint laboratories, accelerating the transformation of cutting-edge research results [2] - The company is committed to evidence-based research, aiming to catch up with international leading levels and closely integrating R&D outcomes with large-scale production capacity [2] Group 2: Production and Sales - The company enhances production efficiency through intelligent manufacturing processes, improving technical parameters [2] - Junyao Health has completed multiple outsourced R&D projects and patent applications, contributing to its comprehensive industry chain from R&D to production and sales [2] - The integration of technology innovation supports the enrichment and upgrading of the probiotic product matrix, forming a complete closed-loop industry chain [2]

Core Insights - The company plans to focus on probiotic beverages as the core of its product strategy by 2026, aligning new product development with consumer health needs [2] - The product lineup will include functional probiotic drinks, low-temperature live probiotic drinks, juice-based probiotic drinks, and probiotic sparkling water, aiming to create a comprehensive product matrix and distribution network [2] Product and Channel Strategy - The company aims to enhance its offline channel presence, focusing on the recovery of existing products and the expansion of new product channels, with plans to accelerate new product coverage in the top 100 CVS channels by 2026 [2] - The company has already engaged with several leading channels and will prioritize collaboration with major chain channels before gradually expanding to other channels [2] - Leveraging the advantages of major channels will help boost confidence among distributors regarding new products, driving quality improvements and efficiency in the beverage business [2] Collaboration and Production Expansion - The initial market performance of co-branded products has exceeded expectations, prompting the company to focus on collaboration in 2026, with new SKUs centered around unique probiotic strains [2] - The company plans to launch these new products in March, coinciding with the beverage peak season, and will expand production capacity in line with business needs, considering the addition of new production lines [2]

Core Viewpoint - Junyao Health aims to achieve profitability by 2026, focusing on core business, optimizing business structure, and pursuing development with a lean approach [2] Group 1: Business Strategy - The core strategy for 2026 includes focusing on the beverage sector, enhancing revenue through deepened cooperation in new channels, and launching new SKUs to match production capacity [2] - The probiotics segment will continue to advance overseas expansion, optimize production capacity, and strengthen clinical research to cultivate star strains [2] Group 2: Operational Focus - The company will maintain a focus on the health beverage main business, deepen channel engagement, and optimize the product matrix [2] - All core business segments will work collaboratively to drive the company towards healthy development [2]

Core Viewpoint - Junyao Health (605388) is focusing on overseas markets for its probiotic products due to higher value recognition and aims to leverage its technological, quality, and production capacity advantages for reasonable pricing [1] Group 1: Overseas Market Strategy - Junyao Runying has identified overseas markets as a key focus area for expansion [1] - The company believes that the overseas market has a higher recognition of the value of probiotic products [1] - The strategy aims to avoid domestic homogenized price competition by establishing a strong presence in international markets [1] Group 2: Product Export and Client Relationships - Junyao Runying's products have been exported to over 80 countries and regions [1] - The company is continuously expanding its overseas customer base through diversified methods [1] - Stable supply cooperation relationships have been formed as a result of these efforts [1] Group 3: Capacity and Market Share - As production capacity utilization improves and economies of scale are realized, Junyao Runying plans to further increase its share and influence in the global probiotic market [1]

Group 1 - The company has proactively laid out the research and development of the next-generation leading strain AKK, which has a solid scientific foundation globally [1] - The AKK strain, particularly AKK WST01, has received patent authorization in 13 countries and has passed the US Self-GRAS certification [1] - The company has made significant progress from technological research and development to industrial process breakthroughs, becoming one of the few domestic enterprises capable of large-scale production of this strain [1]

Core Viewpoint - Junyao Health, known as the "first stock of ambient lactic acid bacteria" in A-shares, is facing significant financial challenges, with a projected net loss of between -216 million to -144 million yuan for 2025, marking a year-on-year decrease of 395.14% to 642.71% [2][15][25] Financial Performance - The company expects a substantial decline in net profit for 2025, with a projected loss of -233 million to -155 million yuan, representing a year-on-year decrease of 167.33% to 301.00% [2][15] - Since its listing in 2020, Junyao Health has experienced revenue growth, but net profit has consistently declined, showcasing a typical "increased revenue without increased profit" pattern, culminating in significant losses in 2025 [2][15][25] - Junyao Health's net profit has decreased for five consecutive years, with a reported revenue of 1.458 billion yuan in 2024, down 10.77% year-on-year, and a net profit of -29.12 million yuan, a decline of 150.57% [4][17] Factors Contributing to Losses - The anticipated losses for 2025 are attributed to several factors, including a challenging consumer environment leading to reduced market share in the dairy beverage sector, increased sales and marketing expenses, and higher research and development costs [4][17] - Significant impairment provisions for inventory and receivables, totaling an impact of 80 million to 140 million yuan, are identified as core drivers of the profit decline [4][17] - The company has previously reported substantial impairment losses, including 36.43 million yuan for goodwill and 12.76 million yuan for inventory write-downs in 2024, which have severely affected profitability [5][18] Market and Product Strategy - Junyao Health has attempted a "second entrepreneurship" strategy since 2021, focusing on upstream integration, new product launches, and diversification to mitigate reliance on single products [21] - Despite launching numerous new products since 2023, including those targeting specific consumer needs, the market response has been lukewarm, failing to generate significant sales volume or new growth points [10][23] - The company's marketing expenditures have surged, with sales expenses increasing by 30.27% to 245 million yuan in 2024 and a further 70.65% increase in the first half of 2025, which has further eroded profits [11][24] Stock Performance - Junyao Health's stock price has been on a downward trend since 2022, reaching a historical low of 4.18 yuan per share in 2024, and as of January 30, 2026, the stock price was 6.94 yuan, significantly lower than its initial offering price of 13.43 yuan [6][20] Future Outlook - Despite the current challenges, the dairy beverage industry still presents growth opportunities, with trends towards functionality, premiumization, and diversification [25][26] - Junyao Health possesses advantages in strain research and development, brand accumulation, and channel distribution, which could support a turnaround if strategic adjustments are made [25] - The company needs to focus on core business strengths, optimize product structure, and enhance cost control to gradually reverse the declining performance trend [25][26]