金达威 20260322 摘要 金达威完成全产业链布局，2026 年进入收入利润双增期（10%- 20%），预计 2028 年直营业务爆发。 辅酶 Q10 全球市占率达 50%，2026 年 1 月出货量创新高，销量预期 上调至 10%-15%，毛利率稳超 50%。 Doctor's Best 品牌战略转向收入增长，2026 年 1-2 月国内 GMV 同比 增超 70%，远超市场预期。 地缘政治致航运中断，维生素 A 价格 3 月内涨幅近 60%至 95 元/kg， 有望贡献千万级额外利润。 藻油 DHA 项目进度超前，万吨级产能设备 4 月起贡献收入，达产后预 计年增收超 5 亿元，IRR 超 20%。 Zipfizz 品牌 2026 年迎来拐点，通过 Costco 渠道新品投放及多品类扩 张，扭转 2025 年经营颓势。 Q&A 请概述金达威在保健品行业中的定位、产业链布局以及 2026 年至 2028 年的 业绩预期？ 金达威是保健品行业中唯一一家实现从上游原料、中游代工生产到下游品牌全 产业链覆盖的公司。上游原料端，核心产品辅酶 Q10 占据全球约 50%的市场 份额，同时拥有丰富的维生素 A 和维 ...

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential anti-aging, DNA repair, and metabolic regulation benefits, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial applications, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2]. NMN Definition and Function - NMN is a direct precursor to NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can rapidly increase NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, and metabolic improvement [4]. Synthesis Pathways - NMN supplementation shows significant advantages in NAD+ synthesis pathways compared to other precursors, with the highest conversion efficiency and no known adverse reactions [6][7]. Natural Sources and Supplementation - Natural food sources of NMN are limited, with dietary intake often insufficient to meet effective dosage levels; NMN supplements provide a much higher intake efficiency [8]. Synthesis Technology - The NMN synthesis process has shifted from chemical methods to fully enzymatic methods, focusing on high purity, safety, and environmental sustainability [10][12]. - Leading companies are innovating in full enzyme technology, establishing patents to create competitive advantages in the NMN market [12]. Market Trends and Applications - NMN is primarily used in health supplements and cosmetics, with potential expansion into pet nutrition, medical health, and agricultural technology [24][28]. - The NMN market in China is expected to exceed 3 billion yuan by 2025, driven by policy relaxation and new applications [28]. Sales Channels - NMN products are mainly sold through cross-border e-commerce and private channels, with cross-border platforms accounting for 60%-70% of market share [35]. Certification and Compliance - The "blue hat" certification for health supplements in China represents the highest standard for NMN products, with strict approval processes impacting market dynamics [37]. Future Prospects - The NMN industry is poised for growth, with increasing demand driven by an aging population and younger consumers seeking anti-aging solutions [19][21]. - Technological advancements in synthesis, quality control, and delivery methods are expected to enhance NMN's market position [21][22]. Challenges - The NMN industry faces challenges related to regulatory compliance, market education, and technological advancements, necessitating a collaborative approach among stakeholders [61][63].

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 厦门金达威集团股份有限公司（以下简称"公司"）于 2025 年 9 月 11 日召 开第九届董事会第七次会议，审议通过《关于使用部分闲置募集资金进行现金管 理的议案》，同意根据公司募投项目的建设进度及实际资金安排，公司及实施募 投项目的子公司内蒙古金达威药业有限公司（以下简称"金达威药业"）在确保 不影响募集资金按投资计划正常使用的情况下，使用不超过 7 亿元的闲置募集资 金进行现金管理，使用期限为自本次董事会审议通过之日起 12 个月内，期限内 任一时点的交易金额不应超过现金管理额度。在上述额度及决议有效期内可循环 滚动使用。保荐机构广发证券股份有限公司（以下简称"保荐机构"）出具了同 意 的 核 查 意 见 。 具 体 内 容 详 见 公 司 于 2025 年 9 月 12 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于使用部分闲置募集资金进行现金管理的公告》。 公司使用部分闲置募集资金购买的部分理财产品已赎回，并继续进行现金管 理，具体情况如下： 二、本次继续使用部分闲置募集 ...

| 证券代码：002626 | 证券简称：金达威 | 公告编号：2026-022 | | --- | --- | --- | | 债券代码：127111 | 债券简称：金威转债 | | 厦门金达威集团股份有限公司 关于签署募集资金三方监管协议的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 厦门金达威集团股份有限公司（以下简称"公司"）及子公司内蒙古金达威 药业有限公司（以下简称"金达威药业"）近日与中国工商银行股份有限公司厦 门思明支行（以下简称"工商银行厦门思明支行"）及广发证券股份有限公司（以 下简称"广发证券"）就"信息化系统建设项目"签署了《募集资金三方监管协 议》，具体情况如下： 一、 募集资金基本情况 经中国证券监督管理委员会《关于同意厦门金达威集团股份有限公司向不特 定对象发行可转换公司债券注册的批复》（证监许可〔2024〕1567 号）同意， 公司向不特定对象发行面值总额 129,239.48 万元可转换公司债券，期限 6 年，每 张面值为人民币 100 元，发行数量 12,923,948 张，募集资金总额为人民币 1,292,394, ...

厦门金达威集团股份有限公司 关于聘任公司副总经理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 厦门金达威集团股份有限公司（以下简称"公司"）于 2026 年 3 月 9 日召 开第九届董事会第十二次会议审议通过《关于聘任公司副总经理的议案》，经公 司董事长、总经理提名，董事会提名委员会审查通过，董事会同意聘任张水陆先 生为公司副总经理（简历附后），任期自本次会议审议通过之日起至第九届董事 会任期届满之日止。 张水陆先生具备履行职责所必需的专业能力和工作经验，符合《公司法》《深 圳证券交易所上市公司自律监管指引第 1 号—主板上市公司规范运作》《深圳证 券交易所股票上市规则》和《公司章程》等相关规定。 特此公告。 厦门金达威集团股份有限公司 | 证券代码：002626 | 证券简称：金达威 | 公告编号：2026-021 | | --- | --- | --- | | 债券代码：127111 | 债券简称：金威转债 | | 附件：张水陆先生简历 张水陆先生：本科，2004 年 6 月至 2024 年 2 月任公司副总经理。2012 年 5 月至今，任内 ...

| 证券代码：002626 | 证券简称：金达威 | 公告编号：2026-020 | | --- | --- | --- | | 债券代码：127111 | 债券简称：金威转债 | | 厦门金达威集团股份有限公司 第九届董事会第十二次会议决议公告 二〇二六年三月九日 特此公告。 厦门金达威集团股份有限公司 董 事 会 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 厦门金达威集团股份有限公司（以下简称"公司"）第九届董事会第十二次 会议于 2026 年 3 月 9 日在厦门市海沧区公司五层会议室以现场结合通讯表决的 方式召开。本次会议通知已于 2026 年 3 月 5 日以通讯方式发出，并获全体董事 确认。本次会议由公司董事长江斌先生主持，公司董事会成员应到九人，实际参 会人数九人。公司副总经理、财务总监、董事会秘书等高级管理人员亦列席了本 次会议。本次会议的召集、召开符合《中华人民共和国公司法》和公司章程的有 关规定。 经与会董事认真审议，本次会议以现场结合通讯表决的方式审议通过了以下 议案： 一、 会议以 9 票同意、0 票反对、0 票弃权的表决结果审议通 ...

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential anti-aging, DNA repair, and metabolic regulation benefits, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Group 1: NMN Definition and Function - NMN is a direct precursor to NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can rapidly increase NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, metabolism, and cognitive function [4][6]. Group 2: NMN Industry Development - The NMN industry has evolved from scientific research to commercialization, with significant milestones achieved in various countries, including Japan, the U.S., and Australia, which have recognized NMN's legal status [1][15]. - China is currently the largest producer of NMN raw materials, with key companies building competitive barriers through technological innovation and industry chain layout [2][32]. Group 3: Regulatory Environment - The global regulatory landscape for NMN is shifting from strict restrictions to cautious openness, with China making strides in legalizing NMN for cosmetic and health food applications [17][18]. - As of April 2025, NMN has been included in China's health food approval list, indicating a positive trend towards regulatory acceptance [17][18]. Group 4: Market Demand - The aging population in China is expected to drive the "silver economy," with the elderly population projected to grow from 320 million to 390 million between 2025 and 2030, creating a substantial market for anti-aging products [19]. - Younger generations, particularly those born in the 1990s, are increasingly aware of anti-aging needs, further boosting market demand for NMN products [19]. Group 5: Technological Innovations - Advances in NMN synthesis methods, particularly the full enzyme method, have significantly improved production efficiency and reduced costs, driving industry upgrades [21][22]. - Innovations in delivery technologies are enhancing the bioavailability and user experience of NMN products, ensuring effective absorption [22]. Group 6: Application Areas - NMN is primarily used in health supplements and cosmetics, with the health supplement market accounting for nearly 90% of its applications [24][28]. - Future applications are expected to expand into pet nutrition, medical health, and agricultural technology, opening new growth avenues [24][28]. Group 7: Market Size and Growth - The NMN market in China is anticipated to exceed 3 billion yuan by 2025, driven by increasing regulatory acceptance and research breakthroughs in various application areas [28][32]. Group 8: Sales Channels - NMN products are primarily sold through cross-border e-commerce and private channels, with cross-border e-commerce accounting for 60%-70% of market share [35]. Group 9: Certification and Standards - The "blue hat" certification for health foods in China represents the highest standard for NMN products, indicating safety and compliance [37]. Group 10: Challenges and Opportunities - The NMN industry faces challenges such as exaggerated claims, lack of awareness, and technological iterations, necessitating a focus on compliance and innovation to unlock market potential [61][63].

| 证券代码：002626 | 证券简称：金达威 | 公告编号：2026-019 | | --- | --- | --- | | 债券代码：127111 | 债券简称：金威转债 | | 厦门金达威集团股份有限公司 关于取得发明专利证书的公告 本发明属于微胶囊制备领域，涉及一种高全反式类胡萝卜素微胶囊及其制备 方法。本发明不仅能够显著提高类胡萝卜素微胶囊中全反式结构的含量，而且还 能够避免生产过程中高毒性有机溶剂的使用，减少了生产过程中对工人健康的危 害因素，提升产品质量，应用前景广泛。 发明名称：一种高全反式类胡萝卜素微胶囊及其制备方法 专利号：ZL 2023 1 0111269.6 专利申请日：2023 年 02 月 14 日 专利权人：厦门金达威维生素有限公司 厦门金达威集团股份有限公司 专利权期限：二十年 证书号：第 8718356 号 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 授权公告日：2026 年 02 月 17 日 厦门金达威集团股份有限公司（以下简称"公司"）及子公司厦门金达威维 生素有限公司，近日收到国家知识产权局颁发的 1 件发明专利 ...

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining attention in the global health industry for its potential anti-aging benefits, DNA repair, and metabolic regulation, with significant regulatory advancements expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial applications, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2][19]. NMN Definition and Function - NMN is a direct precursor to NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - As NAD+ levels decline with age, NMN supplementation can quickly elevate NAD+ levels, playing a vital role in anti-aging, cardiovascular health, and metabolic improvement [4][6]. Regulatory Environment - The global regulatory landscape for NMN is shifting from strict restrictions to cautious openness, with significant milestones achieved in various countries [17][18]. - In China, NMN has been approved as a new cosmetic ingredient and is on the path to being recognized as a health food, with the National Market Supervision Administration listing it for health food approval in April 2025 [17][18]. Market Demand - The aging population in China is expected to grow significantly, with the elderly population projected to increase from 320 million to 390 million by 2030, driving demand for anti-aging products [19]. - Younger generations are also increasingly aware of anti-aging needs, creating a dual demand for NMN products [19]. Technological Innovations - Advances in synthesis methods, particularly the full enzyme method, are driving down costs and improving product quality in the NMN industry [21][22]. - Innovations in delivery technologies are enhancing the bioavailability of NMN, ensuring better absorption and user experience [22]. Application Areas - NMN is primarily used in health supplements and cosmetics, with health supplements accounting for nearly 90% of the market share [24][28]. - Future applications are expected to expand into pet nutrition, medical health, and agricultural technology, opening new growth avenues [24][28]. Market Size and Growth - The NMN market in China is expected to exceed 3 billion yuan by 2025, driven by increasing regulatory support and expanding applications [28][32]. - The market is currently dominated by health supplements and cosmetics, with significant growth potential in other sectors as regulations ease [28][32]. Sales Channels - NMN products are primarily sold through cross-border e-commerce and private channels, with cross-border e-commerce accounting for 60%-70% of market share [35][34]. Certification and Standards - The "blue hat" certification for health foods in China represents the highest standard for NMN products, indicating safety and compliance [37]. Challenges and Opportunities - The NMN industry faces challenges such as exaggerated claims, lack of consumer awareness, and technological iterations, necessitating a focus on compliance and innovation [61][63]. - Companies are encouraged to innovate their business models and extend their value chains to enhance competitiveness [66].

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining global attention in the health industry due to its potential in anti-aging, DNA repair, and metabolic regulation, with significant advancements in regulatory approval and market potential expected by 2025 [1][2]. Group 1: NMN Definition and Function - NMN is a direct precursor to NAD+ (Nicotinamide Adenine Dinucleotide), crucial for delaying aging and enhancing physiological functions [3][4]. - Supplementing NMN can rapidly increase NAD+ levels in the body, playing a vital role in anti-aging, cardiovascular health, and cognitive function [4][6]. Group 2: Global Regulatory Landscape - By 2025, NMN's global compliance process is expected to accelerate, with major markets like the US, Japan, Canada, and Australia confirming its legal status through various regulatory pathways [1][2]. - In China, NMN has not yet received approval as a drug or health food, but it has been recognized as a new cosmetic ingredient, laying the groundwork for future regulatory developments [1][17]. Group 3: Market Demand Drivers - The aging population in China is projected to grow significantly, with the elderly population expected to increase from 320 million to 390 million between 2025 and 2030, driving the "silver economy" and demand for anti-aging products [19]. - Younger generations, particularly those born in the 1990s, are increasingly aware of anti-aging needs, creating a dual demand for NMN products [19]. Group 4: Technological Innovations - Continuous innovations in synthesis, quality testing, and delivery methods are driving the NMN industry forward, with full enzyme methods significantly enhancing production efficiency and reducing costs [21][22]. - The establishment of testing standards is raising industry entry barriers, promoting market development [22]. Group 5: Current Market Status - The NMN market in China has been expanding rapidly since its large-scale entry in 2020, with expectations to exceed 3 billion yuan by 2025 [28]. - NMN is primarily used in health supplements (approximately 90% of applications) and cosmetics (10-20%), with potential future applications in pet nutrition, medical health, and agricultural technology [24][28]. Group 6: Sales Channels - NMN products are mainly sold through cross-border e-commerce and private channels, with cross-border e-commerce accounting for 60-70% of the market share [35]. Group 7: Industry Challenges - The NMN industry faces challenges such as exaggerated claims, lack of consumer awareness, and the need for technological iteration, necessitating a focus on compliance and innovation to unlock market potential [61][63].