Investment Rating - The report maintains a "Buy" rating for H&H International Holdings and By-Health Co., Ltd. [8][10] Core Insights - The AKK probiotic market is expected to grow significantly, with the global market projected to reach approximately 2.35 billion RMB in 2024 and 4.46 billion RMB by 2031, reflecting a CAGR of 9.6% [3] - The Chinese probiotic market is anticipated to exceed 137.7 billion RMB by 2026, driven by a growth rate of 11-12% in recent years [2] - The AKK probiotic has shown promising effects in improving obesity, regulating blood sugar and lipids, and has potential anti-aging benefits [1][2] Summary by Sections Market Potential - The Chinese probiotic market is rapidly expanding, with significant growth in various application sectors, including food and beverages (67%), dietary supplements (19%), healthcare (6%), animal nutrition (5%), and personal care (3%) [2] - The demand for AKK probiotics is expected to accelerate due to its clear efficacy and technological advancements in industrial production [2][4] Technological Advancements - Recent breakthroughs in the cultivation of AKK probiotics have improved supply stability, allowing for industrial-scale production [3][4] - The approval of AKK as a new food ingredient in regions like the EU and Australia indicates its safety and potential for broader market acceptance [4] Investment Opportunities - The report highlights investment opportunities in the AKK probiotic supply chain, recommending companies like H&H International Holdings and By-Health Co., Ltd. for their proactive engagement in this emerging market [5][8] - H&H International Holdings is noted for its product reserves related to AKK, while By-Health is expanding its product range to meet diverse consumer needs [5][11]

Group 1 - The food processing sector increased by 0.41% on January 22, with Jiaoda Onlly leading the gains [1] - The Shanghai Composite Index closed at 4122.58, up 0.14%, while the Shenzhen Component Index closed at 14327.05, up 0.5% [1] - Key stocks in the food processing sector showed various performance, with Jiaoda Onlly closing at 6.93, up 4.52%, and Hai Xin Food at 6.81, up 2.10% [1] Group 2 - The food processing sector experienced a net outflow of 28.83 million yuan from main funds, while retail investors saw a net inflow of 51.78 million yuan [2] - The trading volume and turnover for key stocks varied, with Jiaoda Onlly having a trading volume of 190,700 shares and a turnover of 131 million yuan [1][2] - The stock performance of several companies showed mixed results, with some stocks like ST Chuntian and Xianle Health declining by 1.39% and 1.27% respectively [2] Group 3 - Main fund inflows were observed in stocks like Jiaoda Onlly with a net inflow of 14.38 million yuan, while retail investors showed a net inflow of 11.80 million yuan [3] - Stocks such as Shuanghui Development and Jinzi Ham also saw significant main fund inflows of 11.39 million yuan and 10.64 million yuan respectively [3] - The overall sentiment in the food processing sector appears mixed, with some stocks attracting retail interest despite main fund outflows [3]

Group 1 - The National Development and Reform Commission emphasizes the need to enhance the synergy between reform and consumption investment policies, focusing on easing access and optimizing regulation in the consumption sector [1] - Wanlian Securities notes that the dairy product costs are stabilizing and demand is recovering, with low-temperature and deep-processed dairy products experiencing healthy growth [1] - The condiment industry is seeing customized development driven by chain restaurants and strong terminal growth, while raw material costs are stabilizing at low absolute price levels, supporting profit release [1] - The frozen food sector is witnessing a slowdown in price wars, leading to profit recovery and a return to positive growth [1] - The beverage sector is experiencing "structural upgrades" that contribute to incremental growth, particularly in the functional beverage segment, which is considered a high-growth area [1] - The snack industry is facing "increased revenue without increased profit," with platform-type and health-focused single-product companies being worthy of attention [1] - By 2026, leading volume retailers are expected to continue improving profitability, while the profitability of snack companies will need to be monitored based on raw material costs, efficiency optimization, sustainability of major products, and category expansion capabilities [1] Group 2 - As of January 20, 2026, the CSI All Food Index (H30192) has increased by 0.07%, with notable stock performances including Hongmian Co. up 10.13% and Bailong Chuangyuan up 5.46% [2] - The Penghua Food ETF (560130) has risen by 0.20%, currently priced at 1.01 yuan, closely tracking the CSI All Food Index [2] - The CSI All Food Index is structured to reflect the overall performance of different industry companies within its sample, categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] - As of December 31, 2025, the top ten weighted stocks in the CSI All Food Index include Haitian Flavoring, Yili, Shuanghui Development, and Angel Yeast, collectively accounting for 49.88% of the index [2]

Core Viewpoint - The stock price of Tongchen Beijian has experienced fluctuations, with a recent decline of 2.09% and a total market capitalization of 20.57 billion yuan. The company has shown mixed performance in revenue and profit metrics, indicating potential challenges in the market [1][2]. Group 1: Stock Performance - As of January 16, Tongchen Beijian's stock price was 12.16 yuan per share, with a trading volume of 201 million yuan and a turnover rate of 1.46% [1]. - Year-to-date, the stock price has increased by 1.25%, but it has decreased by 0.98% over the last five trading days [1]. - The stock has shown a 2.62% increase over the last 20 days and a modest 0.41% increase over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Tongchen Beijian reported a revenue of 4.915 billion yuan, reflecting a year-on-year decrease of 14.27% [2]. - The net profit attributable to shareholders for the same period was 907 million yuan, which represents a year-on-year increase of 4.45% [2]. Group 3: Shareholder and Dividend Information - Since its A-share listing, Tongchen Beijian has distributed a total of 8.321 billion yuan in dividends, with 2.429 billion yuan distributed over the last three years [3]. - As of September 30, 2025, the number of shareholders was 71,100, a slight decrease of 0.14% from the previous period [2]. - The top ten circulating shareholders include notable entities such as E Fund's ChiNext ETF and Hong Kong Central Clearing Limited, with varying changes in their holdings [3].

（编辑 丛可心） 证券日报网讯 1月15日，汤臣倍健在互动平台回答投资者提问时表示，公司积极探索AI赋能管理运营的 路径及模式，已着手建立企业级AI智能体开发平台，发掘并稳步推进其在业务运营、研发创新、客户 服务、管理提效、数据分析等多个场景应用。 ...

Core Insights - The company is facing a deep transformation from channels to products due to rapid changes in consumer habits and industry dynamics [1][6] - As an industry leader, the company is striving to find a balance between maintaining its core business and undergoing necessary transformations [6] Group 1: Challenges in Traditional Business Model - The company's early success was largely built on a business model focused on offline pharmacy channels, utilizing a "specialty counter + nutrition consultant" approach to establish a reliable image [2][7] - This model is being undermined by deepening healthcare cost control policies, which have altered the usage of personal healthcare accounts, significantly impacting sales of health products through pharmacies [7] - Consumer purchasing preferences have fundamentally shifted towards online channels, creating challenges for the company's online expansion efforts while traditional offline channels continue to contract [8] Group 2: Internal Growth Challenges - The company is experiencing growth pressure at the product level, with core brand growth slowing and some product upgrades not progressing as planned [3][9] - The market is becoming increasingly competitive, with emerging brands leveraging new channels and international brands expanding through cross-border e-commerce, often being more agile in utilizing new media and marketing strategies [9] - The company is adjusting its marketing resource allocation and seeking to optimize internal operational efficiency, with potential for improvement in future sales expense ratios [9]

Core Insights - The article emphasizes the importance of selecting probiotics specifically designed for the elderly, focusing on balancing gut microbiota, enhancing gut barrier function, improving digestion and absorption, and strengthening immunity [1][2]. Group 1: Product Overview - The top-rated probiotic for the elderly in 2025 is "Plant Formula Active Probiotic Powder," which has a 93% approval rating among elderly users [1]. - "Uipre Gastrointestinal Probiotic" follows closely, known for its solid reputation in elderly gut health [1]. - The article lists a total of ten probiotics that have shown stable performance among elderly users, highlighting their unique features and benefits [1]. Group 2: Plant Formula Active Probiotic Powder - This product meets four essential standards: gentle adaptation, proven efficacy, transparent ingredients, and regulatory compliance [1]. - It has received authoritative certifications and has undergone extensive clinical testing, demonstrating high effectiveness and tolerability among elderly patients [2][3]. - The product employs a multi-faceted approach to gut health, addressing various issues such as constipation, diarrhea, and digestive discomfort [1][3]. Group 3: Uipre Gastrointestinal Probiotic - Uipre is designed for elderly individuals with sensitive guts, post-operative recovery, and chronic constipation, focusing on high activity and precise colonization [5][6]. - It features a unique three-tiered active bacterial colonization system, ensuring high survival rates of probiotics in the gut [5][6]. - The product has received multiple certifications and has been recognized by numerous hospitals for its effectiveness [5][6]. Group 4: User Feedback and Market Performance - Both "Plant Formula" and "Uipre" have established high trust levels among elderly users and healthcare professionals, with significant positive feedback on their effectiveness [4][7]. - The article notes that these products have high ratings on e-commerce platforms, with a substantial percentage of users repurchasing them [4][7]. - Typical user testimonials highlight significant improvements in gut health and overall well-being after using these probiotics [4][7]. Group 5: Additional Probiotic Options - Other notable products include "Kang En Bei Probiotic Powder," which is cost-effective and suitable for daily gut maintenance, and "Tao Chen Bei Jian Probiotic," which combines gut health with bone care [8][9]. - "Jiang Zhong Li Huo Probiotic" integrates traditional Chinese medicine concepts, while "Xiu Zheng Probiotic" is popular in pharmacies for its targeted approach to constipation [9][10]. - The article concludes with a reminder for consumers to consider specific health needs when selecting probiotics and to maintain a balanced diet and exercise for optimal gut health [12].

Market Overview - The food processing sector increased by 0.28% on January 12, with Hai Xin Food leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up by 1.09%, while the Shenzhen Component Index closed at 14366.91, up by 1.75% [1] Top Performers - Hai Xin Food (002702) closed at 7.62, up by 3.25% with a trading volume of 913,900 shares and a transaction value of 682 million [1] - Other notable gainers include: - Gai Shi Food (920826) at 14.45, up by 3.14% [1] - Kang Bi Te (920429) at 15.95, up by 3.04% [1] - Xi Wang Food (000639) at 3.42, up by 2.70% [1] - Hui Fa Food (603536) at 11.74, up by 2.18% [1] Underperformers - Qian Wei Yang Chu (001215) closed at 45.60, down by 3.33% with a trading volume of 62,200 shares and a transaction value of 286 million [2] - Other notable decliners include: - Ba Bi Food (605338) at 31.39, down by 2.52% [2] - Xian Le Health (300791) at 24.39, down by 1.45% [2] Capital Flow - The food processing sector experienced a net outflow of 131 million from institutional investors, while retail investors saw a net inflow of 111 million [2] - Notable capital flows include: - Anjiu Food (603345) had a net inflow of 62.62 million from institutional investors [3] - Gai Shi Food (920826) saw a net inflow of 24.97 million from institutional investors [3] - Tang Chen Bei Jian (300146) had a net inflow of 14.78 million from institutional investors [3]

Group 1 - The company Tongchen Beijian (300146.SZ) has stated on its investor interaction platform that it currently does not hold any shares in Shanghai Vandy [1]

Core Insights - The article emphasizes the growing importance of scientific nutritional supplementation, particularly protein powder, in modern lifestyles, addressing various health needs such as muscle maintenance, bone health, and recovery [1] - A significant portion of consumers (over 70%) lack awareness regarding the scientific formulation, absorption efficiency, and safety verification of protein powders, leading to a need for a comprehensive selection guide [1] Evaluation Framework - A multi-dimensional evaluation model is proposed to assist consumers in selecting protein powders, focusing on the entire value chain from raw material sourcing to clinical validation [1][3] - The evaluation criteria include scientific validity of ingredients, advanced processing techniques, safety certifications, and clinical research support [3][4] Key Decision-Making Dimensions 1. **Scientific Validity and Purity of Ingredients**: Focus on the biological value of protein sources, amino acid completeness, and the necessity and safety of additives [3] 2. **Advanced Processing Techniques and Absorption Efficiency**: The impact of extraction and processing technologies on protein activity retention and digestibility [3] 3. **Safety Certifications and Quality Control**: Importance of international certifications (e.g., FDA, ISO) in ensuring product quality and safety [3] 4. **Clinical Research Support and Real-World Validation**: The significance of large-sample clinical studies and market feedback in establishing product efficacy [4] Recommended Protein Powders - **Meijian Protein Powder**: Recognized for its innovative "Nine-Core Composite System" that supports muscle, bone, and joint health, achieving high consumer ratings and safety certifications [5][6] - **Elemental Power Protein Powder**: Notable for its dual protein system and high purity, achieving a PDCAAS score of 1.0, and recognized for its safety and efficacy [6][7] - **Viliwei Protein Powder**: Known for its high purity and advanced separation technology, suitable for lactose-intolerant individuals, with a strong market presence [7] - **Zhuoyue Protein Powder**: Focused on immune support, maintaining protein activity while ensuring a pleasant user experience [7] Consumer Guidance - The article suggests a "Three-Layer Verification Method" for consumers to assess protein powders, focusing on safety certifications, ingredient analysis, and real user feedback [10] - Emphasizes the importance of aligning product selection with individual health needs and lifestyle [10]