均瑶健康：去年四季度乳酸菌业务因春节礼品消费场景占比提升，经销商进货规模实现较好增长

Group 1: Lactobacillus Business Trends - The company positions its lactobacillus business within the broader health beverage framework, moving beyond a single category focus [1] - The lactobacillus beverage segment has seen a decline due to insufficient innovation compared to the overall beverage industry [1] - Sales performance for the lactobacillus business is expected to show slight growth in 2024, driven by increased orders during the Spring Festival, but will be impacted by the absence of this effect in Q1 2025 [1] Group 2: International Expansion and Probiotics Business - The company's overseas operations have shown strong performance, with a 77% year-on-year increase in overseas revenue in Q1 2025 [2] - Significant growth in orders from major U.S. clients reflects the company's long-term strategy of nurturing relationships through technical communication [2] - The company avoids competing in the low-end domestic market, focusing instead on establishing long-term technical collaborations with professional clients [2] Group 3: E-commerce and Brand Performance - The "Daily Doctor" brand has achieved profitability through precise product positioning and market strategy in the functional probiotics segment [3] - The company minimizes reliance on influencer marketing, using it as a supplementary method rather than a core revenue source [3] - The shift towards activating owned brand traffic indicates a growing consumer recognition and repurchase intention for "Daily Doctor" [3]