均瑶健康：业绩滑坡与益生菌增长困局的双重挑战

Core Viewpoint - Junyao Health (605388.SH) has faced significant financial challenges in 2024, reporting its first annual loss since listing, with a sharp decline in key financial metrics and ongoing issues in its probiotic business transformation [1][4]. Financial Performance - In 2024, the company reported revenue of 1.458 billion yuan, a year-on-year decrease of 10.77%, and a net loss attributable to shareholders of 29.1164 million yuan, a staggering drop of 150.57% [1]. - The first quarter of 2025 continued the trend of "increased revenue without increased profit," with revenue slightly up by 1.41% to 401 million yuan, but net profit plummeting by 58.29% to 10.9071 million yuan [1]. - Major asset impairments were the primary cause of losses, including goodwill impairment of 36.43 million yuan, inventory write-downs of 12.76 million yuan, and credit impairment of 36.59 million yuan, totaling 85.79 million yuan [1]. Cost Management - Marketing costs surged, with sales expenses increasing by 30.27% to 244 million yuan, primarily due to advertising, while management expenses rose by 11.87% to 142 million yuan [2]. - Research and development expenses increased by 37.59% to 34.64 million yuan, but this did not translate into enhanced product competitiveness [2]. - Operating cash flow net amount fell sharply by 61.95% to 32.64 million yuan, and cash reserves were halved by 50.94% to 245 million yuan, largely due to expansion, investment, and share buyback expenditures [2]. Product and Inventory Issues - Sales of the core probiotic beverage (including lactic acid bacteria) decreased by 1.41%, with revenue down by 2.71% to 595 million yuan, while inventory surged by 157.87% [3]. - Other beverage sales dropped by 11.77%, and probiotic food sales fell by 13.23%, with inventory increases exceeding 150% across the board, indicating weak demand and potential impairment risks [3]. Transformation Challenges - Since initiating a "second entrepreneurship" in 2021, the company invested 279 million yuan to restructure the probiotic business, Junyao Runying, but results have fallen short of expectations [4]. - In 2024, Junyao Runying's sales revenue grew by 22%, yet combined revenue from probiotic beverages and foods did not exceed 200 million yuan, accounting for less than 14% of total revenue, significantly below planned targets [4]. - Despite investing 18.6 million yuan to upgrade production lines, resulting in a 185% increase in probiotic powder capacity, sales have not increased, raising concerns about production efficiency [4]. Competitive Landscape - The company faces intense competition from foreign giants like DuPont and Chr. Hansen, which dominate technological advancements, as well as domestic players like Weilan Biology and Tongchen Beikang, which have captured market channels [5]. - There is a mismatch between the company's distribution channels and its target consumer base, with a focus on lower-tier cities while the core consumer group for probiotics is in higher-tier cities [5]. - Although e-commerce channels grew by 177.49%, the low base and continued revenue declines in key regions like Northeast and East China have not reversed the overall downward trend [5]. - Traditional probiotic beverages are criticized for high sugar content, and while the company has introduced functional strains, it has not achieved standout products, with flagship items on platforms like Tmall selling only around 4,000 units, far behind competitors [5].