DEEJ(SZ:000423) Chan Ye Xin Xi Wang·2025-12-19 02:00Core Viewpoint - The concept of "food and medicine sharing the same source" is gaining popularity, leading to increased demand for health products, particularly ready-to-eat Ejiao products, driven by various consumer demographics including the elderly, women, and Gen Z [1][8]. Market Overview - The ready-to-eat Ejiao market in China is projected to reach a scale of 54.3 billion yuan in 2024, representing a year-on-year growth of 22.3%, accounting for 25% of the overall ready-to-eat health product market [1][8]. - Ready-to-eat Ejiao is produced through optimized formulations and improved processes, making it convenient for modern lifestyles [2][3]. Market Policies - Recent policies emphasize food safety and quality control across all stages of production, processing, and distribution of ready-to-eat Ejiao, promoting a shift towards standardized and high-quality industry practices [4][5]. Industry Chain - The upstream of the ready-to-eat Ejiao industry includes suppliers of key raw materials such as donkey hide, black sesame, walnuts, red dates, honey, and rock sugar, while the midstream consists of production companies, and the downstream includes various sales channels [6][7]. Current Development - The demand for ready-to-eat Ejiao is expanding beyond traditional consumers to include working professionals and younger generations, with consumption scenarios evolving to include daily snacks and gift-giving [8][9]. Competitive Landscape - The ready-to-eat Ejiao market is characterized by a concentrated competitive structure, dominated by two major players, Dong'e Ejiao and Fupai Ejiao, which control key raw material supplies and have established strong brand loyalty [10]. - Dong'e Ejiao reported a revenue of 3.051 billion yuan in the first half of 2025, with 93.2% of this coming from Ejiao and related products [11]. - Fupai Ejiao achieved a revenue of 2.104 billion yuan in 2024, marking a 5% increase, with over 40% of sales coming from non-Ejiao block products [12]. Future Trends - The ready-to-eat Ejiao product line is expected to diversify further, introducing more portable and snack-like options, while also targeting specific consumer needs such as prenatal nutrition and weight management [13]. - The international market for ready-to-eat Ejiao is anticipated to expand, initially targeting regions with high Chinese populations and gradually moving towards Western markets [13].