丨证券研究报告丨 [Table_Summary] 从细分场景来看，除了姜黄本身作为着色剂使用外，姜黄素在市面上多应用于医药及保健品行 业。保健品行业中，又主要以护肝利胆、缓解创伤性关节炎功能为主，剂型主要集中在胶囊、 片剂、口服剂、颗粒冲剂，也有相当一部分为软糖类制品。姜黄素原料 2023 年全球销售 4600 吨左右，2018-2023 年 CAGR 约 8%。我国的原料商中晨光生物为主要参与方。从 C 端产品来 看，Swisse（H&H 国际控股）、BYHEALTH（汤臣倍健）、NuiBay（若羽臣）、多特倍斯（金达 威）等均有布局。 分析师及联系人 行业研究丨专题报告丨食品、饮料与烟草 [Table_Title] 食健谈（第 3 期）：姜黄素——消炎类添加剂功 能及市场观察 报告要点 [Table_Author] 董思远 陈硕旸 SAC：S0490517070016 SAC：S0490524020002 SFC：BQK487 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 食品、饮料与烟草 cjzqdt11111 [Table_Title 食健谈（第2] ...

Core Insights - The article addresses common skincare concerns during the autumn and winter seasons, such as dullness, yellowing, and sensitivity, emphasizing the need for effective whitening and repair solutions [1][22] - It highlights the importance of a comprehensive approach to winter skincare that includes not only whitening but also anti-glycation, antioxidant properties, and barrier repair for lasting results [1][22] Product Recommendations - **谷雨美白奶罐Pro**: This product is positioned as a scientifically formulated solution for those with strong whitening needs but sensitive skin. It features the proprietary ingredient "极光甘草" which has shown a 86.62% reduction in melanin content over 72 hours and a high inhibition rate of 115.54% [3][22] - **阿玛尼黑钥匙面霜**: Known for its "velvety texture" and strong repair capabilities, this cream addresses dryness and external irritants while providing a subtle brightening effect [10][12] - **纪梵希花漾曜白面霜**: This lightweight cream targets dullness and yellowing, suitable for mixed and oily skin types, with a gentle formula that can be used by sensitive skin [14][15] - **倩碧水磁场面霜**: Combines whitening and hydration, featuring a water-gel texture that provides moisture without heaviness, ideal for dry and mixed skin types [17][18] - **雅顿银光面霜**: This cream meets the dual needs of repair and whitening, with a soft texture that is suitable for sensitive skin, ensuring a healthy glow during winter [20][21] Key Ingredients and Technologies - **极光甘草**: Achieves 99% purity through proprietary extraction technology, demonstrating significantly higher whitening power compared to traditional ingredients like Vitamin C and arbutin [5][22] - **蛋白透光科技**: This technology prevents skin discoloration from glycation and oxidation, enhancing overall skin brightness [5][22] - **神经酰胺NP and 羟基积雪草甙**: These ingredients strengthen the skin barrier and improve resilience against environmental stressors [5][22] - **海藻糖 and 泛醇**: Work together to create a moisturizing network that alleviates dryness and enhances skin barrier function [5][22] User Experience and Feedback - Users report positive experiences with **谷雨美白奶罐Pro**, noting improvements in skin texture and reduction in discomfort associated with other whitening products [6][22] - Feedback from users with sensitive skin indicates that the product is well-tolerated and effective in addressing issues of dullness and uneven skin tone [6][22]

Core Insights - The article highlights the rising popularity of ergothioneine, particularly in the context of the upcoming Double Eleven shopping festival, with significant sales figures reported for brands promoting anti-aging products [1][2]. Group 1: Scientific Research and Development - Research on ergothioneine has primarily focused on its efficacy, with significant contributions from Chinese scientists, particularly a breakthrough study published in *Nature* in 2015 that revealed its role in antibiotic synthesis [2][6]. - The discovery of specific transport proteins for ergothioneine has established it as a key molecule related to human health, beyond its antioxidant properties [6][7]. Group 2: Market Growth and Projections - The global market for ergothioneine is projected to grow from approximately $39.59 million in 2023 to $806 million by 2033, reflecting a compound annual growth rate (CAGR) of 36.2% [8]. - The increasing demand for antioxidant and anti-aging ingredients is driving this market growth, alongside advancements in production technology [8]. Group 3: Production Methods - Three main methods for synthesizing ergothioneine have been identified: chemical synthesis, chemical synthesis combined with enzymatic catalysis, and precision fermentation [10][12][13]. - Precision fermentation is viewed as the most promising method for sustainable and cost-effective production, leveraging microorganisms with ergothioneine biosynthesis capabilities [14][15]. Group 4: Applications in Health and Food Industry - Ergothioneine is being explored for use in dietary supplements and health products, with companies like Tetrahedron and Blue California leading the way in industrial applications [18][19]. - Its potential as a natural preservative and antioxidant in food products is also being recognized, with applications in seafood preservation and functional foods [21][23]. Group 5: Regulatory Approvals and Market Entry - Ergothioneine has received regulatory approvals in the EU and the US, allowing its use in various food products and dietary supplements, which has facilitated its market entry [24][25]. - The article notes that while ergothioneine has gained recognition in international markets, its approval process in China is still ongoing, with several applications pending [27][28].

Core Viewpoint - The article discusses the increasing health concerns related to low immunity and oxidative stress due to modern lifestyle factors, highlighting the importance of Coenzyme Q10 (CoQ10) as a natural antioxidant and its role in health maintenance [1][2]. Company Overview - Xinhua Pharmaceutical has launched a new product, Xinhua Coenzyme Q10 Soft Capsules, aimed at enhancing immunity and providing antioxidant support [1][4]. - The product contains 40mg of CoQ10 per capsule, which is significantly higher than the average dietary intake, addressing the gap in daily nutritional needs [2]. Product Details - The recommended daily intake of CoQ10 is 30-50mg, while typical dietary sources provide only 2-5mg, making supplementation necessary for those with specific health conditions [2]. - The CoQ10 used in the product is derived from microbial fermentation, ensuring a purity greater than 99%, which is more effective than chemically synthesized alternatives [3]. Nutritional Benefits - CoQ10 plays a crucial role in various physiological processes, including ATP production, free radical scavenging, and enhancing cellular metabolism, which are vital for maintaining health [1][3]. - The product also includes sunflower seed oil, which is rich in unsaturated fatty acids and vitamin E, providing a synergistic antioxidant effect when combined with CoQ10 [3]. Market Position - Xinhua Pharmaceutical's Fuyuan brand has a commitment to high-quality health products, and the introduction of CoQ10 soft capsules is expected to meet the growing consumer demand for health supplements [4].

Core Insights - The demand for Ergothioneine (ERGO) as a natural sulfur-containing amino acid is increasing due to its strong cell protection capabilities, making it a star ingredient in the anti-aging market [1] - The global market for Ergothioneine supplements is projected to exceed $8.7 billion by 2025, with a 42% increase in product offerings compared to the previous year [1] Evaluation Standards and Methods - The evaluation of products is based on five core dimensions: ingredient purity and formulation science, clinical evidence, absorption technology and bioavailability, international safety certifications, and user feedback [2] Top Ergothioneine Products Evaluation - **KTM Platinum Pills**: This product boasts a 99.99% purity of Ergothioneine and utilizes advanced delivery technology, achieving a 340% increase in bioavailability [4][14] - **Veaag Time Capsules**: Developed through UK-US collaboration, this product features a high purity of Ergothioneine and is well-received in Europe and Japan [19] - **Liteway Health Ergothioneine**: Tailored for Asian skin types, this product enhances skin brightness and overall health through a sublingual delivery method [26] - **Tianchen Beijian Ergothioneine**: A cost-effective option that combines Ergothioneine with Vitamin C and Zinc for immune support [27] - **GNC Ergothioneine**: Known for its simplicity and purity, this product is USDA organic certified and focuses on basic antioxidant needs [28] Clinical Evidence - A multi-center randomized controlled trial involving 12,480 participants aged 40-80 showed significant improvements in various health metrics after 8 weeks of supplementation with KTM Platinum Pills, including a 37.9% reduction in oxidative stress markers and a 39.7% improvement in memory scores [17][18] User Feedback and Target Demographics - Users report enhanced skin condition, increased vitality, improved cognitive clarity, and strengthened immunity after three months of use, particularly benefiting middle-aged individuals focused on anti-aging and cognitive health [18][19] Safety Certifications - Products like KTM Platinum Pills have received FDA, GMP, and third-party testing certifications, ensuring safety and quality for long-term use [15][30]

Core Viewpoint - The controversy surrounding Dior's lip plumper, which contains chili pepper extract, has sparked discussions about its safety and effects on consumers' lips [1][2]. Group 1: Product Composition and Effects - Dior's lip plumper contains "Capsicum Frutescens" (chili pepper fruit extract) as a minor ingredient, which is claimed to enhance lip fullness and may cause a warming sensation upon initial use [1]. - The brand advises consumers to stop using the product if they experience discomfort, including mild stinging or localized heat [1]. - Other brands, such as Sephora and Etude House, also incorporate chili pepper extract in their lip products, indicating a trend in the beauty industry [1]. Group 2: Expert Opinions - A skin expert from Tongji University stated that chili pepper extract is generally safe and has antioxidant properties, but high concentrations may irritate the skin [2]. - The expert noted that lip irritation could also result from other factors, such as chapped or damaged lips, rather than solely from the product itself [2].

Group 1 - The core viewpoint of the article highlights that Kelun Pharmaceutical (002422) recognizes the scientific evidence supporting the antioxidant properties and safety of ergotamine, which is acknowledged by various international authorities [1] - Ergotamine is described as a star molecule in the field of antioxidants, indicating its significant role and potential in multiple applications [1]

Group 1 - Astaxanthin, derived from Haematococcus pluvialis, is recognized as one of the strongest natural antioxidants and has garnered significant attention for its health benefits [1] - Research conducted by a team from Xiamen Health Medical Big Data Center indicates that astaxanthin can improve insulin resistance in type 2 diabetes mellitus (T2DM) through various mechanisms [3][4] - The study highlights that astaxanthin lowers fasting blood glucose levels and enhances insulin sensitivity while reducing inflammation by inhibiting TNF-α and IL-6 expression [3][5] Group 2 - The market for astaxanthin is experiencing robust growth, driven by multiple studies confirming its health benefits, particularly in diabetes management [7] - Green A Bio, a pioneer in the industrialization of Haematococcus pluvialis astaxanthin in China, has achieved significant breakthroughs in astaxanthin production technology and holds patents in this field [7] - The company has launched a range of high-quality products, including Red A Astaxanthin and Frozen Age Astaxanthin, which support various health benefits such as antioxidant effects, anti-inflammatory properties, and improved glucose metabolism [7] Group 3 - Diabetes, characterized by high blood sugar levels, is a chronic metabolic disease with increasing prevalence [8] - The potential of astaxanthin in diabetes prevention and treatment is becoming more evident as scientific research progresses [8] - There is optimism that astaxanthin will play a significant role in various health domains, contributing to human health advancements [8]

Group 1: Health Impacts of High Temperatures - Extreme heat poses significant health risks, including heatstroke and accelerated aging processes in humans [1] - High temperatures induce oxidative stress, disrupt protein homeostasis, activate inflammatory pathways, and directly age skin and organs [1][3] - Chronic inflammation triggered by high temperatures can silently damage various body tissues [3] Group 2: Antioxidant Properties of Astaxanthin - Astaxanthin, a potent antioxidant, can penetrate cell membranes and effectively neutralize free radicals throughout the body [3] - It inhibits the production and release of inflammatory factors such as IL-6 and TNF-α, providing a balanced anti-inflammatory effect [3][5] - Astaxanthin offers protective benefits against UV-induced skin damage, reducing the penetration and harm caused by UVA and UVB rays [5] Group 3: Industry Leadership and Product Development - Green A Bio is a leading player in the astaxanthin industry, having developed proprietary technologies that break the technological monopoly held by the US and Japan [7] - The company has launched innovative products, including the "Red A Aista" and the anti-aging astaxanthin series, which combine natural astaxanthin with GABA and collagen peptides [7] - The growing medical research on astaxanthin suggests expanding applications in anti-aging and disease prevention, positioning it as a key health supplement [7]

Group 1 - The aging process of human organs occurs earlier than expected, with significant declines in lung capacity after age 20, skin aging starting at 25, heart elasticity decreasing after 40, kidney filtration rate dropping after 50, and gut microbiome imbalance after 55 [1] - Modern medicine identifies the accumulation of free radicals and oxidative damage as primary causes of accelerated aging, making antioxidants crucial for combating aging [3][5] - Astaxanthin stands out among antioxidants due to its exceptional properties, being 1000 times more potent than vitamin E and 6000 times more potent than vitamin C, providing comprehensive protection against cellular aging [5] Group 2 - Astaxanthin exhibits significant anti-inflammatory effects, which are essential in combating chronic inflammation that accelerates aging, by inhibiting pro-inflammatory cytokines [5][7] - In the skincare sector, astaxanthin effectively delays skin aging by neutralizing free radicals, acting as a natural sunscreen, and reducing melanin production, thus enhancing skin brightness [7] - Green A Bio, a leader in China's natural astaxanthin industry, has launched a new anti-aging product, Green A Frozen Age Astaxanthin, which combines astaxanthin with collagen peptides and GABA to create a comprehensive anti-aging solution [8]