Core Insights - Zhongjing Foods has officially launched new products featuring American ginseng, including concentrated liquid and tea, marking its entry into the health food sector with a clear focus on core nutritional content [1][3] - The company aims to explore strategic expansion into the health food market, leveraging its traditional Chinese medicine background while facing challenges such as market acceptance and competition in the health food category [1][3] Product Launch - The new American ginseng products are designed to provide a reliable modern health solution, with each product containing 100 milligrams of ginsenosides [3] - The products are currently available online at promotional prices of 9.9 yuan, with regular prices ranging from 79 to 199 yuan [3] - Initial sales data indicates low consumer engagement, with multiple product links showing "0 purchases" on platforms like Tmall and JD [3] Market Trends - Over 70% of consumers aged 18-35 are willing to pay a premium for foods with specific health benefits, driving rapid growth in the health food market [4] - The Chinese health food market is projected to reach 1.2 trillion yuan by 2025, with a year-on-year growth rate of 16.8% [4] - The American ginseng market has surpassed 28 billion yuan in 2023, but faces challenges such as a low average repurchase rate of 12% and high marketing costs accounting for 35% of sales [4] Company Performance - Zhongjing Foods' core condiment business is under pressure, with 2022 sales of its flagship mushroom sauce reaching 324 million yuan, maintaining the top position in its category [5] - The company has experienced a slowdown in revenue growth, with projected revenues of 994 million yuan and 1.098 billion yuan for 2023 and 2024, respectively, reflecting a decline in growth rates [6] - The company is facing a dilemma of increasing revenue without corresponding profit growth, with a reported revenue decline of 1.56% in the first three quarters of the year [6] Strategic Recommendations - Experts suggest that Zhongjing Foods should adopt a "single focus, multiple brands" strategy to solidify its market position while exploring new health food categories [6] - The company is encouraged to leverage its "Chinese medicine gene" and technological capabilities to differentiate its products from competitors [7] - Emphasizing the unique features of the new American ginseng products and utilizing online marketing strategies could help improve brand awareness and consumer perception [8]

Core Insights - Zhongjing Food has officially launched its new products, concentrated ginseng liquid and ginseng tea, which contain 100mg of ginsenosides per bag, marking the first health drink with clearly defined core nutritional components [2][3] - The company is expanding into the health food sector amid pressure on its main condiment business, leveraging its strong traditional Chinese medicine background [2][3][8] Product Launch - The new ginseng products are designed to provide consumers with a reliable modern dietary solution and are currently available on online platforms, with offline channels still being developed [3] - The introductory price for both products is set at 9.9 yuan, while regular prices range from 79 yuan to 199 yuan [3] - Initial sales data shows low consumer engagement, with multiple product links on Tmall and JD indicating "0 purchases" [3] Market Trends - Over 70% of consumers aged 18-35 are willing to pay a premium for foods with specific health benefits, driving rapid growth in the health food market, which is projected to reach 1.2 trillion yuan by 2025, with a year-on-year growth of 16.8% [4] - Ginseng is a popular ingredient in this sector, and the National Health Commission has included it in the list of food-medicine homologous products [4] Challenges - The market currently offers ginseng primarily in traditional forms such as slices, powders, and capsules, which may lead to consumer skepticism regarding the new concentrated liquid and tea formats [4] - Zhongjing Food's condiment business is facing growth pressures, with sales of its flagship mushroom sauce reaching 324 million yuan in 2022, but new product launches have not replicated this success [5][6] Financial Performance - The company's revenue growth has slowed, with projected revenues of 999.4 million yuan and 1.098 billion yuan for 2023 and 2024, respectively, showing a decline in growth rate from 12.77% to 10.4% [6] - In the first three quarters of 2025, revenue decreased by 1.56% to 826 million yuan, while net profit increased by 3.18% to 154 million yuan [6] Strategic Recommendations - To overcome growth bottlenecks, Zhongjing Food should adopt a "single focus, multiple brands" strategy, maintaining its market position in mushroom sauce while expanding into health sectors with differentiated branding [7] - The company should leverage its "Chinese medicine gene" and technical expertise from its controlling shareholder to create unique products that stand out in the market [8] - Emphasizing the clear nutritional benefits and convenience of the new ginseng products through online marketing and offline experiences can help shift consumer perceptions and expand market reach [9]

Core Viewpoint - Zhongjing Food has officially announced the launch of its new American ginseng products, marking its entry into the health food sector amidst challenges in its core condiment business [1][3]. Product Launch - The company has introduced two new products: American ginseng concentrated liquid and American ginseng tea, each containing 100mg of ginsenosides, making them the first health drinks with clearly defined core nutritional components [3][5]. - These products are currently available on online platforms, with a promotional price of 9.9 yuan and regular prices ranging from 79 to 199 yuan [4]. Market Context - The health food market in China is projected to reach 1.2 trillion yuan by 2025, with a year-on-year growth rate of 16.8%, driven by consumer willingness to pay a premium for health-functional foods [5]. - American ginseng has gained popularity as a health ingredient, with the National Health Commission including it in the food-medicine homology directory [5]. Consumer Acceptance - The acceptance of the new ready-to-drink concentrated liquid and tea forms of American ginseng may require time, as traditional forms like slices and powders dominate the market [6]. - Some consumers express concerns about the authenticity of heavily processed products compared to more traditional forms [6]. Business Performance - Zhongjing Food's core condiment business is facing growth pressure, with revenue growth slowing from 12.77% to 10.4% between 2023 and 2024 [8]. - The company reported revenues of 9.94 billion yuan and 10.98 billion yuan for 2023 and 2024, respectively, with net profits showing a significant decline in growth rate [8]. Strategic Recommendations - Experts suggest that Zhongjing Food should adopt a "single focus, multiple brands" strategy to solidify its market position in condiments while expanding into health food [9]. - The company is encouraged to leverage its "Chinese medicine gene" and technological expertise to differentiate its products in the health food market [10]. Marketing Strategy - To enhance the visibility and reputation of the new American ginseng products, the company should emphasize their clear nutritional benefits and convenience [11]. - Utilizing online marketing and offline experiential activities can help shift consumer perceptions and expand market reach [11].

此次符合条件的东北制药股东将享有公司自有"栖芳源"系列化妆品"买1得4"+专享9折双重福利。股东专 享9折优惠券可在"买1得4"优惠基础上叠加使用，即先享受"买1得4"的组合权益，再对组合产品的结算 金额打9折。 中证报中证网讯（记者 宋维东）12月23日晚，东北制药（000597）公告称，公司拟开展股东回馈活 动，更好地帮助股东了解公司新投放市场的"栖芳源紧致焕颜精粹水""栖芳源紧致焕颜面膜""栖芳源水 光深润倍护面膜"等自有美妆品牌产品，体验多重功效，向股东展示公司在大健康领域布局的最新成 果；同时，建立长效、多样的股东回报机制，提高股东对公司内在价值的理解与认识。 根据安排，本次活动时间为2025年12月25日00:00:00至2025年12月28日23:59:59。参加活动股东的范围 为2025年12月8日下午收市时在中国证券登记结算有限责任公司深圳分公司登记在册的持有东北制药股 份500股（含）以上的股东。公司将在活动期间内不定期主动更新股东信息，未在前述股东名册中的现 有持股股东，亦可通过有效的股东持股证明文件享有本次活动权益。 此外，东北制药充分利用在研发及品控管理方面积累的丰富经验，拓展药食同 ...

浙江省名中医、浙江中医药大学基础医学院院长、中医"治未病"智慧健康浙江省工程研究中心主任朱爱 松指出，女性冬季普遍出现的手足冰凉、生理期不适感加重等问题多与气血不足有关。中医主张"药食 同源"，建议采用"五红汤"等中医经典食疗方进行日常滋补。她还表示，香飘飘古方五红暖乳茶等创新 产品将传统古方与现代饮品相结合，为女性冬季养生提供了兼顾健康、口感与便捷的新选择。 "穿再多还是捂不热""姨妈期更疼了"……近日寒潮来袭，全国大部地区经历"跳水式"降温，许多女性在 社交平台反映手脚冰凉，伴随疲惫无力、气色差、生理期不适等问题。 据了解，该产品上市试销以来收到市场积极反馈，尤其深受女性消费者青睐。记者在社交平台上看到， 不少女性消费者对这款产品给出了"好喝""适合姨妈期"的评价。有消费者在经期饮用后表示："暖乎乎 地下肚，喝完整个人都舒展了。" 古方新用，推动中医健康理念走进大众生活 "近年来，许多企业从传统中医药文化宝库中汲取精华，开发现代健康食品饮品，实现传统中医健康养 生智慧与现代消费场景的有机融合，有效推动了中医健康理念走进大众生活。"朱爱松院长指出，香飘 飘古方五红暖乳茶产品体现了对传统中医药文化的深度理解和 ...

Core Insights - The company is focusing on market trends, with its two core sales segments, raw materials and formulations, playing a significant role in stabilizing performance and achieving important results in market penetration [1][2] - The company is actively expanding in the health sector, launching new products that contribute to comprehensive health services, providing confidence and direction for future work [1][4] Raw Material Segment - The company is a key global supplier of raw materials, enhancing its international market competitiveness, particularly in the EU and Japan, with market share increasing year by year [1][2] - In Q4, the raw material sales company demonstrated strong market capabilities, exceeding profit targets in October and November, with notable performance in November [1][2] - Key products such as Vitamin C and L-Carnitine significantly outperformed sales targets, indicating a strengthening product matrix [1][2] Market Expansion and Management - The raw material sales company has actively participated in major industry exhibitions to engage with core customers and align market orders, while also monitoring industry trends and competitor dynamics [2] - Internal management has been enhanced, with a focus on accountability and improving business capabilities, leading to effective collaboration across departments [2] Formulation Segment - The company has several formulation products that rank first in domestic sales, contributing to economic benefits and enhancing brand recognition [3] - A systematic approach has been adopted to boost sales of key products, with effective execution leading to monthly performance improvements [3] New Product Development - In Q4, the company made significant strides in the health sector by launching new products such as health-oriented biscuits, while also developing additional products to meet diverse health needs [4] - The company is leveraging its experience in R&D and quality control to explore the health food sector, including functional skincare products that integrate pharmaceutical technology [4][5] Strategic Focus - The company aims to leverage its comprehensive advantages in innovation, resource allocation, and market positioning to optimize its health product matrix and explore new growth points in the health sector [5]

Investment Rating - The report indicates a gradual recovery in the food and beverage sector, suggesting a positive outlook for investment opportunities in the industry [6]. Core Insights - The beverage market is experiencing a surge in demand for health-oriented products, particularly turmeric drinks and low-GI foods, driven by younger consumers' health consciousness [2][10]. - The approval of elderberry anthocyanins as a new food ingredient is expected to unlock a significant market potential, with a projected global market size of $960 million by 2027 [4]. - The report highlights the ongoing price wars in the beverage industry, with major brands signaling a trend towards price reductions, which may impact profit margins across the supply chain [9]. Industry Trends - The popularity of turmeric drinks among young consumers is attributed to their perceived health benefits, despite concerns over taste and sugar content [2]. - The rise of the health economy is evident, with a significant increase in sales of health-related products, such as herbal teas and functional foods, particularly among millennials and Gen Z [2]. - The elderberry anthocyanins market is anticipated to grow rapidly, with opportunities for product innovation in immune support and gut health [4]. - The low-GI food market is projected to reach ¥176.2 billion by 2024, driven by increasing health awareness and the prevalence of diabetes among younger populations [10]. - The beverage industry is facing a structural shift, with a focus on "precision" beverages that cater to specific consumer needs and preferences [14]. Brand Dynamics - Kunlun Mountain Mineral Water has entered a strategic partnership to expand its market presence in Hong Kong, leveraging local resources and distribution channels [16]. - Jiahe Foods is transitioning from a contract manufacturer to a consumer brand, facing challenges in profitability due to rising raw material costs and increased marketing expenses [19]. - Vitasoy International reported a decline in revenue, particularly in the mainland market, as competition in the plant-based milk sector intensifies [20]. - Tian Shili's "medical-grade" sugar-free tea has achieved a high repurchase rate by targeting pre-diabetic consumers, showcasing the potential for functional beverages in the health market [21]. - The new brand "Bie Xiang Bao Bao" has gained traction in the sugar-free tea market, achieving significant sales growth through innovative product offerings [22].

Core Viewpoint - The 2025 Southeast Modern Agriculture Expo and Flower Expo showcased the innovative products of Zhangzhou Pien Tze Huang Pharmaceutical Co., Ltd, emphasizing its commitment to integrating tradition with innovation in the health industry [1]. Group 1: Product Launches - Pien Tze Huang launched four core product series across its three strategic segments: a classic product series in the pharmaceutical sector, an Eastern skincare series in the beauty segment, and a health food series focused on food-medicine integration [1][3]. - The pharmaceutical segment introduced new products such as Renrong Anshen Pills and Xihuang Pills, targeting specific health needs and enhancing the product matrix [3]. - The beauty segment highlighted new offerings like the Jin Xian Lian series and Ren Shen series, focusing on the efficacy of traditional Chinese ingredients for skincare [3]. - The health food segment presented four new products, including a low-temperature fermented green plum wine and a green plum essence pill, both made from high-quality ingredients sourced from Fujian [4]. Group 2: Innovation and Development Strategy - Innovation is identified as the core driver for revitalizing traditional brands, with the new product launch marking a significant step towards establishing a diversified health service system [4]. - Pien Tze Huang plans to invest 270 million yuan in R&D in 2024, reflecting a 16.38% increase year-on-year, with ongoing clinical research on five traditional Chinese medicine innovations and four chemical drug innovations [4]. - The company aims to strengthen its core business while expanding its product matrix and developing a second growth curve, aligning with the "14th Five-Year Plan" and "Healthy China" strategy [5].

Core 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].

证券日报网讯12月17日，佛慈制药（002644）在互动平台回答投资者提问时表示，近年来，公司积极布 局大健康产品产业，先后开发了阿胶糕、袋泡茶、"一支茶"系列汉方茶饮等产品，2024年6月起布局中 药养生茶饮，现已开设佛慈茶馆10家，销售特色药食同源的养生茶饮和膏方产品等。未来公司将持续大 力发展大健康产业，深度融合传统中医药文化与现代健康养生理念，依托"药食同源"产品资源及公司研 发优势，开发具有高附加值和市场潜力的健康食品、特膳食品、功能性饮品及中医药衍生品，推动产业 链延伸。 ...