撰文丨王聪 编辑丨王多鱼 排版丨水成文 最近，关于 牛磺酸 的研究接连登上三大顶刊 Science 、 Cell 和 Nature ，这些研究揭示了 牛磺酸的新功 能—— 抗衰老 【1】 、 提高癌症治疗效果 【2】 、 抗肥胖 【3】 ，当然，也不都是好消息，今年 5 月份发 表在 Nature 上的一项则显示， 肿瘤微环境中的牛磺酸会促进白血病 【4】 。 2025 年 6 月 5 日，牛磺酸研究再次登上顶刊 Science ，来自美国国立卫生研究院国家老龄化研究所的研 究团队 ，发表了题为： Is taurine an aging biomarker? （牛磺酸是衰老标志物吗？） ， 直接质疑了牛磺 酸作为衰老的生物标志物的观点 【5】 。 该研究显示：1）成年期循环牛磺酸浓度不会随年龄增长而下降；2）个体间循环牛磺酸浓度的差异通常大 于其一生中的纵向变化，这限制了其作为衰老生物标志物的实用性；3）循环牛磺酸浓度与健康状况的功能 指标之间的关联取决于具体情境 （年龄、物种或队列） ——。 研究团队进一步得出结论—— 牛磺酸浓度与衰老之间没有明显关联，循环牛磺酸浓度也就不太可能成为一 种良好的衰老生物标志 ...

Core Viewpoint - The core controversy revolves around whether the product Ergotioneine capsules from Kelun Pharmaceutical is a dietary supplement or a "fake drug" as claimed by Peking University’s Rao Yi [1][4]. Group 1: Company Position - Kelun Pharmaceutical asserts that Ergotioneine is recognized internationally as a dietary supplement and not a drug, thus challenging the notion of it being labeled as a "fake drug" [1][4]. - The company emphasizes that the value and safety of Ergotioneine have been scientifically validated through various studies, including those published in top journals [2][3]. - Kelun Pharmaceutical calls for an objective industry perspective on emerging technologies to shift the nutrition and health industry from a marketing-driven approach to a science-driven one [1][6]. Group 2: Scientific Evidence - The company cites two studies published in "Cell Metabolism" demonstrating that Ergotioneine can significantly extend the lifespan of model organisms and improve their physical performance [2]. - Additional clinical research indicates that Ergotioneine may help reduce sleep difficulties, improve cognitive functions in patients with mild cognitive impairment, decrease skin wrinkles, and lower the risk of coronary artery disease [3]. - The safety of Ergotioneine has been established in toxicity tests and randomized controlled trials, with its acceptance as a new food supplement in developed countries [3]. Group 3: Market Performance - Despite the controversy, Kelun Pharmaceutical's Ergotioneine products continue to be sold, with prices ranging from 1,199 yuan to 4,476 yuan, and sales exceeding 18.83 million yuan as of June 5 [5].

Group 1 - A recent study from the University of California, San Diego, found that women with type 2 diabetes taking metformin have a 30% higher chance of living to 90 years or older compared to those using sulfonylureas [1] - Metformin is evolving from a traditional diabetes medication to a potential anti-aging treatment, with increasing evidence suggesting its role in longevity [1] - The study establishes a link between metformin monotherapy and the likelihood of living to 90 years or older, filling a research gap in this area [1] Group 2 - Key companies involved in metformin production include Koyuan Pharmaceutical, which produces metformin hydrochloride raw materials and tablets for type 2 diabetes treatment [2] - Another company, Teva Pharmaceutical, produces metformin sustained-release tablets that reduce liver glucose production and improve insulin sensitivity [2]

Core Viewpoint - The controversy surrounding Kelun Pharmaceutical and its chairman Liu Gexin has intensified due to allegations regarding the efficacy and regulatory status of its anti-aging product, Ergothioneine, which has not received official certification as a health product in China [1][2][4]. Financial Performance - In Q1 2025, Kelun Pharmaceutical reported a significant revenue decline of 29% year-on-year, totaling 4.39 billion yuan, while net profit plummeted by 43% to 584 million yuan, marking the worst quarterly performance in five years [5][6]. - The company's traditional infusion business revenue fell below 9 billion yuan, a record low, contributing to the overall financial downturn [5][6]. - The cash flow from operating activities also dropped over 60%, reaching 450 million yuan, indicating severe operational challenges [5]. Product Controversy - Ergothioneine, marketed as an anti-aging supplement, lacks regulatory approval and has not been substantiated by scientific evidence for its claimed benefits, raising compliance and ethical concerns [2][3][4]. - The product is being sold through cross-border e-commerce channels, exploiting regulatory differences between domestic and international markets [3][4]. Business Strategy and Challenges - The chairman has positioned the anti-aging sector as the "fourth entrepreneurial venture" for the company, following its traditional infusion and antibiotic businesses, aiming to create an ecosystem around anti-aging products [6][7]. - The subsidiary, Chuaning Biological, which was expected to drive growth through synthetic biology, has seen its revenue contribution remain minimal, indicating slow progress in its transformation strategy [7]. Market Environment - The pharmaceutical industry is facing significant challenges due to stringent government policies, such as the "limit on antibiotics" directive, which has adversely affected the infusion market and overall demand [6][7]. - Despite the decline in traditional business, non-infusion segments (generic and innovative drugs) showed some growth, but this was insufficient to offset the losses from the core infusion business [6].

Group 1 - The fifth "Asian Healthcare Summit" held in Hong Kong attracted over 2,800 participants from more than 40 countries and regions, focusing on future development and cooperation opportunities in the global healthcare sector [1] - A key topic discussed was scientific anti-aging and achieving healthy aging in the context of the global "silver wave," with significant interest in the research on Ba Zi Bu Shen capsules based on traditional Chinese medicine [1][2] - The population aged 60 and above in China exceeded 300 million by the end of last year, accounting for 22% of the total population, highlighting the increasing health issues associated with aging [2] Group 2 - The theory of Qi Luo and the essence-spirit theory posits that the core of aging is "kidney essence deficiency," and "tonifying kidney essence" is crucial for anti-aging [2] - Ba Zi Bu Shen capsules have been shown to intervene in 10 biological markers of aging, including maintaining stem cell vitality and reducing telomere loss, aligning with recent findings in Western medicine [2] - A clinical study published in the journal "Phytomedicine" demonstrated that Ba Zi Bu Shen capsules significantly improved aging symptoms in participants aged 30 to 78 over a 12-week intervention, with a 76.7% increase in telomerase activity compared to the placebo group [3][4] Group 3 - The research on Ba Zi Bu Shen capsules shows significant systemic intervention effects on nine major bodily systems, including nervous, circulatory, and immune systems [4] - The Chinese government is actively supporting research in this area, with a key project focusing on the evaluation and integration mechanisms of traditional Chinese medicine for anti-aging [4] - The summit established a "Silver Health Chapter" to address the challenges of population aging, emphasizing the role of scientific research in traditional Chinese medicine as a bridge between Eastern and Western approaches to aging [5]

Group 1: Business Development Strategies - The company plans to enhance offline business through a distributor awakening program, multiple new product launches, and a diverse product SKU range [2] - For international expansion, the focus is on Southeast Asia, particularly the Indian market, leveraging the lifespace brand with localized operations [2] - The production model primarily relies on in-house manufacturing, with some new formulations using contract manufacturing [3] Group 2: Product Innovation and Launch - New product development involves market research, investment modeling, and management approval, with ongoing updates across major product categories [3] - The company is exploring the introduction of ergothioneine-related products based on market demand and business growth [3] - There is a commitment to high-quality product innovation in online channels, aiming for premium pricing and sustainable e-commerce models [3] Group 3: Sales Performance and Market Challenges - In Q1 of this year, sales for the products "健力多" and protein powder saw a significant decline compared to the previous year, attributed to changing consumer environments and industry dynamics [3] - Continuous strategy optimization is necessary to improve sales performance for these categories [3] Group 4: Regulatory and M&A Considerations - The company is monitoring online regulatory trends, which are expected to create favorable conditions for compliant businesses [3] - There is a cautious approach towards potential mergers and acquisitions, aligning with market conditions and strategic planning [3]

Core Insights - The rise of the "silver economy" has created a blue ocean market for health technology companies, with a focus on anti-aging and silver tourism industries as highlighted in the "Consumption Promotion Special Action Plan" [1] - Perfect (China) Co., Ltd. launched its new product, the Perfect Time Preservation Solid Beverage, emphasizing "cell health" as a core target in anti-aging [3][12] - The anti-aging industry is presented as a significant opportunity, catering to the health and longevity desires of both the elderly and younger demographics [5] Company Developments - Perfect Company has a history of 31 years, evolving from aloe vera products to a comprehensive health cycle approach, and aims to leverage technology for health solutions across all age groups [7] - The CEO of Perfect Company detailed the company's journey from popular products to a broader health technology industry, emphasizing the importance of brand strength and product innovation [10] - The company has established a complete evaluation system for health products, focusing on core technologies like seabuckthorn protein peptides and rare ginsenosides, with multiple patents in anti-aging technology [10][19] Product Features - The Perfect Time Preservation Solid Beverage utilizes advanced technology and a unique formula combining eight core ingredients to enhance cellular vitality [13] - The product aims to provide comprehensive solutions rather than just surface-level skincare, addressing cellular health through a four-pronged approach [13] Industry Challenges - The health industry faces challenges such as the prevalence of pseudoscientific concepts, high technical barriers, and consumer awareness issues [19] - The need for scientific integrity and innovation is emphasized as essential for the industry's upgrade and consumer trust [19] Future Outlook - Perfect Company aims to continue its commitment to health and beauty services, aligning with the "Healthy China" strategy and enhancing public health initiatives [16] - The company plans to maintain its innovative spirit and introduce more quality products to benefit the public [33]

Group 1: Industry Overview - The anti-aging industry is becoming a key focus in life and health research, driven by the acceleration of aging and increased health awareness, showcasing significant growth potential and market prospects [1] - The anti-aging industry has been included in the silver economy policy support framework by the State Council, emphasizing the need for research on skin aging mechanisms, human aging models, and hair health [4] Group 2: Company Initiatives - Perfect Company is committed to the "Health China 2023-2025 Plan" and aims to enhance health management precision through innovative practices, bridging the gap between laboratory research and production [6] - The company has been focusing on scientific research and innovation in the anti-aging field, achieving a series of research results over the years [7] Group 3: Product Development - Perfect Company unveiled a new product, the Perfect Time Preservation Solid Beverage, which utilizes advanced patented technology to enhance cellular vitality and activate mitochondrial function [11] - The company emphasizes product safety, ensuring that all ingredients are food-grade and undergo rigorous testing [11] Group 4: Industry Standards and Collaboration - Perfect Company actively participates in the formulation of industry standards, collaborating with various organizations to establish guidelines for weight management and aging markers [18][20] - The company aims to inject new momentum into the health industry by addressing the growing consumer demand for effective, safe, and convenient anti-aging products [16]

Summary of the Conference Call on Ergothioneine Industry Industry Overview - The ergothioneine production in China is limited, relying heavily on cross-border e-commerce, with significant issues related to counterfeit products. Collaboration among brand owners, raw material suppliers, and distribution channels is essential to enhance consumer awareness and ensure product efficacy, guiding consumers to purchase through professional channels to combat market chaos [1][5][12]. Key Insights and Arguments - The health supplement contract manufacturing industry has technical barriers. Leading manufacturers like Xianle and Baihe enhance product value through encapsulation technology and flavoring. Most companies in the industry are taking a wait-and-see approach regarding regulations, while top firms are upgrading product specifications and promoting consumer awareness [1][4]. - Ergothioneine products have high gross margins, primarily concentrated at the production end, with high purity being a core competitive advantage. Companies like Jingshan Bio achieve purity levels of 99.99%, impacting the profit margins of contract manufacturers. Chemical synthesis may introduce heavy metals, making quality control and process inspection crucial [1][7]. - The anti-aging market is gaining traction, with ergothioneine recognized as a natural antioxidant that directly acts on mitochondria to eliminate free radicals, protect DNA, and reduce inflammation and oxidative damage, showing significant effects. A clear trend is emerging with a plethora of new products [1][10]. - The ergothioneine market is rapidly expanding, projected to reach 100 million by 2025, with expected growth of 6-7 times in the next two to three years. Companies like Kelong are working to lower costs and expand the consumer base through extensive promotion, such as partnerships with media outlets [1][11]. Additional Important Points - The pricing structure of ergothioneine shows that the highest profits are made from the brand to consumer end, with gross margins reaching 70%-90%. Mastering high-purity raw materials and reducing costs are key competitive advantages [3][14]. - The biological synthesis technology is reducing the price of ergothioneine, with two-chain purity priced around 8,500-9,500 yuan per kilogram, while four-chain purity exceeds 100,000 yuan. Companies like Huarui and Jingshan Bio have good reputations, with gross margins of at least 50% [3][20]. - The domestic production of ergothioneine is still constrained, necessitating reliance on cross-border e-commerce or overseas supply chains. Despite increased crackdowns on counterfeit products, low-dose and impure products remain prevalent in the market [5][12]. - The market for ergothioneine is expected to grow significantly, with the health supplement market reaching over 400 billion, and anti-aging supplements gaining attention. Consumer awareness of ergothioneine is currently limited, but positive feedback from users, such as marathon runners, is encouraging [11][34]. - The overseas market for ergothioneine has not gained widespread recognition compared to traditional supplements like fish oil, leading to a significant information gap. However, with proper marketing strategies, its market position can be improved [42][43]. Market Dynamics - The ergothioneine market is positioned in the third tier of health supplements in China, with an annual GMV of around 1 billion. The first tier includes fish oil and historical overseas products, while the second tier includes liver health products [41]. - The growth of the ergothioneine market is influenced by several factors, including regulatory frameworks, sales restrictions, and raw material supply, primarily sourced from Northeast Asia, Australia, and the US [38][39]. - The marketing strategies for ergothioneine products on e-commerce platforms focus on showcasing efficacy through data and scenario-based marketing, which effectively drives sales growth [47]. This summary encapsulates the key points discussed in the conference call regarding the ergothioneine industry, highlighting its current state, growth potential, and market dynamics.

广告片一经发布就在各大平台快速传播，这不仅是因为75岁董事长赤膊上阵带来的视觉冲击，还因为这是医药圈第一个企业家IP。业界关心，流量带货逻辑 在医药圈能走通吗？刘革新个人IP能否撬动产品快速变现，并带领科伦旗下的大健康公司走向成功？ 健硕的胸肌、紧实的背部线条、清晰可见的腹肌……科伦药业（002422.SZ）董事长刘革新近日在广告片中大秀身材，这位75岁的企业家，在用自己的身体 为抗衰产品代言，开启第四次创业征程。 企业家要做个人IP，多少得有些人格光环。除了泰森般的躯体，刘革新还有一副不错的歌喉，他喜欢男声独唱，其独唱《星》《在路上》的视频这两天也见 诸科伦旗下各平台。刘革新还是一名学霸，他告诉经济观察报，他的高考作文差一分满分。他在商界纵横捭阖，目前拥有三家上市公司——科伦药业、科伦 博泰（06990.HK）、川宁生物（301301.SZ），因为最早创立的科伦药业稳坐大输液领域的头把交椅，刘革新在医药行业有"输液大王"之称。 不过，相比于汽车圈的马斯克、雷军，快消圈的于东来，送外卖的刘强东……医药圈大佬刘革新的人格化特点还不突出，人设不够清晰，目前营销团队放出 的物料仍缺乏娱乐化、场景化的表达，难以突破医 ...