内容概要：随着国民健康意识不断提升、全民"减糖、控糖"意识深化，无糖/低糖食品饮料成为主流选 择，甜菊糖苷天然、低热量、不影响血糖的特性契合这一核心诉求，成为蔗糖及人工代糖的优选替代 品，与此同时，"健康中国"战略、食品添加剂标准优化及减糖相关政策，推动食品饮料企业主动使用天 然甜味剂，加之近年来，我国对甜菊糖苷的生产、提纯及应用标准逐步与国际接轨，企业合规成本逐步 降低，助力甜菊糖苷进入更广泛的终端领域，带动甜菊糖苷市场需求进一步扩大，据统计，2024年我国 甜菊糖苷行业市场规模达10.37亿元，同比增长10.2%。 相关上市企业：莱茵生物（002166）、晨光生物（300138）、三元生物（301206）、奔月生物 （873255.NQ） 相关企业：诸城市浩天药业有限公司、山东圣香远生物科技股份有限公司、曲阜圣仁制药有限公司、山 东华仙甜菊股份有限公司、曲阜绿田源高科有限公司、济宁奥星甜菊制品有限公司、谱赛科（江西）生 物技术有限公司、浙江绿世界制药有限公司、山东海根生物技术有限公司、蚌埠市华东生物科技有限公 司 关键词：甜菊糖苷行业发展历程、甜菊糖苷市场政策、甜菊糖苷产业链图谱、甜菊糖苷市场规模、甜菊 ...

Investment Rating - The report initiates coverage on Bailong Chuangyuan with a "Buy" rating and sets a target price of RMB 28.00, corresponding to a 25x PE for 2026 [1][5][7]. Core Insights - Bailong Chuangyuan is positioned as a leader in the functional sugar sector, benefiting from a product mix that aligns with health trends, strong technical barriers providing pricing power, and a global production layout that supports sustained leadership in the functional sugar market [1][14][35]. - The company is expected to experience robust growth driven by the release of dietary fiber and prebiotic capacities in the first half of 2026, alongside the penetration potential of allulose sugar, which is anticipated to become a new growth driver [1][2][35]. Summary by Sections Beta Dimension - Bailong Chuangyuan focuses on the functional sugar sector, with three main product categories—prebiotics, dietary fibers, and allulose sugar—benefiting from the global "sugar reduction" and health upgrade trends [2][15]. - The global market for prebiotics is projected to grow at a CAGR of 8.6% from 2024 to 2030, driven by increasing consumer awareness and supportive policies in dairy and infant formula sectors [2][15]. - Dietary fibers are expected to see a CAGR of 10.0% from 2024 to 2030, with resistant dextrin leading the growth due to its enhanced functionality [2][15]. - Allulose sugar is anticipated to have a CAGR of 16.9% from 2024 to 2030, as it expands from beverages to baked goods, supported by regulatory approvals in key markets [2][15]. Alpha Dimension - The company leads in market share within the functional sugar industry, with significant global market positions in dietary fibers, prebiotics, and allulose sugar [3][16]. - Technical advantages include high purity and low-cost production methods for resistant dextrin and allulose sugar, which enhance competitive positioning [3][16]. - Customer stickiness is strong, with 67% of revenue coming from overseas markets, where the competitive environment is less aggressive than in domestic markets [3][16]. - The company’s flexible production management allows for efficient capacity allocation, focusing on high-value products, and plans for expansion in Thailand are expected to further enhance global competitiveness [3][16]. Market Perspective - The report counters market concerns regarding domestic competition leading to price wars, emphasizing the company's high overseas revenue proportion and the customized nature of its products, which create high switching costs for customers [4][16]. - The business model is designed to mitigate risks associated with capacity expansions by competitors, as the company's products are closely tied to long-term health trends rather than short-term price competition [4][16]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is RMB 3.6 billion, RMB 4.7 billion, and RMB 6.2 billion for the years 2025 to 2027, respectively, with corresponding EPS of RMB 0.86, RMB 1.12, and RMB 1.48 [5][10].

来源：环球网 随着人们健康意识的提升，无糖、低糖产品如今更受到青睐。从汽水饮料用赤藓糖醇掀起前所未有 的"无糖"流行风潮，到超市货架上琳琅满目的"零糖"食品，一场围绕味觉与健康的饮食革命，正悄然改 变着我们的生活方式。 《健康中国行动（2019—2030年）》中提到，居民蔗糖的摄入量每人每天不超过25克。甜味剂既能满足 消费者对甜味的渴求，又能做到低糖、无糖，近年来颇受消费者追捧。 甜味剂的健康密码 每当甜味剂成为话题，总有人问："这东西真的安全吗？" 答案是：安全并非空谈，而是建立在科学机构的严谨评估与共识之上。 无论是联合国粮农组织与世界卫生组织旗下的食品添加剂联合专家委员会（JECFA），还是美国食药监 局（FDA）、欧洲食品安全局（EFSA）等权威机构，均对甜味剂的安全性作出了一致结论：在规定日 最大摄入量用量范围内，甜味剂是安全的。 据艾媒咨询数据显示，2015-2022年，中国无糖饮料行业市场规模逐年增长，由此前的22.6亿元增至 199.6亿元，预计2025年将达615.6亿元。未来，中国无糖饮料市场规模将保持持续增长态势。这不仅是 商业现象，更反映出当代消费者——"既要甜，也要健康"的真实需求 ...

Core Insights - The beverage market is witnessing a resurgence of iced tea, particularly carbonated iced tea, which was previously labeled as "low-end" but is now regaining popularity among consumers, especially the younger generation [1][4][10] - Major brands like Master Kong, Uni-President, and Wahaha are re-entering the iced tea market with new product launches and flavor innovations, revitalizing this classic category [1][3][10] Market Dynamics - Master Kong's beverage segment reported revenue of 51.621 billion yuan in 2024, with the tea beverage sector contributing 21.7 billion yuan, marking an 8.2% year-on-year growth [3][14] - The iced tea market size reached 30 billion yuan in 2024 and is projected to grow to 35 billion yuan in 2025, indicating a strong recovery and increasing consumer interest [3][17] Consumer Trends - Young consumers are increasingly drawn to iced tea for its affordability and refreshing taste, with prices ranging from 3.5 to 5 yuan for 550ml to 1L bottles [4][10][19] - The resurgence of iced tea is attributed to its adaptability in various consumption scenarios, from casual settings to social events, appealing to a wide demographic [9][20] Competitive Landscape - The competition in the iced tea market is intensifying, with new entrants like Nongfu Spring and Yuanqi Forest launching innovative products, including carbonated iced tea and low-sugar options [3][16][19] - Brands are focusing on health trends, with 71.4% of consumers prioritizing "low-sugar/no sugar" labels when selecting iced tea, prompting companies to reformulate their products accordingly [17][19] Product Innovation - Master Kong has introduced several new iced tea flavors, including low-sugar and high-fiber options, to cater to health-conscious consumers [13][20] - Uni-President is also innovating with products like "cola iced tea" and collaborating with popular platforms to attract younger audiences [14][20] Financial Performance - Master Kong's revenue for the first half of 2025 was 40.092 billion yuan, with a 20.5% increase in net profit, largely driven by its beverage segment [10][12] - Uni-President reported a total revenue of approximately 17.087 billion yuan in the first half of 2025, with a 10.6% year-on-year growth, highlighting the importance of iced tea in their product lineup [14][20]

Group 1 - The number of diabetes patients in South Korea has significantly increased over the past decade, with a rise of approximately 57% [7] - There is a growing trend towards low-sugar and sugar-free products in the South Korean food industry, with sales of sugar-free carbonated drinks increasing from 89 billion KRW in 2021 to 273 billion KRW in 2023, more than doubling [5] - The South Korean government is discussing the introduction of a "sugar tax" aimed at high-sugar beverages and processed foods to encourage the food industry to reduce added sugar usage, with 58.9% of respondents in a poll supporting this initiative [7] Group 2 - Consumers are increasingly prioritizing health-conscious choices, as evidenced by individuals carefully selecting low-sugar or high-protein products while shopping [3] - The trend towards low-sugar products is extending beyond food to other sectors, including the pharmaceutical industry, which has introduced sugar-free cold medicine [5] - There is a public concern regarding the potential impact of the "sugar tax" on business costs and food prices, despite the majority supporting the tax [7]

Core Insights - The research conducted by the Chinese Academy of Agricultural Sciences has made significant progress in understanding the flavor of tea, revealing that aroma components not only influence the tea's fragrance but also enhance the perception of natural sweetness [4][5] - This discovery provides a theoretical basis for developing natural sweeteners, which is particularly valuable for the development of sugar-free and low-sugar tea beverages and other food products [4][8] Research Findings - The research team identified that the aroma compounds in tea can play a synergistic role in enhancing sweetness perception, challenging the traditional focus on sugar and sweet amino acids as the primary contributors to sweetness [5][6] - A "blind test" experiment demonstrated that specific aroma compounds significantly increased the sweetness of tea samples, with certain compounds like linalool and geraniol enhancing sweetness by over 15% when added to sugar solutions [7][8] Industry Implications - The findings suggest a new sensory regulation approach for the food industry, allowing for flavor enhancement through the synergy of aroma and taste rather than relying solely on sugar or artificial sweeteners [8] - The research indicates that adding trace amounts of sweet aroma compounds can increase the sweetness perception of low-sugar tea drinks by over 7.5%, equivalent to reducing sugar content by approximately 30% [8] - The methodology developed could be applied to other food systems, such as yogurt and fruit juices, to maintain sweetness while reducing caloric content [8]

Group 1 - Consumer acceptance of prepared dishes varies significantly based on dining scenarios, with over 50% acceptance in fast food chains and only 8.8% in high-end restaurants, highlighting concerns over food safety and pricing [3] - The iced tea market is experiencing a resurgence, with brands like Nongfu Spring and Yuanqi Forest entering the space, focusing on "sugar reduction" and "carbonation" innovations, and the market is projected to reach 300 billion yuan by 2024 [4] - The global food and beverage industry sees PepsiCo reclaiming the top spot with revenues exceeding 90 billion USD, driven by product innovation and AI technology, while Nestlé and JBS follow closely [5] Group 2 - The rise of "supermarket canteens" and "restaurant supermarkets" reflects a trend towards blending dining experiences, driven by consumer demand for value and fresh ingredients, although it increases operational complexity [6] - The dairy market faces challenges with liquid milk experiencing a decline, while powdered milk and cheese show growth, indicating a shift in consumer preferences towards plant-based alternatives [8] - The tea beverage industry is shifting towards fast-moving consumer goods, with brands like Mixue Ice Cream rapidly expanding, while competition intensifies in lower-tier cities [9] Group 3 - Bamboo sugar and reed root water have emerged as popular health drinks, driven by trends towards natural, low-sugar products and cultural resonance, with a projected compound annual growth rate exceeding 88% over the next five years [10] - The night economy is becoming a significant growth driver for the restaurant industry, with cities like Shanghai and Chengdu seeing nighttime consumption rates reach 60% [14] - The tea restaurant sector is undergoing transformation due to innovation challenges, with a market size expected to exceed 300 billion yuan by 2025 [15] Group 4 - The bottled beverage market is seeing a rise in "construction site drinks," favored for their affordability and large volume, despite health concerns [16] - The ice cream market is diversifying, with mini and cultural-themed ice creams gaining popularity, reflecting a shift towards health-conscious and personalized consumption [17] - The instant noodle market is projected to grow, with China accounting for 37.2% of global demand, emphasizing the need for product innovation [19] Group 5 - The launch of a new high-end sugar-free tea by Master Kong sold out rapidly, indicating strong consumer demand for premium products in the sugar-free beverage market, which is expected to reach 401.6 billion yuan in 2023 [20] - The sugar-free beverage market is evolving, with consumers seeking transparency in ingredients and health benefits, leading to increased competition among brands [21] - Subway's collaboration with Michelin-star chefs to launch a new series of sandwiches reflects a deepening localization strategy in the Chinese market [22] Group 6 - Three Squirrels has introduced a new quality standard for pine nut products, aiming to enhance industry standards and meet consumer demand for high-quality nuts [24] - Wahaha's rebranding to "Wah Xiaozong" under the leadership of Zong Fuli aims to attract younger consumers while addressing compliance issues [25] - Zhou Hei Ya's promotional campaign targeting college students highlights efforts to regain market share amid declining revenues [26] Group 7 - The beverage brand Bawang Chaji has gained international recognition by winning multiple awards at the 2025 World Beverage Innovation Awards, showcasing the potential of Chinese tea brands [28] - Pupu Supermarket's launch of an affordable meal delivery service aims to capture market share in the competitive food delivery sector [29] - Yili's new concept store emphasizes fresh, made-to-order products, reflecting a shift in consumer preferences towards quality and innovation [30]

Investment Rating - The report does not explicitly provide an investment rating for the food and beverage industry Core Insights - The food and beverage industry is experiencing significant trends, including the rise of ready-to-eat meals, the popularity of low-sugar and sparkling beverages, and the emergence of health-focused drinks like bamboo sugar and reed root water [1][2][7] Industry Trends - Consumer acceptance of ready-to-eat meals varies significantly by dining context, with over 50% acceptance in fast food chains and only 8.8% in high-end restaurants [2] - The iced tea market is booming, with brands like Nongfu Spring and Yuanqi Forest entering the space, focusing on sugar reduction and carbonation innovations. The market is expected to grow from 300 billion yuan in 2024 to 350 billion yuan in 2025 [2] - The global top 100 food and beverage companies list for 2025 sees PepsiCo reclaiming the top spot with revenues exceeding $90 billion, driven by product innovation and AI technology [4] - The integration of supermarkets and restaurants is on the rise, with new business models emerging that combine high cost-performance and fresh ingredients [4] - The dairy market in China faces challenges, particularly in liquid milk, while powdered milk and cheese are experiencing growth [5] - The tea beverage industry is shifting towards fast-moving consumer goods, with brands focusing on efficiency and cost reduction [6] - Bamboo sugar and reed root water have become popular health drinks, reflecting the potential of traditional Chinese health beverages [7] - The night economy is becoming a significant growth point for the restaurant industry, with night-time consumption in cities like Shanghai and Chengdu reaching 60% [10] Brand Dynamics - Brands like Kang Shifu are launching successful sugar-free tea products, indicating a shift towards premium and health-oriented offerings in the beverage market [14] - The introduction of new products by brands like Subway, which incorporates local flavors into their offerings, highlights the trend of localization in the food industry [15] - The collaboration between Three Squirrels and JD to establish quality standards for nuts aims to elevate industry standards and meet consumer demand for high-quality products [16] - Wahaha's rebranding to "Wah Xiaozong" under the leadership of Zong Fuli aims to attract younger consumers while addressing compliance issues [17] - Zhou Hei Ya's promotional activities targeting college students reflect efforts to engage younger demographics amid declining sales [20]

Acquisition Details - Heartland Food Products Group has acquired the rights to the SlimFast brand in North America from Glanbia, with financial terms undisclosed [1] - The acquisition includes SlimFast's sale in the US, Canada, and Mexico, with ongoing processes for other jurisdictions [2] Glanbia's Strategic Shift - Glanbia classified SlimFast as a "non-core" asset in February 2023, following its acquisition of the brand in 2018 for $350 million [2][3] - The decision to exit SlimFast and Body & Fit was part of Glanbia's portfolio review to focus on high-growth opportunities [3] Performance Insights - Glanbia's Performance Nutrition unit reported a 3.8% decline in revenue to $850 million for the six months ending July 5, with volumes down 3.5% [6] - Excluding SlimFast and Body & Fit, revenue in the Performance Nutrition unit fell by 1.5% [6] - Overall, Glanbia reported a 6.1% increase in revenue to $1.93 billion for the first half of the year [7] Future Outlook - Heartland's CEO emphasized the commitment to healthier living through the addition of SlimFast, aligning with the Splenda brand to address consumer needs in weight management and sugar reduction [4][5]

Summary of Ingredion's 2025 Investor Day Company Overview - **Company**: Ingredion (NYSE: INGR) - **Industry**: Ingredient solutions provider primarily for food and beverage, with growing segments in industrial, pharma, and beauty/home markets [9][10] Core Points and Arguments Business Transformation and Strategy - **Transformation Journey**: Ingredion has undergone significant transformation focusing on strategy development, portfolio optimization, and innovation [5][6] - **Strategic Vision**: The company aims to transition from being an ingredients provider to a solutions provider, enhancing value creation through disciplined capital allocation and strong risk management [7][12] - **Long-term Growth Targets**: New targets set for 2% to 4% net sales growth, 5% to 7% adjusted operating income growth, and 7% to 9% adjusted EPS growth for the next three years [33] Financial Performance - **Record Financials**: Achieved record levels of EBITDA, earnings per share, and cash, with increased gross profit margins [11] - **Cost Competitiveness**: Exceeded cost competitiveness targets, reinvesting savings into manufacturing and R&D [11][12] Market Position and Segmentation - **Market Segmentation**: Focus on texture and healthful solutions, with a strategy to leverage global reach and local expertise [14][19] - **Emerging Markets**: Significant growth potential in emerging markets, particularly in Asia-Pacific, with a focus on co-creating and reformulating products [35][54] Innovation and R&D - **Innovation Focus**: Emphasis on clean label products and texture solutions, with investments in R&D to drive innovation from "soil to shelf" [20][25] - **Predictive Formulation**: Utilizing advanced technologies to link consumer preferences to product development, enhancing speed to market [45][57] Operational Excellence - **Global Operating Model**: Transitioned to a global operating model to improve efficiency and service quality, with a focus on centralized procurement and supply chain management [29][59] - **Capacity for Growth**: Investments of over $300 million in recent years to enhance operational capacity and support growth initiatives [36][60] Important but Overlooked Content - **Customer Relationships**: Strong emphasis on leveraging deep customer relationships to identify growth pockets and co-create solutions [12][20] - **Sustainability Initiatives**: Focus on sustainable food packaging and biodegradable solutions in response to regulatory changes [28] - **Cultural Transformation**: Acknowledgment of the cultural shift within the organization to support solution selling and operational agility [41][66] Conclusion - **Future Outlook**: Ingredion is well-positioned for future growth with a strong focus on innovation, operational excellence, and market expansion, particularly in texture and healthful solutions [12][65]