2025年8月 25 日，均瑶健康（605388）正式披露2025年中报。2025年上半年，均瑶健康营业收入实现 7.66亿元，同比增加1.38%，海外收入实现实现海外业务激增101.28%，电商渠道销售同比增长 686.42%。 尽管短期业务承压，但均瑶健康益生菌业务强劲，第二增长曲线彰显韧性。均瑶健康在复杂多变的市场 环境中，以"做全球益生菌领跑者"为愿景，凭借技术创新、全产业链布局与全球化拓展，实现收入增 长、结构优化与新品爆发的三重突破，在益生菌赛道与大健康产业中展现出强劲的发展韧性与竞争优 势。 海外业务激增101.28% 第二增长曲线韧性凸显 面对全球经济波动、国内消费需求波动及市场竞争加剧的挑战，均瑶健康通过战略调整与业务革新，实 现收入端的韧性增长，同时在海外市场与新兴业务领域斩获突破性成果，为业绩注入强劲动力。 养赛道则依托凝结魏茨曼氏菌BC-G44的技术优势，推出多款促进肌肉蛋白质合成的功能食品，拓展新 的收入来源。多元赛道的布局，使公司收入结构更趋均衡，抗市场波动能力显著增强。 新品矩阵持续扩容 技术创新驱动产品力升级 2025年上半年，均瑶健康以技术创新为核心，围绕"科学选菌六钻标准" ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 恒顺醋业（600305.SH） 坚持做强食醋主业，持续提升盈利能力 事件：公司发布 2025 年中报，2025H1 实现营收 11.25 亿元，同比 +12.03%；实现归母净利润 1.11 亿元，同比+18.07%；实现扣非归母净 利润 1.00 亿元，同比+22.83%。其中 25Q2 实现营收 4.99 亿元，同比- 8.22%；实现归母净利润 0.54 亿元，同比+40.61%；实现扣非归母净利 润 0.52 亿元，同比+43.94%。 线上渠道增速亮眼，苏南大区增长突出。分产品来看，2025Q2 公司醋/酒 /酱/其他系列分别实现营收 3.73/0.67/0.35/0.18 亿元，同比分别-1.0%/- 18.9%/-29.0%/-38.6%，占比分别 75.6%/13.6%/7.2%/3.7%，发展聚焦 核心食醋品类。分渠道来看，线上/线下分别实现收入 0.76/4.17 亿元，同 比分别+18.7%/-12.1%，线上增速亮眼 。分战区来看，北部/东部/苏北/苏 南/西南/中部战区分别实现收入0.810/. ...

8月21日，*ST苏吴盘中上涨5.49%，截至09:47，报0.96元/股，成交1587.44万元，换手率2.39%，总市值 6.82亿元。 资料显示，江苏吴中医药发展股份有限公司位于苏州市吴中区东方大道988号，公司主要业务涉及医 药、医美和投资等行业，其中医药产业主要产品涵盖抗病毒/抗感染、免疫调节、抗肿瘤、消化系统、 心血管类等领域，医美产业则拥有韩国医美企业的产品在中国区的独家代理权益。公司在2020-2024五 年战略发展规划中，以医药大健康产业为核心发展方向，同时把医疗美容等作为新兴大健康子行业重点 培育，形成公司具有较强的市场竞争力和一定行业地位的大健康产业集群。 截至9月30日，*ST苏吴股东户数6.16万，人均流通股1.15万股。 2024年1月-9月，*ST苏吴实现营业收入16.47亿元，同比增长9.58%；归属净利润4508.06万元，同比增 长311.54%。 ...

Core Viewpoint - The revival of the "Banjiao Dangshen" industry is underway, driven by government initiatives, brand re-establishment, and the growing health industry, aiming to enhance quality and market presence [1][2][3]. Group 1: Industry Background - "Banjiao Dangshen" has a cultivation history of over 600 years, with unique growing conditions such as an altitude of around 1700 meters and an average annual temperature of 10°C, making it a top-tier ginseng in China [1]. - The industry faced a decline due to poor farming practices, leading to decreased quality and market presence, resulting in a decade-long stagnation [2]. Group 2: Current Industry Status - The area under "Banjiao Dangshen" cultivation has reached over 18,000 acres, with approximately 3,000 farming households, generating an annual output value of 150 million yuan in 2024 [3]. - The government has reinitiated the "China Banjiao" cultural tourism promotion and established a three-year action plan to enhance the entire industry chain by 2026 [2][3]. Group 3: Future Development Plans - The focus will be on improving the quality of "Banjiao Dangshen" through the support of leading enterprises, promoting standardized cultivation practices [5]. - The industry aims to penetrate the mid-to-high-end dining market by leveraging the medicinal properties of "Banjiao Dangshen" in dishes like "Dangshen Chicken Soup" [5][6]. - The integration of the "Banjiao Dangshen" industry with health and wellness tourism is planned, capitalizing on the region's summer retreat appeal and existing tourist infrastructure [6].

Core Viewpoint - JD Health reported a revenue of 35.29 billion RMB for the first half of 2025, marking a 24.5% increase year-on-year, with a non-IFRS profit of 3.57 billion RMB, up 35% from the previous year, indicating a steady improvement in profitability [2][3]. Financial Performance - Revenue for the first half of 2025 reached 35.29 billion RMB, compared to 28.34 billion RMB in 2024, reflecting a growth of 24.5% [3]. - Gross profit was 8.89 billion RMB, with a gross margin of 25.2%, indicating a strong historical performance [2][3]. - Operating profit increased significantly by 105.5% to 2.13 billion RMB, while pre-tax profit rose by 17.4% to 2.86 billion RMB [3]. Market Position and Challenges - Despite strong financial performance, JD Health's stock price remains low due to perceived reliance on pharmaceutical sales rather than high-value medical services, with over 83% of revenue coming from drug sales [5]. - The internet healthcare sector is experiencing intense competition, with major players like Alibaba Health and Ping An Good Doctor, as well as traditional pharmacies transitioning to digital platforms [5]. - Regulatory risks in the pharmaceutical industry, including drug price controls and online sales regulations, pose challenges to JD Health's business model [6]. Strategic Insights - The healthcare industry is expected to grow due to factors like an aging population and increased health awareness, suggesting a potential for long-term growth in the health sector [4]. - JD Health's integration of AI technology into its services could enhance profitability and operational efficiency, with initiatives like "AI Jingyi" already serving over 50 million users [10][11]. - The company aims to increase the proportion of revenue from healthcare services, which could improve its overall profitability structure [11].

"自古酿醋数山西，追根溯源在清徐。"在山西这片酿造传奇的土地上，清徐如一坛历久弥香的老陈醋， 在几千年的醋史演变中，始终占据着核心地位，被誉为"中国醋都"。其孕育的清徐老陈醋更是以"绵、 酸、香、甜、鲜"的独特风味，被冠以"天下第一醋"的美名。 如今，山西省清徐县的醋业已发展成全产业链年产值破65亿元、带动10万人就业的富民产业。食醋年产 量近80万吨，占据全国总产量的20%、山西总产量的80%，200余种醋产品远销30个国家和地区，"清徐 老陈醋"的醇香已飘向世界。 从非遗工坊的陶瓮到智能车间的流水线，从灶台边的调味品到养生达人的健康饮品，这瓶传承千年的清 徐醋，如何在新时代的浪潮中，既守得住老味道，又闯得出一片新天地？ 技艺的火种从未熄灭。武润威是清徐老陈醋酿制技艺国家级非遗代表性传承人、原水塔醋业董事长。上 世纪80年代，时任清徐第二醋厂厂长的武润威，从老醋匠手中接过地缸酒精发酵、多缸式熏醅、高密度 淋滤等濒临失传的核心技艺。如今，杨建龙等人又从武润威手中接过接力棒，让数百年的酿醋智慧得以 延续。 科技创新引领产业升级 传承不止于复刻，老手艺也在时代浪潮中长出了新筋骨。水塔醋业研发的"醋醅状态智能判别系 ...

Core Viewpoint - The establishment of the first certified "medicinal cuisine chefs" in Guangxi marks a significant step towards the professionalization and standardization of the medicinal cuisine industry in China, leveraging local traditional medicine and culinary culture [1] Group 1: Certification and Professionalization - Guangxi has issued the first batch of "medicinal cuisine chef" certificates, with 102 individuals receiving certification, filling a gap in vocational certification in this field [1] - This initiative is expected to provide a model for the standardization and development of the medicinal cuisine industry across the country [1] Group 2: Industry Development and Strategy - The medicinal cuisine sector is gaining popularity as part of the booming health industry, combining traditional Chinese medicine and dietary culture [1] - Guangxi is leveraging its unique advantages in traditional medicine to promote the growth of the medicinal cuisine industry through various measures [1] - Future plans include a combination of competitions, brand cultivation, skills training, and industrial platforms to enhance standardization and product chain development [1] Group 3: Economic Impact and Goals - The initiative aims to drive the entire industry chain, including the cultivation and processing of medicinal herbs, as well as the integration of cultural tourism [1] - The goal is to promote the "Guangxi medicinal cuisine" brand nationally and internationally, contributing to the high-quality development of the traditional medicine industry and rural revitalization [1]

Group 1 - The first Shantou Health Industry Innovation Development Conference and Health Product Expo was held on August 8, 2025, marking an important milestone in the development of the health industry in Shantou with the theme "Healthy China, Vibrant Shantou" [1] - The conference attracted over 300 enterprises, showcasing a comprehensive view of the industry including traditional and modern medicine, health food, and medical aesthetics. It featured AI medical services and free health consultations for the public [3] - The event announced 10 measures to promote the health industry, established strategic cooperation with 7 international chambers of commerce, signed 13 projects, and initiated 12 key projects [3] Group 2 - The health industry is a powerful engine for high-quality development, deeply rooted in Shantou's history, with significant contributions from local enterprises and charitable organizations since the Song and Yuan dynasties [6] - Shantou currently has 165 "Four Up" enterprises covering the entire industry chain, with local products dominating over 90% of the national market for certain anti-infection drugs and high-end medical devices exported to over 100 countries [8] - Future plans include the "123 Action Plan" to develop a core hub for the bird's nest industry, attract over 100 health enterprises to establish headquarters and production bases, and create a competitive trillion-level industry cluster [10]

Core Viewpoint - The 2025 Shantou Health Industry Innovation Development Conference and Health Product Expo is being held from August 8 to 10 in Shantou, Guangdong, attracting participants from various countries and regions, with an expected attendance of 50,000 visitors [1][3]. Group 1: Event Overview - The conference features an exhibition area of 20,000 square meters, showcasing innovative pharmaceuticals, medical devices, nutritional health products, and health foods [1][3]. - More than 10 projects, including a pharmaceutical strategic storage base and a Sino-Thai cross-border supply chain digital service platform, were signed during the event, covering drug research and production [3]. Group 2: Policy Measures - The conference introduced the "Several Measures for Promoting High-Quality Development of the Health Industry Cluster in Shantou," which includes rent reductions for industrial land and buildings, support for innovation, and promotion of digital transformation in production efficiency [3]. - The measures provide incentives for Shantou health industry enterprises to advance digital transformation across the entire lifecycle, with rewards up to 15 million RMB for specific sectors like chemical drugs, biological drugs, and medical devices [3]. Group 3: Historical Context - Shantou has a long-standing health industry history, with contributions from overseas Chinese and charitable organizations, including the famous "Hu Biao Wan Jin You" produced by the Yong'an Tang Pharmaceutical Factory [4]. - The health industry in Shantou has diversified since the reform and opening up, encompassing a full industrial chain from chemical pharmaceuticals to high-end medical services, with products like the moist burn ointment gaining international recognition [4].

Core Viewpoint - The company Pianzaihuang is actively investing in health-related industry funds to enhance its strategic development and competitiveness in the pharmaceutical sector [1][2][4]. Investment Activities - Pianzaihuang's subsidiary, Pianzaihuang Investment, plans to invest 200 million yuan in the Gaoxin Runxin Fund, representing 20% of the fund's target size [1][2]. - The Gaoxin Runxin Fund focuses on the healthcare sector, including pharmaceuticals, medical devices, and health-related supply chains, with non-healthcare investments capped at 10% [2]. - Since August of the previous year, Pianzaihuang has participated in multiple fund investments, including a similar 200 million yuan investment in the Yuanshan Health Industry Fund [2][3]. Financial Performance - In 2024, Pianzaihuang reported revenue of approximately 10.79 billion yuan, a year-on-year increase of 7.25%, and a net profit of about 2.98 billion yuan, up 6.42% [4]. - The company's gross margin decreased to 42.74% in 2024 from 46.76% the previous year, attributed to rising costs of key raw materials [4]. - In Q1 of this year, Pianzaihuang's revenue fell by 0.92% year-on-year to around 3.14 billion yuan, while net profit grew by 2.59% to about 1 billion yuan [4]. Strategic Outlook - The company aims to adapt to industry trends and improve risk management strategies, focusing on strategic reserves of key raw materials to enhance profit levels [5]. - Experts suggest that diversifying into emerging fields like synthetic biology and consumer healthcare through fund investments could provide new growth opportunities and reduce reliance on traditional products [5].