这是新消费智库第 2 7 4 1 期文章 新消费导读 健 康 食 品 难 吃 ， 似 乎 是 一 条 铁 律 。 但 当 一 家 公 司 的 产 品 ， 先 是 救 活 了 ICU 里的重症患者，又帮数万"糖妈妈"平稳度过孕期，最后竟然还能成 为 年 轻 人 抢 购 的 零 食 —— 这 件 事 就 开 始 变 得 有 意 思 了 。 玛 士 撒 拉 创 始 人 唐黎明 向我们揭示了一条反常规的路径：用做药的严肃，来解决吃零食 的 快 乐 问 题 。 这 背 后 不 是 励 志 故 事 ， 而 是 一 场 关 于 如 何 " 欺 骗 " 人 体 本 能、同时说服供应链的谈判。 本文为 新消费智库专访玛士撒拉创始人 唐 黎 明第一人称口述，深度揭 示如何将 "好吃"从一个奢望，变为一款低 GI 食品必须攻克的技术与哲 学高地。 作者 ：龙猫君 来源：新消费智库 这些准妈妈们面对的，是长达数月的、味同嚼蜡的饮食控制，这本身就会带来巨大的心理压力。我们意识到，对于她们而言，一款能 稳定血 糖、营养均衡 的产品只是及格线；在此之上，能否提供 进食的愉悦感和满足感 ，决定了她们能否长期坚持，从而真正保障母婴安全。在这 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002907证券简称：华森制药公告编号：2025-090 重庆华森制药股份有限公司 关于公司特殊医学用途配方食品生产许可证变更的公告 特殊医学用途配方食品是为了满足进食受限、消化吸收障碍、代谢紊乱或特定疾病状态人群对营养素或 膳食的特殊需要，专门加工配制而成的配方食品。该类产品必须在医生或临床营养师指导下，单独食用 或与其他食品配合食用。 公司甘亦美?流质配方食品是一款专为10岁以上需严格限制脂肪、消化吸收障碍等患者研发的特医食 品。其采用0脂肪、0纤维、主以碳水、辅以短肽的科学配方，碳水化合物供能比高达87%，能快速供能 且无消化负担，易于吸收。同时添加核心维生素与矿物质，保障营养均衡、电解质平衡。适用于急性胰 腺炎、短肠综合征、胃肠功能损伤等疾病状态的营养支持，亦可作为结肠镜检查前标准化的清肠流质饮 食，以提高肠道准备质量。 据Grand View Research数据显示，2024年，全球特殊医学用途配方食品（FSMP）市场规模估计为248亿 美元，预计到2030年，将以5.13%的年复合增长率增长至334.9亿美元。2024年，中国特殊医学用 ...

Core Insights - The company, Huason Pharmaceutical, has received a registration certificate for its special medical purpose formula food from the National Market Supervision Administration, indicating a significant milestone in its product development [1][2] Group 1: Product Details - The special medical purpose formula food is designed for individuals with restricted diets, digestive absorption disorders, metabolic disorders, or specific disease states, requiring special nutritional needs [1] - The product, Gan Yimei liquid formula food, is specifically developed for patients over 10 years old who need strict fat restrictions and have digestive absorption issues, featuring a scientific formula with 0 fat and 0 fiber, and a carbohydrate energy supply ratio of 87% [1] Group 2: Market Position and Production Capacity - This registration certificate is the second obtained by the company in the special medical purpose formula food category, enhancing its research and development capabilities and market competitiveness [2] - The company established the first special medical food production line in the Sichuan-Chongqing region in June 2022, ensuring adequate production capacity for related products [2]

Core Viewpoint - Yipin Nutrition, the second-largest player in China's goat milk powder market, is preparing for an IPO on the Hong Kong Stock Exchange, but faces significant revenue and profit declines in its recent financial performance [1][3]. Financial Performance - Yipin Nutrition's revenue for 2022, 2023, 2024, and the first half of 2025 was 14.02 billion, 16.14 billion, 17.62 billion, and 8.06 billion yuan respectively, with net profits of 2.27 billion, 1.68 billion, 1.72 billion, and 566.88 million yuan [3][4]. - In the first half of 2025, revenue and net profit decreased by 10.36% and 42.57% year-on-year [3][4]. Product Performance - The company's main revenue driver, infant goat milk powder, saw a revenue drop to 4.48 billion yuan in the first half of 2025, down 18.58% from 5.5 billion yuan in the same period of 2024, with its revenue share decreasing from 61.2% to 55.6% [4]. - Revenue from infant cow milk powder also declined, with first half 2025 revenue at 550 million yuan, a 22.49% decrease from the previous year [4]. Strategic Focus - Yipin Nutrition is shifting its focus to special medical purpose foods (SMPF) to drive new growth, with revenue from this segment increasing from 240 million yuan in 2022 to 2.19 billion yuan in 2024, and 1.3 billion yuan in the first half of 2025, representing a 29.23% year-on-year growth [7][8]. - The market for special medical purpose foods is projected to grow significantly, with an expected compound annual growth rate of 18.2% from 2024 to 2029 [7]. Competitive Landscape - The special medical purpose food market is highly concentrated, with the top five companies accounting for 90.8% of retail sales in 2024, and Yipin Nutrition holding only a 4.5% market share in the infant segment [8].

Group 1 - The core viewpoint of the news is the launch of two new special medical foods by Shengyuan Group's brand Shengtong Te Medical on JD Health, enhancing accessibility for consumers [1][3] - "Te Ai Ben Jia" is the first domestically registered special medical food for phenylketonuria in China, providing essential nutrition for infants with specific dietary needs [1][3] - "Zhi Ai Qi Rui" is a comprehensive nutritional formula for children aged 1-10, designed to support those with eating restrictions and metabolic disorders, containing 37 essential nutrients [3] Group 2 - JD Health is a key partner for Shengtong Te Medical, serving as a major online retail channel for special medical foods, and has been instrumental in the brand's rapid growth [4] - The collaboration between JD Health and Shengtong Te Medical focuses on a wide range of products addressing various nutritional needs, including allergy prevention and rare metabolic disorders [4] - JD Health plans to enhance its collaboration with leading domestic special medical food brands to improve product accessibility and meet personalized nutritional demands through professional services [4]

Investment Rating - The report indicates a positive outlook for the special medical purpose formula food industry, driven by policy support and clinical demand, suggesting a potential for rapid market expansion [3][10]. Core Insights - Special medical purpose formula foods (medical foods) are designed to meet the nutritional needs of specific populations and must be consumed under medical supervision. The market is expected to grow significantly due to increasing product diversity, enhanced policy support, and improved clinical nutrition practices [3][4][10]. - The industry is characterized by a growing number of approved products, a significant advantage for domestic brands, and a diverse range of entering companies [11][12][40]. Summary by Sections Industry Overview - Special medical purpose formula foods cater to individuals with restricted diets, absorption disorders, or specific medical conditions, and are becoming a vital part of treatment strategies for various diseases in China [4][6]. - The market currently has a low penetration rate due to insufficient awareness and regulatory standards, but it is poised for growth as recognition and product availability increase [32][33]. Regulatory Environment - The "Special Medical Purpose Formula Food Registration Management Measures (2024)" aims to standardize registration processes, ensuring product quality and safety while encouraging innovation [9][10][39]. - As of September 30, 2024, a total of 206 special medical foods have been registered, with 174 being domestic products, indicating a strong growth trend for local brands [11][12]. Market Dynamics - The industry is witnessing a diversification of companies entering the market, with 58 companies having obtained registration, and Nestlé leading in the number of approved products [12][40]. - The distribution channels for medical foods face challenges, particularly in offline retail, where awareness and proper categorization are lacking. However, online sales are expected to grow as regulations become clearer [22][33]. Product Analysis - Among the registered products, 58 are special medical infant formula foods, accounting for 28.2% of the total, while 82 are non-full nutritional formula foods, and 65 are full nutritional formula foods [21]. - The report highlights a trend towards convenience in product forms, with a majority being powder-based [11]. Competitive Landscape - The competitive landscape shows that domestic products outnumber imports, but there is a noted lack of product diversity among local companies, which may impact future growth [40][41]. - Companies are encouraged to pursue differentiated product strategies to enhance their market positions, with a focus on both infant and non-infant medical foods [42].

Core Viewpoint - Saintong Special Medical (Qingdao) Nutrition Health Technology Co., Ltd. is preparing for an IPO in Hong Kong, backed by the dairy giant Shengyuan Group, and is positioned as a leading player in the special medical food market for infants in China, with a projected revenue CAGR of 30.3% from 2022 to 2024 [1][5]. Group 1: Company Overview - Saintong Special Medical was established in 2019, evolving from Shengyuan Group's special medical division, and has received investments from notable institutions such as Honghui Fund and Hillhouse Capital [5]. - The company holds the most infant special medical food registration certificates in China and aims to leverage this advantage in the market [1][11]. Group 2: Market Position and Financial Performance - In 2024, Saintong is projected to capture 9.5% of the infant special medical food market, ranking third in the industry, while two foreign giants dominate with a combined market share of approximately 75% [3][9]. - Revenue is expected to grow from RMB 491.2 million in 2022 to RMB 834.1 million in 2024, with a gross margin consistently above 71% [4][25]. Group 3: Sales and Distribution Challenges - Despite strong revenue growth, the brand's presence in major retail outlets is limited, with reports indicating that many stores do not carry its products [3][15]. - The company's online sales are significantly lower compared to competitors, with historical sales of only 2,000 units for a key product, compared to over 70,000 units for a rival brand [13][15]. Group 4: Financial Concerns - The company has seen a dramatic increase in inventory turnover days, rising 187% to 155 days over three years, which raises questions about inventory management [19][20]. - Saintong's net current liabilities exceeded RMB 400 million in 2024, yet the company has maintained high dividend payouts, raising concerns about financial sustainability [22][23]. Group 5: Research and Development - R&D expenditures have remained below 2% of revenue, which is significantly lower than industry standards, potentially hindering innovation and competitiveness [32][35]. - The company has launched 14 major special medical food products and has 16 more in development, indicating a commitment to expanding its product line [11][28].