(责任编辑：王治强HF013) 【4月30日，国内"常温乳酸菌第一股"均瑶健康公布2025年一季报】均瑶健康2025年第一季度营收4.01 亿元，同比增长1.41%，净利润1090.71万元，同比下降58.29%。公司益生菌业务增速可观，第二曲线加 速成型，2025年一季度益生菌食品板块收入同比上涨139.19%，电商渠道收入同比增长1173.33%。年报 显示，2024年公司营业收入14.58亿元，其中益生菌饮品及食品收入7.92亿元。当下益生菌市场发展迅 速，预计到2025年全球益生菌产业产值将超770亿美元，中国市场占比超25%。均瑶健康加大自主研 发，构建产业链一体化闭环体系，子公司均瑶润盈是相关标准制定参与者，自主知识产权的益生菌菌种 资源库扩增，产品丰富。在上游端，均瑶润盈掌握原材料，推进募投项目建设。产品层面，培育核心产 品矩阵，下游环节建立一体化生态链模型，实现渠道布局。报告期内，公司新拓展电商渠道，联合推动 低温益生菌饮品上市，注重优化仓配成本。公司海外业务增速亮眼，2024年主营业务在国际市场营收约 8460万元，同比增长24.54%，2025年一季度海外市场收入同比大涨77.43%。均瑶 ...

以下文章来源于饮品报 ，作者饮品报·饮Sir 饮品报 . 饮品报（DrinkNewspaper）属饮品B端头部新媒体，拥有超98W粉丝用户，专注提供奶茶、咖啡、茶、 甜品等在内的饮品行业资讯，覆盖商业模式、品牌观察、门店管理、创业项目推荐、业界报道、测评等 多维度。 这是新消费智库第 2 6 2 5 期文章 新消费导读 作者 ： 饮品报·饮Sir 编辑：竺天 审核： Single 来源： 饮品报 养生水狂奔，传统药方如何攻占年轻人的奶茶胃？ 当药柜与智能萃茶机并肩而立，一场酝酿多时的"养生"革命开始重构饮品版图。 浙江省中医院的乌梅汤上线半日卖出24万余帖，奈雪的茶联名阿胶奶茶全网曝光量突破10 亿次…… 锁定年轻人的"续命"焦虑，中式养生水成为饮品界的顶流 。体现在流量端，抖音 上，#中药奶茶#的相关话题获得7.6亿次播放量；微博上，关于#中式养生水#的多个话题引 发热议。 图源：媒体报道 流量在哪里，市场就在哪里。前瞻产业研究院发布的《2024中国中式养生水行业发展趋势 洞察报告》显示，2023年中国中式养生水市场规模增至4.5亿元，年增长率超过350%，预 计未来5年内年复合增长率将超过88%， 市场规 ...

BPIV CUS PRODU G FOCUS PRO E 当消费电子的"技术普惠化"与快消品的"需求精细化"在 618狭路相逢，这场战役早已超越简单的流量争夺，成为 检验品牌生命力的终极试炼场。据36氪行业研究院数据 显示,2025年智能家电线上销量同比激增37%,而消费 者对"硬核科技"的期待值较去年攀升42% -- 他们渴望折 -- \m +0 ++ 十十八十十八十 登胖于帆以毫木纹关收里闷父旦逻辑,期待妇地机吞人化 身家庭"智慧管家",更渴求一杯兼具抗衰功效与低卡美学 的"科技特调咖啡"。 但市场从不会辜负理性与感性并存的智慧选择。当"性价 比"成为Z世代的新信仰,当"好货不贵"从口号进化为消费 铁律,36氪以行业瞭望者的姿态,联合头部电商、垂类 KOL及产业智库,重磅推出"2025夏季焦点产品计划", 以618为战略坐标,筛选出那些既能用技术颠覆认知、又 能让消费者"闭眼入"的国民级好物。 消费电子 / ● 挖掘那些代表中国科技实力的先锋软硬件产品 ● 覆盖领域 家 E 71.7 生日 元 评选维度 家 电 办公类 工 不 软件 产品 性价比 设计 性能 体验 20% 30% 10% 40% 数 码 ...

Core Viewpoint - The Hubei Xianning government is focusing on the integration of technological innovation and industrial innovation in the Xianning High-tech Zone to accelerate the development of the Wuhan metropolitan area as a significant growth pole for green development [1] Group 1: Innovation Ecosystem - Xianning High-tech Zone is building a tiered cultivation system for innovative entities, including 343 technology-based SMEs, 130 high-tech enterprises, and 11 provincial-level innovative species enterprises, with a high-tech enterprise ratio of 67% and over 60% coverage of R&D institutions [3] - The zone has achieved breakthroughs in 32 key technologies in fields such as new materials and intelligent electromechanical, with 7 technologies reaching international advanced levels and 12 being domestically leading [3] Group 2: Technology Transfer and Commercialization - A demand-oriented technology supply chain platform has been established, with 326 technology needs published and 207 accurately matched, resulting in over 300 million yuan in technology awards and subsidies over the past three years [4] - The total transaction value of technology contracts has exceeded 10 billion yuan, with significant contributions from companies like Haohua Bio and Nanfang Glass [4] Group 3: Innovation Infrastructure - Continuous innovation competitions have facilitated collaboration between over 80 enterprises and 30 universities, leading to more than 1 billion yuan in technology transfer [4] - The Xianning (Wuhan) Offshore Innovation Park has introduced 25 technology projects, filling domestic gaps and breaking technology monopolies [4] Group 4: Talent Development - The "Talent Strong Zone" strategy has seen an investment of 150 million yuan over three years to attract over 9,000 talents, including national academicians [5] - Collaborative efforts between enterprises and academic institutions have led to over 70 technical problem resolutions and key technology breakthroughs [5] Future Outlook - The Xianning High-tech Zone plans to further focus on technological innovation, support high-growth technology-leading enterprises, and expand the scope of technology funding and subsidies to provide robust technological support for provincial and city development [5]

Core Viewpoint - Junyao Health has reported significant growth in its probiotic beverage and food business, positioning itself as a leader in the health industry with a focus on innovation and international expansion [1][2][6] Financial Performance - In 2024, Junyao Health achieved a revenue of 1.458 billion yuan, while the first quarter of 2025 saw revenue of 401 million yuan [1] - The probiotic beverage and food segment generated a total revenue of 792 million yuan in 2024, with a remarkable year-on-year growth of 139.19% in the first quarter of 2025 [2] Market Trends - The probiotic market in China is rapidly expanding, with a compound annual growth rate of 14% from 2018 to 2022, growing from 64.77 billion yuan to approximately 109.38 billion yuan [2] - Global probiotic industry value is expected to exceed 77 billion USD by 2025, with China accounting for over 25% of the market share [2] R&D and Innovation - Junyao Health emphasizes the importance of independent research and development, establishing a comprehensive "R&D-production-sales" integrated chain [2][3] - The subsidiary Junyao Runying has developed a resource library of over 30,000 probiotic strains and collaborates with several universities to enhance innovation [3] Supply Chain and Distribution - The company has expanded its e-commerce channels, achieving a staggering 1173.33% year-on-year growth in online sales in the first quarter of 2025 [2] - Junyao Health has established a comprehensive supply chain model, integrating raw materials, products, and distribution channels [3][4] International Expansion - In 2024, Junyao Health's international business generated approximately 84.6 million yuan, reflecting a year-on-year growth of 24.54%, with a 77.43% increase in the first quarter of 2025 [5] - Junyao Runying is recognized as a major probiotic production base in Asia, exporting to over 80 countries and regions [5] Policy and Market Outlook - The national initiative to promote "Weight Management Year" is expected to further boost the health industry, providing a favorable environment for Junyao Health's growth [6] - With its leading position in the ambient yogurt market and a comprehensive probiotic strategy, Junyao Health is well-positioned for sustained growth in the health industry [6]

证券研究报告 | 公司点评报告 2025 年 04 月 30 日 当前股价： 35.14 USD/ADS 基础数据 | 总股本（万股） | 256466 | | --- | --- | | 海外股（ADS） | 28300 | | 总市值（亿美元） | 99.4 | | 海外股市值（亿美元） | 99.4 | | 每股净资产（美元） | 0.76 | | ROE（TTM） | 29.8% | | 资产负债率 | 50.5% | | 主要股东 | Centurium Capital Partners 2018, L.P. | | 主要股东持股比例 | 31.3% | 瑞幸咖啡（LK.O） 开业提速，同店销售转正 消费品/商业 瑞幸咖啡发布 2025 年第一季度财报，Q1 公司实现营业收入 88.7 亿元/+41.2%， GAAP 下经营利润为 7.37 亿元/去年亏损 0.65 亿元，Q1 经营利润率为 8.3%， 同比提升 9.3pct，受益于毛利率提升，同店增长以及运营效率优化，公司经调 整归母净利润 6.5 亿元/去年同期亏损 0.13 亿元。 财务数据与估值 | 会计年度 | 2023 | 2024 | ...

Core Viewpoint - The Chinese government is promoting a "Weight Management Year" initiative, which is expected to significantly boost the health industry, potentially exceeding a trillion yuan in market size. This creates a favorable environment for companies like Junyao Health, which is focusing on expanding its leadership in the probiotic market and enhancing its product offerings [1][2]. Group 1: Company Performance - Junyao Health reported revenues of approximately 1.458 billion yuan for 2024 and 401 million yuan for the first quarter of 2025, with a notable 139.19% increase in probiotic food revenue in Q1 2025 [1][3][4]. - The company achieved a gross margin of 38.39% in 2024, an increase of 1.98% from the previous year, attributed to reduced raw material costs and optimized operational management [3][4]. Group 2: Market Trends - The health industry in China is projected to reach a market size of 13.4 trillion yuan by 2025 and further grow to 29.1 trillion yuan by 2030, driven by the "Healthy China 2030" strategy [2]. - The probiotic market in China has seen significant growth, with a compound annual growth rate of 14% from 2018 to 2022, increasing from 64.77 billion yuan to approximately 109.38 billion yuan [5]. Group 3: Product Development - Junyao Health is expanding its product line to include low-temperature active probiotic beverages, leveraging innovative fermentation technology and developing functional beverages that combine probiotics with other beneficial ingredients [2][4]. - The company has developed a diverse range of health functional beverages, including products targeting beauty, eye health, sleep, and nutrition, to meet various consumer health needs [2][4]. Group 4: Strategic Initiatives - Junyao Health is enhancing its research and development capabilities by integrating with leading companies in the probiotic sector, establishing a comprehensive "R&D-production-sales" integrated system to strengthen its market position [6][7]. - The company is expanding its e-commerce presence, with a significant increase in online sales, particularly in the first quarter of 2025, where e-commerce revenue surged by 1,173.33% [4][8]. Group 5: International Expansion - Junyao Health's international business achieved revenue of approximately 84.6 million yuan in 2024, a year-on-year increase of 24.54%, with Q1 2025 showing a remarkable growth of 77.43% [9]. - The company exports to over 80 countries and regions, positioning itself as a leading exporter of probiotics in China, benefiting from competitive pricing and stable supply chains [9]. Group 6: Future Outlook - With the release of production capacity, strengthened technological barriers, and expanded brand influence, Junyao Health is expected to continue leading the health industry and achieve long-term stable growth [10].

4月30日消息，瑞幸咖啡发布公告称，即日起，董事长、CEO郭谨一不再担任公司董事长，将继续留任公司首席执行官及董事。同时，董事会已批准黎辉重 新加入董事会并担任董事长职务的任命。黎辉现任大钲资本董事长兼首席执行官，大钲资本为瑞幸咖啡最大股东。 郭谨一表示："我非常高兴地欢迎黎辉先生重新加入董事会并担任董事会主席。他在企业管理方面的经验将对我们在国内和全球的增长和战略发展做出重大 贡献。我将继续专注于我的首席执行官和董事职责，我期待我们在推进我们的使命和为股东创造长期、可持续价值方面继续合作。" 公开资料显示，郭谨一是瑞幸咖啡的联合创始人，2016年加入神州租车，随后加入瑞幸咖啡的创业历程。2020年7月，在瑞幸经历一系列风波后，郭谨一接 任董事长一职，并推动了三大变革。一是业务重整，关停亏损门店，聚焦核心市场。二是推出"生椰拿铁"、"轻轻茉莉"等爆款产品，带动毛利率提升。三 是，引入独立董事制度，建立内审部门，2024年支付1.8亿美元与美国集体诉讼和解，完成债务重组。 黎辉曾于2020年7月前担任瑞幸咖啡董事。目前，黎辉同时担任泰邦生物（Taibang Biological Ltd.）董事长。2017年，他 ...

Core Viewpoint - Luckin Coffee reported a strong performance in Q1 2024, with total net revenue reaching 8.865 billion RMB, a year-on-year increase of 41.2%, driven by a 42% growth in GMV to 10.4 billion RMB, and a net profit of 525 million RMB, marking a turnaround from a loss of 83.17 million RMB in the same period last year [2][4]. Financial Performance - Total net revenue for Q1 2024 was 8.865 billion RMB, up 41.2% year-on-year, with a net profit of 525 million RMB compared to a net loss of 83.17 million RMB in Q1 2023 [2][4]. - GAAP operating profit surged to 737.168 million RMB, a significant improvement from a loss of 65.107 million RMB in the previous year, with an operating profit margin rising from -1.0% to 8.3% [2][4]. - Non-GAAP operating profit reached 864.3 million RMB, with a margin increase from 0.1% to 9.7% [2]. Cost Structure - Total operating expenses for Q1 2024 were 8.128 billion RMB, a year-on-year increase of 28.1%, but the expense ratio decreased from 101% to 91.7% of revenue [4]. - Material costs were 3.573 billion RMB, up 21.3%, while store rent and other operating costs rose to 2.329 billion RMB, an increase of 27.0% [4]. Store Expansion - As of Q1 2025, the total number of stores increased to 24,097, with 15,598 self-operated stores and 8,499 partner stores, reflecting a 7.9% growth from the previous quarter [5][6]. - The company opened 1,757 new stores, including 1,743 in China, 6 in Singapore, and 8 in Malaysia [5]. Market Strategy - The CEO emphasized that the coffee market in China is still in a relatively early stage of rapid growth, with market share and scale growth being the primary strategic focus [7]. - There are currently no plans to raise product prices, aiming to maintain competitive pricing to solidify and expand market share [7]. Future Outlook - The company anticipates potential pressure on gross margins in the second half of the year due to rising coffee bean prices and increased competition in the ready-to-drink beverage sector [8]. - The CEO stated that the impact of these factors is still to be observed, and the company will leverage scale advantages and operational efficiency to mitigate these challenges [8]. Leadership Change - A new leadership change was announced, with Li Hui, the chairman and CEO of the largest shareholder, Dazhong Capital, replacing Guo Jinyi as chairman, while Guo will continue as CEO [10][15]. - Dazhong Capital currently holds 31.3% of the company's shares and controls 53.6% of the voting rights [15].

Core Viewpoint - Luckin Coffee reported a strong Q1 FY25 performance with total net revenue increasing by 41% year-on-year to approximately 8.9 billion yuan, driven primarily by sales volume growth and a same-store sales growth (SSSG) of 8% [1][2]. Revenue and Profitability - The company achieved an operating profit of nearly 740 million yuan, with an operating profit margin of 8.3% [1]. - The improvement in operating profit was attributed to changes in product mix and economies of scale, with a focus on lighter, healthier beverages that typically have higher gross margins [1][4]. Market Dynamics - The Chinese coffee market is still in its early growth stage, with scale expansion and market share being top priorities for the company [3]. - The company plans to maintain a competitive pricing strategy without any price increases, aiming to release demand and cultivate consumer habits through high-cost performance coffee [3]. Same-Store Sales Growth - The 8% same-store sales growth reflects the company's solid fundamentals and favorable external factors, including the ongoing development of the coffee market and the maturation of newly opened stores [2]. - The company expects same-store sales growth to moderate in the coming quarters as conditions normalize, while continuing to focus on maintaining positive and sustainable growth [2]. Product Strategy - The company has adjusted its product mix since March of the previous year, with the proportion of refreshing beverages in cup sales increasing by approximately 10 percentage points compared to last year, significantly enhancing overall gross margins [5]. - The strategy includes offering a wide range of high-quality beverages at attractive prices, supported by effective marketing activities, which have driven high single-digit year-on-year growth in daily cup sales per store [5]. Competitive Landscape - Rising coffee bean prices and increased competition from key beverage companies may impact profitability, necessitating continued investment in branding and marketing to maintain market leadership [4]. - The company plans to leverage its scale advantages and improve operational efficiency to absorb and offset these pressures while maintaining healthy and sustainable profit levels [4].