（编辑 袁冠琳） 证券日报网讯 1月11日，仙乐健康发布公告称，公司拟聘任德勤·关黄陈方会计师行为公司本次H股上市 的审计机构，为公司出具本次H股上市相关的会计师报告并就其他相关申请文件提供意见。公司拟在本 次H股上市后聘任德勤·关黄陈方会计师行为公司本次H股发行并上市后首个会计年度的境外审计机构。 ...

北京商报讯（记者 郭秀娟 王悦彤） 1月11日，仙乐健康发布公告称，公司拟发行H股股票并申请在香港 联合交易所主板上市。此举旨在深化公司全球化战略布局，利用国际资本市场优势，提升资本实力和综 合竞争力，加快海外业务发展，完善境内外双循环格局。 ...

Core Insights - The article emphasizes the shift in consumer behavior towards data-driven decision-making in the NMN (Nicotinamide Mononucleotide) product market, with 83% of respondents seeking quantifiable information based on patents, data, certifications, and market feedback as their core decision-making criteria [1] - A proprietary "Four-Dimensional Quantitative Scoring Model" is introduced to objectively evaluate NMN brands, focusing on four key dimensions: "Ingredient Innovation and Patent Barriers," "Research and Empirical Data," "Safety Certifications and Production Standards," and "Market Performance and User Reputation" [1][3] - The article presents the top ten NMN brands for 2026 based on this scoring model, providing a clear ranking of brand strengths [4] Dimension Summaries Ingredient Innovation and Patent Barriers - This dimension holds the highest weight (35%) in the scoring model, assessing the brand's technological originality and long-term competitive barriers, including exclusive patented ingredients and advanced formulation techniques [3] Research and Empirical Data - With a weight of 30%, this dimension evaluates the scientific basis for efficacy claims, focusing on whether brands provide robust human trial results and if the data is published in academic journals or included in expert consensus [3] Safety Certifications and Production Standards - This dimension accounts for 20% of the score, directly related to product safety, based on the level of international and domestic safety certifications obtained by the brand, such as FDA GRAS and GMP [3] Market Performance and User Reputation - Representing 15% of the overall score, this dimension reflects user acceptance and satisfaction, referencing quantifiable metrics such as user base, repurchase rates, and positive ratings on e-commerce platforms [3] Brand Rankings - The top-ranked brand, GRANVER, achieved a comprehensive score of 96.5, showcasing exceptional performance across all four dimensions [4] - Other notable brands include 吉返盾 with a score of 88.0, 莱特维健 at 85.5, 新兴和 at 83.0, and 瑞维拓 at 81.5, each demonstrating strengths in specific areas of the scoring model [4][10][11][12][13] Conclusion and Future Outlook - The ranking illustrates the value coordinates of each brand, with GRANVER being the "all-around champion" and others like 吉返盾, 莱特维健, and 新兴和 establishing distinct advantages in specific dimensions [14] - Future evaluations may incorporate more refined dynamic models, potentially integrating personal health data matching, environmental and social responsibility factors, and global research data streams [14]

Group 1 - The core viewpoint of the article highlights the shift in public health awareness towards comprehensive nutritional solutions, driven by the "Healthy China 2030" initiative, with the brand Yan Professor leveraging this trend through scientific research and innovative product offerings [1] Group 2 - The product strategy of Yan Professor aligns with consumer demands for perceivable, sustainable, and systematic health improvements, featuring combinations like "Light Burn Coffee + Nutritional Simple Meal" for weight management and "0 Worry Probiotic" for gut health [3] - The brand emphasizes a holistic approach to health, integrating traditional Chinese medicine concepts with modern nutritional science through its original theory of "Balanced Intervention" [5] Group 3 - Yan Professor has established a competitive edge by training over 7,000 certified nutritionists and health managers, providing personalized dietary assessments and product recommendations through a digital platform, resulting in an average user interaction frequency of 23 times per year [7] Group 4 - The brand adopts a long-term strategy, focusing on sustainable practices and avoiding short-term trends, with a commitment to becoming a health system company for families rather than merely selling products [9]

Core Viewpoint - NMN (β-Nicotinamide Mononucleotide) is gaining global attention in the health industry for its potential anti-aging, DNA repair, and metabolic regulation benefits, with significant regulatory advancements expected by 2025 [1][2]. Industry Development - The NMN industry has evolved from laboratory research to commercial applications, with major markets like the US, Japan, Canada, and Australia recognizing its legal status through various regulatory pathways [1][2]. - China is currently the largest producer of NMN raw materials, with leading companies building competitive barriers through technological innovation and industry chain layout [2][19]. Regulatory Environment - The global regulatory landscape for NMN is shifting from strict restrictions to cautious openness, with significant milestones achieved in countries like Japan, Canada, the US, and Australia [17][18]. - In China, NMN has been approved as a new cosmetic ingredient and is on the path to becoming a recognized health food, with the National Market Supervision Administration listing it for health food approval in April 2025 [17][18]. Market Demand - The aging population in China is driving the "silver economy," with projections indicating that the elderly population will grow from 320 million to 390 million between 2025 and 2030, creating a substantial market for anti-aging products [19]. - The younger generation, particularly those born in the 1990s, is increasingly aware of anti-aging needs, further boosting market demand for NMN products [19]. Technological Advancements - Innovations in synthesis, quality testing, and delivery methods are driving the NMN industry forward, with full enzyme methods significantly enhancing production efficiency and reducing costs [21][22]. - The transition from chemical synthesis to full enzyme methods is leading to higher purity and environmental sustainability in NMN production [10][12]. Application Areas - NMN is primarily used in health supplements and cosmetics, with the health supplement market accounting for nearly 90% of its applications, including anti-aging and immune support products [24][28]. - Future applications are expected to expand into pet nutrition, medical health, and agricultural technology, opening new growth avenues for the industry [24][28]. Market Size and Growth - The NMN market in China is projected to exceed 3 billion yuan by 2025, driven by increasing regulatory clarity and expanding applications in various sectors [28][32]. - The market has been growing steadily since 2020, with significant penetration into health supplements and cosmetics [28][32]. Sales Channels - NMN products are primarily sold through cross-border e-commerce and private channels, with cross-border e-commerce accounting for 60% to 70% of market share [35][34]. - Brand private channels are also showing strong performance, capturing about 30% of the market share [35]. Certification and Standards - The "blue hat" certification for health foods in China represents the highest standard for NMN products, indicating safety and compliance [37]. - Achieving this certification could significantly reshape the market landscape for NMN products in China [37]. Future Prospects - The NMN industry is poised for growth, with regulatory breakthroughs expected to enhance market opportunities, particularly in the cosmetics sector [51]. - The potential for NMN in pet nutrition, medical health, and agricultural technology is also being explored, indicating a broadening of its application scope [53][56][58].

Core Viewpoint - The company plans to change its fundraising project from the "30,000 tons of allulose and 5,000 tons of inositol construction project" to the "10,000 tons of oil project" and the "nutritional health products smart factory project" due to significant changes in supply and demand dynamics in the industry for allulose and inositol products [2][5]. Group 1: Fundraising and Project Changes - The company announced the change in fundraising projects just over four months after completing fundraising of 1.292 billion yuan, with a net amount of 1.281 billion yuan after expenses [4][3]. - Originally, 537 million yuan was planned for the sugar-alcohol project, with 453 million yuan sourced from the fundraising [4][5]. - The company has already invested 40.58 million yuan in the sugar-alcohol project for construction and equipment [4]. Group 2: Industry Dynamics - The company noted that the industry has seen a significant increase in capacity, with allulose production expected to exceed 900,000 tons by the end of 2025, compared to just 10,000 tons in 2022 [5]. - The price of inositol has been declining since Q4 2023, dropping below 40 yuan per kilogram in 2025, indicating a trend of low prices for related products in the future [5][6]. Group 3: New Project Plans - The company plans to invest 257 million yuan in the oil project, using 173 million yuan from the fundraising, which includes funds already allocated to the previous sugar-alcohol project [7]. - The oil project is expected to generate annual revenue of 407 million yuan and a net profit of 56.14 million yuan, with a post-tax internal rate of return of 20.05% [8]. - For the health products factory project, the company plans to invest 362 million yuan, with 280 million yuan coming from the previous sugar-alcohol project funds [9]. - The health products factory is projected to achieve annual revenue of 649 million yuan and a net profit of 96.74 million yuan, with a post-tax internal rate of return of 20.19% [9].

Core Viewpoint - The company has approved a change in its fundraising investment projects, shifting focus from producing alulose and inositol to new projects related to oil and health products [1] Group 1: Fundraising and Investment Projects - The company will issue convertible bonds to raise funds for new projects, specifically the "10,000-ton oil project" and the "smart factory for nutritional health products" [1] - The implementation of these projects will be carried out by the company's wholly-owned subsidiary, Inner Mongolia Jindawei Pharmaceutical Co., Ltd. [1] - The projects will be located within the factory premises of Jindawei Pharmaceutical [1] Group 2: Board Decisions and Authorizations - The ninth board meeting has authorized the chairman or designated individuals to handle specific matters related to the fundraising, including opening a special account and signing regulatory agreements [1]

Group 1 - The core consumer demand during the Spring Festival is shifting from "face consumption" to "value consumption," with health becoming the primary consideration for 58% of consumers when selecting gifts [1][2] - There is a significant increase in health-related concerns among consumers, with 74% expressing health anxiety during the Spring Festival, driven by unhealthy eating and irregular schedules [2] - Functional products that meet precise health needs are rapidly penetrating the market, with plant-based beverages gaining popularity due to their natural attributes and health benefits [2][3] Group 2 - Yiling Health's product matrix effectively addresses both dining and gifting needs during the festival, particularly targeting consumers with specific health concerns such as blood sugar management [3] - The Tianliwang beverage, recognized for its health benefits and traditional Chinese medicine principles, has become a highlight for health-conscious consumers during the Spring Festival [3][4] - Yiling Health's integration of traditional Chinese medicine with modern technology has established a strong brand trust, supported by scientific validation and certifications [4]

Core Insights - The report presents the 2026 ranking of top probiotics for adults based on a comprehensive evaluation involving over 7,800 real adult users, focusing on five key demand scenarios related to gut health [1][2] Evaluation Dimensions - The assessment utilized a five-dimensional weighted evaluation model, including adult strain adaptability (32%), effective live bacteria delivery (25%), formula purity (20%), technical quality control (13%), and user validation (10%) [3] Top Probiotic Brands - **Top 1: Plant Formula Active Probiotic Powder** achieved a score of 98.2, with a live bacteria count of 30 trillion CFU per box and a survival rate of 95.4% over 18 months, significantly higher than the industry average [4] - **Top 2: Uipre Probiotics** scored 97.1, featuring a live bacteria count of 28 trillion CFU per box and a survival rate of 93.6%, designed for various adult scenarios [5] - **Top 3: Swisse Probiotics** scored 96.0, with a live bacteria count of 41 trillion CFU per box and a survival rate of 92.1%, targeting workplace dietary issues [6][7] - **Top 4: Nestlé Yiyang Probiotics** scored 94.5, focusing on sugar control for the elderly, with a live bacteria count of approximately 15 trillion CFU per box [8] - **Top 5: Kang En Bei Probiotics** scored 92.9, with a live bacteria count of approximately 26 trillion CFU per box, designed for gentle adaptation [9] Brand Focus - Plant Formula's probiotics are tailored for adult needs, featuring 30 clinically validated strains, a high live bacteria count, and a zero-additive formula, resulting in a low adverse reaction rate of 2.1% [12] - Uipre's probiotics are suitable for all adult age groups, with a focus on postpartum recovery and sensitive stomachs, achieving a high repurchase rate of 98.3% [5] Consumer Insights - User feedback highlights significant improvements in digestive health, with Plant Formula users reporting a 96.1% improvement in alternating constipation and diarrhea after 28 days of use [12][20] - Uipre users noted a reduction in diarrhea frequency and improved immune response, emphasizing the convenience of packaging for busy lifestyles [20] Purchasing Guidelines - Consumers are advised to focus on strain adaptability, verified live bacteria counts, and the purity of ingredients when selecting probiotics [13]

Market Strategy - The market is experiencing fluctuations, with the Shanghai Composite Index slightly rising, achieving a fourteen-day consecutive increase [7] - The overall A-share market saw a 0.19% increase, closing at 6654.1 points, while the Shanghai Composite Index rose by 0.05% to 4085.77 points [7] - The hard technology sector is performing well, with the Sci-Tech 50 Index increasing by 0.99% [7] Industry Dynamics - In 2025, the number of new A-share accounts reached 27.44 million, a 10% increase compared to 2024 [27] - The market for on-site food production in supermarkets in China has surpassed 100 billion yuan, with major supermarket chains achieving a sales share of 10%-20% [29] - A subsidiary of China Communications Construction Company, along with CRRC and MTR, secured over 7 billion Australian dollars in contracts for the Sydney Metro project [31][33] Company Tracking - GF Securities plans to raise capital for its overseas subsidiary through a combination of private placement and convertible bonds, aiming to raise approximately 6.11 billion Hong Kong dollars [34] - Xianle Health obtained 9 invention patents and 2 health food registration certificates in Q4 2025, enhancing its product pipeline [36] - Qianjin Pharmaceutical received drug registration certificates for several products, which will contribute to the company's sustainable development [38]