Group 1 - The core viewpoint of the articles highlights the successful launch of new products by the companies, specifically the introduction of the "Ruby Oil" by Feicui, which is a high-end fish oil designed for women, featuring unique ingredients that enhance absorption and provide various health benefits [1] - Feicui's new brand is expected to leverage the unique Ruby Oil ingredient, which has a differentiated structure, leading to a high certainty of success in the health supplement market [1] - The company has established a strong operational experience in health supplements, which, combined with the exclusive new ingredient, positions the new brand for high certainty in its market performance [1] Group 2 - Zhenjia has experienced significant growth in sales through dual channels, with a 547% year-on-year increase in sales on Douyin as of May 18, indicating a strong market presence and potential for further acceleration during promotional events [1] - On Tmall, Zhenjia ranked among the top 10 in the home cleaning category during the 618 pre-sale event, showcasing a 7-position improvement compared to the previous year, reflecting its growing popularity [1] - The company is positioned to capitalize on the consumer upgrade trend in the home cleaning sector, with a focus on high-end fragrance products that meet evolving consumer demands [1][2] Group 3 - The investment recommendation emphasizes the differentiated positioning of Zhenjia and Feicui in the high-end fragrance home cleaning and oral beauty markets, suggesting a strong growth trajectory driven by new consumer scenarios and multiple product offerings [2] - The unique Ruby Oil is anticipated to be a significant growth driver for Feicui, reinforcing the high certainty of success in the new brand development [2] - The companies are expected to focus on core female demographics and explore niche market demands, aiming to create a "small but beautiful" brand matrix that aligns with consumer trends [2]

百合股份（603102）发布异动公告，经公司自查并向控股股东、实际控制人书面发函查证，确认不存在 应披露而未披露的重大事项或重要信息。公司目前生产经营活动一切正常。市场环境、行业政策没有发 生重大调整，生产成本和销售等情况没有出现大幅波动，内部生产经营秩序正常。公司基本面未发生重 大变化。 ...

证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 食品饮 ...

证券研究报告：食品饮料|行业周报 发布时间：2025-05-19 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 18105.47 | | 52 周最高 | 19832.49 | | 52 周最低 | 14118.56 | 行业相对指数表现 -29% -25% -21% -17% -13% -9% -5% -1% 3% 7% 11% 15% 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 食品饮料 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:蔡雪昱 SAC 登记编号:S1340522070001 Email:caixueyu@cnpsec.com 分析师:杨逸文 SAC 登记编号:S1340522120002 Email:yangyiwen@cnpsec.com 分析师:张子健 SAC 登记编号:S1340524050001 Email:zhangzijian@cnpsec.com 近期研究报告 《白酒主动降速减压、提高分红率，大 众品关注新渠道/新品类机会》 - 2025.05.12 食品饮 ...

Summary of Key Points from Conference Call Records Industry Overview - The liquor industry, particularly the baijiu segment, is gradually bottoming out, with leading companies showing improved valuation and attractive dividend yields. Recommended stocks include Moutai, Wuliangye, Fenjiu, and Gujing, along with regional beneficiaries like Jinsiyuan and Huangjiu brands such as Laojiao, Shui Jing Fang, and Shede [1][3][4] Company-Specific Insights Hai Tian Wei Ye - Hai Tian Wei Ye maintains stable growth in its core categories and is expanding channels through product iteration and new category development. The company is focusing on flexible production line upgrades and using domestically sourced non-GMO soybeans, with overall expense ratios expected to remain stable [1][5] Uni-President China - Uni-President China is returning to rational growth in the no-sugar tea beverage segment, planning to launch low-sugar and no-sugar products while maintaining high single-digit growth. Adjustments to its beef noodle and soup product lines are expected to achieve double-digit growth, with a projected decrease in expense ratios and a long-term net profit margin around 5% [1][6] Andeli Juice - Andeli Juice has strong pricing power due to low downstream cost ratios in apple juice. The company leads the market with a high export ratio to the U.S., where global demand is rigid. The industry structure is favorable, with Andeli and Guotou Zhonglu dominating the market, and Andeli's net profit margin is approximately 20% [1][8] Hao Xiang Ni - Hao Xiang Ni is steadily advancing its core red date gifting business, focusing on major products like the Black Gold Date, which is expected to rival the Red Date Pie. The company is also developing new products and expanding its store presence in desert channels, with a high dividend yield of 12% in 2024 [1][9] Zhou Hei Ya - Zhou Hei Ya's founder has returned, emphasizing store quality to drive same-store sales growth. The company is expanding distribution channels and entering the marinated food market, with plans to target Southeast Asia for global market expansion [1][10] Hengshun Vinegar - Hengshun Vinegar is strengthening its core business while expanding into community convenience store channels. The company is also focusing on young consumers with simplified cooking products and health-oriented offerings [1][7] Gu Yue Long Shan - Gu Yue Long Shan is pursuing a high-end strategy, controlling volume to maintain price integrity. The company is launching diverse products and plans to increase production efficiency while targeting a sales growth of 6% and profit growth of 3% [1][20] Health Products Industry - The health products sector has seen a recent surge in stock prices, driven by the popularity of ergothioneine, which has antioxidant properties. Companies like Xianle Health are expected to benefit from this trend, with a focus on anti-aging products [1][21] Market Dynamics - The consumer goods sector is witnessing two key investment directions: high-growth segments like snacks and beverages, and marginal improvements in sectors like dining and dairy. Recommended stocks include Baijia, Hao Xiang Ni, and Qingdao Beer [2] Financial Performance - Companies are focusing on improving profitability through cost control and product innovation. For instance, Andeli Juice's concentrated juice pricing is around 4,000 RMB per ton, with a strong ability to pass on price increases [1][8] Strategic Recommendations - Companies are advised to focus on high-quality product offerings and explore new market opportunities, particularly in emerging channels and international markets. The emphasis on innovation and efficient cost management is crucial for sustaining growth [1][12][13]

Core Viewpoint - The advertisement featuring the 75-year-old chairman of Kelun Pharmaceutical, Liu Gexin, showcasing his muscular physique has sparked discussions about the authenticity of the advertisement, the efficacy of the endorsed product, and the development of the anti-aging industry [2][3]. Group 1: Advertisement Impact - The advertisement represents a bold and innovative attempt to capture attention in a traffic-driven era, leveraging Liu's impressive physique to convey a positive message about health and vitality at an older age [2]. - Liu's display of health challenges the notion that age is a barrier to pursuing a healthy lifestyle, serving as an inspirational example for younger generations [2]. Group 2: Product Pricing and Market Demand - The endorsed product, Ergothioneine capsules, priced at 1499 yuan for 60 capsules, raises concerns about its value proposition, especially since it is more expensive in China than in Japan [3]. - Despite the high price, the anti-aging product market is growing due to the increasing demand driven by an aging population, indicating a significant market potential [3]. Group 3: Industry Challenges - There is currently no widely recognized anti-aging product with proven efficacy, leading to a proliferation of exaggerated claims and false advertising in the market [3][4]. - The anti-aging industry requires substantial technological innovation and research investment to advance, emphasizing the need for companies to focus on improving product quality and efficacy [4]. Group 4: Consumer Education and Expectations - The anti-aging sector must prioritize consumer education to combat misinformation and enhance understanding of product capabilities, while also managing consumer expectations regarding the efficacy of these products [4][5]. - The advertisement serves as a deeper discussion about health, aging, and entrepreneurial spirit, highlighting the importance of product effectiveness beyond mere promotional tactics [4].

Core Viewpoint - The article emphasizes the importance of protecting the legal rights of the elderly by cracking down on false advertising, price violations, and food safety issues related to health products in Urumqi City, Xinjiang Uygur Autonomous Region [1] Group 1: Regulatory Actions - The Urumqi City Market Supervision Administration is conducting special inspections focusing on false advertising and promotion of drugs and health products targeted at the elderly [1] - Inspections are being carried out in health and wellness centers, therapy centers, pharmacies, and food businesses, utilizing both online and offline methods to verify the legality of sales channels and compliance with labeling requirements [2] Group 2: Legal Compliance and Education - The administration is enforcing strict measures against exaggerated claims regarding health products and illegal promotional practices aimed at attracting elderly customers [2] - Educational efforts are being made to inform merchants about relevant laws such as the Food Safety Law, Advertising Law, Price Law, and Anti-Unfair Competition Law, enhancing legal awareness among both consumers and business operators [2] Group 3: Future Initiatives - The Urumqi City Market Supervision Administration plans to strengthen public awareness campaigns, publish typical case warnings, and encourage community participation in reporting issues related to false advertising of health products for the elderly [2]

Core Viewpoint - The company, Hangzhou Tianmu Mountain Pharmaceutical Co., Ltd., reported significant growth in its health product business, with a revenue increase of 321.62% year-on-year, driven by new product launches and a high gross margin of 74.25% [1][2]. Health Product Business - The health product business generated revenue of 68 million yuan in 2024, contributing to a total annual revenue of 217 million yuan [1]. - The main products include iron skin maple fruit, Zhen Ting prepared wine, and white flower snake grass water, with the latter showing a gross margin of 54.71% [10][11]. - The company has established a strong customer base, primarily in Qingdao, with significant sales to local construction companies [12][13]. Supplier and Customer Transactions - The top ten suppliers for the health product business had a total transaction amount of 26.90 million yuan, with no prepayment balances at year-end [4][5]. - The top ten customers contributed to a total transaction amount of 25.72 million yuan, with a significant portion being related to the company's controlling shareholder [5][6]. Gross Margin Comparison - The gross margin for the company's iron skin maple fruit products is 84.55%, which is higher than the industry average of 70.14% [5][6]. - The gross margin for Zhen Ting prepared wine is 66.88%, which is lower than the industry average of 74.23% but higher than some competitors [8][9]. Sales Channel Development - The company has developed a robust sales network, focusing on direct sales and establishing long-term relationships with distributors [12][13]. - The addition of numerous Qingdao construction company clients is justified by the local industry's growth and demand for health products [13][14]. Service Business Growth - The company reported a 285.70% increase in service business revenue, amounting to 42.89 million yuan, primarily from a contract with the Qingdao Health Commission [20]. - The service business has a gross margin of 71.46%, indicating strong profitability [20]. Audit and Compliance - The company has undergone thorough audits regarding its health product business, confirming the accuracy of its financial disclosures and compliance with accounting standards [19][20].

1、行业背景与市场发展 2、产品特性与功效 3、市场竞争格局 4、消费者分析 5、市场前景与投资要点 Q&A Q：麦角硫因行业及市场目前在国内和海外的发展情况。 发现与产地：麦角硫因最早由法国药剂师发现，是一种需从外界获取的成分，主要集中在菌类。日本北海道及中国东北部麦角硫因含 量高，当地工厂和供应链较多，无论是国内还是国外，麦角硫因的生产往往集中在这些区域。 合成方式：麦角硫因可通过化学合成或生物合成，目前国内宣传及主流添加渠道以化学合成为主，但考虑规模化生产需预估产量。同 时，中国人对化学合成存在固有观念，认为是药三分毒，可能影响产品接受度，未来生物合成与化学合成共同组成产品是发展趋势。 法规与市场：国内法律法规尚未对麦角硫因像 NAD+等特殊品类一样给予合法合规地位，当前国内市场主要靠海外旗舰店及菜鸟仓产 品支撑，整体市场存在空白。预计 2026 年左右，麦角硫因在国内法律法规上会像 NMN 产品类一样，逐渐获得市场。2022 年麦 角硫因市场规模 4.63 亿，2025 年预计超 8 亿，中国市场占有率约 23% ，未来增长潜力大。 功效多样：麦角硫因具有抗氧化功效，能抗老抗衰、抗炎症、保护神经心血管 ...

方正证券主要观点如下： 2)新趋势：功效多元化、剂型零食化，对供给端的研发能力提出更高的要求。功效方面，当前"悦己经 济"蓬勃发展，消费者对功效的期待变得更加具体且个性化，比如单个产品开发复合功效，这要求供给 端具备市场洞察捕捉各类群体的隐蔽健康痛点，同时也要具备开发循证有效产品的研发能力;剂型方 面，软糖、饮品等新兴剂型兼具适口性与便利性，有利于培养消费者的日常服用习惯，根据灼识咨询， 22-24年软糖/饮品剂型CAGR分别约为40%/30%，剂型增速领先，这要求供给端具有充足的新剂型产能 及出色的研发能力。 方正证券发布研报称，当前中国营养保健食品市场处于重要变革期，新消费驱动下行业呈现渠道多元 化、产品创新化、人群全龄化三大特征。该行重视积极把握新消费变革趋势的头部B端企业，新消费驱 动业绩增长，或有望带来板块的估值切换。建议关注积极布局新消费赛道的头部企业，推荐聚焦高价值 客户拓展的仙乐健康（300791）(300791.SZ)及布局跨境与宠物营养的百合股份（603102） (603102.SH)。该行预计，未来行业将保持中高个位数复合增长，头部企业集中度有望加速提升。 当前中国营养保健食品市场处于重 ...