2025Q1 毛利率同增2pct 至33.09%，主要系采购端降本叠加优化定价策略所致，销售/管理费用率分别同 增2pct/2pct 至9.33%/11.85%，主要系销售团队升级及市场营销推广所致，净利率同增0.3pct 至5.92%， 基本持平。 事件 2025 年4 月23 日，仙乐健康发布2025 年一季度报告。 2025Q1 总营收9.54 亿元（同增0.3%），高基数下增速边际放缓，归母净利润0.69 亿元（同增9%），扣 非净利润0.65亿元（同增0.2%）。 投资要点 降本增效持续推进，盈利能力保持稳定 内生外延释放规模，海外市场加速开拓 公司一方面通过产品创新与运营优化提升内生业务，另一方面BF 贡献外延式增长。分地区来看，国内 通过重组销售团队，建立新零售赛道BD 团队，推动内外部资源共享与整合，有望助推国内业务企稳回 升；美洲BF 规模效应持续显现，目前在手订单充足；欧洲自动化包装生产线投产缩短本地交付周期， 后续公司持续优化产品清单，提升现有品牌和渠道客户体量。 盈利预测 我们短期看好公司通过推动一系列整合措施和降本增效措施，促进BF 盈利能力提升，长期看好公司产 品研发创新能力、B ...

仙乐健康（300791）公告，2025年第一季度营收为9.54亿元，同比增长0.28%；净利润为6864.07万元， 同比增长8.90%。 ...

前不久，燕之屋高调官宣万科集团创始人王石，成为其最新产品——"全球首款男人燕窝"总裁碗燕的品牌代言人，引发了广泛关注。 据悉，这款产品专为高端成功男士设计，由商业大佬王石代言，总裁款每盒6碗，每碗重158克，售价3168元，单碗售价高达528元。产品主打滋养男士健 康，强调解决成功男士常见的熬夜、高压工作、过度焦虑、抽烟、应酬频繁等问题。 从收割"中年贵妇"转变为收割"成功男士"，燕之屋想要突破燕窝消费的固有贵妇圈层，让更多男性用户尝试燕窝。这或许是来源于财报带来的沉重压力。 根据燕之屋公布的2024年财报：全年营收同比增长4.37%至20.5亿元，但净利润却同比骤降24.18%至1.6亿元，净利润率首次跌破10%。这还是人们眼中 的"暴利"的燕窝生意吗？ "割不动贵妇" 如今，消费者捂紧"钱袋子"开始变得理性，一些可有可无而且要价不菲的产品首先被移除出了"购物车"。有媒体披露，原本备受追捧的片仔癀锭剂，其价 格在短短一年内下跌了近百元，显示出其在回收市场的表现不佳。甚至，飞天茅台零售价也出现了连续下滑，为了稳定股价，贵州茅台推出了60亿元的回 购计划…… 高端滋补保健品，作为非可选消费的重要品类之一，表现也 ...

我国保健食品行业"长坡厚雪"，稳健成长 东吴证券发布研报称，新消费浪潮下，关注保健品板块估值切换的可能。传统大类保健食品奠基，新消 费贡献增量，传统的审美体系及估值视角不再适配新周期的研究。重审保健食品行业，建议关注板块估 值切换的可能、以及适配渠道转型、迎合新圈层、发力新品类的优质公司。 东吴证券主要观点如下： 保健食品是一门强品牌、重渠道和高毛利的生意 保健食品从定义而言，介于食品与药品之间，适用于特定人群食用，能调节人体的机能，但不以治疗疾 病为目的。保健食品毛利率较其他细分赛道更高(品牌端毛利率维持在60%-70%)，该行认为归因于其2C 的强品牌属性，以及相对分散的上下游格局。通过正文的分析，该行认为构建品牌及渠道优势是关键， 具备品类优势、品牌价值，把握渠道风向的企业方能源远流长。 (1)新渠道：我国保健食品销售向线上转型已成大势，2010-2024年线上电商零售额占比由3.1%提升至 58%。其中，兴趣电商、跨境电商及私域逐步成为重要的增量渠道：2022/2023/2024年抖音渠道保健品 销售额同比增速分别达227.47%/87.11%/52.54%;2018-2023年保健品进口额CAGR达 ...

保健品行业：新消费驱动保健品成长 2025 年 04 月 21 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 当下时点，我们认为保健品行业的投资价值值得重新审视，行业成长和 商业模式的演进容易被低估，保健品在三个层面同样具备新消费特质。 （1）新渠道：我国保健食品销售向线上转型已成大势，2010-2024 年线 上电商零售额占比由 3.1%提升至 58%。其中，兴趣电商、跨境电商及 私域逐步成为重要的增量渠道：2022/2023/2024 年抖音渠道保健品销售 额同比增速分别达 227.47%/87.11%/52.54%；2018-2023 年保健品进口额 CAGR 达 17.49%；以 Lemonbox 为代表的私域业态同样为行业发展注 入活力。 （2）新圈层：保健食品不再与"银发经济"强绑定，客群由老年向全年 龄段延展、全家庭覆盖：①用户年轻化：2024M1-4 保健食品消费人群 中，24-30 年龄段占比同增 48%；②向儿童市场渗透：2018-2023 年我国 儿童保健食品市场 CAGR 已达 10.62%；③延展宠物健康方向：我国宠 物的健康类消费额由 20 ...

调研纪要：博瑞医药在mylin靶点研发上取得进展，BGM1812具备减脂少减肌潜力，计划中美IND申 请。公司认为mylin及mylin加双靶点组合具国际竞争力，计划在美国推进临床，口服多肽有望超越小分 子单靶点GLP-1。公司重点开发吸入制剂和注射用补铁剂，多个产品已报产或完成BE试验，未来继续开 发难仿产品和技术壁垒高的管线。外销占45%，直接发货美国业务规模较小，影响有限。发酵半合成板 块稳定，传统全合成小分子仿制药易受竞争影响，注射用铁剂等新药获批可弥补影响。超一半研发投入 用于代谢方向，其余投向有门槛的仿制药和创新药，以呼吸制剂、吸入制剂为主。 机构简介： 上海健顺投资管理公司成立于2006年4月，是由北京大学校友合作发起的，致力于资本市场投资管理及 咨询服务的专业投资管理公司，公司资产管理投资范围覆盖国内A股和香港股票市场，并专注于为机构 客户和高端私人客户提供专业的财富管理服务。 以上内容为证券之星据公开信息整理，由智能算法生成（网信算备310104345710301240019号），不构成投资建议。 2）沃顿科技 （健顺投资参与公司特定对象调研&现场参观） 调研纪要：沃顿科技业务涵盖核心膜业务 ...

Core Insights - Company reported a total revenue of 4.211 billion yuan for 2024, representing an 18% year-on-year increase, with a net profit of 325 million yuan, up 16% [1] - The fourth quarter of 2024 saw total revenue of 1.163 billion yuan, an 8% increase year-on-year, but a decline in net profit by 11% to 85 million yuan [1] Financial Performance - Gross margin increased by 1 percentage point to 31.46%, driven by cost reductions in procurement and optimized pricing strategies [2] - Sales and management expense ratios rose by 1 percentage point and 0.1 percentage points to 8.39% and 9.92%, respectively, due to sales team upgrades and marketing promotions [2] - Net profit margin slightly decreased by 0.01 percentage points to 6.70%, remaining relatively stable [2] Business Segments - Revenue from soft capsules reached 1.984 billion yuan, a 30% increase, attributed to product innovation and operational optimization, along with contributions from BF for external growth [3] - Revenue from gummy products was 995 million yuan, up 35%, mainly due to market expansion in the Americas and the establishment of BF gummy business [3] Market Expansion - Revenue in the China region decreased by 10% to 1.661 billion yuan, with the company restructuring its sales team and establishing a new retail business development team to stabilize domestic operations [4] - Revenue in the Americas increased by 60% to 1.666 billion yuan, benefiting from scale effects and a strong order backlog [4] - European revenue reached 604 million yuan, a 14% increase, with the launch of automated packaging production lines improving local delivery times [4] Future Outlook - The company is expected to enhance profitability through integration and cost-reduction measures, with a positive long-term outlook on product innovation and strong market competitiveness [5] - Earnings per share (EPS) forecasts for 2025-2027 are projected at 1.73, 2.23, and 2.70 yuan, with corresponding price-to-earnings (PE) ratios of 14, 11, and 9 times [5]

Core Viewpoint - Swisse faced significant backlash due to an inappropriate advertisement, leading to a public apology from the brand for failing to supervise third-party collaborators adequately [2][4]. Group 1: Incident Overview - On April 17, Swisse issued an apology letter addressing the negative impact caused by inappropriate remarks in an advertisement that included phrases like "that Naranaqi's same style" and "backfall to Yushi" [2]. - The controversial advertisement was posted on Xiaohongshu and quickly garnered over 100 million views, sparking intense discussions among fans and netizens [4]. - Following the backlash, Swisse's official account stated that they would terminate all business cooperation with the third-party agency responsible for the advertisement [4]. Group 2: Brand Background - Swisse is a global nutrition brand founded in 1969 by Kevin Ring, and its parent company, Health and Happiness Group, has faced multiple issues in the past [2][5]. - The brand has been involved in 395 complaints on the Black Cat Complaint platform, indicating ongoing consumer dissatisfaction [2]. - Swisse's products have been criticized for exaggerated claims, particularly regarding their milk thistle choline tablets [2][6]. Group 3: Market Position and Strategy - The brand's marketing strategy involves using celebrity endorsements to enhance brand recognition and consumer trust, but the recent incident has raised questions about the effectiveness of this approach [3]. - Swisse entered the Chinese market in 2016 and has expanded its presence across various e-commerce platforms and physical retail locations [6]. - Despite the expansion, the brand has faced numerous complaints related to product quality and misleading advertising [6][7].

Macro Strategy - The report highlights that the Chinese technology industry is injecting stability into global assets, transitioning from "point breakthroughs" to "system evolution" in its innovation system, which is crucial for transforming into an innovation-driven economy [1][18] - The capital market is expected to continuously provide stable liquidity support for the technology industry, with "KOT estimates" likely to inject further stability into the revaluation of China's economic transformation [1][19] Fixed Income - The report analyzes the investment value of technology bonds, noting that despite increased trading sentiment, the market's growth rate is more significant, indicating ample trading space for technology bonds [3] - Technology bonds generally have a credit spread slightly higher than ordinary credit bonds of the same rating, with a notable advantage in the 3-5 year maturity range, suggesting a larger capital gain potential compared to ordinary credit bonds [3] - The valuation yield of technology bonds predominantly falls within the 2%-2.5% range, with longer maturities showing a significant upward trend, making them attractive for investors seeking stable returns [3] Industry Insights - The report emphasizes the potential for revaluation in various industries, particularly in high-tech, consumer, and emerging service sectors, suggesting that investors should explore valuation discrepancies in technology bonds from an industry perspective [5] - The computer industry is highlighted as a significant area for growth, driven by policy support and the emergence of a trillion-dollar market, indicating a multi-dimensional value opportunity [6] Environmental Industry - The report discusses the renewable energy subsidy projects released by the State Grid, focusing on the importance of stable operations and self-control in the environmental sector [7] - It suggests that defensive assets driven by domestic demand, such as solid waste and water services, are expected to see significant cash flow improvements and dividend increases [7] Company-Specific Analysis - The report provides a detailed analysis of Zhongwei Co., predicting a net profit of 18.6 billion yuan for 2025, with a target price of 44 yuan, maintaining a "buy" rating [8] - For Qianhe Flavor Industry, the report adjusts revenue expectations downward due to strategic adjustments but anticipates profit growth driven by cost advantages [9] - China XD Electric is projected to achieve a net profit of 17.0 billion yuan by 2025, with a "buy" rating maintained due to strong performance in its transformer and switch businesses [11]

北京弈赫国际信息咨询有限公司是一家业务覆盖全球的利基市场信息咨询公司，研究涉及了21个主要行业和1200个利基市场，覆盖了70多个国 家，一直致力于产出专业严谨的行业趋势分析，数据洞察，市场研究和解决方案。百度搜索yiheconsult或者弈赫咨询，访问官网获得免费报告样 本。 近期，北京弈赫市场咨询发布了关于虾青素（CAS 472-61-7）的2025市场深度分析报告，包括全球与中国市场的详细剖析。该报告基于多年的行业跟踪数 据，提供了全面、详实的市场分析，并可根据客户需求进行定制。庞大的数据基础，结合市场趋势预测，使得本报告成为行业内人士不可或缺的参考工具。 同时，报告提供了免费样本申请，帮助您在做出重要决策前获得关键信息。 来源：弈赫市场咨询 本报告主要面向以下几类受众：首先是行业内的投资者和企业决策者，他们需要基于最新市场数据做出明智的投资决策。其次是科研机构及大学，在进行相 关课题研究时，他们可以获得关于虾青素的最新市场动态、产品发展与应用前景的详尽信息。同时，相关政府部门和政策制定者也将从中受益，以更好地了 解产业发展现状和趋势。通过深入阅读这份报告，受众可以快速获取市场概览、竞争格局、行业风险与 ...