Core Viewpoint - AQrin is a health nutrition brand that emphasizes safety and greenness, distinguishing itself from numerous counterfeit brands in the industry, and has gained significant consumer recognition through its commitment to product safety and quality [1][4]. Industry Issues - The health nutrition industry is plagued by numerous issues, including a high prevalence of counterfeit brands, quality problems, and unethical practices such as exaggerating product efficacy and using harmful ingredients, which pose serious health risks [1][3]. Company Strategy - AQrin adopts a slow and steady approach to business, avoiding the quick profit-seeking tactics common in the industry, and focuses on building a solid brand foundation, quality standards, and core research directions [3][4]. - The company emphasizes gradual growth and prioritizes team management and product quality over aggressive sales targets and advertising, relying instead on word-of-mouth marketing [3][4]. Brand Principles - AQrin has established eight core principles and commitments to maintain high product quality, including a strict policy against using harmful ingredients, cutting corners, and making false claims about product efficacy [4][5]. - The brand encourages public oversight to ensure adherence to these principles, aiming to build a long-lasting reputation based on quality [4]. Commitment to Safety and Standards - AQrin views "green" and "safe" not merely as compliance with existing standards but as a commitment to innovate and create higher safety standards, addressing the shortcomings of current regulations [5]. - The company invests in safety research and analysis of global safety incidents, continuously testing new technologies, processes, and materials to enhance product safety [5].

Core Viewpoint - The AQrin brand distinguishes itself in the competitive health nutrition market by adhering to principles of "pure natural, non-pharmaceutical, and no abuse," setting a new benchmark for transparency and quality in the industry [1][2] Group 1: Brand Philosophy and Practices - AQrin emphasizes the importance of quality as the lifeline of health products, rigorously selecting high-quality natural raw materials and avoiding any chemical additives or potentially harmful substances [1] - The brand follows strict green production processes, ensuring that every batch of protein powder undergoes hundreds of professional tests to guarantee purity and efficacy [1] - AQrin adopts an "anti-marketing" philosophy, refusing exaggerated claims and providing consumers with transparent information about product formulations, ingredient content, and production standards [1] Group 2: Consumer Engagement and Market Position - The brand encourages consumers to recognize the true value of AQrin protein powder based on factual information rather than marketing tactics, promoting rational purchasing and responsible consumption [2] - AQrin's eight green commitments have become a significant quality declaration in the industry, highlighting the brand's dedication to high standards from raw material sourcing to production transparency [2] - The company aims to continue its commitment to "no deception, no compromise" in the health sector, contributing to a more regulated and transparent industry [2]

本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， Yangtuo Technology Inc. （以下简称 "海拍客"）于2025年6月30日正式向 港交所递交招股说明书，拟主板挂牌上市，中信证券担任独家保荐人。 成立于 2015年的海拍客是一家 专注于家庭护理及营养产品领域 的 交易 和 服务平台，通过整合家 庭护理 及 营养产品供应链，为企业客户提供家庭护理及营养产品组合，优化消费者体验并推动低线 市场消费升级。 2024年， 海拍客 在中国低线市场的家庭护理及营养产品产生的交易额 为 86亿元，根据弗若斯特 沙利文的资料，按2024年交易额 计算 ， 海拍客是 中国低线市场家庭护理及营养产品行业为企业提 供服务的最大的交易及服务平台，市场份额为 10.1%。 2024年，海拍客平台总交易额110亿元。 截至 2024年12月31日，海拍客平台已连接约4,200家注册卖家 以及 覆盖全国 31个省、市及自治 区，并覆盖超过3,000个村县的约290,000家注册买家。 2024年， 海拍客平台拥有超过 93,000名 核心买家（年内在平台上 ...

Core Viewpoint - Yangtuo Technology Inc. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, positioning itself as the largest trading and service platform in China's low-tier market for household care and nutrition products, holding a market share of 10.1% based on 2024 transaction volume [1][4]. Group 1: Company Overview - Yangtuo Technology Inc. is a leading trading and service platform in China, focusing on household care and nutrition products, optimizing consumer experience and driving consumption upgrades in low-tier markets [4]. - The company's platform, Haipai Ke, operates on a light asset model, efficiently connecting sellers (manufacturers, distributors, and brands) with various buyers, creating a sustainable ecosystem [4]. Group 2: Market Position - By 2024, the company is expected to generate a transaction volume of RMB 8.6 billion in the low-tier market for household care and nutrition products [4]. - The Haipai Ke platform has connected approximately 4,200 registered sellers and covers over 290,000 registered buyers across 31 provinces, cities, and autonomous regions in China [4]. Group 3: Financial Performance - The company's revenue increased by 19.2% from RMB 895.3 million in 2022 to RMB 1,066.8 million in 2023, primarily due to a strategic shift towards a profit-focused model [5][7]. - Revenue is projected to remain relatively stable at RMB 1,066.8 million for 2023 and RMB 1,032.4 million for 2024 [5][7]. - The company reported a net loss of RMB 56.5 million for the year ending December 31, 2023, and a projected loss of RMB 78.8 million for 2024 [7].

Core Viewpoint - The article highlights concerns regarding the marketing and efficacy claims of "Purmeo Stomach Probiotic Capsules" in treating Helicobacter pylori infections, emphasizing that the product is being promoted as a substitute for traditional antibiotic treatments, which is misleading and potentially harmful to consumers [1][2][3]. Group 1: Product Claims and Marketing - The product "Purmeo Stomach Probiotic Capsules" is marketed on various platforms as effective against Helicobacter pylori, suggesting it can replace antibiotic treatments [1][3][4]. - Live stream hosts and customer service representatives have made claims that the product can manage stomach health and prevent the transmission of Helicobacter pylori, further implying it can be used alone without antibiotics [3][7]. - The product is described as containing patented ingredients that are claimed to effectively eliminate Helicobacter pylori, although the actual clinical evidence does not support these claims as a standalone treatment [18][20][24]. Group 2: Legal and Regulatory Concerns - Legal experts indicate that the marketing practices of the product may constitute false advertising, violating consumer protection laws and regulations regarding health claims for non-drug products [2][36][37]. - The product is classified as a dietary supplement and does not have the necessary approvals to make health claims related to disease treatment, which raises significant legal issues for the marketing company [17][26]. - The company behind the product, Fosun JoyGo (HK) Technology Limited, has been urged to ensure compliance with advertising laws and to clarify that their product is not a substitute for medical treatment [26][41]. Group 3: Medical Perspectives - Medical professionals assert that probiotics can only serve as an adjunctive treatment for Helicobacter pylori infections and should not replace established antibiotic regimens [33][34]. - The effectiveness of probiotics in managing Helicobacter pylori is limited, and they cannot eradicate the infection on their own, which poses a risk if consumers rely solely on these products [25][34]. - The article emphasizes the importance of proper medical treatment for Helicobacter pylori infections to prevent complications such as gastric cancer [35].

www.leadleo.com 白皮书 2025/05 报告标签：保健食品、功能性食品、营养健康 2025年5月 报告提供的任何内容（包括但不限于数据、文字、图表、图像等）均系头豹研究院独有的高度机密性 文件（在报告中另行标明出处者除外）。 ，任何人不得以任何方式擅自 复制、再造、传播、出版、引用、改编、汇编本报告内容，若有违反上述约定的行为发生，头豹研究 院保留采取法律措施、追究相关人员责任的权利。头豹研究院开展的所有商业活动均使用"头豹研究院 "或"头豹"的商号、商标，头豹研究院无任何前述名称之外的其他分支机构，也未授权或聘用其他任何 第三方代表头豹研究院开展商业活动。 行业概览 | 2025/05 中国营养健康行业 摘要 营养健康食品分为保健食品及功能性食品，保健 食品主要为人体补充膳食营养，不可用于治疗疾 病，监管较严格，功能性食品饮料常按普通食品 管理，进入门槛减低，产品形态多样化。中国营 养健康食品行业历经前期野蛮生长后逐步走向规 范高速发展，电商推动海外产品进入中国市场， 健康概念年轻化驱动功能性食品迅速发展 行业政策法规完善经历了从法规确立、标准化建 设到功能宣称精细化的过程，为行业健康发展奠 ...

Group 1 - The core viewpoint of the article highlights that Tongrentang has been recognized for its groundbreaking research in precision nutrition, being the only dietary supplement company featured in the Nature supplement on global technology enterprises [1][4] - The article emphasizes that Tongrentang has gradually become a leading player in the global VDS (Vitamins, Dietary Supplements) industry, as evidenced by its repeated appearances in top international journals [4] Group 2 - Tongrentang's precision nutrition research has been notably recognized, including the establishment of China's first fully automated online dry blood spot testing center, which can detect over 40 metabolic components from a simple fingertip blood sample [5] - The company is collaborating with authoritative institutions to develop a new metabolic health assessment model, achieving breakthroughs in multi-dimensional quantification of homeostasis concepts [5] - The focus on scientific evidence is driving the transformation of research outcomes into public health benefits, with an emphasis on addressing common health issues through dietary supplements [6] Group 3 - Tongrentang has conducted significant research on the efficacy of red yeast rice and water-soluble tomato concentrate for cholesterol control and cardiovascular health [7] - The company has innovatively utilized a dual-layer tablet technology to enhance the effectiveness of composite vitamins and minerals [7] - Research has successfully isolated and studied several probiotic strains, exploring their potential benefits for digestive and metabolic health [8] Group 4 - Tongrentang has conducted the first large-scale real-world study in the field of bone and joint health, validating the safety and positive effects of long-term supplementation of glucosamine, chondroitin sulfate, and calcium [8] - The future of precision nutrition is expected to yield more research outcomes that will benefit public health, positioning Tongrentang at the forefront of this emerging field [8]

Core Viewpoint - The credit rating report for Xianle Health Technology Co., Ltd. indicates a stable credit rating of AA- with a focus on the company's strong production capabilities and market position in the nutritional health food sector [3][6][11]. Company Overview - Xianle Health specializes in B-end business as a significant contract manufacturer of nutritional health foods, with a diverse product line including soft capsules, gummies, beverages, tablets, powders, and hard capsules [3][17]. - The company has established seven production bases and five R&D centers across China, Europe, and the United States, enhancing its manufacturing and research capabilities [5][17]. Financial Performance - In 2024, the company achieved total revenue of 42.11 billion yuan, representing a year-on-year growth of 17.56%, with a gross profit margin of 31.46% [5][22]. - Key financial metrics include total assets of 56.14 billion yuan and total liabilities of 16.19 billion yuan as of 2024 [3][22]. Market Position and Growth - The global nutritional health food market is projected to grow, with the Chinese market expected to reach 260.2 billion yuan in 2024, reflecting a compound annual growth rate of 6.3% from 2019 to 2024 [11][12]. - The company has seen a significant increase in overseas revenue, which accounted for 60.56% of total revenue by the end of 2024, driven by sales growth in the Americas [22]. Product and R&D Capabilities - The company has over 6,000 mature nutritional health food formulations and has received multiple health food registration certificates, indicating strong product development capabilities [17][16]. - R&D expenses increased by 13.98% in 2024, showcasing the company's commitment to innovation and product development [16]. Debt and Financial Stability - The company's debt structure is considered reasonable, with a strong ability to generate cash flow from operations, and a good EBITDA interest coverage ratio [6][22]. - The company issued 10.25 billion yuan in convertible bonds to fund expansion projects, with a portion of the funds redirected to supplement working capital [8][9]. Industry Environment - The nutritional health food industry is supported by government policies promoting health management and the "Healthy China" initiative, which is expected to drive market growth [12][11]. - New consumption trends, including online and cross-border sales channels, are emerging, with a notable increase in the online penetration rate of nutritional health products [13][14].

大公司： 36氪获悉，京东物流公告，随着京东集团外卖业务的发展，京东物流开始招募全职骑手参与京东外卖的 配送服务。此举丰富了京东物流的解决方案及服务范畴，预计能强化京东物流现有末端履约等营运环节 的协同效应及提升营运效率。 罗森在日本东京开设运用AI和机器人技术的新型门店 当地时间6月23日，日本便利店巨头罗森在东京都开设运用人工智能和机器人等技术的新型门店。顾客 拿起商品时，电子屏就会显示相关的推荐商品。店内还引进了负责烹饪和商品陈列的机器人。（界面） 永辉公布第二批100店计划 36氪获悉，永辉超市公布最新的胖东来模式调改计划，预计在今年9月30日前完成全国200店的调改目 标。随着6月中旬南京江宁万达店的开业，永辉超市在启动胖东来模式调改一周年之际完成全国100店的 调改，标志着其胖东来模式调改进入规模化、系统化的阶段。在全国第100家调改店开业同期，永辉超 市在郑州开展为期一周的2025年全国调改店长精英班培训，进一步强化调改落地的能力。 中国中冶在雄安成立投资新公司，注册资本1亿元 36氪获悉，爱企查App显示，近日，中冶长城投资（雄安）有限公司成立，法定代表人为陈世民，注册 资本1亿元人民币，经营 ...

6月20日，民生健康（301507）接受东吴证券、建信养老机构调研，公司围绕民生健康发展历史、业务 架构、核心产品及民生医药控股集团业务板块等基础情况展开介绍，并就维生素矿物质、益生菌及治疗 型用药板块的最新经营动态等议题与调研机构进行深入交流并作出详细解答。 在治疗型OTC与医美领域的拓展上，民生健康展现清晰战略定力与充足发展信心。公司指出，民生健康 医美业务推进是深度响应药店渠道转型需求的主动作为，公司正通过在重点药店建设样板店、其他药店 柜台铺货的方式，实现全国范围的业务推广。公司推出的肌素然医美产品均为二类医疗器械类护肤产 品，涵盖医用修复膜、医用修复液、医用疤痕凝胶等，与普通日化产品形成本质差异，其中主推的医用 皮肤修复膜因添加酵母菌多肽且批文稀缺，能有效满足市场差异化需求；治疗型OTC业务作为公司重点 发展领域，凭借行业与产品的高进入壁垒，与现有渠道形成良好协同效应，成为公司业务拓展的重要支 撑。 公司主力产品21金维他多维元素片(21)开创国内维矿行业先河，以多规格包装全面覆盖线上线下 （300959）渠道，形成广泛人群覆盖。以维矿领域优势为基点，公司聚焦研发创新，深入洞察不同人 群、年龄及场景 ...