Core Insights - Obesity is one of the top ten chronic diseases globally, with projections indicating that by 2030, the overweight and obesity rate among adults in China will reach 70.5%, and among children, it will reach 31.8% [1] - Traditional weight loss methods often lead to rebound effects and poor experiences, highlighting the need for more scientific and instinctive solutions [1] - Akk11, derived from the gut microbiota of healthy infants in pollution-free highland areas, represents a new approach to weight management by balancing metabolism and promoting gentle weight loss [1] Company and Product Development - Microbiome company has established an industry-leading fully anaerobic automated production line for Akk11, utilizing advanced technologies such as fully automated anaerobic fermentation systems and high-precision centrifugation [2] - Akk11's specifications include 600 billion AFU/gram for live bacteria and 10 trillion TFU/gram for inactivated bacteria, with an annual production capacity exceeding 200 tons, meeting market demand [2] - Akk11 is expected to receive GRAS safety certification in the United States in 2024 [2][5] Clinical Research and Efficacy - Clinical studies indicate that Akk11 effectively improves body fat, metabolic levels, and emotional health, functioning through appetite control, metabolic activation, and enhanced energy expenditure [1] - Akk11 also regulates oxidative stress, improves sleep and emotional health, creating a positive feedback loop between metabolic improvement and mental well-being [1] Market Potential and Future Outlook - Akk11 has garnered global attention in the health industry, particularly at the 2025 Natural Products Expo West in the United States, showcasing its potential beyond weight loss, including benefits for blood pressure stability and bone health [6] - The product has multiple patents and clinical research supporting its effects on blood lipid regulation, liver protection, and anti-aging, indicating a broad application prospect [6] - The company aims to continue focusing on promoting human health and environmental sustainability through high-quality microbiota [7]

历经二十年创新积淀与科技赋能，中国益生菌行业正以破界之姿开启高质量发展新篇章。作为我国食品 工业健康转型的核心引擎，益生菌产业从萌芽到壮大，从单一功能探索到多领域深度融合，不仅构建起 千亿级市场规模，更以"科技力"与"创新力"为双轮驱动，在全球生物经济赛道上实现从"跟跑"到"并 跑"，并向"领跑"跃升的跨越式突破。 5月19—21日，中国食品科学技术学会主办的第二十届益生菌与健康研讨会在北京召开。大会期间，由 中国工程院院士、中国食品科学技术学会益生菌分会主任委员、江南大学校长陈卫和中国食品科学技术 学会常务副理事长邵薇共同主持的企业高峰对话受到与会者的关注。在这个环节，益生菌行业的八位企 业嘉宾齐聚一堂，围绕"变革中的融合与创新"话题畅所欲言。 从"量"向"质"升级： 创新决定了行业发展的未来。近日，IFF上海创新研发中心正式落成，它也是IFF亚洲地区最大的创研中 心。借此，IFF将能够更深入地探索中国乃至亚太市场，开发符合本地需求的创新产品。李永敬介绍， 中国市场是企业战略技术创新的核心市场，IFF将引领市场科学化健康化发展，并将继续坚持长期深入 持久的金标准的临床研究，同时兼顾口感和风味，携手业务伙伴运 ...

Group 1 - The core event was the launch of the first AKK bacteria trend report in China at the 2025 13th New Nutrition Conference, marking a new chapter for the probiotic industry [1] - AKK bacteria is emerging as a star strain in probiotics, gaining attention for its unique metabolic characteristics and broad health benefits [3] - The search volume for AKK probiotics on Amazon has seen rapid growth since May 2024, surpassing that of weight loss probiotics and the active ingredient GLP-1 in popular weight loss drugs [5] Group 2 - The AKK PROBIO® strain developed by the company has received GRAS (Generally Recognized as Safe) certification in the U.S., being the first to achieve dual safety certification for both live and inactivated bacteria [7] - The strain has over 10 domestic and international invention patents, with 4 SCI articles and 1 article in a Chinese core journal published [7] - The company aims to advance the probiotic industry by building a comprehensive innovation system from strain selection to end products, contributing significantly to human health [7]

Core Insights - The 2025 13th New Nutrition Conference was held in Hangzhou, Zhejiang, gathering over 1,000 industry experts and representatives to discuss cutting-edge research, innovative technologies, and applications in the nutrition and health sector [1] - A joint white paper titled "2025 China Maternal and Infant Source Probiotics Research and Application" was released by Aoyou, Jinqi Bio, and the Yili Innovation Center, highlighting the importance of maternal and infant probiotics in health and immune development [3][4] - Jinqi Bio's product, Yizhi Xian® dietary fiber probiotic powder, won the "Best-Selling Product Award" in the meal replacement and weight management category at the conference [1][6] Industry Trends - Probiotics research has become a significant topic in global nutrition and health, with a focus on maternal and infant probiotics as key regulators of the human microbiome [3] - The white paper emphasizes the unique characteristics of the gut microbiota in Chinese populations and discusses the clinical applications of specific probiotic strains in alleviating functional digestive disorders and reducing body fat [3][4] - The industry is moving towards standardization and regulation, with the white paper providing forward-looking insights on industry standards and future trends [3] Company Developments - Jinqi Bio has developed a complete industrial chain for the production and commercialization of high-value probiotic strains, including YLGB-1496 and CP-9, which have received multiple Chinese invention patents [4][5][6] - The company has successfully integrated these probiotics into various Yili products, such as yogurt, milk powder, ice cream, and cheese, receiving positive consumer feedback [6] - Jinqi Bio aims to continue innovating and developing high-quality probiotics to meet the diverse health needs of consumers, adhering to the principle of "using infant-level standards to create better probiotics" [9]

Core Viewpoint - Junyao Health has experienced a significant stock price increase, with four consecutive trading limits, driven by the strong performance of its probiotic subsidiary, Junyao Runying, despite an overall decline in revenue and a net loss for the first time in nine years [1][5][6]. Group 1: Stock Performance - As of May 29, Junyao Health's stock closed with a trading limit, marking four consecutive days of such performance [3]. - The stock surge began on May 26, following an announcement that the company's production and operational activities were normal, with no undisclosed significant matters [3]. Group 2: Company Performance - In 2024, Junyao Health reported a revenue of approximately 1.458 billion yuan, a year-on-year decrease of 10.77%, and a net loss of approximately 29.12 million yuan, marking a 150.57% decline [5]. - The company also reported a significant drop in its net profit and non-recurring net profit, with losses of approximately 57.99 million yuan, a decrease of 287.62% [5][6]. - The first quarter of 2025 showed a slight revenue increase of 1.41% to 401 million yuan, but net profit fell by 58.29% to approximately 10.91 million yuan, indicating a "revenue increase without profit increase" trend [6]. Group 3: Market and Competitive Landscape - The probiotic market in China has expanded from 48.6 billion yuan in 2020 to 89.2 billion yuan in 2023, with a compound annual growth rate of 22.5%, significantly outpacing the global average of 9% [7]. - Despite being a pioneer in probiotic production, Junyao Health faces intense competition from both domestic and foreign brands, with many companies struggling to meet expectations in the probiotic sector [7]. - The company has identified challenges in its sales model, which appears outdated compared to competitors utilizing new retail strategies [6][7].

Core Insights - The China International Health Nutrition Expo (NHNE) recently opened in Guangzhou, showcasing the flagship event for the Asian health nutrition and dietary supplement industry [1] - Novonesis, formed from the merger of Novozymes and Chr. Hansen, presented its two premium probiotic brands, PrecisionBiotics and Microbiome Labs, highlighting its research and innovation in the precision microbiome field [1][2] Industry Trends - National strategies such as "Healthy China 2030" and the "National Nutrition Plan (2017-2030)" are driving high-quality development in the nutrition and health industry, with increasing demand for functional nutrition products, particularly probiotics [2] - The growing public health awareness is accelerating the demand for functional nutrition products, positioning probiotics as a key pillar in the health industry [2] Company Developments - Novonesis is actively responding to national strategies by collaborating with industry partners to enhance research and education in original probiotic development, contributing to national health improvement [2] - At NHNE, the brand showcased a range of functional solutions from microbiome testing to symptom improvement, including its flagship products MegaSporeBiotic and TGR comprehensive gut repair solutions [2][3] - PrecisionBiotics presented its innovative products covering various health areas such as gut health, emotional health, immune health, and women's health, catering to specific consumer health needs [3] Strategic Partnerships - Novonesis deepened collaborations with platforms like JD Health and Tmall International to explore win-win models in localized applications, professional channel building, and user education [4] - The company participated in high-level forums during the expo, discussing topics like the implementation of microbiome research and trends in personalized nutrition, seeking new opportunities in the Chinese health nutrition market [3][4] Future Outlook - Novonesis plans to increase its research investment and strategic collaboration in the Chinese market, leveraging its probiotic brands to empower national health and contribute to a more professional and diversified health industry [6]

Core Insights - The strategic partnership between Youquhui (02177) and PrecisionBiotics aims to leverage Youquhui's brand operation expertise and PrecisionBiotics' advanced probiotic research to penetrate the Chinese health e-commerce market [1][4] - PrecisionBiotics, originating from University College Cork, Ireland, has 25 years of research in human microecology, focusing on effective probiotic solutions derived from natural human gut strains [4] - The collaboration will enhance PrecisionBiotics' market presence in China by utilizing Youquhui's experience in e-commerce operations, marketing, and supply chain management [4] Company Overview - Youquhui is positioned to integrate its operational strengths with PrecisionBiotics' scientific advancements to deliver scientifically-backed probiotic products to consumers [1] - PrecisionBiotics is recognized for its expertise in strain identification and gene expression analysis, ensuring the safety and efficacy of its probiotic products [4] Product Focus - The Alforex dual-effect probiotic product targets Irritable Bowel Syndrome (IBS) and combines scientifically validated strains to improve gut health and alleviate symptoms such as abdominal pain and bloating [4] - The product also contributes positively to stress relief, sleep aid, and emotional regulation [4]

Core Viewpoint - The report highlights that Beijiajie (603059) is experiencing steady revenue growth, with expansion opportunities through strategic acquisitions and product development, despite facing pressure on net profits due to operational challenges in its subsidiaries [1][2]. Financial Performance - In 2024, the company achieved revenue of 1.3 billion yuan, a year-on-year increase of 21.8%, but reported a net loss attributable to shareholders of 77.3 million yuan, a decline of 183.6% [2]. - For Q1 2025, revenue was 320 million yuan, up 13.3% year-on-year, with a net profit of 12.4 million yuan, down 34.5% [2]. Profitability Metrics - The overall gross margin for 2024 was 23.9%, an increase of 0.7 percentage points year-on-year, while the net margin was -6% [3]. - In Q1 2025, the gross margin improved to 25.7%, up 3.9 percentage points year-on-year, but the net margin was 4.1%, down 2.5 percentage points [3]. Product Segment Performance - Revenue from oral care products, wet wipes, and other businesses in 2024 was 840 million yuan, 390 million yuan, and 10 million yuan, respectively, with year-on-year growth of 16.8%, 15.3%, and 48.5% [4]. - The company has a production capacity of 672 million toothbrushes and 18 billion wet wipes annually, with sales volumes of 420 million toothbrushes and 5.28 billion wet wipes in 2024, reflecting growth of 14.7% and 19% year-on-year [4]. Geographic Revenue Growth - Domestic and overseas revenues were 510 million yuan and 790 million yuan, respectively, with year-on-year increases of 16.8% and 25.3% [5]. - The establishment of a wholly-owned subsidiary in Singapore and a project company in Vietnam aims to enhance production capabilities amid international trade tensions [5]. Strategic Acquisitions - The company holds a 33.9% stake in Weimeizi and has completed the acquisition of 52% of Shanenkang, enhancing its product portfolio and competitive edge in the probiotics market [5]. Earnings Forecast - EPS forecasts for 2025, 2026, and 2027 are projected at 0.89 yuan, 1.09 yuan, and 1.36 yuan, with corresponding PE ratios of 24x, 20x, and 16x [5].

Core Insights - PrecisionBiotics has gained significant media attention since February 2025, particularly for its product Daily Women's Flora, sparking discussions about the "She Economy" 3.0 era [1][3]. Media Coverage - The brand has been featured in eight major media outlets, reaching millions of readers, with a focus on its scientific background and clinical efficacy [3]. - Reports highlight the rigorous testing of its key strains, ASTARTE™ and LA-5™, which underwent 127 screenings and over 400 clinical trials, establishing a new industry standard [3]. - Clinical data shows that the product can increase lactobacillus colonization by 200% in seven days and alleviate itching by 67%, challenging the notion that probiotics require long-term use [3]. Global Network and Collaboration - PrecisionBiotics has a global sales network covering 26 countries and collaborates with 43 international research centers, including a joint lab with Jiangnan University to develop products tailored for Chinese women [5]. - The brand's efforts are recognized in academic circles, with a study published in a gynecology journal demonstrating a 93.3% symptom improvement in participants using the ASTARTE™ strain [5]. Target Market and Consumer Behavior - The product targets working women, addressing issues related to prolonged sitting and environmental factors that lead to microbial imbalance [6]. - The brand's marketing strategy, which avoids celebrity endorsements and focuses on scientific data, has resonated with consumers, leading to over 2.6 million exposures on social media platforms [8]. Industry Disruption - PrecisionBiotics is reshaping industry norms by emphasizing clinical data over traditional marketing tactics, such as the misleading "billion CFU" claims [10]. - The brand's commitment to transparency in clinical results is setting a new benchmark for measurable symptom improvement and evidence-based marketing [10]. Economic Trends - The rise of the "She Economy" 3.0 is characterized by women increasingly prioritizing health management over traditional beauty products, with a notable shift in purchasing behavior [13][15]. - As women's economic independence grows, they are more likely to invest in health-related products, with 87% of high-income women purchasing solutions for microbial balance [13][15].

继儿童粉、成人粉、母婴用品、宠物食品等新品类之后，贝因美又将触角伸向了大健康。5月7日，北京商报记者获悉，贝因美于近日宣布推出"生命伴侣系 列"益生菌新品。当奶粉市场竞争陷入内卷，贝因美意图通过益生菌这类高复购、强黏性的健康产品切入成人市场。但在日益激烈的全家营养赛道中，伊 利、飞鹤、佳贝艾特等奶粉巨头已经提前布局，并推出了全生命周期产品。贝因美加码益生菌赛道，能否讲出新故事，存在不小的难度。 据了解，此次贝因美首发推出的"生命伴侣系列"主要有生命伴侣1号、生命伴侣2号、生命伴侣10号，使用场景分别对应肠胃、肝脏和孕期。贝因美表示，新 品作为即食型益生菌，是肠道健康的"第四餐"，每颗含1001亿活菌+典藏专利菌株，聚焦精准营养、精确营养技术、个性化人群营养，活菌率能达到99%以 上。 欧睿国际数据显示，2022年以来，中国益生菌市场以每年11%－12%的速度快速增长。国际益生菌协会（IPA）分析认为，中国已经成为全球第二大益生菌 消费市场，到2028年市场规模有望接近2000亿元。 对于贝因美入局益生菌的优势，贝因美创始人兼首席科学家谢宏在发布会上表示，"贝因美进入益生菌赛道，是因为这是现代人基础健康的保障， ...