2025年健康消费市场进入"重识"之年，消费者健康理念从被动"治病"转向主动"防病"，形成涵盖多维度的综合健康观。政策驱动、技术迭代与消费升级推动 行业转型，供需两侧重构，"认知匹配"成竞争关键，"健康+"向多品类渗透，但也面临消费者认知困境、品牌信任危机等问题，CBNData提出TRUTH原则助 力破局。 报告将消费者分为五大细分人群。高智行动派主动精细管理健康，注重权威背书与功效透明，偏好便捷健康食品。乐活跟随者被动响应，关注外在健康与宠 物健康，易被种草消费。特护成分家作为家庭健康中枢，关注疾病预防，重视成分安全与熟人推荐。松弛养生党践行温和中式养生，重视膳食均衡，偏好药 食同源产品。情绪疗愈系关注身心双重健康，倾向专业心理咨询与智能陪伴设备。 健康消费呈现五大趋势。美即健康，健康成为美的核心，从细节到科技护肤，非处方药也成皮肤管理选项，口服美容受青睐。轻盈革命，体重管理成健康领 域重点，科学减重原则受关注，食材升级与传统品类创新带来新机，运动动机多元。未病先行，"治未病"成共识，饮食和生活习惯是切入点，养生食补渗透 多场景，中西滋补品创新升级。精准控养，系统化认知助力定位健康问题，精准用药与个性化营养 ...

仙乐健康科技股份有限公司 章 程 仙乐健康科技股份有限公司章程 | 目 | 录 | | --- | --- | | 第一章 总则 | 3 | | 第二章 经营宗旨和范围 | 4 | | 第三章 股 份 | 5 | | 第一节 股份发行 | 5 | | 第二节 股份增减和回购 | 6 | | 第四章 股东和股东会 | 8 | | 第一节 股东的一般规定 | 8 | | 第二节 | 控股股东和实际控制人 11 | | 第三节 股东会的一般规定 | 12 | | 第四节 股东会的召集 | 16 | | 第五节 股东会的提案与通知 | 18 | | 第六节 股东会的召开 | 19 | | 第七节 股东会的表决和决议 | 22 | | 第五章 董事和董事会 | 27 | | 第一节 董事的一般规定 | 27 | | 第二节 董事会 | 31 | | 第三节 独立董事 | 36 | | 第四节 董事会专门委员会 | 39 | | 第六章 高级管理人员 | 41 | | 第七章 | 财务会计制度、利润分配和审计 43 | | 第一节 财务会计制度 | 43 | | 第二节 内部审计 | 47 | | 第三节 会计师事务所的 ...

Group 1: Company Overview - The company primarily engages in the research, production, and sales of nutritional health foods (including raw materials and finished products) and feed additives [2][3] - The production of health food raw materials and feed additives mainly occurs domestically, with a high export ratio; finished health food products are primarily produced and sold overseas, showing significant growth through cross-border e-commerce [3] Group 2: Product Development and Market Position - The company utilizes synthetic biology as a foundational technology for large-scale production of various raw materials, including Coenzyme Q10, NMN, NADH, Vitamin K2, and others [3] - Coenzyme Q10 holds the largest global market share, demonstrating notable cost and scale advantages [3] - The company aims to reduce production costs for products like astaxanthin, DHA, and EPA to enhance market competitiveness [3] Group 3: Brand and Sales Strategy - The company owns two major health food brands, Doctor's Best and Zipfizz, with production capabilities for capsules, tablets, and powders [3][4] - Doctor's Best is a well-known health brand in North America, showing steady growth, while Zipfizz maintains stable performance with new products developed for the U.S. market [4] - The marketing strategy for domestic health food business focuses on market insights, product strategy, resource integration, and data-driven upgrades to create market-leading products [4] Group 4: Financial Performance - The company's performance growth in the first half of 2025 is primarily attributed to increased sales of Coenzyme Q10, vitamins, and domestic health products [3]

路演嘉宾合影 技源集团：深耕全球膳食营养补充行业 用营养的力量提升全人类健康水平 ——技源集团股份有限公司首次公开发行股票并在主板上市网上投资者交流会精彩回放 出席嘉宾 技源集团股份有限公司董事长 周京石先生 技源集团股份有限公司董事、董事会秘书、财务总监 汪 燕女士 东方证券股份有限公司产业投行总部董事总经理 苗 健先生 东方证券股份有限公司产业投行总部董事、保荐代表人 王国胜先生 经营篇 问：公司的主营业务是什么？ 王国胜：截至最新招股说明书签署日，公司共拥有18项计算机软件著作权。 周京石：公司是一家专业从事膳食营养补充产品研发创新及产业化的国际化企业集团，公司坚持以科学 研究和临床试验为基础，不断为全球膳食营养补充行业提供原创性和定制化的营养原料及制剂产品。 问：公司有多少控股子公司、参股公司？ 王国胜：截至最新招股说明书签署日，公司拥有16家控股子公司、3家参股公司及5家分支机构。 问：请介绍公司境外子公司的情况。 汪燕：公司注册于江苏江阴，管理总部位于上海，在中国和美国均设有研发中心，在中国香港设立了海 外业务中心，并在美国、澳大利亚、英国、日本、挪威等地设立了区域销售总部，同时，在江阴、徐 州、 ...

Core Viewpoint - The article discusses the allegations against former executives of Jiaoda Onlly for illegal insurance policy cancellations and embezzlement, detailing the company's response and ongoing legal actions [1][3][4]. Group 1: Allegations and Legal Actions - Jiaoda Onlly reported that it discovered former executives' illegal insurance cancellations and has been gathering evidence to support its claims, leading to multiple lawsuits [1][3]. - The company filed a criminal report with the Shanghai Public Security Bureau on June 24, which was accepted, but later received a notice of non-filing on July 10 [3][4]. - The company plans to appeal the non-filing decision to higher authorities [4]. Group 2: Financial Irregularities - The company identified abnormal insurance purchases starting from November 23, 2022, revealing a total of 12.84 million yuan in insurance payments from 2018 without corresponding policy contracts [6][7]. - Five former executives allegedly received a total of 16.94 million yuan through insurance policy cancellations, which were not approved by the board or shareholders, indicating potential misconduct [7][9]. - The former executives claimed that the insurance purchases and cancellations were part of their compensation, which the company disputes as lacking proper authorization [7][9]. Group 3: Company Background and Governance - Jiaoda Onlly, established in 1997 and listed in 2001, is the first publicly traded company in China's health food industry, with a market capitalization of 7.5 billion yuan as of July 10 [9][10]. - Following a change in control in August 2022, the new controlling shareholder conducted a review of the company's financials, leading to allegations of financial misreporting [10][11]. - The company’s governance structure requires board and shareholder approval for executive compensation, which was not adhered to in the case of the disputed insurance transactions [12].

Core Viewpoint - The company, Jiao Da Ang Li, is involved in a legal case against five former executives for allegedly harming the company's interests through illegal insurance purchases and tax evasion practices [2][10]. Group 1: Case Details - The company discovered irregularities in insurance payments totaling 12.84 million yuan (approximately 1.28 billion) made in 2018, which lacked the required insurance contracts [2]. - The former executives, including Yang Guoping and others, are accused of purchasing large insurance policies and subsequently cashing out through refunds to their personal accounts [4][10]. - The company reported that similar practices occurred in 2016, with insurance payments amounting to 3.8 million yuan (approximately 0.38 billion) [2]. Group 2: Legal Proceedings - The company filed a criminal report with the Shanghai police, which was not accepted for further investigation, prompting the company to seek administrative review [3]. - Legal opinions suggest that the actions of the former executives may constitute embezzlement and violate company laws, as the insurance purchases were not approved by the board or shareholders [10][11]. Group 3: Financial Transactions - The first insurance contract was established in October 2016 with a total premium of 3.8 million yuan (approximately 0.38 billion), and the executives received refunds totaling 3.79 million yuan (approximately 0.38 billion) after cancellation [5][7]. - In 2018, the company made additional insurance payments exceeding 10 million yuan (approximately 1 billion) to another insurance provider, with subsequent refunds being funneled back to the executives [8][9]. Group 4: Governance and Compliance Issues - The company failed to disclose these significant transactions in its annual reports, which is a violation of disclosure regulations for publicly listed companies [11]. - The case highlights potential governance failures within the company, as the former executives allegedly exploited their positions to benefit personally without proper oversight [12].

Core Viewpoint - The company is facing legal issues related to former executives who allegedly misappropriated company funds for personal insurance policies, leading to significant financial implications and potential criminal charges against those involved [2][5][12]. Group 1: Legal Issues and Developments - The company reported that the police decided not to file a case against the former executives involved in the alleged misconduct, prompting the company to apply for administrative review [2]. - The company has submitted new evidence, including a legal opinion from a law firm, indicating that the actions of the former executives may constitute embezzlement and violate laws regarding the misappropriation of company assets [2][12]. - The company filed a criminal report with the police on June 24, 2023, against five former executives for damaging company interests, which was accepted by the authorities [2][5]. Group 2: Background of the Company - Founded in December 1997, the company is a well-known player in China's health food industry and went public in 2021, focusing on health products and elderly care services [4]. - The company has undergone multiple changes in its controlling shareholders, with the latest change occurring in August 2022, when the controlling shareholder shifted to Shanghai Yunjian Industrial Development Co., Ltd. [4]. Group 3: Details of the Alleged Misconduct - Between 2016 and 2019, the former executives purchased group insurance policies using company funds and subsequently received refunds to their personal accounts, totaling approximately 16.93 million yuan [6][8]. - The first insurance contract was initiated in October 2016, with a payment of 3.8 million yuan made to Tianan Life Insurance, covering six individuals, including the former chairman and other key executives [6][8]. - The company discovered that there were no formal approval processes or documentation supporting the insurance purchases, raising significant compliance concerns [7][12]. Group 4: Evidence and Findings - The company conducted an internal review following a request from the tax bureau, which led to the discovery of irregularities in the insurance payments made in 2018 [10][11]. - Independent third-party reports have indicated that the actions of the former executives violated company regulations and relevant laws, further supporting the company's claims against them [11][12].

Core Viewpoint - The company has successfully completed the domestic health food filing for two products, which will enhance its product line and competitiveness in the health food sector, aligning with its strategic plan in the health industry [1] Group 1 - The company's wholly-owned subsidiary, Jinhua Shouxian Valley Pharmaceutical Co., Ltd., has obtained filing certificates for "Shouxian Cloud Broken Ganoderma Spore Powder Tablets" and "Shouxian Red Broken Ganoderma Spore Powder Tablets" [1] - The successful filing of these products is not expected to have a significant impact on the company's recent production and operations [1] - This development will help to further supplement and improve the company's product categories, enriching its product line [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Views - The company is experiencing pressure on its performance due to a challenging consumption environment, with projected revenue for 2024 at 692 million yuan, a decrease of 11.81%, and a net profit of 175 million yuan, down 31.34% [3][6]. - The company is exploring new channels and implementing a distributor reform to embrace new retail strategies, including the "Hundred Cities, Thousand Stores" initiative and the launch of a new commercial model integrating wholesale and retail [4][5]. - The introduction of new products, such as health supplements, is aimed at enhancing the product matrix and aligning with the company's strategy in the health industry [5][6]. Financial Summary - Revenue projections for 2025-2027 are 730 million, 790 million, and 862 million yuan, respectively, with net profits expected to be 191 million, 213 million, and 239 million yuan [6][10]. - The company’s earnings per share (EPS) are forecasted to increase from 0.88 yuan in 2024 to 1.21 yuan by 2027, reflecting a positive growth trajectory [10][11]. - The price-to-earnings (P/E) ratio is expected to decrease from 24.30 in 2024 to 17.72 by 2027, indicating potential valuation improvement [10][11].

Project Overview - The project is named "Baikaiseng (Jiangsu) Biotechnology Co., Ltd. New Green Biosynthesis Industrialization Project" with a total investment of 120 million yuan, including 6.13 million yuan for environmental protection [2] - The project will be located in Lianyungang City, Jiangsu Province, covering an area of 29,597 square meters (approximately 44.39 acres) [2] - Construction is planned to start in June 2025 and be completed by December 2025 [2] Production Capacity and Products - The project will establish an automated flexible fermentation production line with a total annual production capacity of: - Squalene: 180 tons - Ergothioneine: 10 tons - Rebaudioside M: 50 tons - Valencene: 20 tons - Ectoine: 40 tons [2][3] - The production lines will operate for varying hours annually, with Squalene production running for 4,728 hours and Ergothioneine for 600 hours [3] Product Applications - Squalene: Used as a dietary supplement to improve fatigue and enhance immunity, suitable for high-pressure or hypoxic environments [5] - Ergothioneine: A natural antioxidant used as a dietary supplement with anti-inflammatory and neuroprotective effects [6] - Ectoine: A natural amino acid derivative with antioxidant and anti-inflammatory properties, aiding in post-exercise recovery [6] - Rebaudioside M: A natural sweetener derived from stevia, approved as a food additive, suitable for various food and beverage applications [6][7] - Valencene: A food additive used to enhance citrus aroma in food products [7] Company Background - Baikaiseng (Jiangsu) Biotechnology Co., Ltd. is a subsidiary of Baikaiseng (Shanghai) Biotechnology Co., Ltd., established on March 15, 2024 [8] - The company focuses on the research and development of biomanufacturing technologies across pharmaceuticals, cosmetics, and food sectors [8]