来源：环球网 随着人们健康意识的提升，无糖、低糖产品如今更受到青睐。从汽水饮料用赤藓糖醇掀起前所未有 的"无糖"流行风潮，到超市货架上琳琅满目的"零糖"食品，一场围绕味觉与健康的饮食革命，正悄然改 变着我们的生活方式。 《健康中国行动（2019—2030年）》中提到，居民蔗糖的摄入量每人每天不超过25克。甜味剂既能满足 消费者对甜味的渴求，又能做到低糖、无糖，近年来颇受消费者追捧。 甜味剂的健康密码 每当甜味剂成为话题，总有人问："这东西真的安全吗？" 答案是：安全并非空谈，而是建立在科学机构的严谨评估与共识之上。 无论是联合国粮农组织与世界卫生组织旗下的食品添加剂联合专家委员会（JECFA），还是美国食药监 局（FDA）、欧洲食品安全局（EFSA）等权威机构，均对甜味剂的安全性作出了一致结论：在规定日 最大摄入量用量范围内，甜味剂是安全的。 据艾媒咨询数据显示，2015-2022年，中国无糖饮料行业市场规模逐年增长，由此前的22.6亿元增至 199.6亿元，预计2025年将达615.6亿元。未来，中国无糖饮料市场规模将保持持续增长态势。这不仅是 商业现象，更反映出当代消费者——"既要甜，也要健康"的真实需求 ...

来源：环球网 近年来，无糖饮料与零卡食品悄然占据超市货架，成为越来越多人饮食的一部分。一边享受甜味，一边 控制热量摄入——这看似矛盾的体验，背后正是甜味剂在发挥作用。从饮料到零食，甚至日常口腔护理 产品，甜味剂已深入我们的生活，成为现代食品科技回应健康需求的重要载体。 甜味剂的进化史 甜味剂的诞生与应用，是食品科技提升生活品质的又一经典范例。中国中医科学院医学实验中心代金刚 研究员表示："它不仅为我们提供了新的甜味选项，也呼应了现代人对健康与口感多样化的双重追求。 这既是现代食品技术创新的成果，也是富足的生活方式走向多元的见证。" 如今，甜味剂已融入日常：无糖饮料、低糖酸奶、零卡零食，甚至牙膏中都有它的身影。它悄然改变着 我们的饮食结构，让"甜而不腻、健康无负担"逐渐成为新的生活态度和个人品味。 申港证券的研报《绽放味蕾之花-甜味剂行业深度报告》中指出，甜味剂并非"黑科技"，它们来源多 样：有的取自植物，如甜菊糖苷、罗汉果甜苷；有的通过发酵制成，如赤藓糖醇；也有人工合成的，如 三氯蔗糖、安赛蜜。它们的共同特点是：甜度高、热量低，轻松享受甜味。 代金刚进一步解释道："以三氯蔗糖为例，甜度约为蔗糖的600倍，几乎 ...

证券日报网讯12月19日，金禾实业（002597）在互动平台回答投资者提问时表示，尽管公司短期市场需 求存在波动，但健康减糖的消费趋势为甜味剂行业的长远发展提供了结构性机遇，公司对核心产品的中 长期前景保持信心。公司将持续优化产品结构、拓展应用场景，提升可持续发展能力，努力为投资者创 造价值。 ...

Core Viewpoint - Rhine Biotech is undergoing a change in control, with the majority of shares being transferred to Guangzhou Defu Nutrition Investment Partnership, while simultaneously planning to acquire at least 80% of Beijing Jinkangpu Food Technology Co., Ltd. [2][4] Group 1: Control Change and Acquisition - Rhine Biotech's controlling shareholder, Qin Benjun, will transfer part of his shares to Guangzhou Defu Nutrition, which will become the new controlling shareholder [2][4] - The acquisition involves purchasing at least 80% of Beijing Jinkangpu's shares, which is expected to enhance Rhine Biotech's competitiveness in the food and health product sectors [6][7] Group 2: Financial Performance and Market Position - Rhine Biotech, known as the "King of Sugar" in China, reported a revenue of approximately 1.272 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 8.73%, but faced a net profit decline of 30.73% to about 70.4 million yuan due to intense market competition [6] - The sweetener market is showing signs of stagnation, impacting Rhine Biotech's profitability despite revenue growth [6] Group 3: Financial Challenges and Regulatory Issues - The company is under financial pressure, with a significant portion of Qin Benjun's shares pledged, amounting to approximately 1.77 billion shares, representing a pledge ratio of 65.13% [8][9] - Regulatory scrutiny has increased, with the company facing a fine of 600,000 yuan due to a production safety incident and other compliance issues [9]

Core Viewpoint - The announcement from Sanwei Biological highlights the significant impact of the U.S. Department of Commerce's preliminary ruling on the anti-dumping investigation of erythritol, which imposes a preliminary tax rate of 450.64% on the company, creating barriers for exports to the U.S. market [2] Group 1 - On July 15, 2025, the U.S. Department of Commerce announced the preliminary ruling in the anti-dumping investigation, listing the company as a mandatory respondent [2] - The final ruling, originally scheduled for December 1, 2025, is expected to be delayed due to the recent U.S. government shutdown [2] - The preliminary ruling has created a significant obstacle for Chinese erythritol exports to the U.S., leading to a temporary tightening of supply in the U.S. market [2] Group 2 - Despite the challenges in the U.S. market, demand in North America remains, and imports of the company's products from neighboring countries like Canada and Mexico have gradually increased [2] - The company's third-quarter sales revenue showed a year-on-year increase, although the proportion of overseas revenue slightly decreased compared to the first half of the year [2] - Export growth to other countries and regions has partially offset the decline in the U.S. market [2]

Core Viewpoint - The company has legally obtained the production license for allulose and is currently supplying it steadily to domestic customers [2] Group 1 - The company has acquired the production license for allulose, indicating compliance with regulatory requirements [2] - The company is actively supplying allulose to domestic clients, suggesting a stable market presence [2]

Core Insights - The increasing health awareness among the public has led to a rise in demand for sugar-free and low-sugar diets, with a focus on identifying healthier sugar substitutes [1] Group 1: Research Findings - A review paper published by Associate Professor You Yilin and his team in the journal "Food Research International" systematically evaluated the impact of artificial and natural sweeteners on metabolic health, revealing that natural sweeteners outperform artificial ones in maintaining metabolic balance, regulating blood sugar, and improving gut health [2] - Natural sweeteners such as steviol glycosides, monk fruit extract, D-allulose, and erythritol exhibit milder metabolic pathways in the body, with erythritol being excreted by over 90% without participating in energy metabolism or causing blood sugar fluctuations [2] - Steviol glycosides and monk fruit extract can be metabolized by gut microbiota to produce secondary glycosides, which help improve insulin sensitivity, while D-allulose can reduce food intake and inhibit fat generation, showcasing unique advantages in weight control and metabolic burden reduction [2] Group 2: Molecular Mechanisms - At the molecular level, natural sweeteners not only provide taste satisfaction through sweet taste receptors but also activate the AMPK pathway, promoting fat breakdown and energy expenditure, indicating that the right choice of sweetener can potentially improve metabolic status and help prevent chronic diseases such as obesity and diabetes [2] - Erythritol, being naturally sourced from foods like corn, grapes, pears, and watermelon, has a refreshing taste, nearly zero calories, and minimal interference with gut microbiota, making it widely used in sugar-free beverages, gum, children's food, and nutritional supplements [4] Group 3: Industry Implications - The latest rankings of healthy sweeteners suggest that erythritol is likely to become a key direction for the future transformation of zero-sugar products in the beverage and food industry, as many pharmaceutical formulations are also beginning to replace sucrose with erythritol to reduce dental damage and blood sugar fluctuation risks [4]

Core Viewpoint - The company, Jinhe Industrial, is a major global supplier of sweeteners, with products widely used in sugar-free beverages, food, and health products [1] Group 1: Company Overview - Jinhe Industrial is recognized as one of the leading suppliers of sweeteners globally [1] - The company's products serve as raw materials in various sectors, including sugar-free beverages, food, and health products [1] Group 2: Client Relationships - The company has established stable and positive relationships with numerous well-known domestic and international food and beverage enterprises [1] - Jinhe Industrial focuses on customer needs and is committed to providing safe, high-quality, and stable products and services to its downstream clients [1] Group 3: Communication and Reporting - For detailed information regarding client cooperation and business progress, the company advises referring to its official periodic reports and announcements [1]

Core Viewpoint - The report from Huaxin Securities indicates that Jinhe Industrial achieved a net profit attributable to shareholders of 334 million yuan in the first half of the year, representing a year-on-year increase of 35.29% [1] Financial Performance - In Q2 2025, the company reported a net profit attributable to shareholders of 92 million yuan, which is a year-on-year decrease of 21.70% and a quarter-on-quarter decrease of 61.85% [1] - The significant rebound in the price of sucralose has directly driven the gross profit margin of the company's food additive business to increase by 18.1 percentage points to 45.20%, which is the main reason for the high growth in the company's performance in the first half of the year [1] Industry Insights - The sweetener industry has entered a new phase of "anti-involution" with collaborative price stabilization after experiencing intense price wars in previous years [1] - As a leading player in the sugar substitute market, the company is expected to benefit from the recovery in the sweetener industry's prosperity, gradually releasing its performance [1] - The report expresses optimism about the recovery of the acesulfame industry in the future [1]

Group 1 - The core viewpoint of the article highlights the significant growth in revenue and profit for the sweetener manufacturer, New Qi'an Technology Co., Ltd., in the first half of the year [3] - The company reported a revenue of 335 million yuan (47 million USD), representing a year-on-year increase of 54.3% [3] - Net profit surged to 24.38 million yuan, a remarkable increase of 586.4% compared to 3.55 million yuan in the same period last year [3] Group 2 - The growth in performance is primarily attributed to the increase in sales of core products, with revenue from sucralose reaching 152 million yuan, a year-on-year increase of 116.8% [3] - Revenue from food-grade and industrial-grade glycine totaled 168 million yuan, reflecting a year-on-year increase of 25.9% [3] - The management indicated that high tariffs imposed by the U.S. on Chinese glycine prompted the company to expand overseas sales through its factory in Indonesia, while a new factory in Thailand further boosted sucralose exports [3] Group 3 - As of June 30, the company's total assets were approximately 1.126 billion yuan, an increase of 38.5% compared to the end of last year [3] - Cash reserves reached 250 million yuan, and the debt ratio decreased to 39.7% [3] - The gross profit margin significantly improved from 10.2% in the same period last year to 23.3% [3] Group 4 - The company's stock price opened higher on Monday, reaching 13.19 HKD, an increase of 1.70% by midday [3]