2025年8月 25 日，均瑶健康（605388）正式披露2025年中报。2025年上半年，均瑶健康营业收入实现 7.66亿元，同比增加1.38%，海外收入实现实现海外业务激增101.28%，电商渠道销售同比增长 686.42%。 尽管短期业务承压，但均瑶健康益生菌业务强劲，第二增长曲线彰显韧性。均瑶健康在复杂多变的市场 环境中，以"做全球益生菌领跑者"为愿景，凭借技术创新、全产业链布局与全球化拓展，实现收入增 长、结构优化与新品爆发的三重突破，在益生菌赛道与大健康产业中展现出强劲的发展韧性与竞争优 势。 海外业务激增101.28% 第二增长曲线韧性凸显 面对全球经济波动、国内消费需求波动及市场竞争加剧的挑战，均瑶健康通过战略调整与业务革新，实 现收入端的韧性增长，同时在海外市场与新兴业务领域斩获突破性成果，为业绩注入强劲动力。 养赛道则依托凝结魏茨曼氏菌BC-G44的技术优势，推出多款促进肌肉蛋白质合成的功能食品，拓展新 的收入来源。多元赛道的布局，使公司收入结构更趋均衡，抗市场波动能力显著增强。 新品矩阵持续扩容 技术创新驱动产品力升级 2025年上半年，均瑶健康以技术创新为核心，围绕"科学选菌六钻标准" ...

证券日报网讯科拓生物（300858）8月25日在互动平台回答投资者提问时表示，公司益生菌动物双歧杆 菌乳亚种ProSci-246，核心在于肠道微生态管理与体重管理的辅助支持。其他公司产品的配方与功能诉 求可能不同，公司不对第三方产品的效果或价格作评价，品牌间因定位与配方差异不具可比性。 ...

Core Viewpoint - The increasing awareness of health among consumers has led to a rapid growth in health-related consumption demands, with probiotics emerging as a popular choice for maintaining health and enhancing life quality [1]. Company Overview - Junyao Health, originally founded as Junyao Dairy in 1994, has evolved from promoting milk to focusing on probiotics, launching its first ambient lactic acid bacteria product in 2011 and becoming the first publicly listed company in the ambient lactic acid bacteria sector in 2020 [2][5]. Industry Innovation - In 2021, Junyao Health initiated a "second entrepreneurship" strategy, concentrating on innovation across the entire probiotic industry chain, including the acquisition of leading probiotic raw material producer Runying Bio to enhance its R&D and supply chain [4][6]. Quality Standards - Junyao Health has established the "Six Diamond Probiotic" standard to ensure the safety, stability, reliability, and effectiveness of its products, aiming to set a benchmark for the industry [6][7]. Research and Development - The company has developed over 4,000 proprietary functional probiotic strains and has established strategic partnerships with various domestic and international research institutions to enhance its R&D capabilities [6][8]. Clinical Validation - Junyao Health conducts rigorous clinical trials to validate the efficacy of its probiotics, such as the study demonstrating the benefits of its strains on oral health, showing significant reductions in inflammatory factors [11][13]. Product Development - The company has introduced various health solutions targeting gastrointestinal health, immune regulation, oral health, and more, under its sub-brands, creating a comprehensive product matrix to meet diverse consumer needs [15][18]. Long-term Commitment - Junyao Health emphasizes a long-term commitment to consumer health, advocating for a scientific approach to probiotic consumption and aiming to build lasting relationships with consumers [16][18].

科拓生物 20250806 摘要 科拓生物奶制品业务萎缩至营收 10%，但已趋于稳定，增长动力主要来 自益生菌业务，特别是人用益生菌，年均增速超 20%，显著高于行业平 均水平，市场份额持续提升。 国内益生菌市场规模接近千亿，但过去几年增速仅约 20%。2025 年， 减肥功效营销推动行业增长，乌卡实验室等品牌实现显著增长，科拓持 股 7%的乌卡实验室 2025 年预计收入达 10 亿元。 国内益生菌市场由国外品牌主导，美国杜邦占据 50%市场份额，国产品 牌仅占 10%，国产替代空间巨大。贸易战等因素增加国内品牌对国产原 材料的需求，利好科拓等国产龙头企业。 科拓股价上涨受益于益生菌行业因减肥功效营销快速增长，以及创新药 方面进展。参股公司深圳君拓研发的国金胶囊联合 PD-1 抑制剂治疗非 小细胞肺癌药物获美国临床研究批准。 科拓生物的核心竞争力在于技术壁垒和市场定位，研发端与国际领先品 牌竞争，生产端具备高得率和稳定性，产品质价比高，叠加国产品牌综 合服务优势，受益于国产替代。 Q&A 科拓生物的主营业务是什么？其业务结构和发展趋势如何？ 益生菌行业在国内已经有一定规模，从上游原材料端来看接近百亿，而从下 ...

Core Insights - The probiotic industry is increasingly relying on clinical evidence as a foundation for development, driven by consumer awareness, regulatory standardization, and the demand for genuine product value [1] - The Bifidobacterium animalis subsp. lactis BLa80 strain, isolated from healthy breast milk in China's Sichuan Plateau, has established a comprehensive scientific evidence system and has been officially listed for infant food use [2][4] - BLa80 has successfully passed both self-affirmed GRAS and FDA GRAS certifications, marking it as the first strain in mainland China to achieve dual GRAS status, which enhances the domestic probiotic industry and reduces reliance on imported strains [2][5] Industry Trends - The focus of probiotic research has shifted from broad strain categories to precise validation of specific strain functions, emphasizing the importance of a complete evidence chain from safety assessments to clinical trials and regulatory approvals [8] - The development model of BLa80, which integrates local microbial resources, international and domestic certifications, and comprehensive clinical research covering the entire infant growth cycle, is expected to drive quality improvement and technological advancement in the domestic probiotic industry [8]

Core Viewpoint - The article discusses the launch of GOLDGUT-M520, a patented probiotic strain by Wan Yi Lan, which aims to transition from "temporary relief" to "system reconstruction" in gut health, marking a significant advancement in the Chinese probiotic industry towards a "systematic gut protection" era [6][24]. Group 1: Industry Context - Nearly 90% of the population in China suffers from gut issues, affecting various demographics including office workers, fitness trainers, mothers, and children, leading to decreased work efficiency and quality of life [8][9]. - Traditional probiotic solutions often address only specific gut problems, failing to provide comprehensive gut health restoration, which has been a persistent pain point in the industry [8][9]. Group 2: Scientific Breakthrough - The concept of gut health is framed as a "four-layer shield" consisting of biological, chemical, mechanical, and immune barriers, where damage to any layer can lead to various health issues [9][10]. - GOLDGUT-M520 is designed to enhance the integrity of these four barriers, addressing core pain points in gut health management [12][11]. Group 3: Product Development - The development of GOLDGUT-M520 involved extensive research, including the collection of 453 breast milk samples across different regions in China to identify suitable probiotic strains [16][21]. - The strain demonstrates superior performance in enhancing gut barrier functions, with significant improvements in tight junction protein expression and immune signaling [18][19]. Group 4: Market Positioning - Wan Yi Lan's small blue bottle probiotics have evolved through several iterations, with the latest version (4.0) representing a significant leap in technology and efficacy, establishing the brand as a leader in the Chinese probiotic market [24][25]. - The company has achieved impressive sales figures, with over 600 million bottles sold, and has been recognized as the top seller in the Chinese probiotic sector [24][25].

Group 1 - The core value of clinical validation in the probiotic market is highlighted as a means to differentiate effective products from marketing claims, addressing consumer "efficacy anxiety" [1] - Clinical validation involves rigorous human trials to assess the safety and efficacy of probiotic strains, providing answers to the key questions of "is it effective" and "why is it effective" [1] - Successful international brands like Culturelle and Nestlé have demonstrated the market value of clinical validation, with Culturelle's LGG strain supported by over 300 clinical studies and Nestlé's product achieving over $1 billion in annual sales [1][4] Group 2 - In the domestic market, brands like Ganeden's Xiaolan Hat children's probiotics have leveraged clinical evidence from 22 studies to rank among the top three in e-commerce platforms for five consecutive years, reflecting consumer demand for proven efficacy [1] - Microbiome's Akk11 strain, backed by five clinical studies and multiple patents, exemplifies high standards in probiotic production with a stable live bacteria count of 600 billion AFU/g and inactivated bacteria exceeding 10 trillion TFU/g [4] - The establishment of a closed-loop system from strain selection to clinical validation and industrial application ensures controllability throughout the lifecycle of each strain, positioning the company as a benchmark in the industry [4] Group 3 - The essence of clinical validation is described as a dialogue between science and the market, where consumer trust is built through rigorous scientific responses [8] - Capturing the golden window of clinical validation is crucial for increasing market share and gaining a voice in the global probiotic industry [8] - The ability to translate complex scientific results into consumer-perceived value, potentially through "data storytelling," is seen as a key competitive advantage for brands [8]

Industry Overview - The prevalence of short stature in Chinese children is approximately 3%, with around 8 million children aged 3-15 requiring intervention, increasing by 160,000 annually [1] - The market for children's nutrition and height enhancement is projected to exceed 200 billion yuan by 2025, with the height management product market exceeding 10 billion yuan, but there is a 60% gap in specialized products [2] - The growth retardation rate among rural children under 6 years old has reached 5.8%, leading to significant psychological issues for 90% of affected children [1][2] Company Insights - The research team led by Professor Zhang Heping has developed a patented probiotic strain, UP-1, which activates the GH-IGF-1 growth axis, promoting bone health and growth [4][8] - The product "NICE GROW" probiotic oil drops contains over 500 billion effective live bacteria, with UP-1 accounting for at least 400 billion, making it affordable for Chinese families [8][11] - The company, Ketaobiotech, is recognized as a leading supplier in the probiotic industry, providing products to national sports teams and collaborating with numerous enterprises and research institutions [11][13]

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its financial performance and customer relationships [1][2]. Financial Performance - The company achieved a revenue of 1.299 billion RMB in 2024, representing a year-on-year growth of 21.78%. The overseas business contributed 784 million RMB, accounting for 60.35% of total revenue [2][3]. - The gross profit margin for overseas business was 25.44%, which is 4.81 percentage points higher than that of domestic business [2][3]. Customer Information - The company provided detailed information on major customers, including transaction amounts and accounts receivable balances for both domestic and overseas clients [3][4]. - The top overseas customer generated sales of 132.93 million RMB in 2024, while the top domestic customer generated sales of 66.34 million RMB [3][4]. Gross Margin Analysis - The difference in gross margins between overseas and domestic sales is attributed to the product mix and pricing strategies. The overseas sales model allows for higher pricing due to the demand for premium products [8][9]. - The gross margin for oral care products overseas is 7.83 percentage points higher than that of domestic sales, while for wet wipes, the difference is 11.4 percentage points [8][9]. Revenue Growth Drivers - The revenue growth is driven by increased customer demand, new product development, and the expansion of sales channels, including the acquisition of Shen'enkang, which contributed to the overall revenue increase [13][14]. - The main categories contributing to revenue growth include oral care products, wet wipes, and probiotics, with oral care products alone generating 843.15 million RMB in 2024, up 16.80% from the previous year [13][14]. Acquisition and Goodwill Impairment - The company acquired 52% of Shen'enkang, which resulted in a goodwill of 91.01 million RMB. However, Shen'enkang did not meet its performance commitments in 2024, leading to a goodwill impairment of 39.62 million RMB [14][15].

Industry Overview - The children's probiotic market in China is rapidly growing, with a market size of 42.047 billion yuan in 2024, projected to reach 50.988 billion yuan by 2028, representing a compound annual growth rate (CAGR) of approximately 4.94% [1] - The product forms of probiotics are evolving to include gummies, powders, and liquids, catering to different age groups of children [1] - Both domestic and international brands are entering the children's probiotic sector, with imported high-quality products favored by parents, while local brands are accelerating R&D to develop probiotics suited to Chinese children's gut characteristics [1] Company Highlights - Saibugao has been recognized as a leading brand in the children's probiotic industry, receiving the title of "Leading Brand in Children's Growth Probiotics" during the "510 China Brand Day" [1][9] - The company invests heavily in research, employing a team of top microbiologists and nutritionists dedicated to optimizing and innovating children's probiotic formulations [3] - Saibugao's BL-11 probiotic has shown significant effects on promoting children's height growth, with clinical studies indicating that over 84% of children experienced noticeable height increases after three months of supplementation, averaging nearly 2.5 cm in height growth [8] Product Efficacy - BL-11 probiotic operates through three pathways: nutritional metabolism, endocrine, and immune, enhancing the absorption of essential nutrients and stimulating growth hormone production [5] - Clinical research led by Dr. Wu Chongming confirmed that BL-11 significantly promotes height growth in children, with better results observed in younger children and those with shorter stature [5][8] - Saibugao's BL-11 probiotic oil has served over 100,000 families, with a continuously rising repurchase rate, indicating market acceptance of non-drug interventions [9] Safety and Quality Assurance - Saibugao emphasizes food safety, adhering to national standards to ensure products are additive-free and without side effects, with over 30 billion CFU of live bacteria per milliliter [9] - The company employs advanced OSGA lipid encapsulation technology to ensure probiotics reach the gut alive and can better colonize [9]