Core Insights - The company, 技源集团, is a leading global supplier of HMB (β-Hydroxy β-Methylbutyrate), a crucial nutrient for muscle health, with a market share of approximately 65.80% in 2022 [1] - HMB is recognized for its unique ability to both increase muscle protein synthesis and reduce muscle protein breakdown, making it suitable for various sectors including sports nutrition, elderly health, weight management, and post-operative recovery [1] - The global demand for HMB is projected to grow, with estimated production volumes of 1,662.43 tons in 2023 and 1,758.50 tons in 2024, indicating a market share of around 52.27% and 53.34% for the company respectively [1] Financial Performance - For the first half of 2025, the company reported a revenue of 560 million yuan, representing a year-on-year growth of 15.65% [2] - Revenue from nutritional raw materials reached 390 million yuan, up 18.94%, while formulation product sales amounted to 170 million yuan, growing by 8.75% [2] - HMB sales specifically generated 158 million yuan, reflecting a growth of 3.75% [2] Market Development - The company maintains stable partnerships with major clients like Abbott while actively exploring new market opportunities and customer bases [2] - New HMB products are being developed for various applications, including adult milk powder for healthy aging and differentiated products for sports nutrition [2] - The company is also pursuing opportunities in pet nutrition and animal feed, collaborating with a large international agricultural enterprise [2]

Group 1: Hengxin Life - Hengxin Life is a leading enterprise in the biodegradable food service ware industry, deeply bound to global top restaurant brands [1][10] - The company has established a production capacity of 9 billion paper and plastic food service items annually, with multiple production bases in China and a global layout including a factory in Thailand [1][10] - The demand for food service ware is robust, driven by urbanization and rising income levels, leading to an upgrade in consumer expectations for quality, environment, service, and experience [1][25] - The revenue from paper food service products is the highest, with a gross margin of 36.09%, while plastic food service products also maintain a high gross margin of 33.97% [11][12] - The company has shown significant revenue growth from 420 million in 2020 to 1.594 billion in 2024, with a compound annual growth rate (CAGR) of 39.21% [15][24] Group 2: Hanhai Group - Hanhai Group is a prominent brand in the domestic home hardware and outdoor furniture industry, with a strong reputation built over nearly 20 years [2][18] - The company has expanded its market share through product innovation and a comprehensive marketing network, with 381 distributors as of June 2025 [2][18] - The home hardware and outdoor furniture market is expected to grow significantly, driven by consumer upgrades and technological advancements [2][20] - Hanhai Group's revenue and net profit have shown rapid growth, with a notable increase in brand recognition among consumers [2][18] Group 3: Jiyuan Group - Jiyuan Group has over 20 years of experience in the dietary supplement industry, serving as a core supplier for many well-known brands [3][32] - The company is the largest global supplier of HMB, holding over 50% of the market share, and is also a key player in the glucosamine and chondroitin sulfate markets [3][32] - The dietary supplement market is expected to grow significantly due to increasing consumer awareness of health and nutrition [3][34] - Jiyuan Group has established a comprehensive supply chain and is actively developing innovative nutritional raw materials [3][42]

Group 1 - The core viewpoint of the news is that Jiyuan Group has shown a positive performance in stock trading, with a 3.32% increase in stock price and a trading volume of 316 million yuan on September 11 [1] - On September 11, Jiyuan Group had a financing buy-in amount of 29.35 million yuan and a net financing buy-in of 708,000 yuan, with a total financing and securities balance of 72.55 million yuan, which accounts for 5.67% of its market capitalization [1] - The company specializes in the research, innovation, and industrialization of dietary nutritional supplements, with its main business revenue composition being 34.70% from nutritional raw materials and 15.24% from formulations [1] Group 2 - As of July 23, the number of shareholders of Jiyuan Group reached 62,200, an increase of 478,138.46% compared to the previous period, with an average of 624 circulating shares per person [2] - For the first half of 2025, Jiyuan Group achieved an operating income of 563 million yuan, representing a year-on-year growth of 15.65%, and a net profit attributable to the parent company of 97.71 million yuan, with a year-on-year increase of 3.99% [2]

Core Viewpoint - The financial performance of traditional consumer leaders is under pressure, while new consumption forces centered around "self-care" are emerging, indicating a profound transformation in the consumer market [1] Industry Overview - The dietary supplement industry is showing strong growth potential, becoming a "value mine" with significant room for development [4][6] - The global market for dietary supplements is steadily growing, with emerging markets like China having substantial potential for improvement [6] Company Performance - Notable companies in the dietary supplement sector include: - Baolong Chuangyuan: Revenue of 649 million, YoY growth of 22.18%, net profit of 171 million [5] - Jiabiyou: Revenue of 307 million, YoY growth of 17.60%, net profit of 108 million [5] - Jindawei: Revenue of 1.728 billion, YoY growth of 13.46%, net profit of 247 million [5] - Companies like Dong'e Ejiao and Tongrentang are also making significant strides in the market [8][9] Market Trends - The probiotic market is gaining traction, with a high repurchase rate of 80% within six months, indicating a shift towards long-term health management [7] - The menopausal market in China has a large potential user base, with over 210 million women experiencing related discomforts, leading to increased demand for dietary supplements [7] Competitive Landscape - Companies that can position themselves in key segments and diversify their offerings are likely to thrive, such as Dong'e Ejiao and Yanzhiwu [8] - Yanzhiwu has established a strong market position through extensive R&D and product innovation, including the launch of new products like Yanzhiwu peptide [12][14] Consumer Behavior - Consumers are becoming more rational and value-driven, focusing on product efficacy and quality, which is reshaping the dietary supplement market [10][11] - The introduction of new formats like gummies and beverages is gaining acceptance among consumers [10] Future Outlook - The dietary supplement industry is expected to continue its growth trajectory, driven by evolving consumer needs and preferences [7][16] - Companies like Yanzhiwu are well-positioned to capitalize on these trends, supported by strong brand recognition and innovative product offerings [14][16]

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The report highlights that the company is the largest global supplier of HMB and focuses on the muscle and joint health market, with a strong presence in various international markets [1][4] - The company is expected to achieve a revenue growth of 12.3% year-on-year in 2024, reaching 1 billion yuan, with a net profit growth of 9.0% to 170 million yuan [2] - The report emphasizes the high growth potential in the muscle health and aging economy sectors, driven by the increasing demand for HMB and joint health products [4] Summary by Sections Company Overview - The company is the largest global supplier of HMB and a core supplier of high-quality glucosamine and chondroitin sulfate, with established partnerships with major brands like Abbott and Blackmores [1] - The company has a significant international revenue share, with over 90% of its income coming from overseas sales [2] Product Performance - In 2024, the revenue from nutritional raw materials and formulations is expected to be 650 million yuan and 350 million yuan, respectively, accounting for 65% and 35% of total revenue [2] - The gross profit margins for HMB, glucosamine, and chondroitin sulfate are projected to be 62%, 39%, and 29%, respectively [2] Market Trends - The global HMB market is projected to grow at a compound annual growth rate (CAGR) of approximately 11.54% from 2024 to 2030, with an expected production of 3,571.69 tons by 2030 [3] - The report notes that the demand for glucosamine and chondroitin sulfate is also on the rise, with a CAGR of 4.2% and 3.5% expected for the respective markets from 2022 to 2027 and 2023 to 2030 [3]

IPO Review and Registration Progress - Two companies faced IPO review last week, with TaiKaiYing passing and HengKun New Materials' review being postponed [2] - TaiKaiYing focuses on the global mining and construction tire market, with approximately 70% of its sales coming from overseas [2] - HengKun New Materials reported a revenue of 548 million yuan in 2024, a year-on-year increase of 49.01% [3] Upcoming IPOs - This week, two companies, Changjiang Nengke and DeLiJia, are scheduled for IPO reviews, aiming to raise 10.07 billion yuan and 18.81 billion yuan respectively [4][6] - Changjiang Nengke's revenue for 2024 is projected at 314 million yuan, a decline of 9.77% year-on-year [4] - DeLiJia specializes in high-speed heavy-duty precision gear transmission products, with a revenue of 3.715 billion yuan in 2024 [5] New Stock Listings - Two new stocks, Shanda Electric and Jiyuan Group, were listed last week, with Shanda Electric's stock price increasing by 356% on its first day [8] - Shanda Electric reported revenues of 478 million yuan, 549 million yuan, and 658 million yuan from 2022 to 2024 [8] - Jiyuan Group's revenue for the same period was 947 million yuan, 892 million yuan, and 1 billion yuan [9] New Stock Subscription and Issuance - Three new stocks are available for subscription this week, including Tianfu Long and Youli Intelligent [10] - Tianfu Long's projected revenue for 2024 is 3.841 billion yuan, while Youli Intelligent expects a revenue of 462 million to 482 million yuan in the first half of 2025 [11] Policy and Regulatory Developments - The China Securities Regulatory Commission (CSRC) emphasizes enhancing the investment value of listed companies and preventing financial fraud [13] - CSRC plans to strictly limit significant adverse impacts from industry competition on listed companies [14]

IPO Pipeline Overview - As of July 27, there are 305 companies in the IPO pipeline, with 30 on the Shanghai Main Board, 36 on the Sci-Tech Innovation Board, 26 on the Shenzhen Main Board, 30 on the Growth Enterprise Market, and 183 on the Beijing Stock Exchange [2] - The total number of companies at various stages includes 24 accepted, 223 under inquiry, 12 approved, 27 suspended, and 19 registered [3] Newly Listed Companies - During the period from July 21 to July 27, two companies were newly listed: Shandong Shanda Electric Power Technology Co., Ltd. on the Growth Enterprise Market and Jiyuan Group Co., Ltd. on the Shanghai Main Board [4] - Shandong Shanda Electric Power Technology Co., Ltd. closed at 66.85 CNY per share, with a surge of 356.00% and a trading volume of 22.22 billion CNY, achieving a turnover rate of 82.61% [4][6] - Jiyuan Group Co., Ltd. closed at 40.75 CNY per share, with an increase of 274.54% and a trading volume of 13.72 billion CNY, achieving a turnover rate of 80.75% [6] New Counseling Record Companies - Six companies were newly recorded for counseling from July 21 to July 27, including Guangde Tianyun New Technology Co., Ltd. and Beijing Yingshirui Technology Co., Ltd. [7] - Guangde Tianyun New Technology Co., Ltd. focuses on the development, production, and sales of automotive sunroofs and interior components [8] - Beijing Yingshirui Technology Co., Ltd. integrates advanced cloud computing and AI technologies to provide digital service solutions for environmental monitoring [8] CSRC Review Status - Qingdao Taikaiying Special Tire Co., Ltd. successfully passed the review, while Xiamen Hengkang New Materials Technology Co., Ltd. was postponed [10] - Qingdao Taikaiying specializes in the design, research, sales, and service of tires for the mining and construction industries [12] CSRC Registration Approval - Three companies received registration approval from July 21 to July 27: Ningbo Nengzhiguang New Materials Technology Co., Ltd., Shanghai Balanshi Automotive Testing Equipment Co., Ltd., and Beijing Haochuang Ruitong Electric Equipment Co., Ltd. [14] - Ningbo Nengzhiguang focuses on the research, production, and sales of polymer additives and functional polymer materials [16] - Shanghai Balanshi specializes in automotive maintenance and testing equipment [17] Termination of Review - No companies withdrew from the review process during the period from July 21 to July 27 [20]

AI and Market Trends - AI applications are entering a rapid growth phase, supported by mature infrastructure and decreasing costs of large model calls, enhancing commercial potential[3] - China possesses significant data reserves and a broad demand scale, providing a competitive advantage for AI development[3] Market Performance - The A-share market experienced a general rise, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week[15] - Mid-cap indices such as the CSI 500 and CSI 1000 outperformed large-cap indices, with increases of 3.28% and 2.38% respectively[17] Dietary Supplements Industry - The global dietary supplement market is projected to reach $223 billion by 2026, driven by population growth and increasing health awareness[5] - HMB, a key nutrient for muscle health, is expected to see global production reach 3,572 tons by 2030, indicating strong market potential[5] Investment Recommendations - Recommended stocks include Toris (拓尔思), which has a robust open-source intelligence data resource, and Songlin Technology (松霖科技), focusing on health robots[3] - Other notable mentions are Rongxin Culture (荣信文化), which is expanding into AI+ education scenarios[3] Corporate Actions - This week, two companies listed on the A-share market, with C Shanda and C Jiyuan seeing first-day gains of 356% and 274% respectively[33] - There were six new public offerings announced, with an average discount rate of 18.9% and an average return of 40.7% on recent fundraising projects[34][40]

Core Insights - The company has over 20 years of experience in the global dietary supplement industry, focusing on scientific research and clinical trials to provide innovative and customized nutritional ingredients and formulations [1] - In 2024, the company achieved a revenue of 1.002 billion yuan, representing a year-on-year growth of 12.33% [1] Industry Overview - The global dietary supplement market exceeded $187 billion in 2023 and is expected to maintain a steady growth rate of 6% over the next three years, reaching $223 billion by 2026 [2] - The company operates as both a nutritional ingredient supplier and a formulation manufacturer, with strong competitiveness in HMB, glucosamine, and other nutritional ingredients [2] Product Segmentation - **HMB**: The company holds over 50% of the global market share and is a key player in the HMB industry, collaborating with major companies like Metabolic and Abbott to drive HMB commercialization [2] - **Glucosamine**: The company is a leading provider of high-quality glucosamine, achieving a stable global market share of 12.61% in 2024 [3] - **Other Nutritional Ingredients**: The company has enhanced its research capabilities through the strategic acquisition of Metabolic Technologies, focusing on new ingredient development [3] - **Formulation Business**: The company emphasizes innovative dosage forms and has obtained TGA GMP certification for its production facility, enabling it to offer personalized nutritional solutions [4] Financial Projections - The company is expected to achieve revenues of 1.184 billion yuan, 1.436 billion yuan, and 1.758 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.2%, 21.2%, and 22.5% respectively [5] - Projected net profits for the same period are 199 million yuan, 239 million yuan, and 310 million yuan, with growth rates of 13.8%, 20.1%, and 30.1% respectively [5]

Group 1 - The core viewpoint of the article is that Jiyuan Group has successfully listed on the Shanghai Stock Exchange, with a significant opening increase of 368.75% and a closing price of 40.75 yuan per share [1] - Jiyuan Group specializes in the research, innovation, and industrialization of dietary nutritional supplements, being the largest global supplier of HMB raw materials and a core supplier of high-quality glucosamine and formulations [1] - The company has a comprehensive industry chain capability, covering everything from nutrient molecular screening and evaluation, efficacy research, functional claims, patent applications, market access and promotion, to raw material production and finished product processing [1] Group 2 - Jiyuan Group's founder and chairman, Zhou Jingshi, highlighted the company's commitment to continuous innovation and global development over the past 20 years, holding 228 domestic and international invention patents [1] - The company serves over 800 clients globally, benefiting from the expanding applications of HMB in sports nutrition and health for the elderly, leading to steady performance growth [1] - The net profits for Jiyuan Group are projected to be 144 million yuan, 161 million yuan, and 175 million yuan for the years 2022, 2023, and 2024 respectively [1] Group 3 - Looking ahead, Jiyuan Group plans to accelerate its global layout by establishing production capacities in Hong Kong, Thailand, the United States, and Europe, aiming to enhance its competitive advantages in nutritional raw materials and personalized nutrition [2] - The company aims to promote "Made in China" dietary nutritional supplements on the global market, leveraging nutrition to improve overall human health [2]