2025年一季度，衡美健康业绩下滑风险初显：营收、净利润同比分别下滑10.14%、23.12%。对此，北交所要求该公司结合最新在手订单、主要原材料价格 变动周期、成本加成利润空间、行业 门槛或产品同质化等情况，分析产品是否容易被快速 模仿、复制、迭代、替换，并说明经营是否稳定可持续，是否存 在持续下滑风险。 GPLP犀牛财经注意到，衡美健康于2025年3月4日在全国股转系统创新层挂牌并公开转让，但之后的1个月内，该公司董事JIANG WEIMING、副总经理陈娴 相继因个人原因辞职。其中陈娴清空了间接持有的5万股衡美健康股份，而JIANG WEIMING则仍在衡美健康多家关联公司任职。 此外，2024年6月，衡美健康董事、副总经理杨鹏同样因个人原因辞职，并于当月解除了与实控人冯魏的一致行动关系。据了解，杨鹏个人更希望专注于市 场开拓、客户开发维护、销售团队建设等销售方面的工作，而董事、副总经理的职务在一定程度上影响了其销售主业的开展。 | 代码 | 874251 | 简称 | 衡美健康 | | --- | --- | --- | --- | | 公司全称 | 浙江衡美健康科技股份有限公司 | 受理日期 | 2 ...

Fixed Income - Economic pressure is expected to rise in the second half of the year, with a focus on the bond market as a favorable investment opportunity. The current economic recovery is influenced by price adjustments, and the "anti-involution" policy has become a priority. The overall CPI and PPI improvements were below expectations in July, indicating a potential shift in economic growth momentum and income distribution structure [2][7][10] - The 10Y government bond yield is projected to fluctuate between 1.6% and 1.8% in the second half of the year, with current yields around 1.75%, presenting a favorable price-performance ratio. The report suggests a bullish outlook on long-duration municipal and capital bonds, as well as specific bank perpetual bonds [10][14] Nutritional Functional Food Industry - The nutritional functional food market in China is rapidly developing, with a market size projected to grow from CNY 233.1 billion in 2024 to CNY 349.9 billion by 2029, representing a compound annual growth rate (CAGR) of 8.5%. The overall market for nutritional health foods is expected to reach CNY 522.3 billion in 2024 and CNY 720.3 billion by 2029, with a CAGR of 6.6% [16][17] - Key players in the nutritional functional food sector include Kangbiter (brand operator), Wuxi Jinghai (raw material supplier), and Hengmei Health (contract manufacturer), indicating a well-structured industry chain [17] Pharmaceutical Industry - The pharmaceutical index increased by 3.08%, outperforming the CSI 300 index by 0.7%. Companies such as Sino Medical, Innovation Medical, and Guangsheng Tang saw significant stock price increases, indicating a broadening market trend in the pharmaceutical sector [26][27] - The report highlights the potential of tri-antibody therapies in cancer immunotherapy, with specific attention on Shanghai Yizhong's YXC-001 and other combinations, suggesting a promising future for these treatments [28][29] Metals and New Materials - The rare earth market is experiencing price increases, particularly for praseodymium and neodymium oxides, driven by improved export volumes. The price of tungsten concentrate has also surpassed CNY 200,000 per ton due to supply constraints and rising demand [21][22] - The report notes that the controlled nuclear fusion industry is accelerating towards commercialization, with significant opportunities for upstream materials suppliers [24] Public Utilities and Environmental Protection - The demand for Solid Oxide Fuel Cells (SOFC) is expected to rise, particularly in data center applications, presenting opportunities for domestic companies to expand internationally. The report emphasizes the importance of companies that supply upstream equipment and materials for SOFC [20][21] - Shaan Energy's new project in Guangdong aims to integrate power generation and data center operations, which is expected to enhance the company's growth prospects in the context of increasing green energy demand [5][6]

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 08 月 18 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 营养功能食品市场快速发展，北交所相关标的分布于产业链上中游 ——北交所消费服务产业跟踪第二十七期（20250817） 投资要点： 联系人 我国营养功能食品行业产业链完整，正处于快速发展阶段。随着经济的稳健增长与 居民收入的持续提升，人们对健康生活的需求日益增长。与此同时，人口老龄化程 度的加速加深，以及亚健康问题的日益普遍，使得公众对健康生活的需求愈发迫切。 2024 年我国营养健康食品行业市场规模为 5,223 亿元，预计 2029 年或将达到 7,203 亿元，2024-2029 年度年均复合增长率预计或将达 6.6%。营养功能食品为营养健康 食品中的细分品类，2024 年我国营养功能食品行业市场规模为 2,331 亿元，预计 2029 年或将达到 3,499 亿元，2024-2029 年 ...