随着消费者对低糖、无添加、功能性产品偏好的增强，高糖的乳酸菌饮品开始被抛弃，味动力也不例 外。 再加上这一赛道的竞争愈发激烈，这个以满足需求缺口取胜的饮品企业，逐渐暴露出自身竞争力薄弱的 问题。 今年8月，均瑶健康发布2025年半年报。报告显示，今年上半年，均瑶健康实现营业收入7.66亿元，同 比增长1.38%；实现归母净利润746.61万元，同比下降78.52%。 在饮品赛道， 均瑶健康 绝对是最会抓风口和最具前瞻性的企业之一。 20世纪，均瑶健康在"一杯牛奶强壮一个民族"的号召下应声成立，一度靠政策红利和张学友口中的"因 为有爱，健康常在"的广告语，进入到了千家万户。 进入21世纪，目光毒辣的均瑶健康又开启大胆转型模式。 当其他饮品企业还在将精力集中在如何改善口味之际，均瑶健康已经于2004年砍掉纯牛奶业务，杀入带 有健康标签的乳酸菌细分市场。 2011年成功研发出常温乳酸菌后，这家饮品企业推出了自己的大爆品"味动力"。 从2014年到2021年，均瑶健康旗下的味动力产品累计销售50亿瓶，直接把自己卖成了上市公司，成 为"常温乳酸菌第一股"。彼时，其他饮品企业才刚开始关注消费者的健康需求。 但这也为均瑶健 ...

Group 1 - The company, Junyao Health, expects a significant decrease in net profit for the first half of 2025, projecting a range of 5.97 million to 8.96 million yuan, down from 34.76 million yuan in the same period last year, representing a decline of 74.23% to 82.82% [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, is expected to be between 1.36 million and 2.03 million yuan, a decrease from 29.88 million yuan year-on-year, reflecting a drop of 93.19% to 95.46% [1] - The decline in performance is attributed to three main factors: a challenging consumption environment affecting traditional yogurt business, increased sales and marketing expenses due to business restructuring, and higher R&D investments [1] Group 2 - In 2024, Junyao Health reported total revenue of 1.458 billion yuan, a year-on-year decrease of 10.77%, and a net loss attributable to shareholders of 29.12 million yuan, marking a shift from profit to loss [3] - The net cash flow from operating activities was 32.65 million yuan, down 61.95% compared to the previous year [3] - The company specializes in the research, production, and sales of probiotic health foods and room-temperature yogurt drinks, with key products including classic yogurt, active probiotic drinks, and functional yogurt beverages [4]

Core Viewpoint - Junyao Health is expanding its probiotic functional dairy beverage products into major retail channels, indicating a significant growth trajectory in the probiotic market, supported by strong revenue growth and innovative product offerings [1][3][4]. Group 1: Product Launch and Market Expansion - Junyao Health's probiotic drinks, including "Daily Dream" and "Daily Brightness," have launched in 2,700 Lawson convenience stores and 70 Ole supermarkets in East China, emphasizing a "scene-based functional probiotic" concept [1]. - The company reported a 139.19% year-on-year revenue growth in its probiotic segment for Q1 2025, with overseas market growth at 77.43%, highlighting the importance of channel upgrades [1][7]. - The introduction of innovative products like AKKBG-001™ and OralBubble™ during major health exhibitions showcases Junyao's commitment to product innovation [1][2]. Group 2: Industry Position and Competitive Landscape - Junyao Health has established a comprehensive "R&D-production-sales" integrated chain in the probiotic industry, creating a significant technological barrier [2][4]. - The company is recognized as a leader in the probiotic sector, with over 40,000 proprietary probiotic strains and collaborations with top universities to enhance product competitiveness [2][4]. - The rapid growth of the probiotic market in China, projected to reach nearly 200 billion yuan by 2028, has attracted over 4,600 related enterprises, intensifying competition [3][4]. Group 3: Channel Development and E-commerce Growth - Junyao Health is expanding its distribution channels, including partnerships with e-commerce platforms like Pinduoduo and strategic agreements with major clients [5][6]. - The company's e-commerce revenue surged by 1173.33% year-on-year in Q1 2025, reflecting the growing importance of online sales in the health product sector [5][6]. - The integration of a supply chain model that connects raw materials, products, and channels is a key factor in Junyao's market positioning [5][6]. Group 4: International Market and Future Outlook - Junyao Health's international business achieved approximately 84.6 million yuan in revenue in 2024, with a 24.54% year-on-year increase, and a 77.43% growth in Q1 2025 [7][8]. - The company is recognized as the largest exporter of probiotics in China, with products sold in over 80 countries, establishing a strong global presence [7][8]. - With ongoing support from policies and a focus on health consumption upgrades, Junyao Health is positioned for sustained growth and market expansion [8].