以下文章来源于快消 ，作者不浪费读者时间的 快消 . 快消行业核心圈层聚集地，有价值，有温度，有洞见，不浪费读者时间。 突然合并 根据这封内部邮件，恒天然大中华区将合并消费品牌部和餐饮服务部，组建一个统一的团队。至于，为什么合并？邮件列出了几个 关键原因： 作者 丨木木 编审丨枳子 刚刚，恒天然大中华区通过一封内部邮件宣布，将把安佳消费品团队与专业餐饮（AFP）团队合二为一。 这一"操作"的背后，隐藏 着恒天然对中国市场的思考，也反映出我国乳制品行业新一轮的暗流涌动。当然，此举对恒天然中国团队士气和人员稳定也会带来 一定程度的影响。 首先是品牌策略考虑。 去年11月起，恒天然集团宣布启动全球消费品牌业务的剥离计划，准备将包括安佳（Anchor）在内的消费品板块打包出售或上市。 这一消息曾让中国团队忧心忡忡：万一消费品业务被剥离出去，"安佳专业餐饮"（AFP）还留在恒天然体系内，同样叫"安佳"，岂不 让消费者和客户一头雾水？ 换句话说，如果安佳品牌一分为二，一个卖给消费者、一个服务餐饮客户，品牌混淆难以避免。与其如此，不如干脆在中国"不拆 了"——安佳在中国仍由恒天然掌控。 然后是渠道高度重叠。 咨询公司贝恩（ ...

在2024财年，恒天然原料业务营收35.98亿新西兰元（约合人民币153.38亿元），税后利润为1.28亿新西 兰元（约合人民币5.46亿元）；餐饮服务业务营收23.77亿新西兰元（约合人民币101.33亿元），税后利 润为2.99亿新西兰元（约合人民币12.75亿元）；消费品业务营收3.94亿新西兰元（约合人民币16.8亿 元），税后利润为亏损1500万新西兰元（约合人民币6394.5万元）。 从此种结构来看，餐饮业务堪称恒天然的利润奶牛。 21世纪经济报道记者贺泓源、实习生李晴 报道 恒天然大中华区正在进行一轮调整。 据媒体报道，2025年7月16日，恒天然大中华区宣布，将消费品牌团队与餐饮服务团队进行合并。该公 司表示，此举旨在优化业务运营，并推动更大的协同效应。 在中国市场，恒天然餐饮服务业务通过"安佳专业餐饮"品牌供应超高温灭菌奶油、奶油奶酪、黄油和奶 酪等产品；消费品牌业务旗下则拥有安佳、安怡、安满等知名乳制品品牌。 从业务规模来看，恒天然餐饮服务业务远高于消费品牌业务。 "奶酪原料和设备的国产化，把国产奶酪的成本打下来了。餐饮是目前奶酪行业最大的市场，国产品牌 空间很大。"有国产奶酪品牌创始人对 ...

剥离消费品业务的背后，或是恒天然业绩下滑的焦虑。恒天然在大中华区的业务由三大板块支撑，原 料、餐饮服务和消费品。2024财年，原料业务收入为35.98亿新西兰元，税后利润为1.28亿新西兰元；餐 饮服务业务收入为23.77亿新西兰元，税后利润为2.99亿新西兰元；消费品业务收入为3.94亿新西兰元， 税后利润为亏损1500万新西兰元。显然消费品业务的表现不佳。 2024年5月，恒天然宣布计划剥离消费品业务，转型成为专注B2B（企业对企业）业务的乳制品供应 商，试图通过高绩效的原料和餐饮服务业务，进一步增加自身价值。在宣布这一全球计划时，恒天然特 别明确将"保留大中华区的消费品业务"，体现了对中国市场的特殊对待。 对于恒天然将两大业务合并，高级乳业分析师宋亮表示，"整合是必然的，因为现在（消费品业务）亏 损，必须得调整。但恒天然在国内ToC的业务做得不太好，也不好出售，所以通过把不同的业务单位进 行整合，以达到降本增效的目的"。 7月17日，北京商报记者获悉，恒天然大中华区通过一封内部邮件宣布，将把安佳消费品团队与专业餐 饮（AFP）团队合二为一，而并非此前宣布的对全球消费品业务采取双轨剥离。此举背后或是恒天然 ...

7月17日，北京商报记者获悉，恒天然大中华区通过一封内部邮件宣布，将把安佳消费品团队与专业餐饮（AFP）团队合二为一，而并非此前宣布的对全球 消费品业务采取双轨剥离。此举背后或是恒天然在业绩下滑压力下，寻求降本增效的一种新尝试。去年，恒天然大中华区收入同比下降约9.94%。其中餐饮 服务业务收入23.77亿新西兰元，消费品业务收入3.94亿新西兰元，但消费品业务出现亏损。如何分配资源、磨合团队、应对对手，或是恒天然业务合并后需 面临的三重考验。 业绩下滑压力 2024年5月，恒天然宣布计划剥离消费品业务，转型成为专注B2B（企业对企业）业务的乳制品供应商，试图通过高绩效的原料和餐饮服务业务，进一步增 加自身价值。此次剥离的消费品业务涉及Anchor（安佳）、Mainland、Kāpiti、Anlene（安怡）、Anmum（安满）、Fernleaf、Western Star、Perfect Italiano 等多个品牌。此外，恒天然还将出售大洋洲和斯里兰卡业务。 在宣布这一全球计划时，恒天然特别明确将"保留大中华区的消费品业务"，体现了对中国市场的特殊对待。今年7月16日，恒天然在一则员工信中进行了解 释：一是 ...

Group 1 - The core viewpoint of the articles highlights the financial performance and market position of Shenzhou Cell, which has a high PE ratio compared to its industry peers, indicating potential overvaluation [1][2] - As of July 9, Shenzhou Cell's stock closed at 77.0 yuan, down 2.74%, with a rolling PE ratio of 337.77 times and a total market capitalization of 34.291 billion yuan [1] - The average PE ratio for the biopharmaceutical industry is 74.16 times, with a median of 44.75 times, positioning Shenzhou Cell at the 73rd rank within the industry [1][2] Group 2 - As of the first quarter of 2025, 13 institutions hold shares in Shenzhou Cell, with a total of 331.2791 million shares valued at 13.496 billion yuan [1] - The company specializes in the research and commercialization of biopharmaceutical products for various diseases, including cancer and autoimmune diseases, with key products such as SCT800 and SCT400 [1] - In the latest financial report for Q1 2025, Shenzhou Cell reported revenue of 520 million yuan, a year-on-year decrease of 15.15%, and a net profit of 63.7678 million yuan, down 14.06%, with a gross margin of 94.88% [1]

Core Insights - The establishment of the Sci-Tech Innovation Board (STAR Market) has enabled 20 innovative biopharmaceutical companies to list under the fifth set of listing standards, reshaping China's biopharmaceutical landscape [1] - The China Securities Regulatory Commission (CSRC) has introduced measures to enhance the STAR Market's support for high-growth, unprofitable tech companies, emphasizing the importance of "hard technology" [1][3] - The fifth set of listing standards allows unprofitable innovative companies to raise funds, breaking traditional capital market constraints and facilitating financing for R&D-focused firms [1][2] Industry Developments - Since its inception, the STAR Market has seen 20 innovative biopharmaceutical companies adopt the fifth set of listing standards, with significant fundraising efforts directed towards advanced technologies such as antibody drugs and ADCs [1] - In 2024, these 20 companies collectively achieved revenue of 14.21 billion yuan, a year-on-year increase of 44.17%, with several companies projected to exceed 1 billion yuan in revenue soon [1] - Companies like Dizhe Pharmaceutical have reported substantial revenue growth, with a 294.24% increase to 360 million yuan, driven by innovative drug development [2] Company Performance - Companies such as Junshi Biosciences have successfully raised over 8 billion yuan through the STAR Market, significantly advancing their clinical projects and R&D initiatives [2][3] - Ailis, which listed under the fifth set of standards, achieved commercialization of its core product within 2 years and 5 months, demonstrating the effectiveness of the STAR Market in supporting innovative firms [3] - ShenZhou Cell has transitioned from having no products or revenue at the time of listing to achieving 2.51 billion yuan in revenue, marking a successful turnaround [5] Innovation Ecosystem - The STAR Market has fostered an innovation-driven ecosystem, enhancing the flow of resources and increasing recognition of innovative technologies within the capital market [3][4] - Companies are increasingly focusing their resources on R&D, maintaining high levels of investment intensity, and establishing a virtuous cycle of research and development [6] - The introduction of the STAR Market has led to a fundamental shift in the development logic of listed companies, prioritizing quality over scale and fostering collaborative ecosystems [6]

Core Viewpoint - The rapid decline of A-share innovative drug concept stocks, particularly Shuyou Shen, is driven by market speculation on its pipeline rather than its existing products, which are experiencing declining sales [1][2]. Company Overview - Shuyou Shen's stock price fell by 8.33% to 35.75 yuan, despite reaching a historical high of 43.15 yuan earlier [1]. - The company has seen over a 500% increase in stock price from a low of 5.90 yuan, leading to a market capitalization of approximately 170 billion yuan [1]. - The main revenue sources are two older drugs, with the injection of mouse nerve growth factor (Sutai Sheng) accounting for 41.21% of revenue, which saw a 17.30% year-on-year decline [1][2]. - The second drug, a compound polyethylene glycol electrolyte powder (Shutai Qing), holds a leading market share in bowel preparation but experienced an 8.20% revenue decline, contributing 55.16% to total revenue [2]. Research Pipeline - Shuyou Shen has 15 research pipelines, with the most advanced being a monoclonal antibody (BDB-001) and two protein drugs: STSP-0601 and a new indication for Sutai Sheng [2][4]. - Recent clinical trial results for STSP-0601 showed an effective hemostatic rate of 81.94% for hemophilia A or B patients, significantly exceeding the target value [4]. - The company has reported three new drug progress announcements this year, indicating ongoing development in its pipeline [4]. Market Potential - The global market for hemophilia treatments is estimated at 27.7 billion yuan, with Shuyou Shen's STSP-0601 potentially reaching over 2 billion yuan in domestic sales [6]. - The company identifies a clinical need for effective and affordable treatments for hemophilia patients with inhibitors, as existing options have significant limitations [6]. - The patient population for hemophilia in China is substantial, with over 40,000 cases registered, although those with inhibitors are a smaller subset [6].

Group 1 - Shanghai ChaoSilicon Semiconductor Co., Ltd. has had its IPO application accepted by the Shanghai Stock Exchange, despite being in a loss position until the end of 2024, exemplifying the trend of unprofitable tech companies being listed on the Sci-Tech Innovation Board [1] - The implementation of the "Eight Measures for Deepening the Reform of the Sci-Tech Innovation Board" has led to a significant increase in the overall technological innovation capability and market activity of listed companies on the Sci-Tech Innovation Board [1][2] - The capital market is increasingly embracing hard technology companies, as evidenced by the acceptance of multiple IPO applications from unprofitable firms in the semiconductor and biomedicine sectors [2][3] Group 2 - The global consensus is shifting from "profit worship" to "innovation value," emphasizing the importance of reinvesting profits into research and development rather than focusing solely on financial statements [3] - The successful listing of unprofitable tech companies is expected to create a strong demonstration effect and attract more innovative resources to the hard technology sector, aiding in the advancement of strategic emerging industries [3][4] - Since the establishment of the Sci-Tech Innovation Board, 54 companies have gone public while unprofitable, primarily in the new generation information technology and biomedicine sectors, with a total market value of approximately 1.43 trillion yuan [5] Group 3 - Companies like Beijing Shenzhou Cell Biology Technology Group and Shanghai MicroPort EP MedTech have successfully turned profitable after significant R&D investments, showcasing the potential for growth in the hard technology sector [6] - Regulatory bodies in China are enhancing the inclusivity of the capital market to better support tech companies, with plans to improve listing and investment systems [7] - The capital market's recognition of the "innovation time difference" allows for a system that values long-term innovation, which is crucial for driving high-quality economic development in China [7]

未盈利企业科创板IPO申请再增一单！ 6月13日，上交所官网显示，被业界称为"半导体'独角兽'"的上海超硅半导体股份有限公司（以下简称"上海超硅"）科创板IPO申请获上交所受理。这是"科创板八 条"发布后，又一家未盈利企业科创板IPO申请获受理。 6年实践检验 创新底色转化为现实生产力 去年6月，证监会发布的《关于深化科创板改革 服务科技创新和新质生产力发展的八条措施》（简称"科创板八条"）明确提出，进一步完善科技型企业精准识别机 制，支持优质未盈利科技型企业在科创板上市。一年来，上交所坚持稳中求进、综合施策，目标导向、问题导向，尊重规律、守正创新的原则，严把"硬科技"入口 关，积极推进优质未盈利企业在科创板发行上市。 未盈利企业科创板IPO申请陆续获受理 上海超硅是国内最早从事集成电路大尺寸硅片的企业之一，是国家级高新技术企业，曾获评专精特新"小巨人"企业、知识产权优势企业，还曾入选2024全球独角兽 榜。 根据招股书申报稿，上海超硅拟融资49.65亿元，拟投向集成电路用300毫米薄层硅外延片扩产项目和高端半导体硅材料研发项目等。 截至2024年底，上海超硅仍处于亏损状态。事实上，"科创板八条"发布以来，已 ...

Core Viewpoint - The acceptance of Shanghai Super Silicon's IPO application on the Sci-Tech Innovation Board marks a significant step in embracing unprofitable technology companies, reflecting the capital market's commitment to supporting hard technology enterprises and new productive forces [1][2]. Group 1: Company Overview - Shanghai Super Silicon is one of the earliest companies in China engaged in large-size silicon wafers for integrated circuits and is recognized as a national high-tech enterprise [2]. - The company plans to raise 4.965 billion yuan for projects related to the production of 300mm thin silicon epitaxial wafers and high-end semiconductor silicon material research and development [2]. - As of the end of 2024, Shanghai Super Silicon is still in a loss-making state [2]. Group 2: Industry Context - Since the introduction of the "Sci-Tech Innovation Board Eight Measures," three unprofitable companies have had their IPO applications accepted by the Shanghai Stock Exchange [2]. - The acceptance of Shanghai Super Silicon's IPO application indicates a broader trend of the capital market welcoming hard technology enterprises, with ten other unprofitable companies currently undergoing IPO reviews [2][8]. - The Sci-Tech Innovation Board has seen a total of 54 companies go public while unprofitable, primarily in the new generation information technology and biopharmaceutical sectors [5][6]. Group 3: Policy Support - The "Sci-Tech Innovation Board Eight Measures" aims to enhance the identification mechanism for technology companies and support high-quality unprofitable tech firms in going public [1][8]. - Recent policies have been implemented to provide a more inclusive environment for unprofitable companies, signaling a commitment to fostering innovation and technological advancement [8][9]. - The China Securities Regulatory Commission emphasizes the need for effective market mechanisms combined with proactive government support to facilitate the listing of quality unprofitable tech companies [9][10].