以下文章来源于精练GymSquare ，作者Gavin 精练GymSquare . 而回到原点，什么是功能性食品，切中了人类食品需求进化的哪些需求， 以及这未来的健康食品机会，是本文想尝试理清楚的点。 作者 ： G a v i n 来源： 精练G y m Sq u a r e， G y m Sq u a r e是一个原创精品健身内容平台，文章已 授权转载 以下万字长文，尝试对上述问题展开讨论： 什么是功能性食品 功能性食品内涵泛化，「面子」与「里子」双重创新，满足用户个性化需求，与「日常餐饮」概念相对。 传统意义上的功能性食品，其实就是我们日常所说的「保健品食品」 ——具有特定营养保健功能，适宜于特定人群食用，具有调节肌体功 能，且不以治疗为目的。从法律法规上说，其必须符合四点要求： 精练GYMSQUARE是中国领先的健身和运动生活方式产业服务品牌。通过深度和前沿的行业洞察，服务中国健身和健康新经济，持续聚焦大健身产业、教 练职业和用户运动趋势。我们强调原创与价值创造：与精益练习者，建造自由运动广场。 这是新消费智库第 2 7 1 0 期文章 新消费导读 在新消费的浪潮中，功能性食品是当中的品类创新热门赛道。 ...

Core Viewpoint - Beyond Meat's stock price increased over 23% to $2.22 after a significant drop of 23.06% the previous Friday, despite ongoing challenges in demand for plant-based products [1] Financial Performance - The company expects third-quarter revenue of approximately $70 million, slightly above analyst expectations, but a 13% decline compared to the same period last year [1] - Gross margin for the quarter is projected to be between 10% and 11%, which includes a $1.7 million expense due to the suspension of most operations in China [1] - Operating expenses are anticipated to be in the range of $41 million to $43 million, with about $2 million classified as non-recurring expenses covering legal fees, retention plan costs, and lease termination fees [1] Analyst Commentary - BTIG analyst Peter Saleh noted that the persistently low gross margins and high operating expenses hinder profitability potential [1] - Saleh maintains a neutral stance, citing a lack of signs of sales trend recovery and concerns over the company's sustainable financial condition, with cash consumption potentially worse than last year [1] - The recent completion of convertible bond financing has led to significant equity dilution, indicating a challenging financing environment for the company [1]

Core Viewpoint - Beyond Meat's stock price increased over 23% after a significant drop of 23.06% the previous week, despite ongoing challenges in demand for plant-based products [1] Financial Performance - The company expects third-quarter revenue to be approximately $70 million, slightly above analyst expectations and in line with previous guidance, but represents a 13% decline compared to the same period last year [1] - Gross margin for the quarter is projected to be between 10% and 11%, which includes a $1.7 million expense due to the suspension of most operations in China [1] - Operating expenses are anticipated to be in the range of $41 million to $43 million, with about $2 million classified as non-recurring expenses covering legal fees, retention plan costs, and lease termination fees [1] Analyst Commentary - BTIG analyst Peter Saleh noted that the persistently low gross margins and high operating expenses hinder profitability potential [1] - Saleh maintains a neutral stance, citing a lack of signs of sales trend recovery and concerns over the company's sustainable financial condition, with cash consumption potentially worse than the previous year [1] - The recent completion of convertible bond financing has led to significant equity dilution, indicating a challenging financing environment for the company [1]

Core Viewpoint - Beyond Meat has become a focal point in the meme stock arena following its preliminary Q3 earnings report, which revealed a projected revenue decline and ongoing challenges in demand for plant-based products [1][2] Financial Performance - The company expects Q3 revenue to be approximately $70 million, slightly above analyst expectations but a 13% decline compared to the same period last year, indicating weak demand for its products [1] - Gross margin is projected to be between 10% and 11%, which includes a $1.7 million expense due to the suspension of most operations in China [1] - Operating expenses are anticipated to be in the range of $41 million to $43 million, with about $2 million classified as non-recurring expenses related to legal fees, retention plan costs, and lease termination fees [1] Analyst Insights - BTIG analyst Peter Saleh noted that the persistently low gross margins and high operating expenses hinder profitability, maintaining a neutral stance on the stock due to a lack of signs of sales recovery [1] - Saleh highlighted that despite the company's strong brand recognition and increasing consumer acceptance of plant-based proteins, declining sales, weak demand in the U.S. market, deteriorating financial conditions, and potential funding needs offset these advantages [1][2] Market Outlook - Saleh warned that while the company has expanded its restaurant partnerships, few products have become permanent menu items, and restaurants remain hesitant about large-scale or sustained supply of plant-based meats [2] - Given the weak sales growth outlook, increased competition, existing cash burn issues, and uncertainties surrounding additional financing, BTIG has assigned a "neutral" rating to the stock [2]

Group 1 - The core viewpoint of the news is that Panda Dairy's financial performance in the first half of the year has declined, with revenue and net profit both showing negative growth due to various factors including trade business impact and rising raw material costs [1][3][4] - Panda Dairy reported a revenue of approximately 353 million yuan, a year-on-year decrease of 2.16%, and a net profit attributable to shareholders of approximately 41.34 million yuan, down 12.76% year-on-year [1][4] - The company indicated that excluding trade business, revenue actually grew by 11% year-on-year, highlighting the impact of trade on overall performance [1][3] Group 2 - The company faces significant competition in the concentrated dairy product sector from leading brands like Yili, Mengniu, and Feihe, which leverage their upstream milk source advantages and scale effects [3][5] - Panda Dairy's coconut product business saw a revenue increase of 97% year-on-year, reaching 36.81 million yuan, primarily due to the resumption of supply to major clients [3][4] - Despite the revenue growth in the coconut segment, the gross margin was negative at -4.93%, a year-on-year decline of 29.72%, indicating ongoing pressure from rising raw material prices [3][4] Group 3 - The company has been attempting to diversify its product lines since 2021, including cheese, cream, and plant-based products, but these new lines remain small compared to leading brands [4] - Panda Dairy's reliance on concentrated dairy products accounts for 68.7% of its revenue, and the ongoing price war in the ready-to-drink tea market has led to a noticeable reduction in order volume [4][5] - The company reported a net cash flow from operating activities of -27 million yuan, a significant decline from 65 million yuan in the same period last year, indicating weakened cash recovery ability [4][5]

Core Viewpoint - Jiahe Foods Industrial Co., Ltd. reported a significant decline in net profit and total profit for the first half of 2025, attributed to rising raw material costs and increased marketing expenses, despite a 10.43% increase in revenue compared to the same period last year [2][3][4]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 1.185 billion RMB, a 10.43% increase from 1.073 billion RMB in the same period last year [2]. - Total profit decreased by 82.58% to approximately 15.44 million RMB from 88.67 million RMB year-on-year [2]. - Net profit attributable to shareholders dropped by 82.10% to approximately 12.43 million RMB from 69.44 million RMB [2]. - The net cash flow from operating activities was negative at approximately -31.02 million RMB, a decline of 142.30% compared to the previous year [2]. - The company's net assets increased by 32.30% to approximately 2.85 billion RMB from 2.16 billion RMB at the end of the previous year [2]. Industry and Main Business Situation - The company operates in the powder oil, coffee, plant-based, syrup, and other product sectors, focusing on research, production, and sales [4]. - The plant-based market in China is expected to grow significantly, with a projected annual growth rate of over 20% in the coming years, driven by increasing health consciousness among consumers [9][10]. - The coffee market in China is experiencing rapid growth, with the market size expected to reach approximately 191.7 billion RMB in 2024, reflecting a 25% year-on-year increase [8][14]. - The syrup market is also expanding, with the global flavor syrup market projected to grow from approximately 32.44 billion RMB in 2023 to 39.38 billion RMB by 2029 [16]. Business Development and Strategy - The company is focusing on enhancing brand awareness and expanding online marketing and new retail channels, participating in various industry exhibitions to increase product exposure [19][20]. - The company is actively developing new products across coffee, plant-based, and innovative food categories to maintain competitive advantages and meet evolving consumer demands [21][22]. - The company is expanding its production capacity for coffee products to meet growing market demand, with plans to increase annual production capacity significantly [23][24].

Core Insights - The company is focusing on both online and offline channels for its coffee business, with a greater emphasis on brand investment online while utilizing distributors for offline sales [1] - The company identifies several growth strategies for profitability, including expanding into Southeast Asia, addressing the decline in powdered oil revenue, diversifying product offerings, and improving marketing efficiency for consumer products [1] - The increase in sales expenses for 2024 and Q1 2025 is attributed to enhanced C-end promotion efforts, particularly through social media and traditional e-commerce platforms [2] Group 1 - The coffee business encompasses both online and offline channels, with a stronger focus on brand development online and leveraging distributors for offline sales [1] - The company is actively pursuing growth in the Southeast Asian market, particularly in powdered oils, coffee, and plant-based products [1] - The company has established a diversified product structure that includes coffee, plant-based products, syrups, and innovative foods, contributing significantly to revenue [1] Group 2 - The increase in sales expenses is primarily due to intensified C-end marketing efforts, especially through platforms like Douyin and Kuaishou [2] - The company aims to control overall expense ratios to mitigate the impact on profits while continuing to invest in C-end business expansion [2]