Core Viewpoint - Hubei Junyao Health Beverage Co., Ltd. responded to the Shanghai Stock Exchange's inquiry regarding its 2024 annual report, addressing concerns about trading financial assets, other receivables, and subsidiary equity acquisitions [1] Group 1: Trading Financial Assets - Junyao Health reported a year-end balance of trading financial assets of 155 million yuan, an increase of 84.27% year-on-year, with trust financial products accounting for 134 million yuan [2] - The trust plan "Aijian Win-Win - Shanghai Huade Accounts Receivable Debt Collection Fund Trust Plan" was established on July 28, 2023, with a term of 36 months and a maximum scale of 370 million yuan, raising 305.2 million yuan, with Junyao Health subscribing 130 million yuan at an annualized benchmark interest rate of 7.1% [2] Group 2: Other Receivables - The balance of other receivables at the end of the reporting period was 124 million yuan, with a bad debt provision of 16.16 million yuan [4] - The significant other receivables primarily stemmed from a partnership with Shengjiao Winery, which ended in December 2022, where Junyao Health is owed unconsumed prepayments [4] Group 3: Supply Chain Business - Junyao Health's supply chain business recognized sales revenue of 582 million yuan in 2024, down from 809 million yuan in the previous year [6] - The company engaged in transactions with Yihe (Shanghai) Supply Chain Management Co., Ltd., with procurement and sales amounts showing a downward trend [7] Group 4: Subsidiary Equity Acquisitions - During the reporting period, Junyao Health's subsidiary Meiri Boshi acquired three e-commerce companies, with the first two being established only 20 days prior to the acquisition [8] - The acquisitions aimed to quickly enter the online market and utilize existing e-commerce store qualifications to bypass platform review cycles, with the acquisitions being zero-cost [8]

Core Viewpoint - Junyao Health's stock has experienced a significant increase, with a cumulative rise of 33.23% over three consecutive trading days, despite the company's announcement that there have been no major changes in its main business operations [1][2]. Financial Performance - In Q1 of this year, Junyao Health reported a revenue increase of 1.41% year-on-year, but net profit decreased by 58.29% [1][3]. - For the year 2024, the company’s revenue was 1.458 billion yuan, a decline of 10.8%, and it recorded a net loss of 29.12 million yuan, a decrease of 150.6% year-on-year [3]. - The traditional beverage business has shown weak performance, contributing to the overall revenue decline, while the probiotic business has demonstrated strong growth, accounting for 54.3% of total revenue in 2024 [3]. E-commerce Growth - Junyao Health has seen explosive growth in its e-commerce channels, with sales increasing by 177.49% in 2024 and a staggering 1173.33% in Q1 of 2025 [4]. - The company has optimized its product layout and focused on market demand, enhancing its competitiveness in online channels [4]. International Market Performance - In 2024, Junyao Health achieved approximately 84.6 million yuan in revenue from overseas markets, reflecting a year-on-year growth of 24.54%, with Q1 of 2025 showing a significant increase of 77.43% [4]. Future Growth Drivers - The company aims to strengthen its beverage core business, expand probiotic health products, and increase raw material exports, leveraging its proprietary strain resources and production capacity [5][6].

均瑶健康战略调整，从三四线城市传统通路转向高线城市市场，并推出 系列新品，体现了公司在发酵工艺、菌株投入及线上平台运营经验的积 累，以及与外部团队的合作。 公司计划在全国各大系统推进更多新品，预计 6-7 月饮料旺季前完成铺 货，产品方向包括更美味的益生菌果汁、更高效能的功能化菌株饮品以 及冷链益生菌制剂，直接对标养乐多。 每日美梦已纳入均瑶健康业务，但新品由新运营团队负责，每日博士专 注于益生菌形态产品，并在二线城市铺货，未来更多线下销售将由每日 博士推进。 饮料产品线上销售主要用于测试，因运费和用户留存问题不适配，目前 产品已相对成熟，积累一定声量，因此选择进入线下渠道，预计今年跑 出一到两支成功新品。 美日系列健康饮品为常温产品，在 CBS 冷柜中冷藏销售，兼顾原有渠道 铺货需求，夏季冷藏口感更佳，公司计划拓展大型商超和零食量贩连锁 等渠道。 均瑶健康 20250528 摘要 Q&A 均瑶健康近期在罗森便利店投放了哪些新品？这些产品的方向是什么？未来是 否还有其他新品计划投放市场？ 均瑶健康近期在华东地区的罗森便利店投放了新款产品。这些产品代表了均瑶 健康业务发展的一个重要方向，首次在全国性的现代通路铺 ...

近日，均瑶健康发布投资者关系活动记录表。当中披露，关于"乳酸菌业务行业趋势判断？味动力常温乳酸菌经销商 拿货情况？"问题，均瑶健康表示，均瑶健康对乳酸菌业务的市场定位突破单一品类边界，将其纳入大健康饮品的整 体发展框架。以乳酸菌为主要成分的含乳饮料近年来在市场中呈现品类下滑趋势，核心原因在于该细分领域创新动能 不足，相较整个饮料行业（含乳饮料）的产品迭代速度存在差距。在此背景下，中国消费者在消费升级进程中对产品 功能与品质的需求愈发明确且持续进化，促使行业头部企业的公司加快研发创新节奏，这也是近期公司作为重点推进 的工作方向。目前，公司在产品端与研发端的投入尚未完全转化为销量增长。从销售表现看，2024年四季度乳酸菌业 务因春节礼品消费场景占比提升，经销商进货规模实现较好增长，推动全年业绩呈微增态势；但该增长受2024年双春 节的跨期因素影响显著。进入2025年一季度，由于无春节错期效应支撑，经销商渠道的乳酸菌产品进货量同比出现下 滑，反映出传统节庆驱动的短期销售波动特征。 针对"公司益生菌业务的国际化布局和海外市场拓展情况如何？头部客户的体量情况？正在谈判的大客户有哪些，进 度如何？"提问，均瑶健康指出，均 ...

2025年两会期间国家卫健委提出，要持续推进"体重管理年"计划，将全民健身和减肥推向新高度；这也 成为继去年16个部门联合制定印发了《"体重管理年"活动实施方案》后，再度明确以国家行为对减肥和 全民健身的官方定性。 而这句"国家喊你减肥"也拉开了一个或将突破万亿级的健康产业赛道，被称为"常温乳酸菌第一股"的均 瑶健康，能否在这样的时刻再攀高峰，也成为市场关心焦点。 随着其近日发布2024年报及2025一季报，答案终于揭晓——均瑶健康继续扩大在传统常温乳酸菌领域的 龙头优势，分别实现营业收入14.58亿元和4.01亿元，其中，2025年一季度益生菌食品业务收入提速 139.19%，并发起了参与国际益生菌市场竞争的全球化冲锋。 如今，伴随健康产业在政策红利下加速扩张，一个更具想象力的均瑶健康，正在向市场凸显其稳健而有 价值的特征。 均瑶健康基本盘稳固，开辟低温活性益生菌饮品 腰围控制、体重管理.....这些原本在专业健康领域提及的词汇，正成为全社会关注的健康议题；伴随着 国家"健康中国2030"战略的稳步推进，一个规模庞大的消费市场正在孕育和变革。 中商产业研究院预测，2025年中国大健康产业市场规模可达13.4 ...