2 0 2 5年6月2 4日，Th e Or d i n a r y「研度公式」召开了中国区的首场品牌发布会，同时也为今日 （ 7 月 11 日 ） 开 张 的 品 牌 天 猫 旗 舰 店 做 预 热 。 这 场 别 开 生 面 的 发 布 会 精 心 " 复 刻 " 了 Th e Or d i n a r y多伦多总部实验室场景，不仅成为品牌渠道创新拓展的标志性事件，更完成一场面向 中国市场的品牌内容系统讲述。 期间，Ni c o l a Kil n e r与资深科学传播专家J o s e p h Ba s h am共同接受了《FBe a u t y未来迹》的专 访，分享在"原料桶" "成分党鼻祖" "价格屠夫"的标签背后，品牌团队引以为傲的科学价值观以 及在中国做"护肤知识传播者"的新愿景。 6 1 8狂欢的余温犹在，当中国护肤市场陷入浓度比拼和促销内卷，Th e Or d i n a r y此时加码，不 仅以极致质价比助力雅诗兰黛集团中国进一步拓展版图，更大的意义在于，凭借独树一帜且富 有 诚 意 的 叙 事 逻 辑 ， 催 化 护 肤 市 场 从 营 销 竞 赛 回 归 科 学 本 质 ， 为 功 效 ...

Core Insights - Nicotinamide, an important member of the B-vitamin family, has diversified applications in the food, pharmaceutical, and cosmetic industries, driven by its nutritional enhancement and functional characteristics [1][15] - The market size of the nicotinamide industry in China is projected to reach approximately 2.535 billion yuan in 2024, with a year-on-year growth of 17.26% [1][15] - The industry is expected to benefit from the ongoing "Healthy China" strategy and the increasing consumer demand for functional products, indicating a broader development space in the future [1][15] Industry Overview - Nicotinamide, also known as niacinamide, is a white crystalline powder with a molecular weight of 122.125, primarily used in clinical settings for the prevention and treatment of various health issues [3] - The industry can be segmented into food-grade, cosmetic-grade, pharmaceutical-grade, and feed-grade nicotinamide, with varying concentrations available [3] Production Methods - Three main production methods for nicotinamide include oxidation of β-methylpyridine to niacin, dehydration of niacin with ammonium hydroxide, and a reaction involving niacin, boric acid, and ammonia [5][11] Applications and Benefits - Nicotinamide is recognized for its anti-acne, anti-inflammatory, whitening, and anti-aging properties, making it a popular ingredient in skincare products [7][8] - In the pharmaceutical sector, it is crucial for treating conditions related to niacin deficiency, while in cosmetics, it enhances skin barrier function and moisture retention [9][12] Industry Chain - The nicotinamide industry chain includes upstream raw material supply, midstream production and processing, and downstream applications in pharmaceuticals, cosmetics, and food [9] - Key raw materials include 3-cyanopyridine, niacin, ammonia, and solvents, with production methods involving chemical synthesis or fermentation [9] Market Dynamics - The global nicotinamide industry exhibits a tiered competitive landscape, with leading companies like Lonza, Vantiv, and Brother Technology dominating the market [17][19] - Brother Technology is identified as a leading domestic player, focusing on the production and sales of nicotinamide and niacin products across various sectors [19][21] Future Trends - The industry is shifting towards high-value products, with a focus on technological innovation and product upgrades to enhance purity and bioavailability [26][28] - The application of nicotinamide is expanding into new areas such as oral beauty products and functional foods, driven by consumer trends and interdisciplinary research [27][28]

证券研究报告 | 行业点评报告 2025 年 07 月 07 日 异丁醛、TDI 价格涨幅居前，建议关注 Q2 业绩环比有望高增的标的 招商化工行业周报 2025 年 7 月第 1 周 周期/化工 本报告阐述了基础化工板块一周行情走势、产品价格及价差变化、重点推荐子 行业及公司。 板块整体走势 7 月第 1 周化工板块（申万）上涨 0.80%，上证 A 指上涨 1.40%，板块落后 大盘 0.60 个百分点。涨幅排名前 5 的个股分别为：蓝丰生化（+16.97%）， 华西股份（+13.28%），丰元股份（+9.09%），东材科技（+7.49%），顾地 科技（+5.92%）；跌幅排名前 5 的个股分别为：鸿达兴业（-11.06%），*ST 榕泰（-8.92%），世龙实业（-8.62%），广信材料（-7.13%），中泰化学（-5.14%）。 此外，本周化工板块（申万）动态 PE 为 24.98 倍，低于 2015 年来的平均 PE 8.33%。 细分子行业走势 7 月第 1 周化工行业 24 个子行业上涨，7 个子行业下跌。上涨子行业前五是： 玻纤（+17%），复合肥（+3.2%），其他塑料制品（+3.08%）， ...

Core Viewpoint - The Guangdong Provincial Development and Reform Commission has issued an action plan to accelerate the high-quality development of the nuclear medicine industry from 2025 to 2030, aiming for significant improvements in innovation capabilities, key technology breakthroughs, and the establishment of a competitive nuclear medicine industry cluster by 2030 [1][3]. Industry Development - The nuclear medicine industry is experiencing unprecedented growth opportunities due to global aging populations, rising chronic disease rates, and continuous technological innovations [2]. - Recent favorable policies at both national and local levels are propelling the rapid development of the nuclear medicine industry in China, with a focus on enhancing innovation capabilities and expanding application fields [3]. Market Size - According to a report by Zhongyan Puhua Industry Research Institute, the global nuclear medicine market is expected to exceed $100 billion by 2025, with a compound annual growth rate of over 10%, potentially reaching over $200 billion by 2030 [4]. Company Developments - Companies in the nuclear medicine sector are actively advancing their positions, with Shanghai United Imaging Healthcare Co., Ltd. recently obtaining a patent for a scanning method for nuclear medicine devices [5]. - Qingdao Baiyang Pharmaceutical Co., Ltd. announced that its radiopharmaceutical, a first-class new drug in China, has successfully met key clinical trial endpoints, addressing significant challenges in tumor imaging diagnostics [5]. Challenges - The nuclear medicine field faces challenges due to high technical barriers and strict regulatory policies, requiring substantial investment in research and development to overcome technological bottlenecks [6]. - Market awareness of nuclear medicine products is relatively low, and the high costs associated with these technologies pose additional challenges for widespread adoption [6].

编辑丨王多鱼 排版丨水成文 在这项最新研究中，研究团队发现，NK 细胞中 赖氨酸乳酸化 （Kla） 修饰 水平的升高伴随着烟酰胺腺嘌呤二核苷酸 （NAD） 代谢受损、线粒体碎片化以及细 胞毒性作用降低。补充 烟酰胺核糖 （NR，NAD的前体） 和 和厚朴酚 （ honokiol ，一种 SIRT3 激活剂） 通过降低细胞内 Kla 水平增强了 NK 细胞的细胞毒性 杀伤作用。这一组合通过调节 Kla 对 蛋白激酶 ROCK1 的调控，从而抑制ROCK1 - DRP1 信号通路，防止线粒体碎裂，从而恢复 NK 细胞在体内和体外的抗白 血病活性。 自然杀伤细胞 （NK 细胞） 功能障碍，可能与肿瘤微环境中肿瘤来源的 乳酸 有关。乳酸诱导的 赖氨酸乳酸化 （Kla） 修饰 是一种蛋白质翻译后修饰，旨在增强 NK 细胞对 Kla 抵抗性的策略，可能会提高 NK 细胞的毒性杀伤作用。 2025 年 6 月 1 0 日，中国科学技术大学生命科学与医学部、免疫应答与免疫治疗全国重点实验室 王毅 课题组 、 魏海明 课题组及复旦大学人类表型组研究院 丁琛 课题组合作，在 Nature 子刊 Nature Immunology ...

Core Viewpoint - The whitening ingredient tranexamic acid is experiencing a resurgence in the skincare market, moving from a previously overlooked status to becoming a popular choice among brands and consumers [1][5][20]. Ingredient Trends - Traditional whitening ingredients like niacinamide, arbutin, and alpha hydroxy acids dominate the market, while tranexamic acid, once popularized by Shiseido, has seen a revival due to new research validating its efficacy [1][5]. - In Q1 2024, tranexamic acid entered the top 10 list of popular cosmetic ingredients, marking a significant increase from its previous ranking of 15 in the same period last year [5][6]. Market Growth - The number of registered products containing tranexamic acid has surged, with 918 new registrations in 2024 and a compound annual growth rate exceeding 80% over the past three years [6][8]. - By May 2025, over 3,000 products featuring tranexamic acid were registered, reflecting a year-on-year growth of over 100% [6][8]. Brand Strategies - Major brands are increasingly incorporating tranexamic acid into their product lines, with companies like OLAY and domestic brands like Proya launching new products featuring this ingredient [14][15]. - The competitive landscape in the whitening market is intensifying, with brands seeking innovative narratives to differentiate their offerings amid a saturated market [13][20]. Research and Development - Procter & Gamble's recent research highlights the mechanism by which tranexamic acid inhibits melanin production, providing a scientific basis for its use in whitening products [10][12]. - The study indicates that tranexamic acid can stabilize melanocytes, preventing excessive melanin transfer to skin cells, thus enhancing its whitening effects [12][13]. Consumer Engagement - The rise of "ingredient-focused" consumers has led to increased discussions about tranexamic acid on social media platforms, indicating growing consumer interest and awareness [17][18]. - However, the lack of a standout product in the market is seen as a barrier to tranexamic acid's widespread adoption, with brands needing to innovate to capture consumer attention [18][19]. Future Outlook - The potential for tranexamic acid to become a leading whitening ingredient hinges on overcoming challenges related to its skin absorption and stability [18][19]. - Innovations such as microneedling combined with tranexamic acid are being explored to enhance its efficacy and safety in topical applications [18][19]. - The cost of tranexamic acid remains a factor, with current prices significantly higher than those of established ingredients like niacinamide, which may limit its market penetration [19][20].

撰文丨王聪 编辑丨王多鱼 排版丨水成文 CAR-T 细胞疗法 是最有前景的癌症治疗方法之一。然而，不同的障碍限制了其应用和疗效。其中， 衰老 是否以及如何影响 CAR-T 细胞的治疗效果，在很大程度上尚不清楚。 2025 年 5 月 20 日，洛桑大学、日内瓦大学医院的研究人员在 Nature 子刊 Nature Cancer 上发表了题 为： Age-associated nicotinamide adenine dinucleotide decline drives CAR-T cell failure 的研究论 文。 该研究表明 ， 衰老 相关的 烟酰胺腺嘌呤二核苷酸 （NAD） 水平下降驱动了 CAR-T 细胞治疗失败，而 恢复 NAD 水平，可提高衰老的 CAR-T 细胞治疗效果，这一发现为 改善 CAR-T 细胞疗法提供了一种很 有前景的方法。 基于 CAR-T 细胞 的免疫治疗策略，目前是治疗癌症最有前景的方法之一。在决定 CAR-T 细胞疗法成功 响应的各项特征中，长期维持具有干细胞样特性的 T 细胞群是至关重要的。因此，CAR-T 细胞领域正在朝 着寻找有利于 CAR-T 输注产品中干细胞样 ...

撰文丨王聪 编辑丨王多鱼 排版丨水成文 COVID-19 仍是全球疾病负担的重头，即便在疫情后期，也造成了相当大的劳动生产力损失。呼吸系统症状往往与体能急剧下降以及无法进行正常活动相关联。 尽管由于疫苗接种和抗病毒治疗，总体死亡率已大幅降低，但目前仍迫切需要一种有效、广泛且能缓解症状的干预措施。 近日，Nature 子刊 Nature Metabolism 上发表了一篇题为 ： Nicotinamide modulates gut microbial metabolic potential and accelerates recovery in mild- to-moderate COVID-19 的研究论文。 该研究表明， 烟酰胺 （ Nicotinamide） 可加速轻度和中度 COVID-19 患者的身体功能康复，并调控 COVID-19 相关的肠道菌群变化。 烟 酰胺 （ Nicotinamide） 是生成氧化型 烟酰胺腺嘌呤二核苷酸 （NAD + ） 所必需的，而 NAD + 是细胞能量代谢中的关键辅酶。在病毒感染期间 （尤其是新 冠病毒感染期间） ，NAD + 的可用量会减少。NAD + 可以通过 ...

H&H 控股 20250520 摘要 • 全球膳食补充剂（VDS）市场稳健增长，2023 年规模达 1,324 亿美元， 年均增长率 4%-5%，中国市场增速显著高于全球水平，2010 年至 2023 年复合增长率达 8%-9%，市场潜力巨大。 • 中国保健品行业受益于老龄化和新消费趋势，线上渠道转型加速，疫情后 线上占比提升至 60%，电商龙头企业如 Swisse 受益明显，竞争格局面临 调整。 • H&H 控股已转型为以成人保健为主导的保健品公司，Swisse 品牌线上渠 道收入占比超 90%，在线上市场占据领先地位，市占率稳定在 7%-8%。 • H&H 控股通过品牌矩阵延展，推出面向青少年、幼童和宠物的新品牌，如 Swisse Me、Little Swisse 和 Plus，以满足不同消费群体的需求，实现 业务多元化。 • H&H 控股积极拓展口服美容系列产品，如超光瓶、抗糖丸、烟酰胺片等， 高毛利产品有望推动盈利能力提升，并积极进行海外市场开拓，尤其是在 东南亚市场。 Q&A 保健食品具有三点定义：第一，调节机体功能；第二，不以治疗疾病为目的； 第三，对人体不会产生任何急性、亚急性或慢性伤害。因此， ...

每经记者｜赵李南 每经编辑｜魏官红 "从2011年上市到现在，对于市值管理，说实在话，我的初心很简单，把企业做好，扎扎实实做好。你有好的产品、好的市场，获得好的利润回报，回报股 东、回报社会、回报员工，我认为（这就是）最好的市值管理。"金达威董事长江斌说道。 2024年和今年一季度，金达威（002626.SZ，股价19.18元，市值116.99亿元）分别实现归母净利润约3.4亿元和1.2亿元，同比增长约23.6%和72%。 江斌解释称，一季度之所以能够取得这样的业绩，最主要的因素源于企业规模效应及管理效率的提升。 2025年一季度，金达威的整体销售毛利率约41.7%。2024年，金达威的维生素A、辅酶Q10和营养保健品的毛利率分别达到了32.8%、48.2%和35.2%。 "传统的鱼油市场本身已达百万吨级规模，但通过微藻生物制造的藻油（EPA/DHA）Omega-3，成本有望比鱼油（EPA/DHA）Omega-3更低，这个市场容量 非常巨大，以百万吨级来计。藻油有几个优势，一是可再生，只需要有钱投发酵罐；二是通过微藻异养无溶剂提纯，属植物源性产品，避免了海鲜过敏问 题；三是绿色环保，不涉及海洋资源过度捕捞和重 ...