Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - NAD+ is a crucial coenzyme involved in fundamental life processes, with its levels declining during aging, leading to increased interest in NAD+ supplements like NMN and NR for anti-aging solutions [2][4][5] - The NAD+ market is driven by the growing demand for anti-aging products, with significant players like Swisse, H&H International, and Goldenway actively participating in the sector [7][27] - Regulatory environments vary across regions, with the U.S. showing signs of loosening regulations, while China maintains strict approval processes for NAD+ related supplements [6][26] Summary by Sections NAD+ as an Important Coenzyme - NAD+ is present in all active cells and plays a role in metabolism, energy synthesis, and DNA repair [4][17] - The decline of NAD+ levels is linked to aging, making its supplementation a key focus in the health product industry [5][20] Regulatory Environment - In the U.S., there are indications of potential regulatory easing for NAD+ supplements, particularly NMN, while NR remains stable in the market [6][26] - The EU is cautiously opening up, with NR approved as a "novel food" and NMN undergoing safety assessments [6][26] - China has the strictest regulations, with no local production allowed for NMN and NR due to ongoing debates regarding their clinical efficacy [6][26] Market Players and Product Development - Key companies like Goldenway are expected to produce around 500 tons of NMN by 2025, while Swisse and other brands are launching related products [7][27] - The industry is witnessing a shift towards the commercialization of NAD+ precursors, with NR and NMN leading the way in research and product availability [5][24]