Core Viewpoint - Junyao Health is expanding its probiotic functional dairy beverage products into major retail channels, indicating a significant growth trajectory in the probiotic market, supported by strong revenue growth and innovative product offerings [1][3][4]. Group 1: Product Launch and Market Expansion - Junyao Health's probiotic drinks, including "Daily Dream" and "Daily Brightness," have launched in 2,700 Lawson convenience stores and 70 Ole supermarkets in East China, emphasizing a "scene-based functional probiotic" concept [1]. - The company reported a 139.19% year-on-year revenue growth in its probiotic segment for Q1 2025, with overseas market growth at 77.43%, highlighting the importance of channel upgrades [1][7]. - The introduction of innovative products like AKKBG-001™ and OralBubble™ during major health exhibitions showcases Junyao's commitment to product innovation [1][2]. Group 2: Industry Position and Competitive Landscape - Junyao Health has established a comprehensive "R&D-production-sales" integrated chain in the probiotic industry, creating a significant technological barrier [2][4]. - The company is recognized as a leader in the probiotic sector, with over 40,000 proprietary probiotic strains and collaborations with top universities to enhance product competitiveness [2][4]. - The rapid growth of the probiotic market in China, projected to reach nearly 200 billion yuan by 2028, has attracted over 4,600 related enterprises, intensifying competition [3][4]. Group 3: Channel Development and E-commerce Growth - Junyao Health is expanding its distribution channels, including partnerships with e-commerce platforms like Pinduoduo and strategic agreements with major clients [5][6]. - The company's e-commerce revenue surged by 1173.33% year-on-year in Q1 2025, reflecting the growing importance of online sales in the health product sector [5][6]. - The integration of a supply chain model that connects raw materials, products, and channels is a key factor in Junyao's market positioning [5][6]. Group 4: International Market and Future Outlook - Junyao Health's international business achieved approximately 84.6 million yuan in revenue in 2024, with a 24.54% year-on-year increase, and a 77.43% growth in Q1 2025 [7][8]. - The company is recognized as the largest exporter of probiotics in China, with products sold in over 80 countries, establishing a strong global presence [7][8]. - With ongoing support from policies and a focus on health consumption upgrades, Junyao Health is positioned for sustained growth and market expansion [8].

Group 1: Company Overview - The company introduced its professional medical beauty brand "肌素然," focusing on peptide skincare products, including medical repair masks and gels [2][3] - The sales strategy for the new brand includes establishing sample stores in selected offline pharmacies and offering skin testing and consultation services [3] Group 2: Probiotics Product Strategy - The probiotics product line includes powders and functional foods, with a focus on fat-reducing and mood-regulating strains for promotion this year [3] - Sales channels for probiotics include offline pharmacies and online platforms, particularly targeting new retail platforms like Douyin and Kuaishou [3] Group 3: Market Insights and Strategies - The market size for smoking cessation products is challenging to assess, but there is a recognized demand that requires further consumer education [4] - The company plans to utilize innovative communication methods for health education to boost consumer purchases [4] Group 4: Product Launch and Stock Buyback - The minoxidil topical solution is expected to launch in Q3 2025, with a focus on effective marketing strategies due to high market demand [5] - The company has repurchased approximately 1.08 million shares out of a planned 1.3 to 1.45 million shares by the end of May 2025 [5] Group 5: Incentive Plans - The company is considering a new round of equity incentive plans to attract new teams and personnel, focusing on direct rewards and incentives for new projects [5]

证券研究报告 点评报告 2025 年 6 月 6 日 晨会纪要 核[心Ta观bl点e_：Summary] 第一创业证券研究所 一、产业综合组： 分析师：郭强 美股博通公司昨日公布第二财季调整后净营收 150 亿美元，超出分析师一致预期的 149.6 亿美元。公司预计第三财季营收大约 158 亿美元，同样略超分析师预期的 157.2 亿美元。同时博通预计 2025 财年 AI 芯片销售的增长势头将延续至 2026 财年，因为 大客户在加大 AI 推理开支。而非 AI 芯片方面，公司认为销售接近谷底，但将缓慢 地复苏。结合昨日意法半导体公布业绩是表示已经看到市场需求复苏迹象，业绩将 上升的表态，以及近期市场传言传德州仪器（TI）拟对部分产品线于 6 月 15 日进行 涨价，大概涉及 3300 多个料号，此次涨价平均涨幅在 10%以上，更有部分料号的涨 价幅度直逼 40%-70%。我们认为博通公司可以代表全球 HPC 芯片需求，意法可以代表 功率和电源管理类芯片需求，TI 可以代表模拟类芯片需求，三家公司都表示了较好 的需求展望，说明全球半导体行业的景气度仍在持续复苏，我们看好半导体行业相 关股票后续的估值修复。 ...

Summary of Baia Co., Ltd. Conference Call Company Overview - **Company**: Baia Co., Ltd. - **Industry**: Sanitary products, specifically focusing on women's hygiene products Key Points and Arguments Recovery from Pandemic Impact - Baia Co., Ltd. has restored platform data to pre-pandemic levels through increased expenditure and adjusted marketing strategies, with Douyin leading, followed by Tmall and Pinduoduo [2][3] - The company plans to leverage the 618 shopping festival to eliminate the impact of two rounds of the pandemic and normalize e-commerce operations [3][27] Offline Business Performance - The offline business has been less affected by the pandemic, maintaining stable operations and expanding nationally as planned [5][7] - Seasonal sales fluctuations were noted, with strong performance during the Women's Day and Double Eleven events, while the second and third quarters are expected to be relatively flat [5][6] Inventory Management - The overlap of Women's Day and the 315 public opinion incident affected distributor inventory levels, but overall inventory has gradually returned to normal [5][6] - The company maintains low inventory in new regions to control risks, while the Sichuan-Chongqing region has higher inventory due to faster sales [6][7] Market Competition - The sanitary napkin market is highly competitive, with some brands exiting and new entrants emerging, leading to a revised expectation for overall e-commerce growth [10][11] - Consumer loyalty is strong, making it difficult for new brands to gain traction quickly [10] Product Differentiation - Baia Co., Ltd. emphasizes product differentiation through technical specifications and added value, such as probiotic products and organic cotton lines [11][12] - The company plans to continue iterating existing products and launching new ones annually to meet consumer demand [12][13] Channel Strategy - The company is focusing on offline channel expansion, particularly in new regions, while maintaining a strong online presence [4][8] - The profitability of various channels varies, with Douyin currently being the only loss-making channel, while offline channels are expected to achieve a net profit margin of around 20% [15][22] Regional Performance - The Sichuan-Chongqing region saw a 30% year-on-year growth in Q1, with expectations for high single-digit growth for the year [18] - The company anticipates that the Guangdong region will achieve breakeven in the second half of the year, with continued high growth [17] Future Outlook - The company aims for a 30% annual growth rate, with a revenue target exceeding 4 billion yuan for the year [27] - The 618 shopping festival is seen as a critical period for recovery, with plans to reassess annual targets post-event [27] Challenges and Risks - The ongoing U.S.-China tariff situation may impact raw material costs, but the company has made preparations to mitigate these effects [20] - The competitive landscape is expected to remain challenging, particularly with the entry of new brands and the need for effective marketing strategies [10][25] Conclusion - Baia Co., Ltd. is strategically positioned to recover from pandemic impacts and capitalize on market opportunities through a combination of online and offline strategies, product innovation, and careful inventory management. The company remains optimistic about achieving its growth targets despite competitive pressures and market challenges.

截至5月29日收盘，均瑶健康已经连收4个涨停板，旗下益生菌企业均瑶润盈去年表现亮眼，或是股价上涨的诱因 之一。但从整体业绩来看，去年均瑶健康营收出现明显下滑，净利润更是九年来首次亏损。中国益生菌市场扩容 的同时，品牌、产品竞争激烈，均瑶健康短期内仍存业绩压力。 股价四连板 5月29日，均瑶健康以涨停收盘，连收4个涨停板。 5月28日，均瑶健康发布公告称，"经公司自查，公司目前生产经营活动正常，市场环境、行业政策未发生重大调 整，内部生产经营秩序正常，不存在应披露而未披露的重大事项"。 此次均瑶健康四连板始于5月26日。消息面上，5月23日，均瑶健康披露的投资者活动关系记录表显示，"在生产 端，宜昌饮料6条产线投入使用；均瑶润盈产能建设投入超过1860万元，升级菌粉产线设备，高配自动化发酵系 统，增加冻干机，菌粉产能增加185%，均瑶润盈已成为亚洲最大的专业益生菌工厂之一，其产品已覆盖全球80多 个国家和地区"。 高级乳业分析师宋亮向北京商报记者表示，传统的益生菌饮品存在"三多"难题，一是品牌多，二是产品多，三是 替代品多。"现在很多益生菌饮品甜度太高，虽然打着健康的旗号，但实际上消费者对这种产品的偏好在下降。 ...

新能源与绿色科技：商用车与环保技术领跑 西洽会期间，庆铃携手华为数字能源，发布全球首款兆瓦级超充重卡——铃界，以兆瓦超充和智能网联 技术，重塑绿色物流新生态，掀起重卡电动化新革命。 此外，庆铃集团还携燃油、纯电、氢能、混动四大动力平台，以及"铃界、铃坤"多款新产品重磅亮相 N4馆，以全球顶尖的新科技、领先的新产品，向世界展示重庆商用车产业在转型升级中的最新突破。 5月22日-25日，第七届中国西部国际投资贸易洽谈会（以下简称"西洽会"）在位于两江新区的悦来国际 会议中心举行。重庆国企以"科技赋能绿色创新"为主题，携带多领域标杆产品亮相，集中展现"重庆智 造"的强劲实力。 智能制造装备：从机床到仪表，技术突破引领行业 本届西洽会，重庆机电集团携旗下20多家企业参展，展示了上百款创新产品，涵盖清洁能源装备及系统 集成、工业母机及智能制造等五大业务板块。 重通集团展出的自主研发磁悬浮热泵机组，运用全新磁悬浮技术，低振低噪，无油环保。单机85℃高温 出水、制热量超3MW，10%～105%变频调节，全自动控制且达一级能效，为工业余热回收和城市供暖 提供了新的高效解决方案。 重泵公司在清洁能源装备及系统集成领域，与中海油 ...

近日，重庆市渝中区解放碑商圈的千叶眼镜旗舰店展示印有"退税商店""即买即退"字样的指示牌。该店 是重庆市首批离境退税"即买即退"试点商店。新华社记者 黄伟摄 近期，随着一系列扩内需促消费政策落地见效，中国消费市场彰显澎湃活力。"五一"假期，全国重点零 售和餐饮企业销售额同比增长6.3%。一季度，社会消费品零售总额同比增长4.6%，消费对中国经济增 长贡献率达51.7%。与此同时，随着新群体新业态新场景不断涌现，中国消费市场全方位焕新，为深耕 中国市场的全球企业带来更多暖意。许多海外华商积极布局，在这片充满机遇的市场中寻找新的增长 点。 ♦捕捉新变化♦ 近日，浙江省金华市金东区金义综合保税区进口商品直购中心内，顾客正在选购跨境商品。胡肖飞摄 （人民图片） 立了"云食界"网络科技有限公司，打造食品农产品进出口B2B+电商平台，助力许多海外商家"淘金"中 国大市场。 "中国市场既是开放的大海，容纳全球资源；又是创新的源泉，能孕育滋养新业态新模式。这是吸引全 球企业的关键所在。"夏阳感慨。 近期，过境免签与离境退税政策红利叠加，"中国游""中国购"持续升温，中国消费市场活力涌动，引发 全球关注。"相关政策彰显中国扩大 ...

业绩摘要：2024年公司实现营收13亿元，同比+21.8%；实现归母净利润-7731.6万元，同比-183.6%；实现 扣非净利润-9590.9万元，同比-366.6%。营收稳步增长，净利润承压主要系参股公司薇美姿经营业绩的波 动以及控股子公司善恩康经营业绩影响(共计提资产减值损失近1.8亿元)。2025Q1公司实现营收3.2亿元， 同比+13.3%；实现归母净利润1241.1万元，同比-34.5%；实现扣非净利润1146.3万元，同比-36.4%。 毛利率稳健增长，净利率暂时承压。2024年公司整体毛利率为23.9%，同比+0.7pp。分产品来看，2024年 口腔护理产品/湿巾分别为22.6%/23.5%，同比-1.1pp/+2.3pp，益生菌毛利率为37.7%。费用率方面，2024年 公司总费用率为16%，同比+0.6pp，其中销售/管理/财务/研发费用率分别为7%/4.8%/0.8%/3.5%，同比 +0/-0.1pp/+0.1pp/+0.7pp。综合来看，24年公司净利率为-6%。2025Q1毛利率为25.7%，同比+3.9pp；总费 用率为17.1%，同比+1.6pp，其中销售/管理/财务/研发费用 ...

在健康意识日益提升的今天，人们开始越来越关注自身内在的健康平衡。人体微生态，这一被誉为"第 二基因组"的神秘领域，正逐渐揭开其神秘面纱，成为提升生命质量的关键所在。肠道菌群作为人体微 生态中最为庞大且复杂的系统，占比高达78.67%，与我们的免疫、代谢乃至情绪健康紧密相连，共同 编织着生命的健康网络。 微生态健康：人体"第二基因组"的守护者 人体微生态，这个由数以万亿计的微生物构成的复杂系统，不仅是身体健康的基石，更是情绪与精神状 态的重要调节器。肠道菌群的平衡与否，直接影响着我们的消化吸收、免疫力构建乃至情绪调节等多个 方面。然而，在益生菌市场蓬勃发展的背后，却隐藏着诸多痛点：活菌存活率低、产品功效参差不齐， 消费者往往难以辨别真伪，选择困难。 体系不仅确保了产品的安全性和有效性，更为消费者提供了更加可靠的健康保障。 全球科研网络：硬核实力的背后 lifespace益倍适之所以能够在益生菌领域取得如此显著的成就，离不开其强大的全球科研网络。公司与 全球50多家头部学术机构建立了紧密的合作关系，共同开展益生菌领域的科学研究和技术创新。同时， lifespace益倍适还汇聚了多位全球顶级的微生态领域专家，为公司 ...

仙乐健康科技股份有限公司 投资者关系活动记录表 证券代码：300791 证券简称：仙乐健康 证券代码：123113 证券简称：仙乐转债 仙乐健康科技股份有限公司 2025 年 4 月 25 日投资者关系活动记录表 编号： 2025-002 投资者关系 活动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（ ） 参与单位名称 及人员姓名 投资者网上提问 时间 2025 年 4 月 25 日 15:30-17:30 方式 公司通过"全景·路演天下"（https://rs.p5w.net/）采用网络远程的方式召 开 2024 年度暨 2025 年第一季度网上业绩说明会 上市公司 接待人员姓名 董事长、总经理：林培青 董事：姚壮民 独立董事：高见 副总经理：郑丽群 副总经理、董事会秘书：刘若阳 财务负责人：夏凡 保荐代表人：刘兴德 1 仙乐健康科技股份有限公司 投资者关系活动记录表 | | 问题：24 年报与 25 年一季报显示，公司业绩是否较同期保持平稳， | | --- | --- | | | 以及未来的增长点在哪里 | | | 答：2025 年第一季度， ...