益生菌行业趋势清晰：（1）行业趋势一：国内益生菌人均消费提升空间大。我国人均益生菌消费仅0.4 美元/人，意大利/美国/日本10.6、6.8、6.3 美元/人，国内与发达国家比极低，未来提升空间大。（2） 行业趋势二：重视健康+新消费崛起，益生菌渗透率提升。2024 年全国居民人均服务性消费支出13016 元，同比+7.4%，占居民人均消费支出比重为46.1%，趋势看国内的消费市场正在转向服务消费加速扩 张；益生菌有较强消费属性，新消费的红利仍存，Z 世代自评健康情况，反馈情绪和肠胃已成高频隐性 痛点，益生菌或迎新需求爆发。（3）行业趋势三：国产菌株研发推陈出新，产能持续加码。国内益生 菌研究数量增长逾60 倍，专利技术全球占比增长10 多倍。2021 年美国杜邦和丹麦科汉森在我国益生菌 上游市场市占率分别为50%/35%。2022 年国内益生菌菌粉产能约1800 吨；到2024 年总产能已攀升至 2600吨/年。本土品牌如微康、科拓、一然等企业快速扩产；市场实现从"依赖进口"到"本土自供"的结 构性转变。 科拓新产能投放在即，战略布局C 端有望深度受益。（1）未来产能或达到950 吨：2023 年内蒙基地在 ...

Core Viewpoint - The company received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, prompting a detailed response about its financial performance and customer relationships [1][2]. Financial Performance - The company achieved a revenue of 1.299 billion RMB in 2024, representing a year-on-year growth of 21.78%. The overseas business contributed 784 million RMB, accounting for 60.35% of total revenue [2][3]. - The gross profit margin for overseas business was 25.44%, which is 4.81 percentage points higher than that of domestic business [2][3]. Customer Information - The company provided detailed information on major customers, including transaction amounts and accounts receivable balances for both domestic and overseas clients [3][4]. - The top overseas customer generated sales of 132.93 million RMB in 2024, while the top domestic customer generated sales of 66.34 million RMB [3][4]. Gross Margin Analysis - The difference in gross margins between overseas and domestic sales is attributed to the product mix and pricing strategies. The overseas sales model allows for higher pricing due to the demand for premium products [8][9]. - The gross margin for oral care products overseas is 7.83 percentage points higher than that of domestic sales, while for wet wipes, the difference is 11.4 percentage points [8][9]. Revenue Growth Drivers - The revenue growth is driven by increased customer demand, new product development, and the expansion of sales channels, including the acquisition of Shen'enkang, which contributed to the overall revenue increase [13][14]. - The main categories contributing to revenue growth include oral care products, wet wipes, and probiotics, with oral care products alone generating 843.15 million RMB in 2024, up 16.80% from the previous year [13][14]. Acquisition and Goodwill Impairment - The company acquired 52% of Shen'enkang, which resulted in a goodwill of 91.01 million RMB. However, Shen'enkang did not meet its performance commitments in 2024, leading to a goodwill impairment of 39.62 million RMB [14][15].