2025年8月 25 日，均瑶健康（605388）正式披露2025年中报。2025年上半年，均瑶健康营业收入实现 7.66亿元，同比增加1.38%，海外收入实现实现海外业务激增101.28%，电商渠道销售同比增长 686.42%。 尽管短期业务承压，但均瑶健康益生菌业务强劲，第二增长曲线彰显韧性。均瑶健康在复杂多变的市场 环境中，以"做全球益生菌领跑者"为愿景，凭借技术创新、全产业链布局与全球化拓展，实现收入增 长、结构优化与新品爆发的三重突破，在益生菌赛道与大健康产业中展现出强劲的发展韧性与竞争优 势。 海外业务激增101.28% 第二增长曲线韧性凸显 面对全球经济波动、国内消费需求波动及市场竞争加剧的挑战，均瑶健康通过战略调整与业务革新，实 现收入端的韧性增长，同时在海外市场与新兴业务领域斩获突破性成果，为业绩注入强劲动力。 养赛道则依托凝结魏茨曼氏菌BC-G44的技术优势，推出多款促进肌肉蛋白质合成的功能食品，拓展新 的收入来源。多元赛道的布局，使公司收入结构更趋均衡，抗市场波动能力显著增强。 新品矩阵持续扩容 技术创新驱动产品力升级 2025年上半年，均瑶健康以技术创新为核心，围绕"科学选菌六钻标准" ...

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].