Core Viewpoint - The low-tier market in China is emerging as a new growth area for consumption, with significant demand for baby and nutritional products driven by a high birth rate in these regions [1][19]. Company Overview - Yangtuo Technology Inc, also known as "Haipai Ke," has submitted an IPO application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor [1]. - The company focuses on family care and nutritional products, with over 70% of its revenue coming from the sale of infant formula milk powder in the past three years [1][9]. - Haipai Ke's revenue exceeded 1 billion yuan in 2024, but it faces operational challenges such as declining transaction volume, net profit losses, and decreasing gross margins [1][16]. Financial Performance - Revenue for Haipai Ke was approximately 895 million yuan in 2022, 1.067 billion yuan in 2023, and 1.032 billion yuan in 2024, with net profits showing a downward trend, resulting in losses of 56.54 million yuan in 2023 and 78.83 million yuan in 2024 [16][23]. - The gross margin has decreased from 43.9% in 2022 to 32.5% in 2024, indicating a decline in profitability [16][19]. Market Position - Haipai Ke ranks first in the Chinese family care and nutritional products industry in terms of transaction and service platform, holding a market share of 10.1% in the low-tier market [18][19]. - The overall market size for family care and nutritional products in China is projected to reach 2.6 trillion yuan in 2024, with a compound annual growth rate of 4.9% from 2019 to 2024 [19]. Business Model - The company operates a digital platform that connects manufacturers, distributors, and buyers, allowing registered buyers to place orders directly with upstream sellers [12][13]. - The revenue model is based on commissions from sales transactions on the platform, which has seen a decline in transaction volume from 14.935 billion yuan in 2022 to 10.966 billion yuan in 2024 [23][24]. Competitive Landscape - The family care and nutritional products industry is highly competitive, with major players including Tmall, JD.com, and Pinduoduo, as well as various vertical e-commerce platforms [18][19]. - Despite an increase in registered sellers and buyers, Haipai Ke's transaction volume has decreased, posing challenges for its revenue generation [23][24]. Future Prospects - The company plans to use the funds raised from the IPO to enhance collaboration with ecosystem participants, improve technological capabilities, and explore strategic alliances and investment opportunities [26].

以2023年数据显示，海拍客实现收入10.67亿元，但同期销售成本就高达6.65亿元，折算下来毛利仅4.01 亿元。 (文/解红娟 编辑/张广凯） 2023年由盈转亏暴跌2991.35%、2024年再度下滑50.4%，连续两年净利润下滑的海拍客也想上市了。 近日，母婴垂直电商平台海拍客向港交所递交上市申请，拟主板上市，中信证券为独家保荐人。 与过往凭借亮眼财务数据叩开港交所大门的企业形成鲜明对比，海拍客在招股书中披露的历年业绩表现 十分惨淡，不仅营收增长乏力，更连续多年深陷亏损泥潭，财务数据堪称"反面教材"。 据iFIND数据显示，2022年至2024年，海拍客分别实现营业收入8.95亿元、10.67亿元、10.32亿元，后两 年分别同比增长19.16%、下滑3.22%；分别实现归属于母公司股东的净利润0.02亿元、-0.52亿元、-0.78 亿元，后两年分别暴跌2991.35%、50.4%。 尽管海拍客在招股书中未明确归因亏损，但其财务报表已显露端倪——持续攀升的运营成本，成为吞噬 利润的核心黑洞。 进一步计算，海拍客2023年的销售及分销开支、行政开支、研发开支分别为0.4亿元、3.09亿元和0.59亿 ...

大势研判： 横盘整固，是为蓄力新高。国泰海通策略在4月7日后前瞻且坚定研判了中国股市的升势，中国股市的积极反馈印证了我们前期的判断。至今，上 证指数已升近500点逼近3500点。我们判断下一阶段，股指短期仍有一定空间，但此时股指或横盘整固为主，不再是短期看点，聚焦结构：1）7月4日，特朗 普再次向全球发起关税威胁，前期地缘缓和的预期，有所波折反复；2）上半年表观经济数据尚可，短期出台进一步规模性经济举措必要性下降；3）股市在 估值水平整体提高后，中报季临近，也需要进一步检视增长水平；4）6月以来，IPO受理数量与计划募资规模显性抬高；上市公司披露计划减持规模有所提 高；交易所修改ST股票涨跌幅宽度。以上边际的变化，均有望令股市短期预期上修放缓，交易进入相对平衡的阶段。但要清晰，横盘整固是为蓄力新高，这 与我们战略看多中国股市并无相悖，股市并非今日起涨，也有夯实必要，贴现率下降推动中国股市走向"转型牛"将在金秋时节进一步表现。 中国经济治理思路关注反内卷，低价治理与防止无序扩张正打开新的投资空间。 从近期经济政策取向中，我们能够看到政府治理思路向民生领域倾斜，例如 我们在上期策略周报介绍清偿企业欠款行动与改善企 ...

Core Viewpoint - The health supplement industry is poised for transformation driven by new channels and customer segments, leading to increased demand for functional products and innovation opportunities [1][2]. Market Overview - The health supplement market in China is projected to reach 232.3 billion in 2024, with a year-on-year growth of 4%. Compared to the U.S., there is significant room for growth in penetration rates across all age groups, particularly as younger consumers develop habits and the population ages [2][3]. - The market is characterized by a fragmented landscape, with the top three companies (Tongrentang, Amway, and H&H) holding a combined market share of 22% [2]. Channel and Demand Dynamics - New channels, particularly e-commerce platforms like Douyin, are expected to drive functionalization in the health supplement industry, with Douyin's GMV for health supplements increasing by 44% year-on-year [3]. - The rise of new customer segments, including younger consumers and those seeking specific health benefits, is creating opportunities for new brands and product categories [3]. Product Category Insights - Fish Oil: Market size between 5-10 billion, with high growth potential due to its anti-inflammatory and beauty benefits [4]. - Coenzyme Q10: Market size of 4.1 billion, with a year-on-year growth of 17%, driven by demand from women and stress-related health concerns [4]. - Probiotics: Market size exceeds 10 billion, focusing on gut health and extending to weight management, with top brands achieving over 1 billion in retail sales [4]. - Oral Beauty Supplements: Market size exceeds 10 billion, with high average prices and rapid growth in innovative ingredients [4]. - Basic Nutrients: Vitamins, minerals, and proteins have market sizes of 32.9 billion, 27.1 billion, and 11.6 billion respectively, with year-on-year growth rates of 3%, 5%, and 1% [4]. Competitive Landscape - The industry is experiencing a shift towards product innovation, with traditional brands facing competition from new entrants that leverage unique ingredients and formulations [3][4].

Core Viewpoint - The company, Haipai Ke, a leading maternal and infant e-commerce platform in China, has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for market expansion and supply chain optimization [1] Business Overview - Haipai Ke was founded in April 2015 by Zhao Chen, initially focusing on a B2B2C model for maternal and infant products, targeting second and third-tier cities in China [2] - The platform connects buyers directly with upstream sellers, allowing for direct shipping from suppliers to consumers [2] - In 2019, the company expanded into self-operated business, launching its own brand products and establishing a diverse product matrix, including children's snacks, dietary supplements, and basic fast-moving consumer goods [3] Financial Performance - For the fiscal year ending December 31, 2024, Haipai Ke's total transaction volume reached 11 billion RMB, with a market share of 10.1% in the low-tier market for maternal and infant products [4] - The company's revenue increased from 895.3 million RMB in 2022 to 1.066 billion RMB in 2023, primarily driven by growth in self-operated business [6][10] - However, despite revenue growth, the company reported losses of 56.5 million RMB in 2023 and 78.8 million RMB in 2024 [9][10] Revenue Breakdown - Revenue from digital platform business decreased from 353.975 million RMB in 2022 to 229.335 million RMB in 2024, while self-operated business revenue increased from 540.408 million RMB to 801.826 million RMB during the same period [7] - The majority of self-operated business revenue comes from maternal and infant products, accounting for nearly all of the self-operated revenue [8] Investment and Shareholding - The company has completed six rounds of financing prior to the IPO, with major investors including Shunwei Capital and Fosun International [12] - Zhao Chen, the founder, holds approximately 42.62% of the voting rights, making him the largest shareholder [13]

Core Viewpoint - Xianle Health has received approval from the Thailand Board of Investment for establishing a production base in Thailand, focusing on modern technology food production and processing [1] Investment Approval - The Thailand Board of Investment approved Xianle Health's application for investment, allowing the company to engage in food and beverage production, food additives, food ingredients, and dietary supplements manufacturing [1] - The approval includes the use of agricultural by-products or waste as raw materials for production activities, along with corresponding rights and incentives [1] Board Meeting and Funding - On November 28, 2024, the company held its fourth board meeting, where it approved the proposal for establishing a production base in Thailand [1] - The board agreed to use self-owned and self-raised funds totaling no more than $40 million for the investment [1] - The investment will be executed through Xianle Holdings Limited, a wholly-owned subsidiary in Hong Kong, and Xianle Holdings (Asia) Limited, a wholly-owned subsidiary in Singapore, to establish a wholly-owned project company, Xianle Health Technology (Thailand) Co., Ltd. [1]

2025年5月20日，是第36个中国学生营养日，今年的主题是"吃动平衡 身心健康"。中国疾控中心不久前发布的调查报告显示，我国6—17岁的学龄儿童和青 少年存在膳食结构不合理，蔬菜、水果、奶类、大豆等摄入量不足，而油、盐摄入量过高。报告指出青少年营养不良率为8.5%，而超重肥胖率则高达19%， 也就是说每5个学龄儿童中就有1个小胖墩。 另外，学龄儿童还普遍存在维生素、钙、铁等微量元素缺乏的"隐性饥饿"现象，影响了孩子的免疫力和生长发育。很多家长都会说，我给孩子吃得很健康， 为什么他还会有这些营养问题？一起来了解。 三餐之外 孩子需要补充营养品和微量元素吗？ 很多家长觉得一些营养品和膳食补充剂也不是药，给孩子吃了只有好处没有坏处，其实这些产品都需要肝、肾代谢，会增加孩子的负担，并不是随便吃都没 问题的。 中国学生营养与健康促进会会长 北京体育大学副校长 洪平：如果孩子饮食都很均衡、健康，就没有必要补。第二，缺什么补什么，通过医学测试评估，有 针对性地补。第三，适量补充，在医生、营养师的指导下，到底补到什么量是最合适的，就按这个量来不要超。 孩子能通过节食来减肥吗？ 现在校园小胖墩的问题在城市尤其普遍，一些家长也 ...

biote Corp (BTMD) Q1 2025 Earnings Call May 07, 2025 05:00 PM ET Company Participants Szymon Serowiecki - Senior Associate - IRBret Christensen - CEORobert Peterson - Chief Financial OfficerKaumil Gajrawala - Managing DirectorLes Sulewski - VP - Biotech Equity ResearchJonna Kim - Director Conference Call Participants Jeff Van Sinderen - Senior AnalystGeorge Kelly - Managing Director, Senior Research Analyst Operator Hello, and welcome to the Biodi First Quarter twenty twenty five Earnings Conference Call. A ...

以下文章来源于36氪Pro ，作者胡香赟 海若镜 36氪Pro . 文 ｜ 胡香赟 编辑 ｜ 海若镜 来源｜ 36氪Pro（ID：krkrpro） 封面来源 ｜ Pexels 我想"再高一点" 春日，宜万物生长，包括人类幼崽的身高。 在讲究科学的时代，孩子的身高理所应当地也应遵循某种可量化的生长公式。 一个颇受大众认可的方法是，根据父母身高来预测孩子未来的身高区间。比如，男孩子的身高区间=（父亲身高+母亲身高+13厘米）÷2±7.5厘米。 公式前半部分就是所谓的"遗传靶身高"，即由遗传决定的无法改变的身高基数。而后半部分的"±7.5厘米"，则是可以通过后天努力改变的部分——只需 要"充分发挥孩子的生长潜能"。 梁宇在一家药企从事研发工作，出于职业敏感，女儿萱萱还在上幼儿园时，就开始关注她的身高问题。她坦言自己和先生都不算高，对孩子未来的身 高"没有过大期待，她个子不高，这点从小就能看出来"。 尽管如此，萱萱上大班后，梁宇还是开始给她报了跳绳兴趣班。运动、光照、补充维生素D，最初梁宇选择的是最朴素的科学"长个儿"方法。 36氪旗下官方账号。深度、前瞻，为1%的人捕捉商业先机。 如果可以，谁都希望自己的孩子 是人 ...