Market Overview - The global amino acid market is projected to grow from $26.19 billion in 2021 to $49.42 billion by 2030, with a CAGR of 7.3%[2] - In 2023, China's amino acid market reached ¥43.635 billion, reflecting a year-on-year growth of 4.2%[2] - In 2020, China accounted for 32.23% of the global amino acid market, leading the world[2] Industry Dynamics - China's amino acid production is dominated by glutamic acid (42.06%) and lysine (36.80%) as of 2020[19] - The domestic amino acid industry has a complete supply chain, with applications in animal feed, food additives, pharmaceuticals, and fine chemicals[6] - The demand for high-value-added amino acids is increasing, with products like phenylalanine and isoleucine gaining traction[2] Company Spotlight - Wuxi Jinghai is recognized as a "little giant" in amino acid raw materials, focusing on branched-chain amino acids and other products[26] - In 2024, Wuxi Jinghai's revenue from amino acid raw materials is expected to constitute 57% of its total revenue[30] - The company has obtained a food production license, allowing it to expand its amino acid applications in the food sector[29] Market Performance - From July 21 to July 25, 2025, the median market cap change for North Exchange consumer service stocks was +1.68%, with 70% of companies experiencing an increase[37] - The median P/E ratio for North Exchange consumer service companies decreased from 58.6X to 57.1X during the same period[39] Investment and Expansion - Companies like Baixinglong are establishing subsidiaries in Italy and Hong Kong to enhance their international market presence[56] - The global raw material drug market is expected to reach $226.1 billion in 2024, growing at a rate of 5.3%[27]

Investment Rating - The report suggests a positive outlook for the maternal and infant industry, driven by government policies aimed at encouraging childbirth and stimulating market growth [2][3]. Core Insights - The implementation of various supportive policies by the government is expected to boost the maternal and infant industry, with a projected increase in birth rates and consumer spending in this sector [6][9]. - The maternal and infant consumption market in China is anticipated to grow significantly, reaching approximately 76,299 billion yuan in 2024, with a potential increase to 89,149 billion yuan by 2027 [9][11]. - The report highlights the rapid development of the infant food market, with a compound annual growth rate (CAGR) of 8.9% from 2019 to 2024, leading to a market size of about 55.91 billion yuan in 2024 [25][29]. - The maternal and infant retail chain market is also expanding, with a projected growth from 587.4 billion yuan in 2019 to 906.2 billion yuan in 2024, reflecting a CAGR of 9.1% [32][34]. Summary by Sections Policy Impact - The Chinese government has introduced various policies to encourage childbirth, including subsidies and tax reductions, which are expected to stabilize and potentially increase the birth rate [6][7]. - The focus on modern parenting and quality of life among younger parents is driving demand for diverse maternal and infant products [6][9]. Market Growth - The maternal and infant consumption market is projected to grow to 76,299 billion yuan in 2024, marking a significant recovery in birth rates with 9.54 million births expected [9][11]. - The infant food market is experiencing rapid growth, with a projected market size of 55.91 billion yuan in 2024 and a CAGR of 8.9% from 2019 to 2024 [25][29]. Industry Segmentation - The report outlines the structure of the maternal and infant industry, which includes upstream food production, midstream manufacturing of products, and downstream retail channels [13][14]. - The dairy industry is also highlighted, with a projected market size of 5,216.70 billion yuan in 2024, despite a slight decline in milk production due to market imbalances [16][20]. Company Analysis - The report identifies key companies in the maternal and infant sector listed on the Beijing Stock Exchange, including Knight Dairy and Wuxi Jinghai, along with potential listings such as Southern Dairy and Ying's Holdings [44][45]. - The overall market capitalization of the consumer service sector on the Beijing Stock Exchange has increased, with a median market cap of 123.92 billion yuan [52][54].

Group 1 - Health元 announced that its subsidiary, Lijuz Group, plans to acquire 64.81% of Imexpharm Corporation for approximately 5.73 trillion VND (about 1.587 billion RMB), which represents 11.45% of Lijuz Group's latest audited net assets [1] - Imexpharm Corporation is a Vietnamese pharmaceutical company engaged in the research, production, and sales of drugs, including antibiotics and cardiovascular medications [1] - After the acquisition, Imexpharm will become a subsidiary of Lijuz Group, aiding in the expansion of the group's overseas market [1] Group 2 - Lijuz Group's revenue has been under pressure, with a reported revenue of 11.812 billion RMB in 2024, a decrease of 4.97% year-on-year, while net profit increased by 5.50% to 2.061 billion RMB [2] - The decline in revenue is attributed to price reductions from national medical insurance negotiations affecting key products, as well as decreased sales in antiviral products following reduced demand due to COVID-19 and flu [2] - Health元 also reported a revenue of 15.619 billion RMB in 2024, down 6.17% year-on-year, with a net profit of 1.387 billion RMB, a decrease of 3.90% [2] Group 3 - Lijuz Group is accelerating its international expansion to enhance its risk resilience, with products already covering Southeast Asia, South America, the Middle East, and Africa [3] - The company has initiated the construction of an active pharmaceutical ingredient factory in Indonesia to support local and international production, aiming to reduce costs and improve market responsiveness [3] - In 2024, Lijuz Group achieved overseas revenue of 1.724 billion RMB, a year-on-year increase of 9.69%, accounting for 14.59% of total revenue, which is a 2 percentage point increase from 2023 [3]

Investment Rating - The industry investment rating is maintained at "Overweight" [2] Core Insights - The report highlights the significant potential for the glutathione market, driven by increasing health and beauty demands, product innovation, and supportive policies [10][11] - The recent suspension of imports from KYOWA HAKKO BIO CO., LTD. is expected to create a supply shortage, leading to price increases and potential shifts in the global glutathione industry landscape [10][11] Summary by Sections Industry Performance - Over the past 12 months, the industry has shown a relative return of -15.34% compared to the CSI 300 index, with an absolute return of -3.11% [3] Market Demand and Growth - The glutathione market is experiencing steady growth, with the market size increasing from approximately 930 million RMB in 2021 to 1.121 billion RMB in 2023, and is expected to continue growing [10] - The Asia-Pacific region holds the largest share of the global glutathione market at 60%, with North America and Europe following at 28% and 11% respectively [10] Key Market Players - Major suppliers in the glutathione market include Kyowa Hakko Bio Co. Ltd., Wuhan Grand Hoyo Co. Ltd., and Ningbo Honor Chemtech Co. Ltd., with Kyowa Hakko Bio being one of the largest producers [10][11] Future Outlook - The Chinese glutathione market is projected to expand from 19.43 million USD in 2023 to 23.09 million USD by 2030, increasing its global market share [10] - The report suggests that domestic companies may increase R&D investments and enhance production technologies to meet market demands, particularly in light of the recent import suspension [11]

证券简称：无锡晶海 证券代码：836547 无锡晶海氨基酸股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书注册稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （上海市黄浦区中山南路 318 号 24 楼） 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明 其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发行人经营与收益 ...

证券简称：无锡晶海 证券代码：836547 Wuxi Jinghai Amino Acid Co.,Ltd. 江苏省无锡市锡山区东港镇港下 无锡晶海氨基酸股份有限公司 无锡晶海氨基酸股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （上海市黄浦区中山南路 318 号 24 楼） 1-1-1 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明 其对注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与 ...

证券简称：无锡晶海 证券代码：836547 Wuxi Jinghai Amino Acid Co.,Ltd. 江苏省无锡市锡山区东港镇港下 无锡晶海氨基酸股份有限公司 1-1-2 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存 在虚假记载、误导性陈述或者重大遗漏，并对其真实性、准确性、完整性承担相应的法 律责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述或者重 大遗漏，并对其真实性、准确性、完整性承担相应的法律责任。 无锡晶海氨基酸股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （上海市黄浦区中山南路 318 号 24 楼） 1 ...

证券简称：无锡晶海 证券代码：836547 Wuxi Jinghai Amino Acid Co.,Ltd. 江苏省无锡市锡山区东港镇港下 无锡晶海氨基酸股份有限公司 无锡晶海氨基酸股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （上海市黄浦区中山南路 318 号 24 楼） 1-1-2 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资 料不存在虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性、完整性承 担连带责任。 发行人控股股东、实际控制人承诺招股说明书不存在虚假记载、误导性陈述 或重大遗漏，并对其真实性、准确性、完整性承担连带责任。 公司负责人和主管会 ...