Core Viewpoint - The company, Morning Light Bio (300138), is focusing on developing a tiered product strategy, with significant growth potential in its sweetener product, stevia, which has a larger market space compared to other products like chili red and chili extract [1] Group 1: Product Strategy - The company has identified several key products in its tiered strategy, including stevia, ginkgo leaf extract, sophora flower extract, inulin, and essential oils, aiming to establish them as major products in the market [1] - The market share of stevia has been steadily increasing, indicating a growing revenue stream for the company [1] - The company is leveraging its technological advantages to enhance industry efficiency and promote overall industry development, even for products with currently smaller market sizes [1] Group 2: Long-term Goals - The long-term objective of the company is to transform its tiered products into new major products, suggesting a larger growth potential compared to its main products [1]

Overview - The increasing health awareness among consumers has led to a rising demand for health foods and functional ingredients, with inulin being recognized for its dietary fiber and prebiotic properties, significantly impacting blood lipid control, blood sugar reduction, and gut health improvement [1][11] - In 2024, China's demand for inulin is projected to reach 18,200 tons, with a market size of 450 million yuan, while the domestic production is only 16,500 tons, indicating a substantial need for imports [11] Industry Chain - The upstream of the inulin industry includes the cultivation and harvesting of plants like Jerusalem artichoke and chicory, along with processing equipment; the midstream involves inulin production and processing; and the downstream encompasses application markets in food, health products, and pharmaceuticals [7][9] - In the food sector, inulin is used as a prebiotic in dairy products, beverages, and baked goods to enhance taste and nutritional value, while in health products, it is often formulated as dietary fiber supplements [7] Market Demand - The food and beverage sector is the largest consumer market for inulin in China, accounting for over 70% of the total consumption; in the first five months of 2025, the revenue of large-scale food manufacturing enterprises reached 894.49 billion yuan, showing a year-on-year growth of 2% [9][11] Competitive Landscape - The inulin industry in China has a high market concentration, with foreign companies like Beneo, Sensus, and Cosucra holding significant market shares due to their established technology and brand influence; domestic companies such as Morning Light Biotechnology and Chongqing Jiao Wang Natural Products are gradually expanding their market presence [15][18] - Beneo-Orafti is a leading global player in the inulin market, with production bases in Belgium and Chile, while domestic companies are also gaining traction through technological advancements and product quality improvements [15][18] Development Trends - Future applications of inulin will extend beyond conventional uses in food and health products, with potential developments in functional foods and beverages, as well as in pharmaceuticals and cosmetics, driven by ongoing research into its physiological activities [22] - Increased market competition is expected, prompting inulin companies to focus on technological innovation, quality enhancement, and cost control to develop high-value-added products and improve profit margins [22]

Core Insights - The strategic cooperation for "产研融合加速 赋能肠道健康" was launched in Beijing, involving the brand "轻又清," BioNeutra, 惠买集团, and Qingdao Agricultural University, aiming to enhance the international development of the prebiotic industry in China [1][14] - The event highlighted the growing concern over gut health issues, which have become significant due to dietary imbalances, and emphasized the importance of prebiotics like inulin for gut function recovery [3][9] - The prebiotic market is experiencing rapid growth, with the Chinese prebiotic market currently valued at 150 billion, growing at an annual rate of 10% [13] Company and Industry Developments - "轻又清" has received strategic investment from BioNeutra and 惠买集团, with a valuation in the tens of millions, indicating strong market confidence [1] - 惠买集团 plans to open 10,000 health supermarkets nationwide within two years, aiming to enhance its offline customer acquisition channels [9] - The collaboration between "轻又清," BioNeutra, 惠买集团, and Qingdao Agricultural University is expected to inject strong momentum into the prebiotic industry, enhancing product innovation and market competitiveness [20] - Investment institutions like 深创投 and 中信建投 are optimistic about the prebiotic sector, viewing it as a necessary investment option for the future [11][13]