长江商报消息 ●长江商报记者 张璐 母婴下沉市场"领头羊"海拍客冲刺IPO，引发市场广泛关注。 近日，国内母婴产业互联网平台Yangtuo Technology Inc.（下称"海拍客"）正式向港交所递交招股书，拟 登陆港股主板，中信证券为独家保荐人。 海拍客通过整合家庭护理及营养产品供应链，为企业客户提供家庭护理及营养产品组合，优化消费者体 验并推动低线市场消费升级。 长江商报记者注意到，目前，海拍客的经营模式已从早期的平台抽佣转为"平台抽佣+自营"的双轮驱动 模式，但其在年度营收超过10亿元后，营收增速却陷入停滞。不仅如此，海拍客已经连续两年亏损， 2023年、2024年合计亏损1.35亿元。 更值得关注的是，海拍客频发的"假货"争议已成为信任隐患：贝亲、可么多么等品牌公开否认对海拍客 授权，而黑猫投诉 【下载黑猫投诉客户端】平台上103条投诉直指海拍客平台奶粉、纸尿裤存在包装粗 糙、起坨漏尿等疑似假货问题，使其在母婴消费"安全红线"前面临严峻信任考验。 反映到整体业绩上，报告期，海拍客实现营收分别为8.95亿元、10.67亿元、10.32亿元，收入增长乏 力；同期，净利润分别为101.2万元、-5654 ...

Core Viewpoint - Yangtuo Technology Inc. (海拍客) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading B2B e-commerce platform in the maternal and infant care sector, despite facing significant challenges in recent years [1][8]. Group 1: Company Overview - Yangtuo Technology Inc. was established in 2015 and has quickly become the largest B2B e-commerce platform in China's low-tier market for family care and nutrition products, with a total transaction volume of 11 billion yuan in 2024, capturing a market share of 10.1% [1]. - The company has completed six rounds of financing, with notable investors including Shunwei Capital, Fosun International, and Hillhouse Capital [1]. - The platform's transaction volume surged from 5 billion yuan in 2017 to 15 billion yuan in 2019 [3]. Group 2: Financial Challenges - In 2024 and 2025, the company faced financial strain due to unmet performance targets with investors, leading to share buybacks costing 11 million USD and 24 million USD, respectively, along with the issuance of 158 million USD in promissory notes [5]. - The company has a significant financial burden, with convertible redeemable preferred shares valued at 2.4 billion yuan, contributing to a net debt of 2 billion yuan [6]. - The adjusted net profit for the company was reported at 19.3 million yuan and 25.8 million yuan, excluding the impact of preferred shares [7]. Group 3: Market Dynamics - The maternal and infant care market is experiencing a decline in birth rates, with the number of newborns in China dropping from 14.7 million in 2019 to 9 million in 2023, leading to intensified competition [22]. - The company's revenue in 2024 was 1.023 billion yuan, reflecting a year-on-year decline of 3.3% [20]. - The number of registered buyers increased from 240,000 to 290,000 over three years, but the actual transaction buyers remained stagnant at around 170,000 [21]. Group 4: Strategic Shifts - In response to market challenges, the company is shifting its focus from rapid expansion to improving profitability, with self-operated business transactions exceeding 700 million yuan in 2024, contributing 56% to overall revenue [25]. - The company is also exploring private label products, with its children's food brand "Meow Little Hero" achieving significant market penetration [27]. - Future strategies include expanding into Southeast Asia and seeking acquisition opportunities within the industry [34].

世科端粒编程实验室科研团队历经76周攻关，运用抑制NK细胞激活信号、增强抑制性信号、代谢重组 编程等技术，采用天然成分和补充剂相结合制成口服食用营养补充剂。该产品在动物实验基础上经45- 65岁共586人的临床试验取得成功，该补充剂在抗衰防癌和抵抗阿尔茨海默症等方面有显著的积极影 响。哈佛抗衰防癌研究中心临床实验数据显示，连续服用24周后，人体自源性NK细胞数量在原有基础 上增长17.5%-23.7%，平均增长率达到21.3%，通过结合生物标志物检测与个性化干预，实现精准免疫 调节。目前，世科端粒编程实验室和哈佛抗衰防癌研究中心己将"去能激活"Nk细胞的营养补充剂相关 科研成果申报国际发明专利进行保护。 在此背景下，"去能激活"NK细胞技术成为全球科研热点。"去能激活"NK细胞(Functional Modulation NK Cells)是指通过特定手段降低过度活跃或功能失调的NK细胞的活性，使其恢复免疫平衡。因为NK细胞 不足会增加癌症与病毒感染风险，而过度活跃又会引发免疫和组织损伤，所以维持其动态平衡至关重 要。相较于外源性NK细胞存在的细胞变异、病毒感染等风险。通过口服食用营养补充剂激活人体自源 性N ...

Core Insights - The global pet economy is experiencing significant growth, with the market expected to exceed $300 billion by 2025 and reach $500 billion by 2030 [1] - Eastern Europe is emerging as a new engine for the global pet economy, driven by rapid economic growth and changing lifestyles [3] Market Growth - The pet care market in Eastern Europe is growing at an annual rate of 8.8%, making it one of the fastest-growing regions in the global pet care market [1][3] - Poland's GDP growth is projected at 2.9% and Romania's at 2.1% for 2024, significantly outpacing Germany's 0.6% [3] Consumer Behavior - High pet ownership rates in Eastern Europe, with Romania having 48% of households owning cats and 45% owning dogs, exceed the EU average [3] - The increase in disposable income and the trend of pet humanization are driving demand for pet products and care [5] E-commerce Dynamics - eMAG is the leading e-commerce platform in Eastern Europe for pet products, with over 90% brand recognition in Romania, Bulgaria, and Hungary [11] - The average transaction value for pet-related categories on eMAG has seen significant growth, with some categories increasing by over 60% year-on-year [7][9] Product Categories - Popular product categories include pet cosmetics, grooming tools, and training equipment, with pet care products showing a 13% market value increase in 2024 [5][8] - The top five highest average transaction value products include pet carriers, travel accessories, and nutritional supplements [9] Sales Trends - Sales peak on Mondays, as consumers tend to research and compare products over the weekend [10] - eMAG's pet category has consistently shown a year-on-year growth rate exceeding 20% from 2021 to 2024 [11] Strategic Opportunities - The untapped potential in the Eastern European pet market presents a lucrative opportunity for cross-border sellers [10] - eMAG has invested over €4 billion in local infrastructure and launched support programs for Chinese sellers, enhancing market entry opportunities [13] Future Outlook - The explosion of the Eastern European pet market is underway, with eMAG holding a 92% market share, providing a gateway for sellers to establish brand recognition [14]

体重管理 国家官方发布饮食指南 鼓励"健康饮食,合理膳食" 备注「姓名+行业+公司职务+需求」 ▌蔬菜水果+全谷物+水产品 餐餐有蔬菜，天天有水果 每日建议摄入新鲜蔬菜不少于300克，其中深色蔬菜应占50%以上；新鲜水果每天则应保持在200至350克之间。推荐每天选择3至5种不同蔬菜 和1至2种水果，每周累计蔬菜和水果的种类应超过10种。 需要特别 提醒，蔬菜和水 果不应互相替代。 全谷物：维生素和矿物质的重要来源 THREE - YEAR ACTION ON WEIGHT MANAGEMENT 商务合作/业务需求/加入专家库 扫码添加主理人助理 水产品 建议：成年人每天摄入全谷物50～100克，建议一日三餐中至少一餐有全谷物。 富含脂肪的鱼类，如三文鱼、鳗鱼和鲭鱼，含有大量多不饱和脂肪酸，也就是我们常说的"鱼油"，是DHA、EPA、维生素D及维生素A的重要来 源。海带、裙带菜、紫菜等海藻类食物，富含碘、维生素K和叶酸，能有效补充多种微量营养素。贝类，如蛤蜊、牡蛎等，则是铁、锌、碘及 其他矿物质的极佳来源。 建议每周食用鱼类、虾类和贝类等水产品1到2次，成年人每周摄入量为300至500克。儿童、孕妇、哺乳期女 ...

央视网消息：5月17日到23日是第十一个全民营养周，根据我国居民食物消费存在的主要问题和体重控制常见误区等，国民营养健康指导委员会日前发 布了"健康饮食、合理膳食"核心信息，倡导公众增加三类食品摄入。 增加蔬菜水果 全谷物和水产品摄入 全民营养周 减肥的关键是什么? 今年全民营养周的主题是"吃动平衡 健康体重 全民行动"。国家卫生健康委发布的数据显示，我国成人超重肥胖率已达到51.2%，如果不加以遏制，2030年将 突破70%。那么，如何才能正确减重呢？ 中国营养学会副理事长 于康：一定要保持能量的负平衡，也就是说我吃进去的能量要少于我消耗的能量，造成能量的入不敷出。但是为了追求能量的入不 敷出，不代表说我就什么都不吃不喝。合理膳食，甚至美味追求和我们的体重管理并不矛盾，希望大家不要走到极端，说我一管体重好像就不能吃喝了，不 是的。 专家强调，在管理体重的过程中，追求能量负平衡的同时，要保持食物的多样化。 核心信息倡导：餐餐有蔬菜，天天有水果。每天摄入新鲜蔬菜至少300克，深色蔬菜占一半以上。每天摄入新鲜水果200～350克。推荐每天摄入蔬菜至少3～ 5种、水果1～2种，每周蔬菜和水果的种类达到10种以上。蔬 ...

Core Viewpoint - Phibro Animal Health (PAHC) reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.52 per share, and showing significant growth from $0.31 per share a year ago [1][2]. Financial Performance - The earnings surprise for the quarter was 21.15%, with the company previously expected to earn $0.42 per share but actually earning $0.54, resulting in a surprise of 28.57% [2]. - Phibro's revenues for the quarter were $347.8 million, slightly missing the Zacks Consensus Estimate by 0.78%, compared to $263.2 million in the same quarter last year [3]. - Over the last four quarters, the company has surpassed consensus EPS estimates four times and topped revenue estimates twice [2][3]. Stock Performance - Phibro shares have declined approximately 9.3% since the beginning of the year, while the S&P 500 has decreased by 4.7% [4]. - The current Zacks Rank for Phibro is 3 (Hold), indicating that the shares are expected to perform in line with the market in the near future [7]. Future Outlook - The consensus EPS estimate for the upcoming quarter is $0.53, with expected revenues of $355.98 million, and for the current fiscal year, the estimate is $1.94 on $1.28 billion in revenues [8]. - The outlook for the Medical - Products industry, to which Phibro belongs, is currently in the bottom 28% of over 250 Zacks industries, which may impact stock performance [9].

继儿童粉、成人粉、母婴用品、宠物食品等新品类之后，贝因美又将触角伸向了大健康。5月7日，北京商报记者获悉，贝因美于近日宣布推出"生命伴侣系 列"益生菌新品。当奶粉市场竞争陷入内卷，贝因美意图通过益生菌这类高复购、强黏性的健康产品切入成人市场。但在日益激烈的全家营养赛道中，伊 利、飞鹤、佳贝艾特等奶粉巨头已经提前布局，并推出了全生命周期产品。贝因美加码益生菌赛道，能否讲出新故事，存在不小的难度。 据了解，此次贝因美首发推出的"生命伴侣系列"主要有生命伴侣1号、生命伴侣2号、生命伴侣10号，使用场景分别对应肠胃、肝脏和孕期。贝因美表示，新 品作为即食型益生菌，是肠道健康的"第四餐"，每颗含1001亿活菌+典藏专利菌株，聚焦精准营养、精确营养技术、个性化人群营养，活菌率能达到99%以 上。 欧睿国际数据显示，2022年以来，中国益生菌市场以每年11%－12%的速度快速增长。国际益生菌协会（IPA）分析认为，中国已经成为全球第二大益生菌 消费市场，到2028年市场规模有望接近2000亿元。 对于贝因美入局益生菌的优势，贝因美创始人兼首席科学家谢宏在发布会上表示，"贝因美进入益生菌赛道，是因为这是现代人基础健康的保障， ...

Core Insights - The company achieved revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 5.13 billion, 940 million, and 900 million yuan respectively in 2024, with year-on-year growth of +2.9%, +21.6%, and +21.9% [1] - In Q4 2024, the company reported revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.30 billion, 220 million, and 210 million yuan respectively, with year-on-year changes of -0.6%, +37.8%, and +41.9% [1] - For Q1 2025, the company recorded revenue, net profit attributable to shareholders, and net profit excluding non-recurring items of 1.24 billion, 220 million, and 210 million yuan respectively, with year-on-year changes of -2.0%, +1.3%, and +1.8%, meeting market expectations [1] Product Performance - The main products, including molded bottles, brown bottles, and butyl rubber stoppers, demonstrated resilience in both volume and price, leading to improved overall profitability [2] - Molded bottles sold 375,000 tons (down 0.4%) with revenue of 2.35 billion yuan (up 3.9%) and a gross margin increase of 4.1 percentage points to 43.3% [2] - Brown bottles sold 286,000 tons (up 4.8%) with revenue of 1.16 billion yuan (up 3.5%) and a gross margin increase of 4.6 percentage points to 28.4% [2] - Butyl rubber stoppers sold 6.22 billion pieces (up 15.4%) with revenue of 290 million yuan (up 11.9%) and a gross margin increase of 10.9 percentage points to 35.5% [2] - The company's overseas revenue reached 1.47 billion yuan (up 8.5%) with a gross margin of 31.5% [2] Profitability and Financial Health - The company's sales gross margin was 31.7%, an increase of 3.7 percentage points year-on-year, while the net profit margin was 18.4%, up 2.8 percentage points [3] - The company maintained a healthy cash flow with a cash collection ratio of 99.1% (up 4.6 percentage points) and a net cash ratio of 123.5% [3] - The proposed cash dividend for the year is 411 million yuan, with a dividend payout ratio of 43.63%, reflecting a 9.41 percentage point increase [3] Market Outlook - The company is expected to benefit from the upcoming tenth batch of national procurement, which will accelerate the penetration of borosilicate packaging materials in the market [4] - The company is positioned as an industry leader, leveraging its scale, cost advantages, and established customer relationships to capitalize on market growth [4] - Revenue projections for 2025-2027 are 5.575 billion, 6.168 billion, and 6.725 billion yuan respectively, with corresponding net profits of 1.042 billion, 1.186 billion, and 1.315 billion yuan [4]

排/队/免/单的商业模式在快消品 / 大健康产品领域的应用策略： 编辑：Ajie3293 一、某气先锋商业模式核心要点回顾 某气先锋以其创新的商业模式在市场中脱颖而出，尤其在健康饮水领域取得了显著成绩。其核心在于 "排队/免单" 模式，当用户购买售价 20 元一袋的养生 水时，其中 10 元进入 "排队池"，后续新用户的购买资金按顺序返还给早期用户，直至实现全额免单。这种模式极大地激发了消费者的购买欲望，利用人们 追求 "免费" 的心理，将消费行为转化为一种带有投资回报预期的行为。 在用户激励方面，设计了直推加速机制和复购杠杆效应。直推加速让用户每推荐一名新消费者，其所有在途订单的返现优先级提升 30%，刺激头部用户积 极拓展下线；复购杠杆效应规定消费者二次购买时，历史订单的返现速率叠加 10% 加速，显著提升了复购率。 从渠道拓展来看，门店加盟门槛低，仅需缴纳 2.8 万元设备押金（销售满 3 万袋后返还），每袋水可赚取 2 元利润，且无需囤货。代理商则通过层级分润， 如招商员每发展一个门店，每袋水分润 1 元，区级代理、省级代理覆盖一定数量门店后可获得高额月收入，以此驱动业务快速裂变扩张。同时，平台设置了 ...