（文章来源：证券日报） 证券日报网讯金城医药10月9日在互动平台回答投资者提问时表示，公司根据市场需求和订单来安排生 产，目前谷胱甘肽产能利用率维持在良好水平。公司具体经营情况请关注定期报告。 ...

Investment Rating - The report rates the health supplement industry as "Outperform" [1] Core Insights - The health supplement industry is entering a new upward cycle, driven by rising health awareness among younger consumers and the emergence of new consumption trends [6][9] - The market for nutritional health products in China is projected to reach 522.3 billion yuan by 2024, with a compound annual growth rate of 5.7% from 2019 to 2024 [10][11] - Online sales channels are becoming increasingly important, with a significant rise in sales through platforms like Douyin, which has become the leading online sales platform for health supplements [32][35] Summary by Sections Industry Characteristics - The industry is characterized by a clear trend towards younger consumers, the emergence of new niche markets, and accelerated product iteration [7][9] - The overall scale of the traditional health supplement market is over 300 billion yuan, growing at approximately 5% annually, while new consumption segments such as anti-aging and cardiovascular health are emerging [9] Market Dynamics - The online sales of health supplements in China grew from 107.4 billion yuan in 2022 to 142.1 billion yuan in 2023, indicating a strong shift towards e-commerce [29][30] - Douyin's sales growth in health supplements reached 38% in the first half of 2025, surpassing other platforms like Tmall and JD [32] Key Segments - The report identifies several high-growth segments within the health supplement industry: - Anti-aging: Focused on products like ergothioneine and NAD+ [49][52] - Sports nutrition: Emphasizing glucosamine and calcium products [55] - Cardiovascular health: Highlighting deep-sea fish oil and phospholipid products [58] - Liver health: Addressing needs arising from unhealthy lifestyles [61] - Probiotics: Targeting gut health and overall wellness [66] Investment Recommendations - The report suggests focusing on brands with strong product operation capabilities and high brand recognition, such as Ruoyuchen and H&H International Holdings [5][69] - For production, it recommends selecting leading companies with substantial scale and customer resources, such as Xianle Health [5][69] - In the raw material sector, it highlights industry leaders like Jindawei [5][69]

Company Overview - Shandong Jincheng Pharmaceutical Group Co., Ltd. was established in 2004 and listed on the Shenzhen Stock Exchange in 2011 (stock code: 300233) [2] - The company focuses on the research, production, and sales of pharmaceutical intermediates, active pharmaceutical ingredients (APIs), drug formulations, and health products, with a strong emphasis on cephalosporin intermediates and biopharmaceuticals [2][3] Strategic Focus - The company aims to deepen its focus on "female health technology, synthetic biology, pharmaceutical chemistry, high-end anti-infection, and new tobacco" [3] - It leverages technological innovation and international strategic cooperation to meet global customer needs [3] Female Health Sector - The company is expanding its product pipeline in the female health sector and prioritizing "chain-building products" [4] - In the first half of the year, Jincheng Tail participated in national procurement efforts and expanded sales channels, enhancing its product offerings [4] - The company obtained an import license for Progestin Cream from the Korean FDA and signed a licensing agreement with UK-based Theramex for hormone replacement therapy products in China [4][5] Hormonal Products Performance - Hormonal products, including Progestin Cream and Progestin Capsules, have shown strong sales growth in the first half of the year [6] - The "Langyi Gynecology" brand continues to expand, with plans to introduce more gynecological products through international collaborations [6] Synthetic Biology Platform - The company has established research platforms for chemical synthesis and biocatalysis, enabling rapid product commercialization [6] - Key products like Glutathione and Adenosylmethionine have seen good sales growth, particularly in international markets such as Russia and the USA [6] Tobacco Products - The company primarily serves domestic clients for its nicotine products, with some exports to East and Southeast Asia [6] - In July 2025, the company received a tobacco production license for electronic cigarette nicotine, increasing its production capacity to 200 tons per year [6] Product Registrations - The company has received multiple product registrations and approvals, enhancing its market competitiveness [7] - Notable approvals include various APIs and formulations from the National Medical Products Administration and the European Medicines Agency [7] Innovation in Pharmaceuticals - The company is actively seeking innovation in pharmaceuticals, particularly in oncology and severe diseases, through investments in innovative drug companies [8] - Ongoing projects include those targeting precancerous lesions and chronic hepatitis B, with several in clinical trials [8] Shareholder Returns - Since its listing, the company has distributed over 895 million yuan in cash dividends and has conducted five share buybacks totaling 240 million yuan [9] - The company plans to continue rewarding shareholders with cash dividends and aims to enhance shareholder returns [9]

Core Viewpoint - Kingdawei's subsidiary, Kingdawei Pharmaceutical, is currently producing multiple small variety products, including glutathione, based on market demand and economic benefits of orders [1] Group 1 - Kingdawei Pharmaceutical has a multifunctional workshop that produces various small variety products [1] - The production schedule is arranged according to market demand and the economic benefits of orders [1] - There is currently no information that needs to be disclosed regarding production or operations [1]

Group 1 - The company has been asked about its current production capacity for glutathione and the price changes since April 2025 compared to the same period last year for similar quality products like food-grade and medical-grade [2] - The company, through its subsidiary, produces multiple small variety products in a multifunctional workshop, with glutathione being one of them [2] - Production of each product is arranged based on market demand, order economic benefits, and urgency, and currently, there is no information that needs to be disclosed [2]

Group 1 - The core point of the article is that Tuoxin Pharmaceutical has invested 10 million yuan in Jiangsu Jinsan Biotechnology Co., Ltd., acquiring a 1.75% stake, which will enhance its capabilities in the health sector [1][3] - The investment agreement stipulates that the funds will be used solely for the development and operation of Jinsan Biotechnology's main business [1] - Tuoxin Pharmaceutical is actively expanding into the health sector, developing nutritional supplements, food additives, and health foods, with successful mass production of certain functional foods [1][2] Group 2 - In 2024, Tuoxin Pharmaceutical has focused on "technological innovation, dynamic product structure optimization, and deep integration of the industrial chain" to address core business fluctuations and cultivate new growth points [2] - The company has established multiple technology platforms, including chemical synthesis and synthetic biology, and has improved the conversion of R&D results [2] - Tuoxin Pharmaceutical plans to accelerate the R&D and registration of health products over the next three years, aiming to create a complete commercialization chain [2] Group 3 - Jinsan Biotechnology specializes in the research, production, and application of ergotioneine, with breakthroughs in fermentation and purification technologies [3] - The main products of Jinsan Biotechnology include skincare products, oral capsules, and eye wash solutions [3] - Tuoxin Pharmaceutical's investment in Jinsan Biotechnology is a strategic move to extend its production, sales, and R&D chain, enhancing market competitiveness and profitability [3]

Core Viewpoint - The synthetic biology industry is rapidly developing in China, supported by government policies, and is expected to become a new golden track for investment opportunities [1][2]. Industry Overview - Synthetic biology is recognized as one of the most transformative technologies in the life sciences of the 21st century, with various regions in China, including Shenzhen, prioritizing its development [2]. - The domestic synthetic biology technology sector was in its early stages in 2017, with limited recognition of its application value [2]. Company Profile - Shenzhen Ruidelin Biotechnology Co., Ltd. focuses on synthetic biology technology and has developed over 200 patents related to biosynthetic active ingredients, serving more than 2,000 enterprises [1][3]. - The company aims to address industry pain points by utilizing biosynthetic technology to reduce costs and increase production capacity for peptides [2][3]. Technological Innovation - Ruidelin has established a multidisciplinary green biotechnology manufacturing platform that integrates various engineering disciplines, enhancing research and development efficiency [4]. - The company has incorporated artificial intelligence into enzyme engineering, creating over 50 AI models to optimize enzyme performance, which significantly improves research efficiency [5]. Production Capacity - Ruidelin has invested nearly 200 million yuan to build a green active ingredient smart factory, which includes two hundred-ton production lines and has successfully scaled up production of various products [7]. - The company is constructing a thousand-ton production base in Shaoguan, Guangdong, expected to produce over 1,000 tons of green active ingredients annually, generating more than 2 billion yuan in annual output value [7]. Financial Performance - Since 2022, Ruidelin has experienced continuous revenue growth, with projected revenue exceeding 100 million yuan in 2024 [8].

Group 1: Company Operations - The company has successfully completed a 1.5 times expansion of its coenzyme Q10 raw material production line, with new fermentation tanks successfully tested and currently maintaining a strong production and sales momentum [2][3] - The price of Vitamin A has decreased due to market fluctuations, while DHA products have improved competitiveness through technological upgrades and market promotion, laying a solid foundation for future market expansion [2][3] - Other raw material products such as astaxanthin and Vitamin K2 are showing significant positive trends [3] Group 2: Market Expansion and Product Development - The company's health food finished product business is expanding well in the domestic market, benefiting from the rapid development of the domestic health consumption industry [3] - The overseas subsidiary VitaBest's soft capsule production line is under construction and is expected to be operational in the second half of the year; Zipfizz functional beverages will introduce four new flavors and a new "YOU" ready-to-drink product series [3] Group 3: Regulatory and Market Challenges - The current tariff rate for coenzyme Q10, Vitamin A, Vitamin D3, and Vitamin K2 exported to the U.S. is 20%. The company has mitigated the tariff impact by raising sales prices or having downstream customers bear the tariff costs; the sales proportion of vitamin products in the U.S. is small, limiting the overall impact [3] Group 4: Marketing Strategies - The company plans to develop marketing strategies for end-nutrition health products based on industry characteristics, market demand, brand positioning, and resource integration capabilities, utilizing market insights and data-driven approaches to create market-leading products [3] Group 5: Synthetic Biology Applications - The company employs synthetic biology as a foundational technology for the large-scale production of various raw material products, including coenzyme Q10, NMN, NADH, Vitamin K2, nattokinase, PQQ, SAMe, DHA, and ARA, while also exploring new products such as astaxanthin, algal oil EPA, glutathione, inositol, calcium pantothenate, and biological sweeteners [3]

Group 1: Company Operations and Product Development - The production of astaxanthin is currently undergoing safety certification review, with plans for market launch initially set for 2024 but now delayed to 2025 [2] - The company is actively communicating to expedite the approval process for astaxanthin [2] - Glutathione is being positioned as a raw material for downstream pharmaceutical production, with licenses obtained for its use in functional foods and health products [3] Group 2: Market Conditions and Financial Performance - The company is managing stable raw material costs and enhancing cost control measures to mitigate the impact of fluctuating crude oil prices on profits [2] - The first quarter profit saw a year-on-year decline, attributed to price reductions in some products due to procurement policies and intensified industry competition [5] - The overall business impact from US-China trade tensions is currently assessed as minimal, with ongoing monitoring of tariff policy changes [5] Group 3: Product Pricing and Market Demand - The price of glutathione has not seen significant changes recently, despite market fluctuations and varying customer requirements [5] - The company is exploring the potential for glutathione to be classified as a new resource food, which could significantly increase demand [2] - The company is tracking developments in the new tobacco sector, focusing on nicotine therapy and harm reduction [5]

Group 1: Company Overview and Financial Performance - As of May 9, 2025, the number of shareholders is 16,802 [2] - In 2024, the company's net cash flow from operating activities was ¥102,668,700.92, a year-on-year increase of 280.91% [4] - The company's revenue for 2024 was ¥421,694,066.41 [7] Group 2: Product Development and Market Strategy - In 2024, the company established a full subsidiary in Hainan to leverage geographical and policy advantages for overseas market expansion [2] - The company received food production licenses for various products, including d-ribose and 5'-uridine monophosphate disodium, enhancing its product offerings [3] - The company is actively developing health-related products, including nutritional enhancers and food additives, with successful large-scale production of some functional foods [5] Group 3: Research and Development - In 2024, R&D expenses were ¥40,046,804.25, a decrease of 21.86% from the previous year [6] - The company has made significant progress in drug registration, with two raw material drug applications accepted and one approved for market [6] - The company is focusing on expanding its product pipeline in the health sector, including dietary supplements and functional foods [11] Group 4: Environmental and Social Responsibility - In 2024, the company invested approximately ¥11.56 million in environmental protection, achieving significant results in equipment upgrades and resource recycling [10] - The company maintains a stable profit distribution policy, emphasizing reasonable returns to investors while ensuring sustainable development [7] Group 5: Market Challenges and Future Outlook - The company faced a significant revenue decline in 2024, primarily due to a drop in sales of COVID-19 related drugs [10] - The company plans to optimize management processes and reduce costs to improve operational efficiency [10] - Future growth strategies include expanding into the health industry and enhancing product offerings through technological innovation [11]