金达威｜调研要点：多特倍斯26年加大投入，看好代工厂VB改善趋势（20260127） 1辅酶Q10：目前价格处于合理区间（不会引发过多竞争），12月辅酶Q10价格有所下降，1-2月价格回升需求旺 盛，预计26年量升价减，希望毛利长期保持45%-50%。 2‼代工厂VB：#预计后续收入加速。 目前只有片剂和硬胶囊，预计4月开始软胶囊产线。 #VB目前工艺 金达威｜调研要点：多特倍斯26年加大投入，看好代工厂VB改善趋势（20260127） 1辅酶Q10：目前价格处于合理区间（不会引发过多竞争），12月辅酶Q10价格有所下降，1-2月价格回升需求旺 盛，预计26年量升价减，希望毛利长期保持45%-50%。 2‼代工厂VB：#预计后续收入加速。 目前只有片剂和硬胶囊，预计4月开始软胶囊产线。 ①抖音在做跨境产品管控，公司优势突出； ②美国代工厂加大投入，全产业链能力优势突出（即便下游利润较薄，但是原料代工有优势）。 4变更募集资金用途： ①智慧工厂：后续会做自己品牌的保健品，可能用国内已有品牌金乐心，聚焦物美价廉和二三线城市，不做全品 类而是聚焦有原料的产品（例如辅酶Q10、PQQ等）。 #VB目前工艺、交付期已经 ...

Core Viewpoint - The company, Kingdawei, is committed to enhancing the marketing of its health supplement brand Doctor's Best in the domestic market, leveraging its international brand identity and full industry chain advantages to increase market penetration of key products like Coenzyme Q10, magnesium tablets, and anti-aging series [2] Group 1 - The company aims to strengthen the market penetration of its key products through various strategies, including team building, adjusting assessment goals, increasing marketing investments, and developing suitable products [2] - The company plans to steadily advance the brand building and value creation of its domestic health supplement brand "Jinlexin" while further improving its brand matrix layout [2]

Group 1: Company Overview and Product Development - The company is advancing its Coenzyme Q10 expansion project, with the main construction completed and an expected annual production capacity of 920 tons upon full operation [2][3] - The company utilizes advanced biological fermentation methods, ensuring high product quality while reducing unit production costs [3] Group 2: Market Outlook and Demand - The market demand for Coenzyme Q10 is growing, driven by its applications in cardiovascular health and anti-aging products [3] - Major consumer markets for Coenzyme Q10 include developed countries like the United States and Japan, with significant potential in emerging markets such as China [3] Group 3: Marketing Strategy - The company plans to enhance the marketing of its health supplement brand, Doctor's Best, leveraging its international brand presence and full industry chain advantages [3] - Strategies include increasing market penetration of key products like Coenzyme Q10 and magnesium supplements, alongside promoting potential products through team development and marketing investments [3] Group 4: Research and Product Pipeline - The company possesses strong R&D and manufacturing capabilities, focusing on synthetic biology as a core innovation driver [3] - Future product development includes areas with significant market potential, such as omega-3 from algae and biobased sweeteners, in addition to Coenzyme Q10 [3]

Group 1: Overall Business Performance - In the first half of 2025, the company's total revenue reached 17.28 billion yuan, a 13.46% increase compared to the same period last year [2] - The net profit attributable to shareholders was 90.12 million yuan, reflecting a 2.47% growth year-on-year [2] Group 2: Nutritional Raw Materials Business - The company specializes in the large-scale production of products such as Coenzyme Q10, DHA, ARA, NMN, and Vitamin K2, among others [3] - Coenzyme Q10 holds the largest global market share, with a significant increase in gross margin due to production scale effects and technological improvements [3] - The company is investing in new product development using synthetic biology and microbial fermentation technologies [3] Group 3: Coenzyme Q10 Business - Coenzyme Q10 is increasingly recognized for its health benefits, leading to a growing market demand, particularly in China due to aging population and upgraded health awareness [3] - The company is the largest global producer of Coenzyme Q10, exporting to numerous countries and regions [3] - Expansion plans are in place to meet the rising market demand and strengthen the company's leading position in the industry [3] Group 4: Nutritional Supplements Business - The company owns several brands, including Doctor's Best and Zipfizz, with production services provided by its U.S. subsidiary, VitaBest [4] - Sales of Doctor's Best and Zipfizz experienced a decline in the first half of 2025 due to inventory control and purchasing adjustments by downstream customers [5] - The company is focusing on brand building and enhancing marketing efforts to improve sales channels and brand influence [5] Group 5: Domestic Nutritional Supplements Business - The domestic market for nutritional supplements is primarily served through online channels like Tmall and JD.com, with growth driven by the increasing demand for cross-border e-commerce [5] - The company aims to enhance operational efficiency and expand its market share in domestic self-owned brands [5]