Investment Rating - The report assigns a "Buy-A" investment rating to the company [4] Core Views - The company is experiencing steady growth in sales of its core products, particularly the glucosamine hydrochloride capsules, driven by market expansion through centralized procurement and refined sales management [2][34] - The company is actively developing a comprehensive fish oil product line, aiming for a full industry chain layout to enhance quality and reduce costs [3][55] - The research pipeline includes promising projects in brain health, particularly focusing on the development of a first-class chemical drug, N-acylserine, which has significant potential in treating neurological conditions [3][63] Summary by Sections 1. Company Overview - The company is committed to developing high-end small varieties of "marine drugs" and "major disease medications," leveraging its marine drug development platform to expand its product offerings [11] - The actual controller, Yan Yiyi, holds a total of 23.58% of the company's shares, indicating strong insider confidence [13] - The company has shown steady growth in revenue from 341 million yuan in 2017 to 714 million yuan in 2024, with a CAGR of approximately 11.15% [17] 2. Glucosamine Hydrochloride Capsules - The demand for joint cartilage protectants is increasing, contributing to the steady growth of the domestic glucosamine market, projected to reach approximately 8.3 billion yuan by 2025 [40] - The company has successfully expanded its market coverage through centralized procurement, achieving over 41% market share in nine provinces [44] - Sales of glucosamine capsules in retail pharmacies have grown from 374 million yuan in 2019 to 728 million yuan in 2024, with a CAGR of about 14.28% [48] 3. Fish Oil EPA - The company is advancing a project to produce 1,000 tons of super fish oil EPA, aiming for a high-quality, low-cost production model [55] - The company has submitted new drug applications for EPA soft capsules, which are expected to enhance its position in the lipid-regulating drug market [56] - The sales of EPA/DHA health products in China are projected to grow from 3.2 billion yuan in 2020 to 7.8 billion yuan in 2024, reflecting increasing consumer health awareness [58] 4. Research Pipeline - The company has a rich research pipeline focusing on marine drugs, elderly medications, anti-tumor drugs, and health products, with significant potential in the brain health sector through the development of N-acylserine [3][63]

Summary of Conference Call Records Industry Overview - The consumer electronics upstream costs have increased, leading to higher downstream product prices and a valuation correction for related stocks, resulting in weakened revenue contributions [1][2] - The overall market performance showed good gains in large-cap and small-cap indices, while mid-cap indices like the CSI 500 performed slightly worse [3] Key Points and Arguments Market Performance - The convertible bond market did not outperform the indices last month due to a lack of significant risk appetite in technology and consumer sectors [2] - The banking sector showed notable gains, with some bank convertible bonds facing strong redemption triggers, potentially leading to a reduction in supply [3] Recommendations - Recommended stocks in the new consumer sector include Li Ziyuan, Huakang, Xianle, and Zhongchong, all of which have upward momentum [1][6] - In the technology and high-end manufacturing sectors, recommended stocks include Weicai, Anji, Guoli Co., and Huarui, with Weicai experiencing growth in third-party testing and Anji holding a significant market share in polishing liquids [1][7] Convertible Bond Market Outlook - The average price of convertible bonds in June was approximately 120 yuan, with a valuation percentile of 73.4% [5] - A reduction in fixed income + funds is expected, but a significant contraction is unlikely as asset-side pressures remain high [5] Specific Company Insights - **Huakang Co.**: A leader in functional sugar alcohols with stable gross margins and high market shares in xylitol and maltitol. The new Zhoushan base is expected to contribute significantly to revenue [10][11] - **Xianle Health**: A leading CDMO in nutritional health foods, showing double-digit growth in the new consumer sector and expanding partnerships with emerging brands [12] - **Guoli Co.**: Continuous recommendations due to its involvement in vacuum electronic devices, with expected revenue growth driven by the new energy vehicle sector and military orders [13][14] - **Huarui Precision**: Benefiting from improved demand in the hard alloy tool market, with significant growth in sales and expansion into humanoid robot components [15][20] Additional Important Content - The agricultural sector is showing marginal improvements, with potential investment opportunities arising from changes in pig prices and policy catalysts [4][8] - New Dairy's low-temperature products are maintaining double-digit growth, with strong channel control and innovation driving performance [16][21] - YunKang Group is expanding into overseas markets with significant orders locked in, indicating strong revenue growth potential [18] This summary encapsulates the key insights and recommendations from the conference call, highlighting the performance of various sectors and specific companies within the investment landscape.

Core Insights - Julydeer® is a dietary supplement brand founded in 2012 in Colorado, USA, focusing on "scientific, rigorous, innovative, and safe" principles in its product development and manufacturing [1] - The brand emphasizes technological innovation and has established a comprehensive R&D and production system for dietary supplements, ensuring product safety and efficacy through various certifications [1] - The company combines traditional herbal wisdom with modern scientific research, adhering to evidence-based medicine principles in its product formulations [1] Product Range - **Liver Protector: Milk Thistle Hard Capsules** - Contains 10,000mg of North American wild milk thistle seeds and 500mg of concentrated silymarin extract per serving - Designed for individuals with liver damage from alcohol, fatty liver, or abnormal liver indicators, showing clinical evidence of improving liver function [2] - **Cardiovascular Shield: Natto Hard Capsules** - Contains 150mg of natto kinase per bottle, supporting cardiovascular health with a gentle and safe thrombolytic effect [2] - **Krill Oil Soft Capsules** - Contains 1,000mg of Antarctic krill oil, enhancing Omega-3 absorption and showing significant effects on blood lipid regulation [3] - **Fish Oil Soft Capsules** - Contains 400mg of DHA and 100mg of EPA, supporting brain and eye health, particularly beneficial for children's brain development and elderly cognitive maintenance [4] - **Joint and Respiratory Health: Quercetin Hard Capsules** - Demonstrates a 15% reduction in blood uric acid levels and a 35% decrease in gout attack risk [6] - **Anti-Aging and Immune Support: PQQ Collagen Hard Capsules** - Activates mitochondrial function and reduces oxidative damage to skin cells [7] - **Astaxanthin Soft Capsules** - Features a patented extraction method that improves absorption by 260%, significantly enhancing its antioxidant effects [8] - **Women's Multivitamin Tablets** - Provides a comprehensive nutrient profile to improve hair loss and enhance immunity [9] - **Brain Health and Sleep Management: Phosphatidylserine Hard Capsules** - Supports cognitive function and alleviates anxiety, particularly beneficial for students and high-pressure workers [14] Brand Positioning - Julydeer® aims to redefine dietary supplements with a focus on "precision nutrition," adhering to high standards of purity, concentration, absorption, and transformation [1] - The brand's claims are supported by scientific literature, avoiding absolute terms and disease treatment claims, thus ensuring compliance with advertising laws and health food regulations [1]