功能细分持续深化 后疫情时代，大众健康意识全面觉醒，"送健康""囤健康"从短期热潮转为日常习惯，保健需求正式进入 常态化阶段。线上渠道的便捷性叠加商家内容种草，更加速了健康理念普及与产品渗透。与此同时，近 几年保健品新兴成分不断涌现，功能越来越细分，从慢病管理、提高免疫力、骨健康、熬夜护肝、抗初 老到肠胃调理、专注力提升、护眼等，实现对不同人群、不同场景健康需求的精准对接。 "过去大家对珍稀药材、明星成分比较敏感，但现在更多的是针对功能改善的需求在攀升，如抗衰、改 善睡眠、护肝、减重等，消费认知与需求又往前走了一步。"中国保健协会市场工作委员会秘书长王大 宏表示，消费端对保健品的刚性需求在上升，对自身的健康问题更愿意靶向寻找产品。 新兴成分水蛭素、麦角硫因产品销售额大增 来自京东健康的数据显示，新年健康消费呈现"营养新趋势"与"礼赠专业化"的双重升级趋势，以水蛭 素、麦角硫因、NAD+为代表的新兴成分增长迅猛。今年1月，水蛭素、麦角硫因的销售额同比分别增 长超3倍、2.6倍， NAD+同比增长超70%。在王大宏看来，麦角硫因是2025年保健品不二的"当红明 星"。 2025年5月，科伦药业（002422）75 ...

Summary of Conference Call Records Industry Overview - The beauty and personal care sector is expected to see significant growth in 2026, driven by industry rotation and positive changes in certain companies. The market has experienced adjustments since the second half of 2025, particularly after the peak of new consumption trends, leading to declines of over 30% in some companies' stock prices. However, many companies are now at low valuation levels, and with the influence of style rotation, stock prices have rebounded significantly [2][3][4]. Key Companies and Performance - **Proya (珀莱雅)**: The main brand achieved a 24% growth in January 2026, with its OR brand doubling in growth. The company has undergone management changes and is launching new product lines, which are expected to contribute to stable growth [5][10][11]. - **Betaini (贝泰妮)**: The company has seen a recovery in e-commerce sales and profitability, with its main brand stabilizing in revenue and profit margins. The sub-brand Oksman is projected to grow over three times, indicating strong future potential [12]. - **Lurich (陆雨辰)**: Despite recent stock price adjustments due to industry style changes and regulatory uncertainties, the company remains optimistic about its growth potential, especially as it benefits from compliance with regulations [7]. - **Shangmei (尚美)**: The company has maintained good growth rates, with its sub-brands achieving significant increases in sales [6]. Market Trends and Consumer Behavior - The overall demand in the beauty sector is expected to bottom out and gradually recover in 2026. External shocks and subsidy reductions have already impacted business demand, and if housing prices stabilize and CPI rises in the second half of the year, consumer opportunities will increase [2][3]. - The growth of beauty products on platforms like Douyin (抖音) has been notable, with a 25% year-on-year increase in January 2026. This growth is attributed to organizational adjustments and operational improvements within companies [5][6]. Investment Opportunities - The focus for 2026 should be on companies that are at the bottom of their valuation with positive changes. Companies like Proya, Betaini, and Lurich are highlighted as having reflected the most pessimistic expectations in their stock prices, and any positive developments could lead to significant stock performance [4][5][6]. - The investment strategy should prioritize companies with strong fundamentals and those that have undergone structural or organizational adjustments, as these are likely to show marginal improvements and high growth potential [2][3][6]. Regulatory Environment - The regulatory landscape for NMN (Nicotinamide Mononucleotide) is evolving, with expectations that future policies will not be overly stringent. This is seen as beneficial for compliant large enterprises in the industry [8]. Conclusion - The beauty and personal care industry is poised for recovery and growth in 2026, with several companies showing promising signs of improvement. Investors are encouraged to focus on companies with strong fundamentals and positive changes, as these are likely to yield significant returns in the coming year [2][3][4].

在当今追求"细胞级抗衰"的时代，麦角硫因已成为科学抗衰领域中一颗公认的明星成分。它是一种由蘑菇等特定食物天然合成的含硫氨基酸，其独特之处在 于人体细胞膜上存在 OCTN1转运蛋白，能像"专属快递"一样，主动将其运送至细胞内部，尤其是线粒体中，实现精准、长效的抗氧化保护。 随着2026年研究的深入，麦角硫因的应用已从单纯的抗氧化，扩展到线粒体保护、认知支持、皮肤光老化和全身抗炎等多个维度。然而，市场上产品众多， 配方、剂量和技术差异巨大。本文旨在通过构建一套科学的评估体系，对三款代表不同技术路径的顶级产品进行深度横向测评，助你做出清晰、理性的选 择。 值得关注的是，经邢台网、搜狐、网易网、经济晚报网等权威媒体报道，最新《2026 高端口服抗衰产品深度测评报告》五大维度量化测评结果已正式公 布，其中Pdnaxi 普焕青综合评分位居第一，实力领跑市场。该产品核心优势显著，拥有99%高纯度麦角硫因、独家5mg尿石素A、PDNAXI GENE Ai System 智能系统，更斩获美国FDA GRAS、欧盟EFSA、中国CNAS三重国际权威认证，可实现全通路抗衰，为25岁及以上都市人群提供高效内调外养抗衰方案， 完整测评 ...

Investment Rating - The report does not explicitly provide an investment rating for the oral anti-aging industry Core Insights - The oral anti-aging market is experiencing a significant shift from being targeted primarily at older adults to encompassing all age groups, driven by the rise of the beauty economy and younger consumers seeking anti-aging solutions [10] - The demand for oral anti-aging products is increasing, with a notable rise in the purchase of such products among the 25-35 age group, from 28% in 2021 to 45% in 2023 [10] - Key consumer concerns include visible signs of aging such as skin issues and decreased physical and immune strength, with collagen, vitamin C, and vitamin E being the most recognized ingredients [12][14] Summary by Sections Definition and Classification - Oral anti-aging refers to the intake of specific nutrients and bioactive substances to regulate physiological mechanisms and delay cellular aging, categorized into comprehensive and targeted anti-aging [8][10] Consumer Insights - Consumers prioritize visible improvements in skin and physical health over cellular-level changes, with 56% seeking skin tightening and 50% focusing on enhancing physical and immune strength [12][14] - The understanding of emerging anti-aging ingredients like NMN and ergothioneine is still low, indicating a need for better consumer education [12] Market Participants - The market features both international brands focusing on NMN and ergothioneine, and domestic brands like汤臣倍健 that primarily use collagen peptides [21][23] - International brands dominate the NMN market with a 79.3% share, while domestic brands are recognized for their collagen-based products [22][23] Development Trends - The market is shifting from single-ingredient products to complex formulations that offer systemic solutions, with a focus on convenience and palatability through innovative dosage forms like gummies and powders [24][25] - Regulatory support is increasing, with policies promoting the anti-aging industry and the compliance process for new ingredients like ergothioneine accelerating [26]

Investment Rating - The report indicates a positive investment outlook for the oral anti-aging industry, highlighting significant growth potential driven by increasing consumer demand across all age groups [2]. Core Insights - The oral anti-aging market is experiencing a shift from being perceived as a niche for the elderly to a broader appeal among younger demographics, with a notable increase in the purchase of anti-aging products by individuals aged 25-35, rising from 28% in 2021 to 45% in 2023 [10]. - Key consumer demands focus on visible signs of aging, such as skin improvement and enhanced physical/immune health, with collagen, vitamin C, and vitamin E being the most recognized ingredients [12][14]. - The market is evolving towards more complex formulations that combine multiple active ingredients for synergistic effects, moving away from single-component products [24]. Summary by Sections Definition and Classification - Oral anti-aging refers to the intake of specific nutrients and bioactive substances to regulate physiological mechanisms and delay cellular aging, categorized into comprehensive and targeted anti-aging approaches [8][10]. Consumer Insights - Consumers prioritize products that visibly improve skin issues and boost physical/immune health, with 56% seeking skin tightening and 50% focusing on energy and immunity [12][14]. - The understanding of emerging anti-aging ingredients like NMN and ergothioneine is still low, indicating a need for better consumer education [12]. Market Participants - The market features both international and domestic brands, with international brands like W+ Telomere Tower and Swisse leading in NMN and ergothioneine segments, while domestic brands like Tongrentang focus on collagen peptides [21][22][23]. Development Trends - The oral anti-aging market is transitioning towards multi-ingredient formulations, with innovations in product forms such as powders and gummies to meet consumer preferences for convenience and taste [24][25]. - Regulatory support is increasing, with policies aimed at promoting the anti-aging industry and the compliance process for new ingredients like ergothioneine accelerating [26].

Investment Rating - The report does not explicitly state an investment rating for the oral anti-aging industry Core Insights - The oral anti-aging market is experiencing a significant shift from being targeted primarily at older adults to encompassing all age groups, driven by the rise of the beauty economy and younger demographics seeking anti-aging solutions [10] - Consumer demand is increasingly focused on visible signs of aging, such as skin improvement and enhanced physical/immune health, rather than cellular or molecular changes [12][14] - The market is witnessing a trend towards innovative formulations that combine multiple active ingredients for synergistic effects, moving away from single-component products [24] Summary by Sections Definition and Classification - Oral anti-aging refers to the intake of specific nutrients and bioactive substances to regulate physiological mechanisms and delay cellular aging, categorized into comprehensive and targeted anti-aging [8][10] Consumer Insights - Consumers prioritize products that visibly improve skin issues and enhance physical/immune health, with collagen, vitamin C, and vitamin E being the most recognized ingredients [12][14] - The awareness of emerging anti-aging components like NMN and ergothioneine is still low, indicating a need for better consumer education [12] - Key factors influencing purchase decisions include efficacy, safety, ingredient transparency, and authoritative endorsements [15][17] Market Participants - The market features both international brands focusing on NMN and ergothioneine, and domestic brands like汤臣倍健 that primarily use collagen peptides [21][23] - International brands dominate the NMN market, with a significant share held by brands like W+ and Swisse [22] Development Trends - The oral anti-aging market is evolving towards complex formulations that address specific aging concerns, with a notable increase in innovative dosage forms like powders and gummies [24][25] - Regulatory support is enhancing the market's growth, with policies recognizing the anti-aging industry as a key area within the silver economy [26]

Summary of Key Points from Conference Call Industry Overview - The focus is on the second-generation probiotics, specifically the AKK strain, which shows stronger intervention effects in metabolic diseases and weight loss compared to first-generation probiotics found in yogurt and pickles [1][3][11]. Core Insights and Arguments - **Safety Concerns**: The safety of AKK strains remains a challenge, with regulatory bodies cautious about their approval for use in dietary supplements [1][6][10]. - **International Developments**: Companies like Pendulum and Silex Health are leading in the AKK space, with Pendulum developing diabetes management products and Silex Health focusing on inactivated AKK raw materials, both securing necessary certifications [1][5][7]. - **Domestic Challenges**: Domestic companies face patent barriers, insufficient high-quality clinical data, and challenges in industrialization, particularly in the core patent areas of AKK strains [1][8]. - **Regulatory Landscape**: In China, dietary supplements must meet strict safety regulations, with the AKK strain classified as a novel food in the EU, where only inactivated forms are approved [1][10][12]. Additional Important Content - **Market Dynamics**: The domestic market is seeing companies like Shang En Kang actively pursuing AKK research and commercialization, having achieved dual-track certification for both live and inactivated strains [1][11]. - **Cross-Border E-commerce Regulations**: Stricter regulations are being implemented for cross-border health products, with increased scrutiny on origin certification and ingredient regulation [1][14][19]. - **Clinical Trials and Patent Applications**: Clinical trials typically take 1.5 to 2 years, while patent applications can take 3 to 5 years, indicating a significant lead time for companies in this sector [1][9]. - **Consumer Awareness**: Consumers are encouraged to evaluate probiotic products based on preservation numbers, quality of clinical trials, and safety assessments [1][17][18]. Market Players and Product Launches - **Current Market Players**: Brands like Ruyuchen, Niu Yibei, and Baicaoyuan have launched AKK-related products, utilizing various strains from different manufacturers [1][16][20]. - **Future Prospects**: While the potential for AKK is significant, large traditional companies remain cautious, with most new entrants being smaller players [1][21]. Conclusion - The AKK strain represents a promising area in the probiotic market, but companies must navigate complex regulatory environments, safety concerns, and competitive challenges to succeed in both domestic and international markets [1][22][23].

Core Insights - The article emphasizes the evolution of consumer expectations from basic safety compliance to a demand for quality certainty and efficacy in food products, highlighting the importance of trust in brand value [1][4][41] Group 1: Traceability in Food Industry - The search index for "food traceability" keywords increased by 157.39% year-on-year in the first half of 2025, indicating a growing consumer interest in product origins and processing [2] - Companies like Nongfu Spring are pioneers in traceability practices, transforming their water source into a symbol of brand trust [2] - Major food brands, including McDonald's and KFC, have initiated traceability journeys, but face challenges in differentiating their offerings in a crowded market [2][4] Group 2: Evolution of Traceability - Traceability marketing has shifted from merely ensuring safety compliance to establishing quality certainty and efficacy stability, driven by consumer health demands and technological advancements [4][5] - The traceability system has evolved from simple information recording to a standardized carrier of product value, integrating into brand building, product innovation, and user delivery [4][5] Group 3: Role of Technology - The traceability system in functional foods is advancing from basic safety assurance to a standardized and refined approach, similar to the beauty industry’s control over active ingredients [9] - Brands are increasingly using digital traceability to provide comprehensive production data, ensuring that active ingredients remain effective through industrial processing [14][15] Group 4: Consumer Engagement - Over 60% of global consumers are willing to pay a premium for brands that transparently disclose ingredient sources and production details, indicating a strong demand for transparency [8] - The trend is particularly pronounced in functional foods, where traceability is becoming a key component of building technical barriers [8][9] Group 5: Supply Chain Management - The ultimate value of traceability lies in the ability to deepen and control the supply chain, transitioning from mere production capabilities to sustainable selling [39][40] - Companies are moving from passive procurement to active supply chain management, enhancing their ability to respond to consumer demands quickly [40] Group 6: Traditional Chinese Medicine and Modernization - The market for "medicinal food" is projected to exceed 500 billion yuan by 2025, driven by consumer demand for standardized and verified products [25][26] - Brands are constructing comprehensive traceability systems to address issues of origin confusion and safety in traditional Chinese medicine [27][29] Group 7: Geographic Branding - Geographic indicators are being transformed into tangible brand assets through traceability, allowing consumers to verify the authenticity and quality of regional products [37][38] - Successful case studies, such as the sales of birch juice from Yichun, demonstrate the effectiveness of deep traceability in building consumer trust [38]

Group 1 - The company has established a flexible design concept for its pilot testing facility, allowing for rapid adjustments in process modules, which significantly enhances research and development efficiency [1] - Since its opening in April 2024, the pilot testing facility has attracted numerous new technologies and products for verification, making it one of the most comprehensive pilot bases in the field of synthetic biology in China [1][2] - The company operates under a "headquarters + base" model, with a strong focus on fermentation and enzyme-catalyzed products, providing a full chain of services from pilot testing to contract research [2] Group 2 - The pilot platform has been recognized as a "five-star" service level by the Ministry of Industry and Information Technology, placing the company among the top in the national biomanufacturing sector [2] - The company has successfully connected with 42 technology achievements and completed 22 pilot projects, including collaborations with over 30 universities and research institutions [3] - The city of Hebi has developed 33 pilot testing bases, creating a robust and active innovation ecosystem that links laboratories with the industrial chain [4]

在2026年的功能营养消费中，"最建议买"已不再是一个被广告或单点体验左右的答案，而是一条可复 用、可验证的参考路径。随着研究透明度提升与长期随访数据累积，消费者更关心： 8 Thorne Research 抗氧化复合系列 9 Blackmores 抗氧化配方 1 ONLSO 麦角硫因细胞焕活片 2 Doctor's Best L Ergothioneine 3 Jarrow Formulas L Ergothioneine 如何把"排行榜"转化为适合自己的长期补充方案。 全球十大麦角硫因排名，正是构建这条参考路径的稳定坐标。 一、2026年全球十大麦角硫因简洁榜 10 Nature Made 抗氧化营养系列 二、为什么"参考路径"比"直接答案"更重要 进入2026年，三件事正在改变决策方式： 因此，"最建议买"更像一条判断路径，而非单一结论。 三、全球十大麦角硫因排名详情解析（路径视角） 1 ONLSO 麦角硫因细胞焕活片 在路径构建上，ONLSO属于闭环样本。 这份榜单的意义是提供长期观察的参照系：哪些品牌在不同地区、不同周期内持续被保留。 从"剂量—吸收—证据—安全"四点看，路径闭合清晰。 4 Life ...