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　　Looking at the screenshot, Undertale can easily lead people to preconceived prejudices. This is understandable, because even if you have never played any of these works, which are extremely popular in the Japanese indie game community in recent years, you should at least have seen something with a similar style-because too many anchors have used them to broadcast their own pants. The picture level of this kind of works is roughly between FC and SFC, and the mechanism is similar to that of RPG in the 1990s. Most of them are based on horror themes, and the core experience is naturally plot stories. Because there are so many of them, we can almost classify them into a separate category.

　　However, although it looks very similar, "undertale" has subtly passed the stereotype.

This picture is actually simpler than many independent RPGs with pixel styles.

　　Undertale can be scary, but this kind of horror is not a traditional sensory stimulation. Its form limits its expressive power to a certain extent, but the relatively simple expressive technique also makes the developer’s creativity completely free from the shackles of cost. Although it is covered with a layer of super-classical RPG, if we have to find a comparison object for it, it is actually more like Telltale’s The Walking Dead in its bones, and its style is easily reminiscent of the exotic Requiem. Its story and choice are intertwined, and it is often presented to us in unexpected ways. Moreover, like many works with cult style, it also has many disturbing secrets …

It’s actually a very tender scene.

　　There is almost nothing in the game like you think, and you will understand this in the first three minutes of the game. If the designer’s little idea fails to arouse your appetite, then you may not be ready to accept undertale. However, if you are excited about this unexpected knife, congratulations, there will be many surprises in the next five hours.

Lovely flowers, um …

　　In the universe of undertale, there was a great war between human beings and monsters, and finally the victorious human beings exiled all their opponents to the underground. What we played was a child who accidentally fell into the underground world in peacetime in order to find his way home. Along the way, we will meet many interesting people and things, and although the story itself is not scary, it is always disturbing that the game will suddenly change its style and enter the track of horror movies in the next second.

　　As for the choice, there is actually only one core and most important choice, that is, to kill or not to kill. You can kill almost every character you see in the game, whether it’s a wild monster you encounter randomly or an NPC you pass by, and at the same time, all disputes can be solved peacefully. In the case of conflict or fighting, in addition to the general attack instructions, the game will always provide us with a series of means to solve the problem with mouth guns or other wonderful methods, and the choice is entirely in the hands of the players themselves (for example, when facing two dogs, the peaceful solution is to roll in the mud and make themselves smell like "puppies"). The subsequent plot and ending of the game will change every time your butcher knife is held high or merciful.

A pair of Wang Xingren guards look very strong, but they are actually very easy to deal with.

For more information, please pay attention to:

　　Screen shot

　　In 2021, Shanghai will further promote the healthy and stable development of the real estate market, strengthen policy coordination, deepen and improve the linkage mechanism between housing and finance.

　　On April 23rd, Shanghai Housing Authority officially issued the Work Summary of Shanghai Housing Authority in 2020 and Work Plan for 2021 (hereinafter referred to as the Plan), which plans to summarize the work in the past year and deploy the real estate work plan for this year.

　　"2021 is ‘ Fourteenth Five-Year Plan ’ In the first year, the field of housing management is related to economic development and people’s livelihood and welfare. Real estate should be ‘ The 14th Five-Year Plan ’ Service, while serving, also needs to solve the practical problems of living and living in Yi’ an. " Industry analysts said.

　　This year, the real estate regulation will be more complete, and the special inspection will consolidate the regulation effect or normalize it.

　　For the work plan for 2021, the Plan is clear and promotes the healthy and stable development of the real estate market. Firmly adhere to the positioning of "houses are used for living, not for speculation", improve the long-term mechanism for the stable and healthy development of the real estate market in accordance with the requirements of "one city, one policy", continue to highlight the word "stable" and focus on "stabilizing land prices, housing prices and expectations". Strengthen policy coordination, deepen and improve the linkage mechanism between housing and property, and improve the linkage mechanism between housing and finance.

　　Yan Yuejin, research director of the think tank center of Yiju Research Institute, said that the statement of the Shanghai Housing Authority fully shows that regulation will continue to be strict. It can be seen from this year’s work plan that this year’s real estate market regulation will be more complete, especially in the aspects of strengthening policy coordination, establishing various linkage mechanisms and consolidating existing regulation measures.

　　At the same time, the "Plan" mentioned that this year, the housing purchase restriction and differentiated housing credit policies will be strictly implemented, and the management of commodity housing sales will be strengthened. Strengthen market supervision, carry out special rectification of market order, and severely investigate and deal with all kinds of illegal acts. Strengthen monitoring and early warning and public opinion guidance, and pay attention to risk prevention.

　　"This shows that on the basis of the original regulation, a wave of major inspections will be formed, including the sales management of commercial housing mentioned in the plan, which will have a positive impact on the subsequent real estate trading market."Industry analysts said.

　　Yan Yuejin pointed out that Beijing has recently clarified the inspection of real estate order and carried out 12 inspections and supervision in the fields of rent and purchase, which is of great significance. This also shows that on the basis of implementing the existing regulatory policies, it is necessary to really consolidate the regulatory effect through inspection and prevent the regulatory policies from going out of shape. For the Shanghai market, this statement also fully demonstrates the positive orientation for market stability. Through inspection, we can find some ways to continue to exploit policy loopholes, which is helpful to prevent market risks and promote the stable and healthy development of the market. For the relevant housing enterprises and intermediaries, the recent marketing and management work really needs to be standardized to truly respond to Shanghai’s various regulatory spirits.

　　Since the beginning of the year, there have been constant regulatory policies. "Don’t underestimate the government’s determination to control housing prices."

　　What we can see is that since this year, the Shanghai property market has been constantly regulated. According to the incomplete statistics of The Paper, the stable and healthy development of the market has been continuously maintained from the aspects of restricting purchases, sales, loans and interviews.

　　According to Lu Wenxi, an analyst of Shanghai Zhongyuan real estate market, since the beginning of the year, Shanghai has been constantly introducing regulatory policies. Whether it is the New Deal, interviews or repeated reaffirmation of some old contents, it shows the attitude of the government."Don’t underestimate the government’s determination to control housing prices. This year is particularly obvious. If the subsequent housing prices still heat up, the policy will continue to increase. "

　　On January 21st, the Shanghai Municipal Housing and Urban-Rural Construction Management Committee, together with the Municipal Housing Authority and other eight departments, issued the Opinions on Promoting the Stable and Healthy Development of the Real Estate Market in this Municipality, covering land, purchase restriction, credit, new house lottery, taxes and fees, etc. It is mentioned that the purchase of a house within 3 years after divorce is calculated according to the number of family sets before divorce; All houses less than 5 years old will pay VAT in full.

　　On January 29th, the Shanghai Banking Insurance Regulatory Bureau issued the Notice on Further Strengthening the Management of Personal Housing Credit, which once again strengthened the orientation of "housing without speculation" and put forward further requirements for the management of personal housing credit. Shanghai Banking Insurance Regulatory Bureau clearly stated that it will strictly review the minimum down payment ratio, debt service income ratio and loan restriction of individual housing loans; At the same time, the issuance of individual housing loans will be strictly controlled, and the follow-up mortgage will focus on supporting the loan demand for purchasing the first self-occupied housing, and housing loans can only be issued to individuals who purchase houses with capped main structures.

　　On February 1st, Shanghai and district housing management departments, together with the Municipal Market Supervision Administration and other departments, conducted interviews with intermediary agencies and housing enterprises, and informed them of recent violations of laws and regulations in the real estate field. Require all real estate brokerage agencies to continuously strengthen the management of front-line personnel in the course of operation, and shall not induce, instigate or assist the parties involved in the sale of houses to violate or evade real estate control policies, and violate tax collection and management and financial supervision policies and regulations; Do not speculate on the price increase of houses and create panic in buying houses; Shall not participate in illegal real estate financial activities such as business loans, down payment loans and consumer loans.

　　On March 3, Shanghai Housing and Urban-Rural Construction Management Committee, together with Shanghai Planning and Natural Resources Bureau and Shanghai Housing Administration Bureau, jointly issued the Notice on Further Strengthening the Management of the Real Estate Market in this Municipality, clearly strengthening the management of residential land supply, deepening and improving the linkage mechanism of housing prices and land prices, strictly regulating enterprises to purchase commercial housing and implementing housing sales restrictions. According to the new regulations, newly-built commercial housing purchased in accordance with the priority purchase policy can not be transferred until the online signing of the purchase contract has been filed for five years.

　　On March 16th, the Shanghai Municipal Education Commission issued the "Implementation Measures for Shanghai’s High School Enrollment Reform". The implementation measures mentioned that more than half of the enrollment places of all key high schools in the city will be allocated to all junior high schools in all districts of the city, which also means that the top public junior high schools and ordinary "dishes" stand at the same starting line — — Before the quota allocation. This policy, which aims at promoting a balanced education, also throws a pot of cold water on the hot school district.

　　On March 19th, Shanghai Real Estate Brokerage Industry Association launched a "self-discipline initiative to standardize listing and information release" to all real estate brokers in Shanghai. It is required not to list or publish unverified houses, or to list or publish houses with inflated prices. Online and offline housing release information, do not use the "school district room" for promotion and publicity; In business operation, do not mislead buyers in the name of "school district housing".

　　Five new cities will prepare special housing planning for new cities.

　　"This year as ‘ Fourteenth Five-Year Plan ’ In the first year, this year’s work plan is not just the regulation of the real estate market, but a set of all-round and three-dimensional action combinations. It also mentioned vigorously developing rental housing, accelerating urban renewal, improving residents’ living conditions, and insisting on prospering the city with production, attracting people with industry and living in housing; More efforts will be made to promote the installation of elevators in existing multi-storey houses and promote the renewal of old houses. This series of actions will guarantee the high-quality development and high-quality life of the city. " Lu Wenxi said.

　　This year’s "Plan" mentioned that we should adhere to the positioning that "houses are for living, not for speculation" and accelerate the establishment of a housing system with multi-subject supply, multi-channel guarantee and simultaneous rent and purchase. Adhere to the supply-side structural reform and improve the quality of living as the main line. On the basis of keeping the total supply basically stable, housing development will further strengthen the accurate supply, quality supply, service supply and institutional supply of housing, and promote residents to live and live in peace. Improve the housing market system and housing security system. Guided by stable employment and stable residence, we will pay more attention to overall planning, overall arrangement and orderly promotion, vigorously develop rental housing, increase the supply of rental housing, and expand the coverage of affordable rental housing policies. Accelerate urban renewal and improve residents’ living conditions.

　　At the same time, focus on the new city, the development focus of the city’s joint efforts, and prepare a special housing plan for the new city. Adhere to the prosperity of the city by production, attract people by industry and live in housing, and solve the housing and people’s livelihood problems of the new city from the source of planning. According to the requirements of "integration of production and city, complete functions, balanced occupation and residence, ecological livability, convenient transportation and efficient governance", we will gather resources, optimize policies and implement actions, build a good housing system in the new city, rationally arrange the scale, structure, layout and supply sequence of rental housing, commercial housing and affordable housing, and promote the renewal of the old city as a whole.

　　According to the "Plan", this year, we will insist on paying equal attention to both increase and deposit, and strive to improve the quality of living. Fully promote the implementation of the popular support project. More efforts will be made to promote the installation of elevators in existing multi-storey houses. According to the principle of "adding as many elevators as you can, and willing to speed up the addition", more than 1000 elevators will be installed in existing multi-storey houses.

　　At the same time, in-depth implementation of the "Several Opinions on Accelerating the Renovation of Old Houses in this Municipality". We will promote the renovation of 10 million square meters of old houses, focusing on the renovation of incomplete employee houses, small beam thin-plate houses and Lane houses, and intensify the renovation of old houses in key areas such as the five new cities and the banks of Suzhou Creek.

　　Generally speaking, in order to do a good job in 2021, Wang Zhen, director of Shanghai Housing Management Bureau, pointed out at the 2021 systematic work conference of Shanghai Housing Management Bureau held on April 23, first, we must resolutely implement the spirit of the central government and the work requirements of the municipal party Committee and municipal government, and build the basic framework of the system of renting and purchasing housing in megacities; Second, we must live in houses without speculation, and strive to maintain the stable and healthy development of the real estate market; Third, we must adhere to both rent and purchase and focus on solving the outstanding housing problems in big cities; Fourth, we must persist in paying equal attention to increasing and saving, and strive to improve the quality of living; Fifth, we must integrate online and offline, and strive to improve the comprehensive management level of residential quarters; Sixth, we must adhere to the bottom line and focus on preventing and resolving various potential risks.

1905 movie network news Domestic animated films with high popularity are being shown in the whole country. A few days ago, the national roadshow of the film "17 Days and 16 Cities" officially closed. This roadshow reached 85 cinemas, and more than 14,500 spectators had face-to-face exchanges with director jiaozi and creative staff. The national roadshow started in Chengdu, the film "hometown", and ended in Kunming, Yunnan. No matter whether it is Saturday or Sunday or working day, full-house performances can be seen everywhere, and many cities even "one ticket is hard to find".

　

Ne Zha Roadshow Site Map

Up to now, the film has once again set a new box office record for animated films with a single-day achievement of 300 million, with a cumulative breakthrough of 2.3 billion, making it the 17th film in China film history to break through 2 billion box office. At the same time, the film Douban scored 8.6, Taobao Film 9.5 and Cat’s Eye 9.7, ranking first in the same period for 10 consecutive days. In terms of attention, the popularity of the film has continued to rise since its release, with an average of four times a day on Weibo Hot Search and up to seven times a day, which has been hotly debated by millions of viewers.

Kunming concludes with a tearful 17-day roadshow "packed"

　

Director jiaozi is at the road show in Kunming.

On August 4th, director jiaozi took the film to Kunming, Yunnan, where the roadshow ended. At the scene, director jiaozi said that as a film creator, he cherished the opportunity to communicate with the audience, and every tolerance and praise was deeply touched. The audience in Kunming also supported this "go all out" country of conscience with enthusiasm. In addition to queuing up to watch the movie, some viewers with five brushes and six brushes dressed up and came to the scene in the image of Nezha. Another part of the audience sent customized cakes, manuscripts and paintings to express their blessings to the film.

　　

Do you really understand Nezha?

　

As an animated film, Ne Zha’s delicate depiction of emotions and details has won recognition and praise from countless audiences. For example, in the film, Nezha happily put on his cloak when he learned that all the people in Chentangguan had come to celebrate his birthday. This is Mrs. Yin’s costume when she went out to kill demons. Perhaps in her heart, a cloak is a symbol of a hero. Li Jing debunked the identity of Aobinglong clan at the birthday banquet, not because he was a demon clan, but because he smelled of spirit beads. Before his death, Excavate’s greatest wish is to find out that his son Nezha Lingzhu was replaced. The depiction of the details of this scene has poked the hearts of countless audiences. Many viewers said, "These touching details that have not been noticed are worth watching again."

　

Faced with the support and encouragement of every audience since the screening, director jiaozi sincerely drew every poster that broke through 100 million yuan to express his gratitude. "Seeing that the achievements of five years have been recognized by everyone, I am both moved and uneasy. The next Nezha 2 will go all out and always be satisfied with it in a sincere heart. I hope to give you another surprise! " For all the people behind the film, director jiaozi also expressed deep gratitude. "Thank you very much for every participant. It can be said that this is a film with the strength of the whole industry.". Each team does its own job, becomes a star, and then forms a brilliant starry sky. "

() The operating comments of the Board of Directors in 2023 are as follows:

　　I. The industry in which the company is located during the reporting period.

　　The company is mainly engaged in the research and development, production and sales of health food (including health food raw materials and health food end products) and feed additives. According to the National Economic Industry Classification (GB/T4754-2017) issued by the National Bureau of Statistics, the industries of the company’s health food raw materials and feed additives are "food and feed additive manufacturing" (C1495), and the industries of the company’s health food end products are "health food manufacturing" (C1492). Among them, the production of health food raw materials and feed additives is mainly carried out in China, all of which are globally competitive products, with a high export ratio; The production, sales and brand operation of health food end products are mainly carried out overseas.

　　The company’s health food raw materials include coenzyme Q10, DHA, ARA, vitamin K, nattokinase, PQQ, NMN series products, etc. The feed additives produced by the company include vitamin A, vitamin D and so on. In addition, the company also produces praziquantel, alanyl glutamine, oxiracetam and other pharmaceutical raw materials, which can be used for the treatment and prevention of schistosomiasis and cysticercosis, parenteral nutrition, brain injury and the treatment of neurological dysfunction, memory and intelligence disorders.

　　In the field of health food terminals, the company mainly owns two brands: Doctor’s Best and Zipfizz, and its own production factory VB provides production and processing services for capsules, tablets and powders. The company has covered the upstream raw material supply, midstream preparation production, downstream brand operation and channel layout of health food, and is the whole industry chain company of health food.

　　(1) Health food industry

　　1. Development of health food industry

　　The industrial chain of health food industry mainly includes four links: raw material production, preparation production, brand operation and distribution channels, and is mainly composed of raw material producers, preparation producers, terminal brands and channel distributors.

　　As can be seen from the above figure, raw materials are the guarantee and foundation for the quality of health food, and the state has implemented strict regulatory policies on the manufacturing industry of health food raw materials, including production licenses, product quality standards, advertising and publicity, which has promoted the standardized development of the industry. In the future, with the increasing demands of consumers on the safety and quality of health food, the state will continue to strengthen the supervision of the health food raw material manufacturing industry and promote the development of the industry in the direction of high quality and high standards.

　　The Report on the New Functions of Global Health Foods and Similar Products issued by China Health Food Association shows that China is one of the most active countries in the global nutrition and health industry, which is not only the main producer and supplier of raw materials, but also one of the consumer markets with the greatest industrial development potential. The health and nutrition industry has also become the second largest market in the world, second only to the American market. "Healthy China 2030" has become one of the basic strategies for the development of China, and constantly satisfying people’s pursuit of a healthy and beautiful life has also become an important part of the government’s work. In 2023, the State Administration of Market Supervision issued a series of relevant regulatory documents related to health food-Detailed Rules for the Implementation of Technical Evaluation of New Functions and Products of Health Food (for Trial Implementation), Non-nutrient Supplements in the Catalogue of Health Food Claims (2023 Edition), Technical Guiding Principles for Functional Inspection and Evaluation of Health Food, Methods for Functional Inspection and Evaluation of Health Food, and Guiding Principles for Ethical Review of People’s Eating Tests of Health Food. These related laws and regulations have established the basic framework for the high-quality development of health food. Especially for the implementation of new functions, the corresponding legal path has been laid.

　　2. Market size of health food

　　With the increase of residents’ income, the awareness of healthy consumption and the increase of family medical and health expenditure, the demand for health food is growing, and the market scale is expanding year by year.

　　From the perspective of the global market, data show that in 2023, the global health consumption market reached US$ 321.9 billion, up 5.81% year-on-year, and VDS consumption reached US$ 133.6 billion, up 5.44% year-on-year. It is estimated that by 2028, the global health consumption market will be nearly US$ 413.6 billion, with a compound annual growth rate of 5.14% and VDS consumption reaching US$ 173.5 billion, with a compound annual growth rate of 5.37%.

　　From the domestic market, data show that the domestic consumer health market reached 391.6 billion yuan in 2023, ranking second in the global market, with a year-on-year increase of 9.63%, and VDS consumption reached 225.3 billion yuan, with a year-on-year increase of 11.59%. It is estimated that by 2028, the domestic consumer health market will reach 506.7 billion yuan, with a compound annual growth rate of 5.29% and VDS consumption reaching 293.2 billion yuan, with a compound annual growth rate of 5.40%. It has been reported that the search volume of health food has increased significantly in recent years, which reflects that more consumers are concerned about health food. In the future, with the improvement of people’s attention to health, health products and technologies will continue to break through innovation, which will accelerate the release of demand in the healthy consumer market.

　　3. Changes in sales channels of health food

　　Health food sales channels are mainly divided into offline and online. Offline channels are mainly direct sales, pharmacies, supermarkets and community stores; Online channels are mainly third-party e-commerce platforms, social media platforms, small programs and self-owned online shop platforms. In the past, sales in the industry were mainly concentrated in traditional offline channels, but with the popularity of e-commerce platforms and the wide application of social media, consumers’ shopping habits changed, and the share of online channels gradually increased. According to statistics, in 2019, domestic VDS offline channels still dominated, accounting for 64.9%. By 2023, offline channels will drop to 44%, and the share of online channels will increase rapidly to 56%.

　　4. Market competition of health food industry

　　There are many participants in the health food industry at home and abroad, covering the upstream raw material supply, midstream production and downstream brand operation of health food, and the industry competition is generally fair, orderly, legal and compliant. From the perspective of market competition pattern, the health food market is rich in product types, numerous in enterprises, scattered in pattern and low in concentration. In the United States, for example, the total market share of the top five enterprises is about 22%. As far as the domestic market is concerned, the total market share of the top five enterprises in China’s health food retail market in 2022 is about 29%.

　　In recent years, the competition in the domestic health food industry has intensified, mainly because the international leading enterprises in the industry are optimistic about China’s huge market development potential, and large pharmaceutical companies and food enterprises have stepped in; Overseas brands compete fully with domestic brands online channels by means of cross-border e-commerce;

　　In the new era, new media, new channels and new technology applications provide opportunities for the rapid development of new categories and new brands.

　　With the rapid growth of the health food market, the health food raw material manufacturing industry has also ushered in a period of rapid development. The number of enterprises and product types have been increasing, and the industry has entered a mature and stable period. The competition among enterprises has become increasingly fierce, and product quality and innovation ability have become the core competitiveness of enterprises.

　　The company’s coenzyme Q10 products occupy certain advantages in first Mover, technology and customer resources, and it is one of the leading enterprises in the industry. The company’s health food terminal brands Doctor’s Best and Zipfizz are important participants in the global health food market.

　　(2) Feed additive industry

　　1. Market size of feed additive industry

　　Feed additives are indispensable and important raw materials in modern feed industry, which have obvious effects on strengthening the nutritional value of basic feed, improving animal production performance, ensuring animal health, saving feed cost and improving the quality of animal products. According to the "General Situation of National Feed Industry Development in 2023" issued by China Feed Industry Association, in 2023, the national feed industry will achieve double growth in output value and output, and the pace of industry innovation and development will be accelerated. In 2023, the total output value of the national feed industry was 1,401.83 billion yuan, an increase of 6.5% over the previous year, of which the output value of feed additive products was 122.342 billion yuan; The total output of the national feed industry was 321.627 million tons, up 6.6% over the previous year, of which the total output of feed additives was 15.056 million tons, up 2.5% over the previous year, and the output of vitamin feed additives accounted for 9.65% of the total output of feed additives.

　　2. Competition pattern of vitamin feed additives industry

　　With the gradual completion of the transfer of vitamin industry to China, after years of differentiation, reorganization and mergers and acquisitions, China has become the world’s vitamin production center and one of the few countries that can produce all kinds of vitamins, accounting for more than 70% of the global vitamin production. In recent years, the vitamin production capacity has entered a new round of expansion stage, and the newly built and expanded production capacity has been gradually released, which has a great impact on the market. In order to avoid the impact of price fluctuation of a single product on the company’s performance, more and more enterprises optimize and enrich the types and structures of vitamin products by arranging multiple varieties, so as to enhance the market competitiveness. At present, the competition pattern of multi-vitamin products has tended to be decentralized. With the technological progress and resource integration, the competition has entered the stage of comprehensive competition of multi-products, multi-angles and different fields.

　　In 2023, the overall situation of the vitamin market was mainly due to the decline in market demand, the increase in supply, and the fact that the industry was in the process of destocking. Some head enterprises traded prices for quantities, pushing prices down, and most products entered the historical bottom range, even hitting a record low, and the industry’s losses expanded.

　　(III) The position of the company in the industry

　　The company has strong scientific research and innovation ability, and can continuously optimize the production technology of products and reduce the production cost of products. Especially in promoting raw material innovation, we can use biotechnology to continuously introduce new products that meet market demand, improve product efficacy, safety and quality, continuously enhance the brand influence of the company and accumulate new customer resources.

　　At present, the company has become the largest producer of coenzyme Q10 in the world, and the main producer of vitamin A, vitamin D3, microalgae DHA, plant ARA, vitamin K2, NMN and other series of raw materials. At the same time, the company has certain competitive advantages in the fields of B-end raw materials and C-end health food by virtue of the core technologies such as green manufacturing of synthetic organisms, microbial fermentation, chemical synthesis, natural product extraction, microcapsule technology and high-purity and high-quality core raw materials, and the influence of the brand matrix of nutritional health food in overseas mature markets. The company has internationally renowned brands such as Doctor’s Best Dortmund, Zipfizz, etc. in overseas mature markets. Many single products of the company’s brands are among the top sellers in international e-commerce platforms such as Amazon and iHerb, as well as member stores such as Costco and Sam’s Club.

　　Company’s main raw materials and products:

　　1, coenzyme Q10

　　Coenzyme Q10 is an antioxidant in human body, which plays a vital role in human energy metabolism and antioxidant protection activities, and is an important "energy conversion agent" in human cells. In 2004, the FDA of the United States suggested that patients with cardiovascular and cerebrovascular diseases should take "statins" and supplement coenzyme Q10 every day to reduce the harm caused by these drugs, and the American Association of Cardiologists also suggested that the elderly over 65 in the United States should take coenzyme Q10 every day regardless of whether they have heart disease or not. Coenzyme Q10 can be used not only in health food, but also in medicine, cosmetics and other consumer fields, with rich application scenarios.

　　The company is the largest producer of coenzyme Q10 in the world. The company adopts fermentation method to produce, and optimizes coenzyme Q10 high-yield strains, advanced metabolic control technology and modern automatic online control technology. The fermentation unit output is at the leading level in the same industry, and the product is high in content and purity, which has been recognized as a single champion product by the Ministry of Industry and Information Technology.

　　2、NMN

　　NMN, the full name of "β-nicotinamide mononucleotide", is a naturally occurring biologically active nucleotide. In human body, NMN is the most direct precursor of NAD+ (coenzyme I), and its function is embodied by NAD+. At present, NMN raw materials mainly come from China, and end products are mainly sold in China through cross-border e-commerce and duty-free shops.

　　NMN has both opportunities and challenges in China. On the one hand, the filing of NMN as a new raw material for cosmetics has been approved by National Medical Products Administration, and at the same time, more and more research results on the efficacy of NMN have been published in authoritative scientific journals, which has aroused widespread concern and discussion. NMN has been gradually recognized by consumers and people in the industry, and its application field and scope have been continuously expanded with the more comprehensive understanding and affirmation of its safety and utility. On the other hand, although China is the world’s largest producer of NMN raw materials and consumer of end products, there are frequent market chaos and uneven product quality, and the industry urgently needs standardization to reduce market chaos and promote the healthy development of the market.

　　The company has many years of experience in enzyme screening, enzyme catalysis technology development and industrialization, and adopts the green production process of enzyme catalysis to produce NMN raw materials. The production process is advanced, mature and reliable. The product is pure β -NMN, with high biological activity, environmental friendliness and no pollution, and its design capacity ranks among the top in the world. At present, the company has launched a series of coenzyme raw materials such as NMN, NR and NAD+.

　　3、DHA

　　The DHA raw material products produced by the company are algae oil DHA. DHA is the abbreviation of Docosahexaenoic Acid, which is an important polyunsaturated fatty acid for the growth and maintenance of nervous system cells (such as brain and retina cells). It is difficult for human body to synthesize itself and must be absorbed from the outside. DHA from algae oil mainly comes from marine microalgae, which has the advantages of controllable food safety and quality, traceability, and unlimited output. In recent years, the market scale has shown a rapid growth trend.

　　4、ARA

　　ARA is also referred to as AA for short, and the raw material product of ARA produced by the company is plant ARA, which is the abbreviation of ArachidonicAcid, and is one of the most abundant and active long-chain unsaturated fatty acids in mammals. It is an essential fatty acid in childhood and one of the most important ω-6 fatty acids in human body. ARA produced by the company through biological fermentation has the advantages of food safety, controllable quality, traceability, and unlimited output. In recent years, the market scale has shown an increasing trend.

　　5, vitamin K2

　　Vitamin K2 is a fat-soluble vitamin and one of the indispensable vitamins for human body. Its main health benefit is to prevent osteoporosis and vascular calcification. A large number of international documents have proved that vitamin K2 is healthy and versatile, besides preventing osteoporosis and vascular calcification, it also has the functions of protecting liver, kidney, heart, assisting in treating Parkinson’s disease, improving muscle spasm, improving children’s bone health, improving diabetes and treating psoriasis. The market application is mainly dietary supplements, supplemented by food and beverage. At present, a variety of vitamin K2 products have been launched in the global market. The company uses microbial fermentation to produce vitamin K2, and the produced vitamin K2 has physiological activity, and its design capacity ranks among the top in the world.

　　6. Vitamins A and D3

　　The company is a major global producer of vitamins A and D3. Vitamins are essential trace organic substances for human beings and animals to maintain normal physiological functions, and their market demand mainly comes from downstream industries such as animal breeding, food and beverage, medicine and cosmetics. Among them, the downstream of vitamins is mainly used in animal breeding, accounting for the most, accounting for 65%, medicine and cosmetics accounting for the second, accounting for 25%, and food and beverage accounting for the third, accounting for 10%. The overall demand in the downstream market grew steadily and at a low speed.

　　Doctor’s Best duoduobeisi

　　Doctor’s Best Dobbs ranks among the most popular and respected nutritional supplement brands in the United States, and has become one of the few club members in the dietary supplement industry in North America with sales exceeding US$ 100 million, basically covering the major online and offline sales channels in the United States. As a nutrition and health food company of all categories and all ages, it owns more than 300 kinds of products, and the sales of coenzyme Q10, glucosamine chondroitin, high absorption 100% chelated magnesium glycinate tablets, vitamin D3, K2 and other products are at the forefront of international e-commerce platforms such as iHerb and Amazon all the year round.

　　As a "scientific nutrition strength school", Doctor’s Best Dobbs provides precise nutrition solutions for families all over the world.

　　The annual key activities of Doctor’s Best Dortbeis China market.

　　Zipfizz

　　Zipfizz is a hot-selling star brand of large retailers such as Costco and Sam’s Club in the United States, and its brand sales rank among the top five drugs in Costco in the United States. The company has completed the introduction of overseas hot-selling functional beverage brand Zipfizz into domestic sales.

　　Since its establishment in 1961, Japan Wukun has been focusing on the research and development of natural healthy food in Japan. In 2016, the company and Japan Wukun carried out in-depth strategic cooperation, aiming to provide more professional oral beauty solutions for beauty-loving women through scientific and technological innovation. Wukun AG Baiyundou Anti-sugar Pills and Wukun whitening pill are the main brands. In China, Wukun is mainly sold through cross-border e-commerce platforms such as Tmall International and JD.COM.

　　

　　II. Main businesses of the Company during the reporting period

　　(I) Main management work of the company in 2023

　　In 2023, recovery became the key word of the global economy, and the growth prospects of various regions in the world diverged. The US economy recovered well, the European economy maintained a low growth rate, and China’s GDP increased by 5.2%, ranking among the leading economies in the world. At the same time, global geopolitical conflicts have intensified, the international situation is complicated and severe, domestic demand is still insufficient, and the foundation for economic recovery still needs to be consolidated. In the face of difficulties and challenges, the company gathers its main business, maintains its resilience, focuses on science and technology nutrition to drive innovation and development, and constantly introduces new products to enhance its development stamina and market competitiveness.

　　During the reporting period, due to the increase in market supply and the overall downturn in demand, the company’s vitamin A sales volume and price dropped significantly; The supply of coenzyme Q10 raw materials is in short supply, and the sales volume has reached a new high. At the same time, the sales price and cost have dropped slightly. Benefiting from the rapid growth of the global health food market, the sales revenue and benefits of the company’s health food products have been greatly improved.

　　Based on the business of various sectors, the company’s performance increased compared with the same period of last year, achieving an operating income of 3.103 billion yuan, a year-on-year increase of 3.10%; The net profit attributable to shareholders of listed companies was 277 million yuan, a year-on-year increase of 7.50%; The net profit attributable to shareholders of listed companies after deducting non-recurring gains and losses was 280 million yuan, a year-on-year increase of 13.50%.

　　During the reporting period, the company’s main operations were as follows:

　　1. The capability of independent innovation has been continuously improved.

　　During the reporting period, the company paid close attention to market dynamics and policy changes, formulated technology development plans, ensured R&D investment, enriched R&D system construction, enhanced independent innovation capability, and promoted the application of new technologies and new processes in the manufacturing of health food raw materials to achieve sustainable development. After being rated as a national intellectual property demonstration enterprise by China National Intellectual Property Administration last year, it was awarded as "Top Ten Intellectual Property Enterprises in Xiamen in 2023", which reflected the affirmation of the company’s intellectual property creation, application, protection and management.

　　During the reporting period, 29 invention patents were obtained (including 27 in China and 2 in the United States). At the same time, good progress has been made in project industrialization and new product reserve. By applying biosynthetic technology, five industrialized projects have been completed, and several projects have been tested and their technical parameters have been optimized.

　　2. Promote green manufacturing of raw materials by using biosynthesis technology.

　　During the reporting period, Jindawei Pharmaceutical Co., Ltd., a wholly-owned subsidiary, relied on the synthetic biotechnology system and biosynthetic research and development capabilities to fully implement green production, improve resource utilization efficiency and clean production level, and promote the development of raw material manufacturing in a green, low-carbon and recycling direction. The production and sales of coenzyme Q10 raw materials reached a record high. In the industrialization of new products, the construction of "construction project with annual output of 100t adenosylmethionine, 100t glutathione, 50t phosphatidylserine, 5t pyrroloquinoline quinone and 5t nattokinase" and "construction project with annual output of 1000t astaxanthin" were basically completed. It was awarded "National Green Factory" by the Ministry of Industry and Information Technology and "National Intellectual Property Demonstration Enterprise in 2023" by China National Intellectual Property Administration.

　　3. Growth of income and benefit of health food.

　　Benefiting from the improvement of consumers’ health awareness, the rapid growth of aging population and the development of e-commerce, the income of the company’s health food terminal products increased by 16.82%, of which the operating income of Doctor’s Best Dobbs increased by 28.56%. During the reporting period, the company stepped up the promotion of brand short videos and live broadcasts on the new social media platform, realizing the settlement of community recruitment and small program user traffic, and enhancing the brand’s popularity in the China market.

　　4. The competition for vitamins is fierce, and the price of vitamin A has reached a record low.

　　During the reporting period, under the general downturn of the vitamin market, the company’s main vitamin A products continued to weaken due to the downstream demand, and the production capacity of new and old manufacturers continued to be released. In order to seize market share, some head enterprises exchanged prices for quantity, which aggravated the imbalance between market supply and demand, and the product price dropped sharply, hitting a record low, which led to a significant decrease in the total gross profit of the company’s vitamin products, and the vitamin company suffered greater operating pressure.

　　(two) business qualifications and related product quality certificates.

　　1. Business qualifications related to licensed sales

　　2. Approval certificate of health food owned by the company

　　3. The health food filing certificate owned by the company.

　　The products of American subsidiaries comply with the national standards of dietary supplements in the United States, and meet the requirements of FDA GMP(21 CFR 111), (21 CFR 117) and American Food Safety Modernization Act (FSMA). The products of American subsidiaries are sold in China through cross-border e-commerce platforms or channels.

　　Main sales models

　　The company defines sales to end customers of products as direct sales, and sales to non-end customers of products as distribution.

　　Marketing mode of health food raw materials: The company’s main domestic sales organizations are Food Nutrition Department, Animal Nutrition Department and Import and Export Department. Among them, the Food Nutrition Department and the Animal Nutrition Department are mainly responsible for domestic sales, and the Import and Export Department is responsible for international sales. Raw material sales all adopt offline sales mode. The company has both direct sales customers, distribution customers and customers who integrate direct sales and distribution. The company does not restrict the dealers in terms of sales area and quantity, and the sales contract signed between the company and the above dealers is consistent with the sales contract of direct sales. When the company exports products, it adopts unified standards and methods for payment collection and settlement of foreign exchange in both direct selling and distribution modes.

　　Brand sales model of the company’s health food: overseas distribution mode is the main mode, including online and offline distribution. Online distribution includes e-commerce platforms such as iHerb, Amazon and Coupang, while offline distribution includes member stores such as Costco and Sam’s Club, high-end retail franchise stores such as Whole Foods and Sprouts, nursing staff, pharmacies and small regional stores. Domestic online-oriented, direct sales and distribution mode, online direct sales is in Tmall, Vipshop, Tik Tok, Aauto Quicker, Xiaohongshu, small programs and other cross-border e-commerce platforms or channels to sell products; Online distribution is sold through other distribution shops of e-commerce platforms such as Tmall, JD.COM and Vipshop.

　　At the same time, the company has 9 health food sales stores in the main business district of Singapore, and sells nutrition and health products of various brands through direct sales mode.

　　Distribution mode

　　Raw material sales part: the company does not restrict the dealers in terms of sales area and quantity, and the sales contract signed between the company and the dealers is in the same format as the direct sales model, and all adopt the buyout model; The payment collection and settlement methods are consistent with the direct selling mode, and they are all settled according to the account period agreed in the contract, and a small number of them adopt the cash spot policy. When exporting products, the company adopts uniform standards and methods for payment collection and settlement of foreign exchange in both direct selling and distribution modes. The company entrusts China Export Credit Insurance Company to conduct credit investigation, and grants different credit grades, credit limits and credit periods to customers according to different investigation conditions, and adopts export settlement methods such as T/T (telegraphic transfer), D/P (D/P) and letter of credit according to different customer credit grades and risks in international trade areas.

　　Brand sales part: the sales of distribution mode adopts buyout mode, and the settlement method is settlement according to the account period agreed in the contract, and a small amount adopts cash spot policy. In the offline channel part, the company’s products are directly supplied to Costco, Sam’s Club and other member stores, or they are sold to consumers through retail terminals such as distributors. In the online channel part, the company’s products are directly supplied to e-commerce platforms such as Amazon, iHerb, Tmall, JD.COM and Vipshop, and other distribution stores of e-commerce platforms, and then sold to consumers by self-operated platforms or third-party stores.

　　Online direct sales

　　Online, the company mainly relies on cross-border e-commerce platforms or channels such as Tmall, Vipshop, Tik Tok, Aauto Quicker, Xiaohongshu, and applet to sell the brand products of "Doctor’s Best Duoduobeisi". The products sold include NMN, coenzyme Q10, vitamin D3, deep-sea fish oil, glucosamine chondroitin and lutein.

　　Main production modes

　　The company’s food nutrition department, animal nutrition department and import and export department make the sales plan for the next month at the end of each month according to the market situation, and the production department of domestic subsidiaries organizes production according to this plan to ensure the completion of the production plan. The quality and technology departments and production workshops of each subsidiary are responsible for the production process management of specific products, and at the same time supervise and manage the implementation of product manufacturing process, process requirements, hygiene standards and product quality.

　　The company’s health food production mode is mainly divided into two types: independent production and entrusted production:

　　Independent production mode: Vit-Best and Jindawei Biotechnology, the subsidiaries of the company, are responsible for product production, and there are production workshops under them. During the production process, the technical and quality inspection departments strictly monitor the main technological processes in the production process and control the quality of raw materials and products. All workshops meet the NSF-cGMP or GMP certification. While providing production for customers, the above-mentioned production plants of the company can be entrusted by customers to provide product development, raw material optimization, formulation, product testing and product commercialization services.

　　Entrust production mode: The products of the company are produced by OEM. By signing a contract with an external qualified manufacturer, the company transfers the main production work to the contract manufacturer, and is mainly responsible for product development, quality control and sales.

　　Output and inventory

　　Production, sales and inventory of main products:

　　The inventory of vitamin A series decreased by 47.64% year-on-year, mainly due to the company’s fixed production by sales to ensure a reasonable inventory level; The sales volume and production volume of coenzyme Q10 series increased by 39.54% and 64.89% respectively, which was mainly due to the growth of market demand and the shortage of supply. The company produced at full capacity, so the output and sales volume increased greatly.

　　Design capacity, actual capacity and capacity under construction of main products:

　　1. The vitamin A vitamin D3 series is equivalent to 500,000 IU/g..

　　

　　Third, the core competitiveness analysis

　　By December 31st, 2023, the company had authorized 182 patents (including 176 in China and 6 in the United States).

　　During the reporting period, there was no serious impact on the company’s core competitiveness due to staff turnover, upgrading of equipment or technology and loss of franchise rights. The company’s core competitiveness is as follows:

　　1. Advantages of the whole industrial chain

　　The company has been deeply involved in the field of health food raw materials for many years. Under the premise of maintaining its own raw material advantages, it has gradually extended its strategy, basically forming the whole industrial chain layout of upstream raw material producers, midstream production R&D, downstream brand marketing and channel layout. By integrating domestic and foreign resources in the field of nutrition and health, it has produced synergistic effects and continuously improved the industrial competitive advantage.

　　2. Advantages of technology research and development

　　The company has the research and development platform of "National Enterprise Technology Center", established a large-scale biological enzyme library platform, and has a profound accumulation of synthetic biology technology. It can continuously use the "engineering characteristics" of synthetic biology to realize quantitative control of synthetic routes and finished products, and integrate high-efficiency, energy-saving and low-carbon technologies to improve conversion efficiency and quality of finished products.

　　3. Advantages of core raw materials

　　Through R&D and process improvement, the company has mastered high-purity and high-quality core raw materials, which can ensure the continuous supply of raw materials for corresponding end products and the stability of product quality. With a variety of core raw materials, the company can continue to launch terminal products with scientific formula and high added value, and through the endorsement of high-quality raw materials, the terminal products continue to consolidate and expand market share.

　　4. Advantages of international brands

　　The company’s Doctor’s Best and Zipfizz are international brand companies, which have strong sales in mature overseas markets. Many products rank among the international e-commerce platforms such as Amazon and iHerb all the year round, and the sales of Costco, Sam’s Club and other member stores are in the forefront. Relying on its good international brand image, the company will integrate resources to continuously shape its popularity in the domestic market and build a new pattern of mutual promotion between international and domestic brands.

　　

　　IV. Prospects for the future development of the company

　　(A) the industry pattern and trends

　　Boom of health food market: the health awareness of the whole people is improved, and the demand of consumers for health food is increasing, which promotes the sustainable development of the industry; The global population is aging, and the demand for health food is increasing accordingly, especially in the fields of improving immunity, joint health and cardiovascular health. Consumers’ demand for personalized nutritional supplements is increasingly prominent, and higher requirements are put forward for the types and quality of health food.

　　The online sales channels of health food are growing rapidly: with the popularity of e-commerce platforms and the wide application of social media, it is convenient to buy products online. With the change of consumers’ shopping habits, the sales channels of health food are gradually shifting from traditional offline to online.

　　Development trend of health food raw materials;

　　1. Technological innovation competition: Enterprises in the industry pay attention to technological innovation and improve their competitiveness by developing new raw materials and optimizing production processes.

　　2. Intelligent manufacturing: Intelligent manufacturing has become an important trend in the health food raw material manufacturing industry. By introducing advanced technologies such as automated production lines and robots, production efficiency and product quality are improved.

　　3. Green manufacturing: The improvement of environmental awareness makes green manufacturing an important direction of industry development. Adopt environmentally-friendly raw materials, production processes and equipment to reduce waste emissions and improve resource utilization.

　　4. The market potential of functional raw materials is huge: raw materials with specific health care functions will be sought after by the market, bringing new growth points to health food raw material manufacturing enterprises.

　　(II) Company development strategy

　　As a leading enterprise in the whole industry chain of health food, the company’s development strategy and planning will be influenced by industry policies, industry demand and technological innovation.

　　The company adheres to the principle of "strengthening innovation and leading the future", looks for development opportunities in the field of nutrition and health with a forward-looking vision, and improves the layout of the whole industrial chain of health food. In the future, the company will invest more in smart factories and synthetic biotechnology, create health food with brand strength and product strength with technology, green, low carbon and low cost, and at the same time strengthen the brand building, marketing and product channel construction of the company’s health food, and strive to become the leader of the global nutrition and health industry chain.

　　(3) Business plan

　　1. Deeply cultivate the layout of raw materials industry and actively promote the construction of new projects.

　　In 2024, the company will closely focus on the benefit goal, do a good job in developing new technologies and new products, and speed up the production scale of new products. At present, the company has reserved a number of industrialized products in the fields of improving immunity, antioxidation, regulating blood sugar, protecting cardiovascular and cerebrovascular diseases, liver and nerves, among which a number of new raw materials and new products have entered the preparatory stage of industrialized production, and many new raw materials and new products are in the pilot stage.

　　2. Continuously enhance the brand influence of Doctor’s Best Dortmund in the domestic market.

　　In 2024, Doctor’s Best, the key brand of health food under the company, will fully consolidate the first brand image of coenzyme Q10 and NAD+ series products with the product strength endorsed by self-developed core raw materials and the advantage of international brands, and increase the promotion of potential products (improving immunity, bone health, eye protection, liver protection and basic nutrition) to create a new explosive coenzyme Q10+PQQ multi-effect compound formula;

　　Strengthen new social media channels such as Tik Tok, Aauto Quicker and Xiaohongshu, and jointly promote the brand’s popularity in the domestic market through channels such as WeChat WeChat official account, video number and small program, and through channels such as drainage, broadcast shopping guide, celebrity endorsement and communication.

　　3. Further build the "three red lines" of safety, environmental protection and quality.

　　Safety, environmental protection and quality are not trivial matters, which are related to the company’s stable development, brand image and people’s life, health and safety. In 2024, the company will profoundly learn the lessons of safety accidents, take a warning, and earnestly and continuously implement various rectification measures. While constantly improving the innovation ability of enterprises and adapting to the rapid changes in the market, on the premise of ensuring the "three red lines" production indicators, we will continue to strengthen the awareness of safety in production, implement the safety responsibility, strengthen the awareness of environmental protection, implement the environmental responsibility, and achieve the goals of putting an end to serious accidents, reducing general accidents, ensuring the stable situation of safety in production, passing various quality system certifications and various pollution control.

　　The above plan does not represent the company’s profit forecast for 2024. Whether it can be realized depends on many factors such as changes in market conditions and the efforts of the management team. There are uncertainties and it does not constitute the company’s substantial commitment to investors. Investors are advised to pay attention to investment risks.