<p><em>Wecare Probiotics 在 2025 年以益生菌原料粉生产量排名全球第三、亚洲第一，尽管去年其大量产能处于闲置状态</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/07085752/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_7-5-2026_125149_thebambooworks.com_-1024x660.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/07085752/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_7-5-2026_125149_thebambooworks.com_-1024x660.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>Wecare Probiotics 已申请在香港上市，报告显示其海外销售稳步增长，去年占总收入的 40.2%</li>
<li>该公司吸引了多元化的投资者，包括产业资本、国有基金和市场导向的投资机构</li>
</ul>
<p>全球消费者健康意识的提高为益生菌提供了推动力，中国已成为全球最大的市场之一。在酸奶和补充剂等熟悉的产品背后，是一批专注于菌株研究和生产的上游制造商，为行业提供最新的原材料。</p>
<p>现在，这个上游制造商中的一员旨在让投资者了解其业务，<strong>Wecare Probiotics Co. Ltd.</strong>，总部位于中国东部城市苏州，上周申请了香港 IPO。二级承销商海通国际作为此次上市的唯一赞助商，表明其规模可能中等，预计筹集资金少于 1 亿美元。</p>
<p>Wecare 成立于 2013 年，开发和销售益生菌菌株，这些菌株是自然存在的微生物，如细菌和酵母，能够帮助消化和抵抗某些疾病。益生菌通常在发酵过程中产生，存在于酸奶、酸菜和陈年奶酪等食品中。</p>
<p>根据第三方研究，Wecare 在 2025 年以益生菌原料粉生产量排名全球第三、亚洲第一，其产品主要用于功能性食品、膳食补充剂、乳制品、农业等领域。该公司大部分收入来自益生菌粉的销售，以及根据客户需求将该粉加工成益生菌配方。</p>
<p>Wecare 的核心优势在于其结合产品开发和制造的综合能力。凭借其专有的菌株库和支持生产能力，该公司能够实现高活性和稳定性的益生菌粉的大规模生产。根据招股说明书，该公司在其家乡苏州以及中国河南省的洛河市建立了智能制造系统的生产基地。其多个菌株的活细胞计数超过 1 万亿 CFU/g，而其核心菌株在常温条件下存储 24 个月后的活细胞保留率超过 60%。</p>
<p><strong>稳定增长</strong></p>
<p>Wecare 在过去三年中稳步增长，收入从 2023 年的 4.96 亿元（7250 万美元）上升到去年的 7.01 亿元。其 “人类健康” 板块是主要的收入来源，其在总收入中的占比持续增加。在 2025 年，该板块的益生菌粉和配方产生了约 6.47 亿元，占总收入的 92.2%。该公司的传统乳制品部门是第二大板块，尽管该年也有所增长，但其贡献仅占总收入的 2.5%。</p>
<p>从地域上看，中国仍然是 Wecare 的核心市场，尽管其收入贡献逐渐下降。大中华区（包括中国大陆、香港、澳门和台湾）的收入从 2023 年的 3.35 亿元上升到去年的 4.2 亿元，但其在总收入中的占比从 67.6% 降至 59.8%。海外销售快速增长，从 2023 年的 1.61 亿元上升到 2025 年的 2.82 亿元，占去年总收入的 40.2%。</p>
<h4><strong>利润压力</strong></h4>
<p>尽管增长强劲，Wecare 的财务报告中也包含一些潜在的警示信号。其利润从 2024 年的 7961 万元下降到去年的 6521 万元，而其毛利率也呈下降趋势，从 2023 年的 49.7% 降至 2025 年的 47.5%。公司将下降的原因主要归因于新建的苏州生产基地处于爬坡阶段，产能尚未完全利用，导致单位固定成本上升。</p>
<p>该公司计划利用 IPO 所得资金在未来三年内扩大苏州工厂的产能，并加强其研发能力和扩展菌株库。预计扩张完成后，其益生菌原料粉的年生产能力将增加 600 吨。</p>
<p>如此大规模的扩张可能让一些人感到困惑，因为 Wecare 目前已经拥有 700 吨的年生产能力，而去年仅使用了 65.6%——这意味着三分之一的产能处于闲置状态。在其益生菌配方业务中，闲置情况更为明显，尽管有 5484 吨的产能，去年仅生产了 1158 吨，利用率仅为 21.1%。</p>
<p>虽然公司的扩张计划雄心勃勃，但也带来了重大风险。如果下游乳制品和膳食补充剂市场的增长未能达到预期，或者其海外扩张停滞，新增的产能可能难以消化。</p>
<p><strong>高度重视</strong></p>
<p>Wecare 自成立以来已完成多轮融资，吸引了包括产业资本、国有基金以及更多市场导向机构在内的多元化投资者。其最近一轮融资是在今年 2 月，由博裕资本以每股 37 元投资 1.1 亿元人民币。根据公司约 1.06 亿股的总股本，最新的融资将其估值接近 40 亿元人民币，约合 6 亿美元。</p>
<p>目前在香港没有可比的益生菌原材料公司上市，尽管深圳上市的 <strong>Scitop Bio-tech</strong>（300858.SZ）有相对类似的商业模式，市盈率约为 53 倍。Wecare 在最新融资后的估值以及其 2025 年的利润使其隐含市盈率约为 61 倍，显著高于 Scitop。</p>
<p>尽管益生菌行业目前正处于高速增长阶段，受到对肠道健康和免疫调节日益关注的推动，但 Wecare 当前的估值似乎已经反映了高增长预期。考虑投资该股票的投资者应仔细评估公司的新产能激进扩张、商业化效率和未来盈利能力是否能够支撑并证明如此高的估值。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

<p>Wecare Probiotics，一家领先的益生菌制造商，已申请在香港上市，目标筹集不到 1 亿美元。该公司报告了稳定的收入增长，海外销售占去年总收入的 40.2%。尽管增长良好，Wecare 仍面临挑战，包括利润和毛利率下降。IPO 筹集的资金将用于扩大生产能力和增强研发能力。Wecare 的生产能力仍未得到充分利用，这引发了对其雄心勃勃的扩张计划的质疑</p>

<p><em>Wecare Probiotics ranked third globally and first in Asia by probiotic raw powder production volume in 2025, even as large amounts of its capacity lay idle last year</em></p>
<div class="lb-trans"><p><em>Wecare Probiotics 在 2025 年以益生菌原料粉生产量排名全球第三、亚洲第一，尽管去年其大量产能处于闲置状态</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/07085752/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_7-5-2026_125149_thebambooworks.com_-1024x660.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/05/07085752/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_7-5-2026_125149_thebambooworks.com_-1024x660.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Wecare Probiotics has filed to list in Hong Kong, reporting its overseas sales have grown steadily to contribute 40.2% of revenue last year</li>
<li>The company has attracted a diverse group of investors, including industrial capital, state-backed funds and market-oriented investment institutions</li>
</ul>
<div class="lb-trans"><ul>
<li>Wecare Probiotics 已申请在香港上市，报告显示其海外销售稳步增长，去年占总收入的 40.2%</li>
<li>该公司吸引了多元化的投资者，包括产业资本、国有基金和市场导向的投资机构</li>
</ul>
</div><p>Growing health consciousness among global consumers is providing a boost for probiotics, with China emerging as one of the world's largest markets. Behind such familiar products as yogurt and supplements are a platoon of upstream manufacturers focused on things like strain research and production, providing the industry with the latest raw materials.</p>
<div class="lb-trans"><p>全球消费者健康意识的提高为益生菌提供了推动力，中国已成为全球最大的市场之一。在酸奶和补充剂等熟悉的产品背后，是一批专注于菌株研究和生产的上游制造商，为行业提供最新的原材料。</p>
</div><p>Now, a member of that upstream mix is aiming to give investors a taste of its business as <strong>Wecare Probiotics Co. Ltd.</strong>, based in the East China city of Suzhou, filed last week for a Hong Kong IPO. Second-tier underwriter Haitong International is acting as the listing's sole sponsor, indicating it's likely to be mid-sized, probably raising less than $100 million.</p>
<div class="lb-trans"><p>现在，这个上游制造商中的一员旨在让投资者了解其业务，<strong>Wecare Probiotics Co. Ltd.</strong>，总部位于中国东部城市苏州，上周申请了香港 IPO。二级承销商海通国际作为此次上市的唯一赞助商，表明其规模可能中等，预计筹集资金少于 1 亿美元。</p>
</div><p>Founded in 2013, Wecare develops and sells probiotic strains, which are naturally occurring microorganisms like bacteria and yeast that assist in digestion and fighting some diseases. Probiotics are often created in the fermenting process, and are found in foods like yogurt, sauerkraut and aged cheeses.</p>
<div class="lb-trans"><p>Wecare 成立于 2013 年，开发和销售益生菌菌株，这些菌株是自然存在的微生物，如细菌和酵母，能够帮助消化和抵抗某些疾病。益生菌通常在发酵过程中产生，存在于酸奶、酸菜和陈年奶酪等食品中。</p>
</div><p>Wecare ranked third globally and first in Asia by probiotic raw powder production volume in 2025, according to third-party research in its listing document. Its products are mainly used in functional foods, dietary supplements, dairy products, agriculture and other sectors. The company generates most of its revenue from the sale of probiotic powder and also for processing such powder into probiotic formulations based on customer requirements.</p>
<div class="lb-trans"><p>根据第三方研究，Wecare 在 2025 年以益生菌原料粉生产量排名全球第三、亚洲第一，其产品主要用于功能性食品、膳食补充剂、乳制品、农业等领域。该公司大部分收入来自益生菌粉的销售，以及根据客户需求将该粉加工成益生菌配方。</p>
</div><p>Wecare's core strength lies in its integrated capabilities combining product development and manufacturing. Leveraging its proprietary strain bank and supporting production capabilities, the company has been able to achieve mass production of probiotic powder with high viability and stability. According to the prospectus, the company has established production bases with intelligent manufacturing systems in its hometown of Suzhou, as well as in the city of Luohe in Central China's Henan province. It has achieved viable cell counts exceeding 1 trillion CFU/g for multiple strains, while its core strains have viable cell retention rates of over 60% after 24 months of storage in ambient conditions.</p>
<div class="lb-trans"><p>Wecare 的核心优势在于其结合产品开发和制造的综合能力。凭借其专有的菌株库和支持生产能力，该公司能够实现高活性和稳定性的益生菌粉的大规模生产。根据招股说明书，该公司在其家乡苏州以及中国河南省的洛河市建立了智能制造系统的生产基地。其多个菌株的活细胞计数超过 1 万亿 CFU/g，而其核心菌株在常温条件下存储 24 个月后的活细胞保留率超过 60%。</p>
</div><p><strong>Steady growth</strong></p>
<div class="lb-trans"><p><strong>稳定增长</strong></p>
</div><p>Wecare has been growing steadily over the last three years, with its revenue rising from 496 million yuan ($72.5 million) in 2023 to 701 million yuan last year. Its &#34;human health&#34; segment is its main money spinner, with its share of total revenue continuing to increase. In 2025, probiotic powder and formulations under the segment generated approximately 647 million yuan, or 92.2% of the total. Revenue from the company's traditional dairy division, its second largest segment, grew that year as well, but its contribution stood at just 2.5% of total revenue.</p>
<div class="lb-trans"><p>Wecare 在过去三年中稳步增长，收入从 2023 年的 4.96 亿元（7250 万美元）上升到去年的 7.01 亿元。其 “人类健康” 板块是主要的收入来源，其在总收入中的占比持续增加。在 2025 年，该板块的益生菌粉和配方产生了约 6.47 亿元，占总收入的 92.2%。该公司的传统乳制品部门是第二大板块，尽管该年也有所增长，但其贡献仅占总收入的 2.5%。</p>
</div><p>Geographically, China remains Wecare's core market, although its revenue contribution has been gradually declining. Revenue from Greater China, which includes Mainland China, Hong Kong, Macao and Taiwan, rose from 335 million yuan in 2023 to 420 million yuan last year, though its share of total revenue fell from 67.6% to 59.8% over that time. Overseas sales have been growing rapidly, rising from 161 million yuan in 2023 to 282 million yuan in 2025, accounting for 40.2% of revenue last year.</p>
<div class="lb-trans"><p>从地域上看，中国仍然是 Wecare 的核心市场，尽管其收入贡献逐渐下降。大中华区（包括中国大陆、香港、澳门和台湾）的收入从 2023 年的 3.35 亿元上升到去年的 4.2 亿元，但其在总收入中的占比从 67.6% 降至 59.8%。海外销售快速增长，从 2023 年的 1.61 亿元上升到 2025 年的 2.82 亿元，占去年总收入的 40.2%。</p>
</div><h4><strong>Margin pressure</strong></h4>
<div class="lb-trans"><h4><strong>利润压力</strong></h4>
</div><p>Despite its strong growth, Wecare's financial report card also includes some potential red flags. Its profit declined to 65.21 million yuan last year from 79.61 million yuan in 2024, while its gross margin has also been trending downward, falling from 49.7% in 2023 to 47.5% in 2025. The company attributed the declines primarily to its newly built Suzhou production base being in a ramp-up phase, with capacity not yet fully utilized, resulting in higher fixed costs per unit.</p>
<div class="lb-trans"><p>尽管增长强劲，Wecare 的财务报告中也包含一些潜在的警示信号。其利润从 2024 年的 7961 万元下降到去年的 6521 万元，而其毛利率也呈下降趋势，从 2023 年的 49.7% 降至 2025 年的 47.5%。公司将下降的原因主要归因于新建的苏州生产基地处于爬坡阶段，产能尚未完全利用，导致单位固定成本上升。</p>
</div><p>The company plans to use its IPO proceeds to expand its capacity at the Suzhou plant over the next three years, and to strengthen its R&amp;D capabilities and expand its strain bank. It expects that upon completion of the expansion, its annual production capacity for probiotic raw powder will increase by an additional 600 tons.</p>
<div class="lb-trans"><p>该公司计划利用 IPO 所得资金在未来三年内扩大苏州工厂的产能，并加强其研发能力和扩展菌株库。预计扩张完成后，其益生菌原料粉的年生产能力将增加 600 吨。</p>
</div><p>Such a big expansion might leave some scratching their heads, since Wecare already has an annual production capacity of 700 tons of probiotic raw powder, and only used 65.6% of that last year – meaning one-third of the capacity remained idle. Underutilization is even more apparent in its probiotic formula operation, with only 1,158 tons produced last year despite 5,484 tons of capacity, translating to a utilization rate of just 21.1%.</p>
<div class="lb-trans"><p>如此大规模的扩张可能让一些人感到困惑，因为 Wecare 目前已经拥有 700 吨的年生产能力，而去年仅使用了 65.6%——这意味着三分之一的产能处于闲置状态。在其益生菌配方业务中，闲置情况更为明显，尽管有 5484 吨的产能，去年仅生产了 1158 吨，利用率仅为 21.1%。</p>
</div><p>While the company's expansion plan is ambitious, it also carries significant risks. If growth in the downstream dairy and dietary supplement markets falls short of expectations, or if its overseas expansion stalls, the addition of so much new capacity could be difficult to absorb.</p>
<div class="lb-trans"><p>虽然公司的扩张计划雄心勃勃，但也带来了重大风险。如果下游乳制品和膳食补充剂市场的增长未能达到预期，或者其海外扩张停滞，新增的产能可能难以消化。</p>
</div><p><strong>Highly valued</strong></p>
<div class="lb-trans"><p><strong>高度重视</strong></p>
</div><p>Wecare has completed multiple funding rounds since its founding, attracting a diverse group of investors including industrial capital, state-backed funds and more market-oriented institutions. Its most recent round was in February this year, with Boyu Capital investing 110 million yuan at 37 yuan per share. Based on the company's total share capital of about 106 million shares, the latest fundraising would value it at nearly 4 billion yuan, or just under $600 million.</p>
<div class="lb-trans"><p>Wecare 自成立以来已完成多轮融资，吸引了包括产业资本、国有基金以及更多市场导向机构在内的多元化投资者。其最近一轮融资是在今年 2 月，由博裕资本以每股 37 元投资 1.1 亿元人民币。根据公司约 1.06 亿股的总股本，最新的融资将其估值接近 40 亿元人民币，约合 6 亿美元。</p>
</div><p>No comparable probiotic raw material companies are currently listed in Hong Kong, though Shenzhen-listed <strong>Scitop Bio-tech</strong> (300858.SZ) has a relatively similar business model and trades at around 53 times earnings. Wecare's valuation after its latest financing and its 2025 profit give it an implied price-to-earnings (P/E) ratio of about 61 times, significantly higher than Scitop's.</p>
<div class="lb-trans"><p>目前在香港没有可比的益生菌原材料公司上市，尽管深圳上市的 <strong>Scitop Bio-tech</strong>（300858.SZ）有相对类似的商业模式，市盈率约为 53 倍。Wecare 在最新融资后的估值以及其 2025 年的利润使其隐含市盈率约为 61 倍，显著高于 Scitop。</p>
</div><p>While the probiotic industry is currently in a high-growth phase, fueled by rising interest in gut health and immune regulation, Wecare's current valuation already seems to price in high growth expectations. Investors considering the stock should carefully assess whether the company's aggressive buildup of new capacity, commercialization efficiency, and future profitability can support and justify such a lofty valuation.</p>
<div class="lb-trans"><p>尽管益生菌行业目前正处于高速增长阶段，受到对肠道健康和免疫调节日益关注的推动，但 Wecare 当前的估值似乎已经反映了高增长预期。考虑投资该股票的投资者应仔细评估公司的新产能激进扩张、商业化效率和未来盈利能力是否能够支撑并证明如此高的估值。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

亚洲的益生菌领导者计划在香港进行首次公开募股（IPO）