<p><em>Wecare Probiotics 在 2025 年以益生菌原料粉生產量排名全球第三、亞洲第一，儘管去年其大量產能處於閒置狀態</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>圖片來源：Bamboo Works</em></p>
<h4><strong>關鍵要點：</strong></h4>
<ul>
<li>Wecare Probiotics 已申請在香港上市，報告顯示其海外銷售穩步增長，去年佔總收入的 40.2%</li>
<li>該公司吸引了多元化的投資者，包括產業資本、國有基金和市場導向的投資機構</li>
</ul>
<p>全球消費者健康意識的提高為益生菌提供了推動力，中國已成為全球最大的市場之一。在酸奶和補充劑等熟悉的產品背後，是一批專注於菌株研究和生產的上游製造商，為行業提供最新的原材料。</p>
<p>現在，這個上游製造商中的一員旨在讓投資者瞭解其業務，<strong>Wecare Probiotics Co. Ltd.</strong>，總部位於中國東部城市蘇州，上週申請了香港 IPO。二級承銷商海通國際作為此次上市的唯一讚助商，表明其規模可能中等，預計籌集資金少於 1 億美元。</p>
<p>Wecare 成立於 2013 年，開發和銷售益生菌菌株，這些菌株是自然存在的微生物，如細菌和酵母，能夠幫助消化和抵抗某些疾病。益生菌通常在發酵過程中產生，存在於酸奶、酸菜和陳年奶酪等食品中。</p>
<p>根據第三方研究，Wecare 在 2025 年以益生菌原料粉生產量排名全球第三、亞洲第一，其產品主要用於功能性食品、膳食補充劑、乳製品、農業等領域。該公司大部分收入來自益生菌粉的銷售，以及根據客户需求將該粉加工成益生菌配方。</p>
<p>Wecare 的核心優勢在於其結合產品開發和製造的綜合能力。憑藉其專有的菌株庫和支持生產能力，該公司能夠實現高活性和穩定性的益生菌粉的大規模生產。根據招股説明書，該公司在其家鄉蘇州以及中國河南省的洛河市建立了智能製造系統的生產基地。其多個菌株的活細胞計數超過 1 萬億 CFU/g，而其核心菌株在常温條件下存儲 24 個月後的活細胞保留率超過 60%。</p>
<p><strong>穩定增長</strong></p>
<p>Wecare 在過去三年中穩步增長，收入從 2023 年的 4.96 億元（7250 萬美元）上升到去年的 7.01 億元。其 “人類健康” 板塊是主要的收入來源，其在總收入中的佔比持續增加。在 2025 年，該板塊的益生菌粉和配方產生了約 6.47 億元，佔總收入的 92.2%。該公司的傳統乳製品部門是第二大板塊，儘管該年也有所增長，但其貢獻僅佔總收入的 2.5%。</p>
<p>從地域上看，中國仍然是 Wecare 的核心市場，儘管其收入貢獻逐漸下降。大中華區（包括中國大陸、香港、澳門和台灣）的收入從 2023 年的 3.35 億元上升到去年的 4.2 億元，但其在總收入中的佔比從 67.6% 降至 59.8%。海外銷售快速增長，從 2023 年的 1.61 億元上升到 2025 年的 2.82 億元，佔去年總收入的 40.2%。</p>
<h4><strong>利潤壓力</strong></h4>
<p>儘管增長強勁，Wecare 的財務報告中也包含一些潛在的警示信號。其利潤從 2024 年的 7961 萬元下降到去年的 6521 萬元，而其毛利率也呈下降趨勢，從 2023 年的 49.7% 降至 2025 年的 47.5%。公司將下降的原因主要歸因於新建的蘇州生產基地處於爬坡階段，產能尚未完全利用，導致單位固定成本上升。</p>
<p>該公司計劃利用 IPO 所得資金在未來三年內擴大蘇州工廠的產能，並加強其研發能力和擴展菌株庫。預計擴張完成後，其益生菌原料粉的年生產能力將增加 600 噸。</p>
<p>如此大規模的擴張可能讓一些人感到困惑，因為 Wecare 目前已經擁有 700 噸的年生產能力，而去年僅使用了 65.6%——這意味着三分之一的產能處於閒置狀態。在其益生菌配方業務中，閒置情況更為明顯，儘管有 5484 噸的產能，去年僅生產了 1158 噸，利用率僅為 21.1%。</p>
<p>雖然公司的擴張計劃雄心勃勃，但也帶來了重大風險。如果下游乳製品和膳食補充劑市場的增長未能達到預期，或者其海外擴張停滯，新增的產能可能難以消化。</p>
<p><strong>高度重視</strong></p>
<p>Wecare 自成立以來已完成多輪融資，吸引了包括產業資本、國有基金以及更多市場導向機構在內的多元化投資者。其最近一輪融資是在今年 2 月，由博裕資本以每股 37 元投資 1.1 億元人民幣。根據公司約 1.06 億股的總股本，最新的融資將其估值接近 40 億元人民幣，約合 6 億美元。</p>
<p>目前在香港沒有可比的益生菌原材料公司上市，儘管深圳上市的 <strong>Scitop Bio-tech</strong>（300858.SZ）有相對類似的商業模式，市盈率約為 53 倍。Wecare 在最新融資後的估值以及其 2025 年的利潤使其隱含市盈率約為 61 倍，顯著高於 Scitop。</p>
<p>儘管益生菌行業目前正處於高速增長階段，受到對腸道健康和免疫調節日益關注的推動，但 Wecare 當前的估值似乎已經反映了高增長預期。考慮投資該股票的投資者應仔細評估公司的新產能激進擴張、商業化效率和未來盈利能力是否能夠支撐並證明如此高的估值。</p>
<p><em>要訂閲 Bamboo Works 每週的免費通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付費的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

<p>Wecare Probiotics，一家領先的益生菌製造商，已申請在香港上市，目標籌集不到 1 億美元。該公司報告了穩定的收入增長，海外銷售佔去年總收入的 40.2%。儘管增長良好，Wecare 仍面臨挑戰，包括利潤和毛利率下降。IPO 籌集的資金將用於擴大生產能力和增強研發能力。Wecare 的生產能力仍未得到充分利用，這引發了對其雄心勃勃的擴張計劃的質疑</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產量排名全球第三、亞洲第一，儘管去年其大量產能處於閒置狀態</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>圖片來源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>關鍵要點：</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 已申請在香港上市，報告顯示其海外銷售穩步增長，去年佔總收入的 40.2%</li>
<li>該公司吸引了多元化的投資者，包括產業資本、國有基金和市場導向的投資機構</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>全球消費者健康意識的提高為益生菌提供了推動力，中國已成為全球最大的市場之一。在酸奶和補充劑等熟悉的產品背後，是一批專注於菌株研究和生產的上游製造商，為行業提供最新的原材料。</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>現在，這個上游製造商中的一員旨在讓投資者瞭解其業務，<strong>Wecare Probiotics Co. Ltd.</strong>，總部位於中國東部城市蘇州，上週申請了香港 IPO。二級承銷商海通國際作為此次上市的唯一讚助商，表明其規模可能中等，預計籌集資金少於 1 億美元。</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 成立於 2013 年，開發和銷售益生菌菌株，這些菌株是自然存在的微生物，如細菌和酵母，能夠幫助消化和抵抗某些疾病。益生菌通常在發酵過程中產生，存在於酸奶、酸菜和陳年奶酪等食品中。</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>根據第三方研究，Wecare 在 2025 年以益生菌原料粉生產量排名全球第三、亞洲第一，其產品主要用於功能性食品、膳食補充劑、乳製品、農業等領域。該公司大部分收入來自益生菌粉的銷售，以及根據客户需求將該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 的核心優勢在於其結合產品開發和製造的綜合能力。憑藉其專有的菌株庫和支持生產能力，該公司能夠實現高活性和穩定性的益生菌粉的大規模生產。根據招股説明書，該公司在其家鄉蘇州以及中國河南省的洛河市建立了智能製造系統的生產基地。其多個菌株的活細胞計數超過 1 萬億 CFU/g，而其核心菌株在常温條件下存儲 24 個月後的活細胞保留率超過 60%。</p>
</div><p><strong>Steady growth</strong></p>
<div class="lb-trans"><p><strong>穩定增長</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 在過去三年中穩步增長，收入從 2023 年的 4.96 億元（7250 萬美元）上升到去年的 7.01 億元。其 “人類健康” 板塊是主要的收入來源，其在總收入中的佔比持續增加。在 2025 年，該板塊的益生菌粉和配方產生了約 6.47 億元，佔總收入的 92.2%。該公司的傳統乳製品部門是第二大板塊，儘管該年也有所增長，但其貢獻僅佔總收入的 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>從地域上看，中國仍然是 Wecare 的核心市場，儘管其收入貢獻逐漸下降。大中華區（包括中國大陸、香港、澳門和台灣）的收入從 2023 年的 3.35 億元上升到去年的 4.2 億元，但其在總收入中的佔比從 67.6% 降至 59.8%。海外銷售快速增長，從 2023 年的 1.61 億元上升到 2025 年的 2.82 億元，佔去年總收入的 40.2%。</p>
</div><h4><strong>Margin pressure</strong></h4>
<div class="lb-trans"><h4><strong>利潤壓力</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>儘管增長強勁，Wecare 的財務報告中也包含一些潛在的警示信號。其利潤從 2024 年的 7961 萬元下降到去年的 6521 萬元，而其毛利率也呈下降趨勢，從 2023 年的 49.7% 降至 2025 年的 47.5%。公司將下降的原因主要歸因於新建的蘇州生產基地處於爬坡階段，產能尚未完全利用，導致單位固定成本上升。</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>該公司計劃利用 IPO 所得資金在未來三年內擴大蘇州工廠的產能，並加強其研發能力和擴展菌株庫。預計擴張完成後，其益生菌原料粉的年生產能力將增加 600 噸。</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>如此大規模的擴張可能讓一些人感到困惑，因為 Wecare 目前已經擁有 700 噸的年生產能力，而去年僅使用了 65.6%——這意味着三分之一的產能處於閒置狀態。在其益生菌配方業務中，閒置情況更為明顯，儘管有 5484 噸的產能，去年僅生產了 1158 噸，利用率僅為 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>雖然公司的擴張計劃雄心勃勃，但也帶來了重大風險。如果下游乳製品和膳食補充劑市場的增長未能達到預期，或者其海外擴張停滯，新增的產能可能難以消化。</p>
</div><p><strong>Highly valued</strong></p>
<div class="lb-trans"><p><strong>高度重視</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 自成立以來已完成多輪融資，吸引了包括產業資本、國有基金以及更多市場導向機構在內的多元化投資者。其最近一輪融資是在今年 2 月，由博裕資本以每股 37 元投資 1.1 億元人民幣。根據公司約 1.06 億股的總股本，最新的融資將其估值接近 40 億元人民幣，約合 6 億美元。</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>目前在香港沒有可比的益生菌原材料公司上市，儘管深圳上市的 <strong>Scitop Bio-tech</strong>（300858.SZ）有相對類似的商業模式，市盈率約為 53 倍。Wecare 在最新融資後的估值以及其 2025 年的利潤使其隱含市盈率約為 61 倍，顯著高於 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>儘管益生菌行業目前正處於高速增長階段，受到對腸道健康和免疫調節日益關注的推動，但 Wecare 當前的估值似乎已經反映了高增長預期。考慮投資該股票的投資者應仔細評估公司的新產能激進擴張、商業化效率和未來盈利能力是否能夠支撐並證明如此高的估值。</p>
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亞洲的益生菌領導者計劃在香港進行首次公開募股（IPO）