Financial securities have reported that capital expenditure and production capacity reductions in edible enterprises have gradually materialized, supply pressures have been reduced and the price of edible bacteria is expected to rise steadily at the bottom, and leading firms have achieved significant advantages in terms of size, breeding techniques, management, etc., and are expected to improve their profitability. As health awareness rises and technology for the artificial cultivation of winter worms and summer grass matures, the artificial cultivation of winter bugs and grasses is gradually entering a period of rapid industrialization of scale, with enterprises with a pre-manufacturing capacity and technology expected to show greater growth resilience。
The main points of view of the financial instruments are as follows:
Winter worm summer grass: increasing natural scarcity and continuous advancement of scalding artificial growth
On the demand side, the multi-functional nature of the winter worm summer grass is accompanied by increased health demand and a growing variety of product formations, which are widely used in such areas as pharmaceuticals, health products and cosmetics. On the supply side, the production of wild winter worms and summer grass has been downward, with a steady advance in scalding and a steady improvement in the industrial chain. Natural production is becoming more scarce due to over-exploitation, warming, etc., and the prices of winter worms rise or fluctuate over time。
Winter worm summer grass: policy improvements and technological advances present new development opportunities for artificial growth
The policy, on the one hand, leads to the normative collection and scientific conservation of natural winter grass and, on the other hand, since 2019, to the development of research and development and the development of alternatives that value endangered medicinal products, as well as to the promotion of the industrialization of the artificial cultivation of winter grass. At the technical level, there has been a continuous advance in the development of artificial breeding chain technologies such as bat moth feed preparation, larvae breeding, saplings, larvae infestation and (high-density) breeding sub-entities. The forward-looking layout of several companies and, since 2023, the multiplication of the fungus industry for the development of biomimicry in winter worm summer grass plants; snowapple organisms have formed relevant subsidiaries to build up the technology for the production of winter worms and summer grass。
The edible bacteria industry: market patterns optimized and production capacity rationalized
The industry has continued to grow, and according to the chinese association of food bacteria, the national value of food fungi production was 6. 0 per cent in 2019-2024, and the capacity of industrial plants has gradually returned to rationality. 1) golden fungus: price stability at the bottom. (b) relative excess supply, with production exceeding 5,300 tons per day in 2023; the proactive contraction of production capacity by head firms is expected to ease market supply pressures and drive up prices at the bottom. 2) twin mushrooms: overall profit stability. Plant production in 2023 reached 867 tons per day. Access barriers are high, resulting in a more rational overall capacity, leading firms maintaining high market shares and industry prices and profitability. 3) grumpy mushrooms: price at the bottom. The demand for household consumption and medium- and high-end food support has continued to be positive; industrial production capacity reached 349 tons per day in 2023 and the industry is relatively well supplied. A reduction in capital spending by head enterprises is expected to lead to a recovery in the bottom of prices。
Risk tips: increased risk of competition in markets, food safety risks, less innovation in r & d than anticipated, up-front risk of feedstock costs, etc。
