Gelonghui, January 11 | Huaxin Securities Research Report pointed out that since the majority shareholder joined Lotus Health (600186.SH), they have continued to carry out internal reforms, resolve historical burdens, go to battle lightly, and actively explore a second growth curve. Maintain a “buy” investment rating. The company was successfully listed as the “first share of MSG” in 1998, but due to many changes in ownership, the company went bankrupt and restructured in 2019 under national welfare management, resolved historical debt issues in 2020, and resumed healthy growth in the main business. Currently, the company has formed a product structure dominated by monosodium glutamate and chicken essence, combined with other compounds, wheat flour series, and the water industry, and is starting a second growth curve in computing power. In terms of brand, the “Lotus” brand has a deep consumer perception foundation. Since 2022, the company has returned to the eyes of consumers with the image of “the light of domestic goods”. Organizationally, after restructuring and listing, the company initiated internal organizational reforms to improve the quality and efficiency of its existing business by optimizing redundant employees/reforming the remuneration system/establishing a “horse racing mechanism”. In the supply chain, the company started strategic reserves of raw materials and optimized logistics routes to further reduce production costs, and quickly respond to channel layout through the marketing team, thereby achieving high channel stickiness.