Greenyn Biotechnology has made significant strides in the international market by developing and manufacturing proprietary Taiwanese health food ingredients and customized formula products. The company’s overseas sales surged by 47% in the first three quarters of this year, increasing their export revenue ratio to 12%. Chairman Jia-Feng Wu stated that Greenyn expects steady growth in the Taiwanese market and continued expansion internationally in 2025. Key drivers include the broadening reach of its patented Sequenced 19-Peptide (bitter melon peptide) in Asia and the recent regulatory approvals for its Antrodia cinnamomea mycelium in Thailand and South Korea. These developments are expected to significantly boost performance, with the company targeting double-digit revenue growth next year.
Wu highlighted that the company’s core competitive advantage lies in its proprietary health food ingredients, uniquely tied to Taiwan’s characteristics. By leveraging niche markets and product differentiation, Greenyn has successfully captured international attention. The Sequenced 19-Peptide, with its unique active components and mechanisms, has not only spurred a domestic health trend for bitter melon peptide products but also achieved a 20% market share in Taiwan and established a sales presence across Asia.
To date, Greenyn’s products have secured 96 patents across multiple countries and have been featured in international scientific journals. The company also aligns with global regulatory frameworks, including the U.S. FDA's New Dietary Ingredient (NDI) certification, Japan's Foods with Function Claims (FFC), and South Korea's Health Functional Foods (HFF) standards. These certifications facilitate the promotion and development of Greenyn’s products in various markets. Through a combination of self-developed ingredients and innovative international branded ingredients, Greenyn offers tailored formula products to clients, helping them create differentiated advantages.
In the first three quarters of this year, Greenyn reported revenue of NT$627 million, an 8.12% year-on-year increase, and after-tax net profit of NT$95.87 million, a 2.19% rise. Earnings per share (EPS) reached NT$3.57. The rising share of proprietary products in the company’s portfolio drove its gross profit margin to 48.16% in Q3, a two-percentage-point increase from the first half of the year, outpacing industry peers. The fourth quarter, traditionally a peak season, is expected to deliver the highest revenue of the year, with full-year EPS anticipated to surpass NT$5.
CEO Pang-Kuei Hsu noted that Greenyn’s proprietary products, characterized by their Taiwanese uniqueness and multi-patent coverage, along with comprehensive export certifications, strongly position the company to explore international markets. The Antrodia cinnamomea mycelium has already obtained U.S. FDA NDI certification, becoming the first such product to receive FDA approval globally. Similarly, the Sequenced 19-Peptide has replicated the success of Antrodia cinnamomea mycelium’s international strategy, becoming the only bitter melon peptide to achieve U.S. FDA NDI certification, setting a market trend.
Currently, the Sequenced 19-Peptide is the largest contributor to Greenyn’s revenue, accounting for about 70% of proprietary product sales. Antrodia cinnamomea mycelium and the 101 vegetable and fruit fermentation liquid each contribute roughly 10%, while the extract of Rhizoma Polygonati accounts for approximately 5%. Greenyn has established distribution channels in 12 countries, including Thailand, Vietnam, the Philippines, Malaysia, Singapore, Japan, New Zealand, and Australia. Collaborating closely with distributors in these regions, the company has steadily obtained import approvals and expanded its overseas sales, which have grown by 47% year-to-date, raising the export revenue ratio from 9% last year to 12%. Growth prospects in Southeast Asia and Northeast Asia remain particularly strong.
The Antrodia cinnamomea mycelium has recently received new food registrations in Thailand and South Korea and is in the process of obtaining FFC registration in Japan. These efforts are expected to be completed soon, with plans for joint promotion with local distributors in Japan and South Korea, significantly boosting Northeast Asian market growth next year. Meanwhile, the Sequenced 19-Peptide has already secured import approval in China and Malaysia and is preparing to apply for South Korea’s HFF certification.
The Taiwanese market has grown steadily, with a 7% year-on-year increase in the first three quarters. With accelerated international expansion, Wu expressed confidence in sustaining growth momentum next year, further increasing the contribution of overseas markets to total revenue. With dual engines of growth driving the company forward, Greenyn is firmly on track to achieve double-digit revenue growth in 2025.
Resource: 綠茵生技自研原料打開國際市場，明年營收挑戰雙位數成長
