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核心观点：未来3年，90%缺乏核心IP的益生菌企业将遭清退 我们监测到行业正经历三重跃迁： 1️⃣ 技术驱动：从“菌株堆砌”到机制靶向性验证 2️⃣ 产能革命：传统发酵成本模型被连续流工艺颠覆 3️⃣ 临床壁垒：FDA/NMPA双报路径成为价值分水岭

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