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Global Andrographis Paniculata Extract Market Research Report 2025
Synopsis
Andrographis paniculata extract is a kind of powder extracted from the andrographis paniculata plant, the main ingredient is andrographolide. Andrographis paniculata extract has antioxidant and anti-inflammatory effects, which can treatment of influenza with fever, sore throat, ulcers in the mouth or on the tongue, acute or chronic cough, etc.
The global Andrographis Paniculata Extract market was valued at US$ 128 million in 2023 and is anticipated to reach US$ 251.4 million by 2030, witnessing a CAGR of 10.0% during the forecast period 2024-2030.
Global Andrographis Paniculata Extract key players include Martin Bauer Group, Sabinsa, Bioprex, Gurjar Phytochem, Mother Herbs, etc. Global top five players hold a share about 45%.
China is the largest market, with a share about 30%, followed by India, having a share about 20 percent.
In terms of product, Less than 15% is the largest segment, with a share about 35%. And in terms of application, the largest application is Feed, followed by Liquid, Injection.
This report aims to provide a comprehensive presentation of the global market for Andrographis Paniculata Extract, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Andrographis Paniculata Extract.
Report Scope
The Andrographis Paniculata Extract market size, estimations, and forecasts are provided in terms of output/shipments (MT) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Andrographis Paniculata Extract market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Andrographis Paniculata Extract manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
Martin Bauer Group
Sabinsa
Bioprex
Gurjar Phytochem
Mother Herbs
Pure and Green
Guilin Layn Natural Ingredients
Changzhou Natural Pharmaceutical
Shaanxi Huike Botanical Development
Hunan Zhengdi Biological
Sichuan Hongyi
Xi'an Changyue Phytochemistry
Sichuan Zhonghong
Guilin Sanling Biotech
Shaanxi Tianrun
Changsha LuYuan Bio-Tech
Segment by Type
Less than 15%
15%-50%
50%-98%
Above 98%
Segment by Application
Feed
Liquid
Injection
Production by Region
China
India
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Detailed analysis of Andrographis Paniculata Extract manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Andrographis Paniculata Extract by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 4: Consumption of Andrographis Paniculata Extract in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 5: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: The main points and conclusions of the report.
Andrographis paniculata extract is a kind of powder extracted from the andrographis paniculata plant, the main ingredient is andrographolide. Andrographis paniculata extract has antioxidant and anti-inflammatory effects, which can treatment of influenza with fever, sore throat, ulcers in the mouth or on the tongue, acute or chronic cough, etc.
The global Andrographis Paniculata Extract market was valued at US$ 128 million in 2023 and is anticipated to reach US$ 251.4 million by 2030, witnessing a CAGR of 10.0% during the forecast period 2024-2030.
Global Andrographis Paniculata Extract key players include Martin Bauer Group, Sabinsa, Bioprex, Gurjar Phytochem, Mother Herbs, etc. Global top five players hold a share about 45%.
China is the largest market, with a share about 30%, followed by India, having a share about 20 percent.
In terms of product, Less than 15% is the largest segment, with a share about 35%. And in terms of application, the largest application is Feed, followed by Liquid, Injection.
This report aims to provide a comprehensive presentation of the global market for Andrographis Paniculata Extract, with both quantitative and qualitative analysis, to help readers develop business/growth strategies, assess the market competitive situation, analyze their position in the current marketplace, and make informed business decisions regarding Andrographis Paniculata Extract.
Report Scope
The Andrographis Paniculata Extract market size, estimations, and forecasts are provided in terms of output/shipments (MT) and revenue ($ millions), considering 2023 as the base year, with history and forecast data for the period from 2019 to 2030. This report segments the global Andrographis Paniculata Extract market comprehensively. Regional market sizes, concerning products by Type, by Application, and by players, are also provided.
For a more in-depth understanding of the market, the report provides profiles of the competitive landscape, key competitors, and their respective market ranks. The report also discusses technological trends and new product developments.
The report will help the Andrographis Paniculata Extract manufacturers, new entrants, and industry chain related companies in this market with information on the revenues, production, and average price for the overall market and the sub-segments across the different segments, by company, by Type, by Application, and by regions.
Market Segmentation
By Company
Martin Bauer Group
Sabinsa
Bioprex
Gurjar Phytochem
Mother Herbs
Pure and Green
Guilin Layn Natural Ingredients
Changzhou Natural Pharmaceutical
Shaanxi Huike Botanical Development
Hunan Zhengdi Biological
Sichuan Hongyi
Xi'an Changyue Phytochemistry
Sichuan Zhonghong
Guilin Sanling Biotech
Shaanxi Tianrun
Changsha LuYuan Bio-Tech
Segment by Type
Less than 15%
15%-50%
50%-98%
Above 98%
Segment by Application
Feed
Liquid
Injection
Production by Region
China
India
Consumption by Region
North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Russia
Asia-Pacific
China
Japan
South Korea
China Taiwan
Southeast Asia
India
Latin America, Middle East & Africa
Mexico
Brazil
Turkey
GCC Countries
Chapter Outline
Chapter 1: Introduces the report scope of the report, executive summary of different market segments (by region, by Type, by Application, etc), including the market size of each market segment, future development potential, and so on. It offers a high-level view of the current state of the market and its likely evolution in the short to mid-term, and long term.
Chapter 2: Detailed analysis of Andrographis Paniculata Extract manufacturers competitive landscape, price, production and value market share, latest development plan, merger, and acquisition information, etc.
Chapter 3: Production/output, value of Andrographis Paniculata Extract by region/country. It provides a quantitative analysis of the market size and development potential of each region in the next six years.
Chapter 4: Consumption of Andrographis Paniculata Extract in regional level and country level. It provides a quantitative analysis of the market size and development potential of each region and its main countries and introduces the market development, future development prospects, market space, and production of each country in the world.
Chapter 5: Provides the analysis of various market segments by Type, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different market segments.
Chapter 6: Provides the analysis of various market segments by Application, covering the market size and development potential of each market segment, to help readers find the blue ocean market in different downstream markets.
Chapter 7: Provides profiles of key players, introducing the basic situation of the main companies in the market in detail, including product production/output, value, price, gross margin, product introduction, recent development, etc.
Chapter 8: Analysis of industrial chain, including the upstream and downstream of the industry.
Chapter 9: Introduces the market dynamics, latest developments of the market, the driving factors and restrictive factors of the market, the challenges and risks faced by manufacturers in the industry, and the analysis of relevant policies in the industry.
Chapter 10: The main points and conclusions of the report.
Index1 Andrographis Paniculata Extract Market Overview
1.1 Product Definition
1.2 Andrographis Paniculata Extract Segment by Type
1.2.1 Global Andrographis Paniculata Extract Market Value Growth Rate Analysis by Type 2023 VS 2030
1.2.2 Less than 15%
1.2.3 15%-50%
1.2.4 50%-98%
1.2.5 Above 98%
1.3 Andrographis Paniculata Extract Segment by Application
1.3.1 Global Andrographis Paniculata Extract Market Value Growth Rate Analysis by Application: 2023 VS 2030
1.3.2 Feed
1.3.3 Liquid
1.3.4 Injection
1.4 Global Market Growth Prospects
1.4.1 Global Andrographis Paniculata Extract Production Value Estimates and Forecasts (2019-2030)
1.4.2 Global Andrographis Paniculata Extract Production Capacity Estimates and Forecasts (2019-2030)
1.4.3 Global Andrographis Paniculata Extract Production Estimates and Forecasts (2019-2030)
1.4.4 Global Andrographis Paniculata Extract Market Average Price Estimates and Forecasts (2019-2030)
1.5 Assumptions and Limitations
2 Market Competition by Manufacturers
2.1 Global Andrographis Paniculata Extract Production Market Share by Manufacturers (2019-2024)
2.2 Global Andrographis Paniculata Extract Production Value Market Share by Manufacturers (2019-2024)
2.3 Global Key Players of Andrographis Paniculata Extract, Industry Ranking, 2022 VS 2023 VS 2024
2.4 Global Andrographis Paniculata Extract Market Share by Company Type (Tier 1, Tier 2 and Tier 3)
2.5 Global Andrographis Paniculata Extract Average Price by Manufacturers (2019-2024)
2.6 Global Key Manufacturers of Andrographis Paniculata Extract, Manufacturing Base Distribution and Headquarters
2.7 Global Key Manufacturers of Andrographis Paniculata Extract, Product Offered and Application
2.8 Global Key Manufacturers of Andrographis Paniculata Extract, Date of Enter into This Industry
2.9 Andrographis Paniculata Extract Market Competitive Situation and Trends
2.9.1 Andrographis Paniculata Extract Market Concentration Rate
2.9.2 Global 5 and 10 Largest Andrographis Paniculata Extract Players Market Share by Revenue
2.10 Mergers & Acquisitions, Expansion
3 Andrographis Paniculata Extract Production by Region
3.1 Global Andrographis Paniculata Extract Production Value Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.2 Global Andrographis Paniculata Extract Production Value by Region (2019-2030)
3.2.1 Global Andrographis Paniculata Extract Production Value Market Share by Region (2019-2024)
3.2.2 Global Forecasted Production Value of Andrographis Paniculata Extract by Region (2025-2030)
3.3 Global Andrographis Paniculata Extract Production Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
3.4 Global Andrographis Paniculata Extract Production by Region (2019-2030)
3.4.1 Global Andrographis Paniculata Extract Production Market Share by Region (2019-2024)
3.4.2 Global Forecasted Production of Andrographis Paniculata Extract by Region (2025-2030)
3.5 Global Andrographis Paniculata Extract Market Price Analysis by Region (2019-2024)
3.6 Global Andrographis Paniculata Extract Production and Value, Year-over-Year Growth
3.6.1 China Andrographis Paniculata Extract Production Value Estimates and Forecasts (2019-2030)
3.6.2 India Andrographis Paniculata Extract Production Value Estimates and Forecasts (2019-2030)
4 Andrographis Paniculata Extract Consumption by Region
4.1 Global Andrographis Paniculata Extract Consumption Estimates and Forecasts by Region: 2019 VS 2023 VS 2030
4.2 Global Andrographis Paniculata Extract Consumption by Region (2019-2030)
4.2.1 Global Andrographis Paniculata Extract Consumption by Region (2019-2024)
4.2.2 Global Andrographis Paniculata Extract Forecasted Consumption by Region (2025-2030)
4.3 North America
4.3.1 North America Andrographis Paniculata Extract Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.3.2 North America Andrographis Paniculata Extract Consumption by Country (2019-2030)
4.3.3 U.S.
4.3.4 Canada
4.4 Europe
4.4.1 Europe Andrographis Paniculata Extract Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.4.2 Europe Andrographis Paniculata Extract Consumption by Country (2019-2030)
4.4.3 Germany
4.4.4 France
4.4.5 U.K.
4.4.6 Italy
4.4.7 Russia
4.5 Asia Pacific
4.5.1 Asia Pacific Andrographis Paniculata Extract Consumption Growth Rate by Region: 2019 VS 2023 VS 2030
4.5.2 Asia Pacific Andrographis Paniculata Extract Consumption by Region (2019-2030)
4.5.3 China
4.5.4 Japan
4.5.5 South Korea
4.5.6 China Taiwan
4.5.7 Southeast Asia
4.5.8 India
4.6 Latin America, Middle East & Africa
4.6.1 Latin America, Middle East & Africa Andrographis Paniculata Extract Consumption Growth Rate by Country: 2019 VS 2023 VS 2030
4.6.2 Latin America, Middle East & Africa Andrographis Paniculata Extract Consumption by Country (2019-2030)
4.6.3 Mexico
4.6.4 Brazil
4.6.5 Turkey
5 Segment by Type
5.1 Global Andrographis Paniculata Extract Production by Type (2019-2030)
5.1.1 Global Andrographis Paniculata Extract Production by Type (2019-2024)
5.1.2 Global Andrographis Paniculata Extract Production by Type (2025-2030)
5.1.3 Global Andrographis Paniculata Extract Production Market Share by Type (2019-2030)
5.2 Global Andrographis Paniculata Extract Production Value by Type (2019-2030)
5.2.1 Global Andrographis Paniculata Extract Production Value by Type (2019-2024)
5.2.2 Global Andrographis Paniculata Extract Production Value by Type (2025-2030)
5.2.3 Global Andrographis Paniculata Extract Production Value Market Share by Type (2019-2030)
5.3 Global Andrographis Paniculata Extract Price by Type (2019-2030)
6 Segment by Application
6.1 Global Andrographis Paniculata Extract Production by Application (2019-2030)
6.1.1 Global Andrographis Paniculata Extract Production by Application (2019-2024)
6.1.2 Global Andrographis Paniculata Extract Production by Application (2025-2030)
6.1.3 Global Andrographis Paniculata Extract Production Market Share by Application (2019-2030)
6.2 Global Andrographis Paniculata Extract Production Value by Application (2019-2030)
6.2.1 Global Andrographis Paniculata Extract Production Value by Application (2019-2024)
6.2.2 Global Andrographis Paniculata Extract Production Value by Application (2025-2030)
6.2.3 Global Andrographis Paniculata Extract Production Value Market Share by Application (2019-2030)
6.3 Global Andrographis Paniculata Extract Price by Application (2019-2030)
7 Key Companies Profiled
7.1 Martin Bauer Group
7.1.1 Martin Bauer Group Andrographis Paniculata Extract Corporation Information
7.1.2 Martin Bauer Group Andrographis Paniculata Extract Product Portfolio
7.1.3 Martin Bauer Group Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.1.4 Martin Bauer Group Main Business and Markets Served
7.1.5 Martin Bauer Group Recent Developments/Updates
7.2 Sabinsa
7.2.1 Sabinsa Andrographis Paniculata Extract Corporation Information
7.2.2 Sabinsa Andrographis Paniculata Extract Product Portfolio
7.2.3 Sabinsa Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.2.4 Sabinsa Main Business and Markets Served
7.2.5 Sabinsa Recent Developments/Updates
7.3 Bioprex
7.3.1 Bioprex Andrographis Paniculata Extract Corporation Information
7.3.2 Bioprex Andrographis Paniculata Extract Product Portfolio
7.3.3 Bioprex Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.3.4 Bioprex Main Business and Markets Served
7.3.5 Bioprex Recent Developments/Updates
7.4 Gurjar Phytochem
7.4.1 Gurjar Phytochem Andrographis Paniculata Extract Corporation Information
7.4.2 Gurjar Phytochem Andrographis Paniculata Extract Product Portfolio
7.4.3 Gurjar Phytochem Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.4.4 Gurjar Phytochem Main Business and Markets Served
7.4.5 Gurjar Phytochem Recent Developments/Updates
7.5 Mother Herbs
7.5.1 Mother Herbs Andrographis Paniculata Extract Corporation Information
7.5.2 Mother Herbs Andrographis Paniculata Extract Product Portfolio
7.5.3 Mother Herbs Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.5.4 Mother Herbs Main Business and Markets Served
7.5.5 Mother Herbs Recent Developments/Updates
7.6 Pure and Green
7.6.1 Pure and Green Andrographis Paniculata Extract Corporation Information
7.6.2 Pure and Green Andrographis Paniculata Extract Product Portfolio
7.6.3 Pure and Green Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.6.4 Pure and Green Main Business and Markets Served
7.6.5 Pure and Green Recent Developments/Updates
7.7 Guilin Layn Natural Ingredients
7.7.1 Guilin Layn Natural Ingredients Andrographis Paniculata Extract Corporation Information
7.7.2 Guilin Layn Natural Ingredients Andrographis Paniculata Extract Product Portfolio
7.7.3 Guilin Layn Natural Ingredients Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.7.4 Guilin Layn Natural Ingredients Main Business and Markets Served
7.7.5 Guilin Layn Natural Ingredients Recent Developments/Updates
7.8 Changzhou Natural Pharmaceutical
7.8.1 Changzhou Natural Pharmaceutical Andrographis Paniculata Extract Corporation Information
7.8.2 Changzhou Natural Pharmaceutical Andrographis Paniculata Extract Product Portfolio
7.8.3 Changzhou Natural Pharmaceutical Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.8.4 Changzhou Natural Pharmaceutical Main Business and Markets Served
7.7.5 Changzhou Natural Pharmaceutical Recent Developments/Updates
7.9 Shaanxi Huike Botanical Development
7.9.1 Shaanxi Huike Botanical Development Andrographis Paniculata Extract Corporation Information
7.9.2 Shaanxi Huike Botanical Development Andrographis Paniculata Extract Product Portfolio
7.9.3 Shaanxi Huike Botanical Development Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.9.4 Shaanxi Huike Botanical Development Main Business and Markets Served
7.9.5 Shaanxi Huike Botanical Development Recent Developments/Updates
7.10 Hunan Zhengdi Biological
7.10.1 Hunan Zhengdi Biological Andrographis Paniculata Extract Corporation Information
7.10.2 Hunan Zhengdi Biological Andrographis Paniculata Extract Product Portfolio
7.10.3 Hunan Zhengdi Biological Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.10.4 Hunan Zhengdi Biological Main Business and Markets Served
7.10.5 Hunan Zhengdi Biological Recent Developments/Updates
7.11 Sichuan Hongyi
7.11.1 Sichuan Hongyi Andrographis Paniculata Extract Corporation Information
7.11.2 Sichuan Hongyi Andrographis Paniculata Extract Product Portfolio
7.11.3 Sichuan Hongyi Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.11.4 Sichuan Hongyi Main Business and Markets Served
7.11.5 Sichuan Hongyi Recent Developments/Updates
7.12 Xi'an Changyue Phytochemistry
7.12.1 Xi'an Changyue Phytochemistry Andrographis Paniculata Extract Corporation Information
7.12.2 Xi'an Changyue Phytochemistry Andrographis Paniculata Extract Product Portfolio
7.12.3 Xi'an Changyue Phytochemistry Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.12.4 Xi'an Changyue Phytochemistry Main Business and Markets Served
7.12.5 Xi'an Changyue Phytochemistry Recent Developments/Updates
7.13 Sichuan Zhonghong
7.13.1 Sichuan Zhonghong Andrographis Paniculata Extract Corporation Information
7.13.2 Sichuan Zhonghong Andrographis Paniculata Extract Product Portfolio
7.13.3 Sichuan Zhonghong Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.13.4 Sichuan Zhonghong Main Business and Markets Served
7.13.5 Sichuan Zhonghong Recent Developments/Updates
7.14 Guilin Sanling Biotech
7.14.1 Guilin Sanling Biotech Andrographis Paniculata Extract Corporation Information
7.14.2 Guilin Sanling Biotech Andrographis Paniculata Extract Product Portfolio
7.14.3 Guilin Sanling Biotech Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.14.4 Guilin Sanling Biotech Main Business and Markets Served
7.14.5 Guilin Sanling Biotech Recent Developments/Updates
7.15 Shaanxi Tianrun
7.15.1 Shaanxi Tianrun Andrographis Paniculata Extract Corporation Information
7.15.2 Shaanxi Tianrun Andrographis Paniculata Extract Product Portfolio
7.15.3 Shaanxi Tianrun Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.15.4 Shaanxi Tianrun Main Business and Markets Served
7.15.5 Shaanxi Tianrun Recent Developments/Updates
7.16 Changsha LuYuan Bio-Tech
7.16.1 Changsha LuYuan Bio-Tech Andrographis Paniculata Extract Corporation Information
7.16.2 Changsha LuYuan Bio-Tech Andrographis Paniculata Extract Product Portfolio
7.16.3 Changsha LuYuan Bio-Tech Andrographis Paniculata Extract Production, Value, Price and Gross Margin (2019-2024)
7.16.4 Changsha LuYuan Bio-Tech Main Business and Markets Served
7.16.5 Changsha LuYuan Bio-Tech Recent Developments/Updates
8 Industry Chain and Sales Channels Analysis
8.1 Andrographis Paniculata Extract Industry Chain Analysis
8.2 Andrographis Paniculata Extract Key Raw Materials
8.2.1 Key Raw Materials
8.2.2 Raw Materials Key Suppliers
8.3 Andrographis Paniculata Extract Production Mode & Process
8.4 Andrographis Paniculata Extract Sales and Marketing
8.4.1 Andrographis Paniculata Extract Sales Channels
8.4.2 Andrographis Paniculata Extract Distributors
8.5 Andrographis Paniculata Extract Customers
9 Andrographis Paniculata Extract Market Dynamics
9.1 Andrographis Paniculata Extract Industry Trends
9.2 Andrographis Paniculata Extract Market Drivers
9.3 Andrographis Paniculata Extract Market Challenges
9.4 Andrographis Paniculata Extract Market Restraints
10 Research Finding and Conclusion
11 Methodology and Data Source
11.1 Methodology/Research Approach
11.1.1 Research Programs/Design
11.1.2 Market Size Estimation
11.1.3 Market Breakdown and Data Triangulation
11.2 Data Source
11.2.1 Secondary Sources
11.2.2 Primary Sources
11.3 Author List
11.4 Disclaimer
Published By : QY Research
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