Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth and stable profitability, driven by its vitamin and mineral supplement products and new business initiatives [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 462 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 82 million yuan, up 6.65% year-on-year [1] - In Q2 2025, revenue reached 191 million yuan, reflecting a 17.32% year-on-year growth, with a net profit of 20 million yuan, increasing by 7.08% year-on-year [1] - The company's gross margin and net profit margin for H1 2025 were 54.35% and 17.82%, respectively, showing a decline of 6.08 and 1.62 percentage points year-on-year [2] Product Performance - The vitamin and mineral supplement series generated revenue of 426 million yuan in H1 2025, a 9.84% increase year-on-year, with the flagship product, "21 Jin Weita," maintaining growth in both sales volume and value [1] - The market share of "21 Jin Weita" in pharmacies reached 35.12% in terms of quantity, up 3.26 percentage points year-on-year, and 25.05% in terms of value, up 5.85 percentage points year-on-year [1] New Business Initiatives - The company is expanding its new business segments, including probiotics, medical beauty products, and smoking cessation and hair growth products, with significant progress made in H1 2025 [3] - The probiotics business has been integrated into a full industry chain, while the medical beauty brand "Jisuran" has been launched, focusing on innovative channel models [3] Future Outlook - The company aims to achieve revenues of 792 million yuan, 964 million yuan, and 1.16 billion yuan in 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 24%, 22%, and 20% [3] - Net profit forecasts for the same years are 106 million yuan, 125 million yuan, and 151 million yuan, with growth rates of 15%, 18%, and 21% [3]

Core Viewpoint - The release of the "China Clinical Smoking Cessation Expert Consensus Gold Standard (2025 Update)" aims to provide clear guidelines for doctors and patients in smoking cessation and control, emphasizing the importance of smoking cessation as a public health intervention [1][6] Group 1: Expert Consensus Content - The updated consensus identifies varenicline tartrate as a first-line medication for smoking cessation, supported by clinical studies showing its effectiveness in reducing cravings and withdrawal symptoms [2] - The consensus also includes other first-line adjunctive medications such as nicotine replacement therapy and bupropion, advocating for a combined approach of medication and behavioral support [2] - Non-pharmacological strategies recommended include the 5A model (Ask, Advise, Assess, Assist, Arrange) and various support measures like counseling, specialized clinics, hotlines, and apps [2] Group 2: Introduction of "Smoking Control" Concept - The consensus introduces a phased intervention approach distinguishing between smoking control and cessation, targeting individuals who are not ready to quit but willing to reduce their smoking [3] - This phased model aims to help smokers gradually decrease their consumption and enhance their willingness to quit, ultimately leading to complete cessation [3] Group 3: Corporate Responsibility and Collaboration - Varenicline tartrate is positioned as a key tool for clinicians to enhance the success rates of smoking cessation efforts [4] - The company, Hangzhou Minsheng Health Pharmaceutical, aims to integrate smoking control with public welfare initiatives, marking its centennial in 2026 as a commitment to national health [4] - The long-term advocacy by experts like Academician Hu Dayi has established a strong foundation for the credibility of the new smoking control standards, promoting ongoing public health efforts [5] Group 4: Implementation and Future Directions - The consensus provides actionable smoking cessation strategies for clinicians and smokers, transitioning from theoretical research to clinical practice [6] - The integration of smoking cessation into chronic disease management requires collaboration across policy, academia, industry, and society, marking a new phase in China's smoking control efforts [6]

| 保荐人名称：财通证券股份有限公司 | 被保荐公司简称：民生健康 | | --- | --- | | 保荐代表人姓名：熊文峰 | 联系电话：0571-87821317 | | 保荐代表人姓名：许昶 | 联系电话：0571-87821317 | 财通证券股份有限公司 关于杭州民生健康药业股份有限公司 2025 年半年度跟踪报告 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0次 | | 2．督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 | | | 但不限于防止关联方占用公司资源的制度、 | 是 | | 募集资金管理制度、内控制度、内部审计制 | | | 度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件 ...

（编辑 王雪儿） 证券日报网讯 民生健康8月27日发布公告，在公司回答调研者提问时表示，公司目前已成功在陕西西安 和辽宁沈阳开设两家肌素然样板店，后续还将陆续推进更多样板店的落地。针对这些首批样板店，公司 将深入细致地进行产品投入评估，并根据实际情况及时优化调整相关策略，力争摸索出成功的运营模 式，为该板块明年的顺利发展奠定坚实基础。 ...

Core Viewpoint - Minsheng Health announced on August 27 that there are currently no factors affecting the company's gross profit margin from a cost perspective, and the gross profit margin of its main product, 21 Jinweita Multivitamin Tablets, remains normal [1] Group 1: Product Performance - The vitamin and mineral product category accounts for the largest share of the company's revenue [1] - Different sales models for various subcategories within the vitamin and mineral category lead to varying gross profit margins [1] Group 2: Market Trends - The growth rate of health and functional foods is faster than that of OTC pharmaceuticals in the first half of 2025, resulting in a decline in overall gross profit margin [1] - With the increase in self-operated e-commerce business, it is expected that the gross profit margin of health foods will gradually improve [1]

Core Viewpoint - Minsheng Health announced the gradual elimination of initial production capacity shortages for its Yiwai Shou product, which is now on the market [1] Group 1: Product Launch and Sales Strategy - The company is preparing to launch Minoxidil lotion and Varenicline tablets, which will be introduced to the market as planned [1] - Initially, the sales strategy for Yiwai Shou involved offline agency models, but the company is considering online sales and OTO (Online to Offline) models as production capacity increases [1] - The future sales model will combine both online and offline approaches, focusing on key products that are expected to become new growth points for the company [1]

Group 1 - The company emphasizes the importance of investor returns and plans to actively reward investors through continuous cash dividends [1] - Since its listing, the company has maintained a consistent and stable cash dividend policy, with an average annual cash dividend amount exceeding 40% of the net profit for the year [1] - The company will continue to adhere to regulatory requirements and its articles of association to ensure the reasonableness and stability of cash dividends in the future [1]

Core Insights - Minsheng Health announced on August 27 that its main product, the Weikang series, continues to show steady growth, particularly the flagship product, 21 Jinweita Multivitamin Tablets, which has increased both in sales volume and sales value in offline channels [1] Group 1: Product Performance - The 21 Jinweita has a quantity market share of 35.12% in pharmacy terminals, up 3.26% year-on-year, and a value market share of 25.05%, up 5.85% year-on-year, both outperforming the multivitamin market average [1] - Online sales of Weikang products have also seen significant growth through the expansion of sales platforms [1] Group 2: Strategic Focus - Weikang products serve as the company's foundational offerings, and the company plans to continue product expansion and channel deepening to maintain its market position [1] - The company aims to enhance profit margins through increased production, seeking upstream and downstream pricing premiums, and internal refined management [1]

Core Viewpoint - Minsheng Health announced on August 27 that the analysis of gross margin and product expense ratio should be considered together from the perspective of internal management and overall product planning [1] Group 1: Financial Metrics - The decrease in sales expense ratio is attributed to the company's different channels and sales models, rather than a reduction in promotional and e-commerce service fees [1] - The company expects that the impact of new product launches on the overall sales expense ratio will not be particularly significant [1] Group 2: Product Strategy - Multiple key new products are set to be launched in the second half of the year, which will involve certain expense allocations [1]

Core Viewpoint - The company has demonstrated steady growth in revenue and net profit in the first half of 2025, driven by a clear product strategy, robust channel expansion, and continuous R&D investment, solidifying its leading position in the vitamin and mineral supplement sector while expanding into new health fields such as probiotics and medical aesthetics [1][4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 462 million yuan, a year-on-year increase of 16.37% - The net profit attributable to shareholders reached 82.41 million yuan, reflecting a year-on-year growth of 6.65% [1] Market Opportunities - The "Healthy China 2030" initiative and rising public health awareness have created significant market potential for over-the-counter drugs and dietary supplements - The probiotic market in China surpassed 100 billion yuan in 2022, growing at an annual rate of 11%-12%, with projections nearing 200 billion yuan by 2028 [2] R&D and Innovation - The company invested 16.27 million yuan in R&D in the first half of 2025, accounting for 3.52% of its operating revenue - Progress was made in various sectors, particularly in probiotics, with several patented high-activity strains entering clinical trials for conditions like polycystic ovary syndrome and infant diarrhea [2] Production and Quality Control - The company has enhanced production efficiency and product quality through lean, automated, and information-driven integration - Successful resumption of production for Lingzhi capsules and ongoing technological improvements in production lines demonstrate strong organizational and quality control capabilities [3] Channel Strategy - The company employs a "multi-channel ecosystem" strategy, driving growth through both online and offline channels - It has expanded its reach through a network of distributors and e-commerce platforms, while also exploring overseas markets [3] Strategic Acquisitions and Brand Development - The company completed the acquisition of Minsheng Zhongke (Shandong), further integrating resources in the probiotic business - It launched a professional medical aesthetics brand, "Jisuran," to explore innovative models in the health sector [3] Cash Flow and Financial Health - The net cash flow from operating activities increased by 37.89% year-on-year, attributed to improved inventory management - The company is well-positioned financially to support future R&D, capacity expansion, and market development [4]