2025年8月30日，在吉林长春召开的中国康复医学会心血管疾病预防与康复专业委员会年会上，中国控 制吸烟协会联合杭州民生健康（301507）药业发布了《中国临床控烟戒烟专家共识金标准（2025更新 版）》。开幕式期间，胡大一院士牵头，与专家代表共同正式开启了共识启动仪式。来自全国各地的 500多位心血管和呼吸等相关领域的专家学者莅临参会，共同见证这一重要时刻。 作为2025年更新版的专家共识，"中国临床控烟戒烟金标准"系统总结了临床戒烟与控烟的评估和干预要 点。其中在药物治疗方面，明确了酒石酸伐尼克兰片作为临床一线戒烟药物。酒石酸伐尼克兰是一种选 择性尼古丁受体部分激动剂，大量临床研究证明其戒烟有效率显著优于安慰剂，对减少烟瘾、缓解戒断 症状有突出效果。共识同时列出了其他可选的一线辅助戒烟药物，包括尼古丁替代疗法和安非他酮等， 并强调药物与行为支持相结合的综合干预策略。 在非药物手段上，共识提倡采用5A戒烟干预模型（询问Ask、建议Advise、评估Assess、协助Assist、安 排随访Arrange）以及简短咨询、专业戒烟门诊、戒烟热线和戒烟APP等行为支持措施，为吸烟者提供 全程指导和帮助。 首次引入 ...

| 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]

Core Insights - Minsheng Health (301507.SZ) reported a revenue of 462 million yuan for the first half of 2025, marking a 16.37% increase year-on-year, with a net profit of 82.41 million yuan, up 6.65% from the previous year [1] - The company is focusing on R&D and innovation, particularly in the probiotics sector, which is becoming a core growth driver [1][4] - The probiotics market in China is projected to reach nearly 200 billion yuan by 2028, growing at an annual rate of 11%-12% [4] Financial Performance - The operating cash flow for the company reached 142 million yuan, reflecting a significant year-on-year increase of 37.89% [1] - Revenue from the main product line, mineral products, was 426 million yuan, showing a 9.84% growth, continuing a six-year trend of stable growth [2] Strategic Initiatives - The company is implementing a "Four New" strategy focusing on new products, new businesses, new models, and new projects to drive growth in the health sector [3] - Minsheng Health has established a comprehensive probiotics ecosystem, integrating various stages from strain selection to end-product application [5] Product Development - The company has launched its first weight management product, "Puri Slim," and is actively developing additional health products to meet consumer demands [5][6] - R&D investment for the first half of 2025 was 16.27 million yuan, with three new drug approvals and one new health food registration [3] Market Positioning - Minsheng Health is positioning itself as a leader in the probiotics market, with 47 national invention patents and a robust R&D infrastructure [4][5] - The company aims to create a strong brand matrix across various health segments, including vitamins, OTC medications, and functional probiotics [2]