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]
民生健康(301507)：25H1维矿类产品市占率稳步提升 新产品新业务逐步亮相