Core Insights - Minsheng Health reported a total revenue of 623 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.78%, and a net profit attributable to shareholders of 114 million yuan, up 32.77% year-on-year [1] - The company operates in the health industry, which is benefiting from the "14th Five-Year Plan" that emphasizes a health-first development strategy, providing a favorable environment for local health product companies like Minsheng Health [1] Financial Performance - The company's net profit growth rate significantly outpaced revenue growth, indicating improved profitability quality; the net profit excluding non-recurring items was 87.97 million yuan, a stable growth of 6.79% year-on-year [2] - Cash flow from operating activities reached 158 million yuan, a substantial increase of 56.52% year-on-year, indicating strong cash collection capabilities and a healthy financial status [2] Product Development - Minsheng Health's core product, "21 Jin Weita," dominates the vitamin and mineral supplement market, accounting for 99.69% of its main business revenue; the company is actively seeking product diversification to create a more balanced business structure [2] - In September 2025, the company launched new products in the medical beauty sector, "Jisuran," and a smoking cessation product, "Lesuke," expanding its health product matrix [2][3] Innovation and Technology - The company has developed a proprietary "Armor 4.0" encapsulation technology that ensures the viability of strains, making it a leader in the industry; it promotes five core strains that form the backbone of its industrial layout [4] - Minsheng Health has established a self-researched "Yanhuang Strain Library," which includes over 6,500 strains, with nearly 1,400 strains undergoing genetic testing, ensuring clear functionality and stable performance [3][4] Strategic Outlook - The chairman of Minsheng Health stated that the company will embrace technological changes and market opportunities as it approaches its centenary in 2026; the health-first strategy from the "14th Five-Year Plan" is expected to drive growth in probiotics, medical beauty, and smoking cessation sectors [4]
“十五五”健康优先风口之上 民生健康三季报净利增超三成