Core Insights - The overall gross margin changes for the company are primarily influenced by product structure and channel variations, with no cost-related factors affecting gross margin levels [1] - The vitamin and mineral product category represents the highest revenue share for the company, with the main product, 21 Jin Weita multi-element tablets, maintaining a normal gross margin level [1] - The growth rate of vitamin and mineral health foods and functional foods has outpaced that of OTC vitamin and mineral products in recent years, leading to a decline in overall gross margin [1] - The company anticipates that the overall gross margin will gradually improve with the increase in sales scale of new products and the growth of self-operated businesses [1] Product Development and Market Potential - The company has recently obtained approval for varenicline tartrate tablets, which are used for smoking cessation, indicating a strategic move into the smoking cessation market [1] - The domestic approval for varenicline tablets has been obtained in recent years, and sales are gradually increasing, with significant market potential due to the large number of smokers in China [2] - The company expects that the introduction of new products, such as varenicline and minoxidil solution, will involve certain costs but will not significantly impact the overall sales expense ratio and profit situation [2]
民生健康：毛利率下滑主要受产品结构及渠道变化影响