智通财经网·2025-12-11 03:05Core Viewpoint - The report from GF Securities highlights the essential role of professional health supplement OEMs for small and medium brands, indicating stable demand and lower cost rates for leading OEMs, which maintain stable net profit margins. Brands are shifting towards high gross margin and high cost rate models, with capable operators achieving relatively high net profit margins, making them worthy of attention [1] Group 1: Market Potential - The Chinese health supplement market is in its early stages, with penetration rates continuously increasing. In 2024, the per capita consumption of health supplements in China is projected to be $26, which is only 14% of the level in the US, 21% in South Korea, and 29% in Japan, indicating significant room for growth [2] - The market size for dietary supplements in China is expected to reach 232.3 billion yuan in 2024, with a CAGR of 8.9% from 2010 to 2024, driven by increasing consumer demand for health supplements [2] Group 2: E-commerce Trends - The mainstream consumption channels for health supplements in China have evolved from direct sales and pharmacies to traditional shelf e-commerce and now to interest e-commerce. While e-commerce serves as a key traffic entry point, profit margins for brands in this channel are expected to be relatively lower [3] - Interest e-commerce addresses the issues of trust and awareness in the health supplement industry, allowing for precise matching of brands to target user groups, leading to efficient transactions and repurchases. Platforms like Douyin and Kuaishou are expected to see the rise of new brands such as Feicui and YOUTHOLOGY by 2025 [3] - Cross-border e-commerce offers consumers a sense of history and quality from overseas brands, inherently solving trust issues. Cross-border imported health supplements are subject to origin regulation, allowing for greater flexibility and speed in product launches, attracting more brands to enter this space [4]