西子健康递表港交所 2024年零售额在中国运动营养食品品牌运营商中排名第三

Core Viewpoint - Xizi Health Group has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor [1]. Company Overview - Xizi Health is a sports nutrition and functional food company focused on providing high-quality health products and promoting a healthy lifestyle. Its main products include protein powder, whey protein powder, creatine, functional gummies, and coffee [3]. - The company has established a brand matrix that includes four proprietary brands: FoYes, fiboo, GuBen Diary, and HotRule. Each brand has achieved significant sales milestones within a short period after launch [3][4][5]. - FoYes, launched in 2024, is the core sports nutrition brand targeting serious trainers, focusing on high-quality protein products. It ranked first in GMV for whey protein products on Douyin as of November 30, 2025 [3]. - fiboo, launched in 2021, is a women's nutrition brand that offers scientifically validated daily nutrition products and has also ranked first in GMV for various vitamins and minerals on Douyin [4]. - GuBen Diary, established in 2022, focuses on natural health foods and meal replacements, catering to consumers seeking balanced and lightweight lifestyles [4]. - HotRule, launched in April 2025, targets Gen Z consumers with trendy flavors and innovative designs, achieving a GMV of over RMB 60 million by the last feasible date [5]. Financial Performance - Xizi Health's revenue for the fiscal years 2023 and 2024 was approximately RMB 14.47 billion and RMB 16.92 billion, respectively. For the nine months ending September 30, 2024, the revenue was RMB 13.08 billion, and for the same period in 2025, it was RMB 16.09 billion [8]. - The gross profit for the same periods was RMB 6.42 billion (2023), RMB 9.95 billion (2024), RMB 7.60 billion (2024 nine months), and RMB 9.58 billion (2025 nine months). The gross margin improved from 44.4% in 2023 to 58.8% in 2024, further increasing to 59.5% for the nine months ending September 30, 2025 [9][10]. - The company ranked third among sports nutrition food brand operators in China in terms of retail sales in 2024, becoming a leader in the sector and the fastest-growing operator from 2022 to 2024 [7]. Industry Overview - The retail sales of nutrition and health foods in China increased from RMB 297.9 billion in 2020 to RMB 405.7 billion in 2024, with a compound annual growth rate (CAGR) of 8.0% since 2020. The market is expected to continue growing, reaching RMB 645.2 billion by 2029, with a CAGR of 9.7% from 2024 [13]. - The retail sales of sports nutrition foods in China rose from RMB 3.6 billion in 2020 to RMB 8 billion in 2024, with a CAGR of 22.1%. The market is projected to reach RMB 19 billion by 2029, growing at a CAGR of 18.9% from 2024 [14].