新股消息 | 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

Company Overview - Xizi Health Group 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 targeting different consumer needs and demographics [3][4][5] - FoYes, launched in 2024, is the core sports nutrition brand, focusing on high-quality protein products and achieving the highest GMV in the whey protein category on Douyin as of November 30, 2025 [3] - fiboo, introduced in 2021, targets women's nutritional needs and has also ranked first in the GMV for various vitamins and minerals on Douyin as of November 30, 2025 [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, aims to attract 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 reported revenues of approximately RMB 1.447 billion for the fiscal year 2023, RMB 1.692 billion for 2024, RMB 1.308 billion for the nine months ending September 30, 2024, and RMB 1.609 billion for the nine months ending September 30, 2025 [7] - The gross profit for the same periods was RMB 642 million, RMB 995 million, RMB 759 million, and RMB 958 million, respectively, with gross margins improving from 44.4% in 2023 to 59.5% in the nine months ending September 30, 2025 [8][9] - The company has seen significant growth in its proprietary brands, with fiboo and GuBen Diary achieving sales exceeding RMB 500 million and RMB 200 million within 31 months and 20 months of launch, respectively [3][4] 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% from 2020 [12] - The retail sales of sports nutrition foods in China grew from RMB 3.6 billion in 2020 to RMB 8 billion in 2024, with a CAGR of 22.1% [13] - The market is expected to continue growing, with projections indicating that retail sales of nutrition and health foods will reach RMB 645.2 billion by 2029, and sports nutrition foods will reach RMB 19 billion by 2029, driven by increasing participation in sports and expanding consumption scenarios [12][13]