保健品行业深度：长青赛道，多点开花

Group 1: Core Insights - The report emphasizes the growth potential of the health supplement industry, highlighting the importance of selecting quality contract manufacturers and brand owners to capitalize on market opportunities [3] - It suggests that companies like Xianle Health and Baihe Co. are well-positioned due to their strong market presence and innovative capabilities, with Xianle Health expected to enhance its global expansion efforts [3] - The report identifies H&H International Holdings and Tongrentang as key players with robust e-commerce strategies and product innovation, indicating a positive outlook for their performance in 2025 [3] Group 2: Industry Performance - The health supplement industry is characterized by a clear competitive landscape, with a trend towards consolidation among leading players [3] - The report notes that the overall performance of the health supplement sector has shown resilience, with significant growth opportunities in both traditional and new consumer markets [3] - It highlights the importance of brand strength, product innovation, and effective marketing strategies in driving growth within the industry [3] Group 3: Company-Specific Developments - Xianle Health is recognized for its deep market barriers and enhanced customer acquisition capabilities, which are expected to support its future growth [3] - Baihe Co. is pursuing global expansion through the acquisition of New Zealand-based Ora, targeting the high-growth pet supplement market [3] - H&H International Holdings is noted for its strong e-commerce operations and a diverse product matrix, which are anticipated to increase market share [3]