从西子健康看营养与健康食品行业发展趋势：从代运营转型多品牌，打造运动营养行业标杆

Investment Rating - The report does not explicitly state an investment rating for the industry or the company [2]. Core Insights - The report highlights the transformation of the company from a third-party e-commerce operator to a multi-brand health food leader, focusing on sports nutrition and functional foods [4][6]. - The overall revenue of the company has shown stable growth, with a significant increase in net profit, driven by the direct-to-consumer (DTC) model and product optimization [4][6]. - The nutrition and health food market in China is experiencing rapid expansion, with a market size reaching over 400 billion RMB and a compound annual growth rate (CAGR) of 8.0% expected from 2024 to 2029 [54][56]. - The company has established a strong competitive moat through its dual-core brands, FoYes and fiboo, which contribute over 90% of total revenue [4][6]. Company Overview - The company, founded in 2013, has evolved from a third-party e-commerce operator to a self-branded health food company, launching multiple brands targeting different consumer segments [4][9]. - The flagship brand "fiboo" focuses on women's health, while "FoYes" targets professional sports nutrition, and other brands like "HotRule" and "谷本日记" cater to younger consumers and traditional health foods respectively [4][14]. Financial Analysis - The company's revenue is projected to grow from 14.47 billion RMB in 2023 to approximately 16.92 billion RMB in 2024, with a significant contribution from self-owned brands [23]. - Self-owned brands accounted for 78.59% of total revenue in the first three quarters of 2025, showcasing the successful transition from a distributor to a brand owner [23][24]. - The gross margin has steadily increased from 44.4% in 2023 to 59.5% in the first three quarters of 2025, driven by the higher profitability of self-owned products [28]. Industry Analysis - The nutrition and health food market in China is in a structural growth phase, with the market size reaching 405.7 billion RMB by 2024, significantly outpacing traditional food sectors [54][56]. - The sports nutrition segment is expected to grow at a CAGR of 22.1%, indicating strong consumer interest and market potential [57]. - Functional foods are also experiencing growth, with a projected market size of 6.26 trillion RMB by 2029, driven by increasing health awareness and diverse product offerings [60]. Competitive Landscape - The company ranks third in the sports nutrition market with a market share of 4.5%, while it holds a significant position in the functional coffee segment with a market share of 9.4% [65][72]. - The competitive landscape is characterized by a high concentration of market share among the top players, indicating a competitive yet lucrative environment for growth [65][72]. Brand Matrix - The company operates a multi-brand strategy with distinct positioning for each brand, including FoYes for professional sports nutrition and fiboo for women's health, ensuring a comprehensive market coverage [17][72]. - The product offerings span various categories, including protein powders, functional snacks, and health supplements, catering to diverse consumer needs [17][72].