智通财经APP获悉，财通证券发布研报称，中国营养保健市场规模持续增长，但人均消费仍有提升空 间。需求呈现老龄化与年轻化（Z世代）两大驱动力，并朝"精准分众"和功能性食品方向演进。线上渠 道占主导，抖音与跨境渠道高速增长。传统品类稳健，新兴品类（如口服美容、益生菌）凭借明星成分 增速亮眼。下游品牌格局分散，而需求扩容为中游代工企业带来发展机会。 财通证券主要观点如下： 建议关注：多条业务线潜力充足的保健品原料龙头供应商金达威、聚焦肌肉与关节健康的全球HMB龙 头企业技源集团、国内新消费增量充足与海外成长空间较大的全球营养保健代工龙头仙乐健康、具备柔 性供应链与布局宠物赛道、海外并购带来增量的百合股份、强品牌力与年轻化定位的品牌龙头H&H国 际控股、线上线下并行与逐步走出调整期的汤臣倍健、百年品牌背书与持续推新的民生健康、产能扩张 与布局C端的国内益生菌头部企业科拓生物。 风险提示：市场竞争加剧风险；行业政策变动风险；食品安全事件风险；海外扩张不及预期风险等。 传统品类呈现大规模、稳健增长、剂型创新、人群扩展等趋势，其中骨骼健康市场为典型的通过成分创 新焕发新春的传统功效赛道；新兴品类则呈现小基数、爆发式增长、强 ...

Core Insights - The company RuYuchen (若羽臣) reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 819 million yuan, a year-on-year growth of 123.4% [1] - The self-owned brand business showed remarkable performance, generating 451 million yuan in revenue, a year-on-year increase of 344.5%, accounting for 55.1% of total revenue [1] Group 1: Financial Performance - For the first nine months of 2025, the company achieved a total revenue of 2.138 billion yuan, an 85.3% increase compared to the same period last year [1] - The net profit attributable to shareholders for the same period was 105 million yuan, reflecting an 81.6% year-on-year growth [1] Group 2: Brand Performance - The brand "ZhanJia" generated 227 million yuan in revenue during Q3, marking a 118.9% increase, and accumulated 680 million yuan in revenue for the first nine months, a growth of 148.6% [1] - "ZhanJia" maintained a strong position in the home cleaning sector, ranking in the top 3 on Tmall for clothing cleaning category stores and top 4 on Douyin for clothing cleaning agents [1] Group 3: Product Development and Market Strategy - "ZhanJia" launched a new liquid Marseille soap dishwashing liquid in August, which quickly became the top-rated dishwashing liquid on Tmall [2] - "FeiCui" experienced explosive growth with Q3 revenue of 203 million yuan, a quarter-on-quarter increase of over 98.8%, and a total of 362 million yuan for the first nine months [2] - "FeiCui" successfully expanded its product line to 10 items, enhancing product experience and driving steady increases in repurchase rates [2] Group 4: New Brand Launch - The new brand "NiuYiBei" launched in June 2025, achieving revenue of 12.126 million yuan by September, focusing on high cost-performance single products in the dietary supplement market [3] - The brand's GMV growth rate exceeded three times month-on-month in August and September [3] Group 5: Brand Management Business - The brand management business generated 204 million yuan in revenue for Q3, a year-on-year increase of 114.1%, and a total of 539 million yuan for the first nine months, reflecting a 71.1% growth [3] - The company aims to continue focusing on self-owned brand development while maintaining steady growth in brand management and e-commerce operations [3]