值得关注的是，其旗下专注少年儿童营养健康的独立子品牌——grow by WONDERLAB带来两款明星产品。儿童分阶益生菌根据0-3岁、3-6岁、6-12岁 +儿童不同成长阶段的肠道状态与身体需求，提供精准分阶营养支持；萌长1号儿童液体钙则聚焦少年儿童身高发育黄金期，助力中国少年儿童科学成 长。 截至2025年7月，万益蓝益生菌全平台累计销量已突破7亿瓶。据了解，双11期间万益蓝WonderLab销量表现格外亮眼，均登顶天猫益生菌热销品牌榜，抖 音商城品牌益生菌爆款榜、京东体重益生菌热卖榜。 11月19日至21日，亚洲健康营养与保健食品行业旗舰展会——中国国际健康营养博览会(NHNE)在南京国际博览中心成功举办。作为汇聚全球30多个国家 和地区的全球首发新品和参展商、吸引超12万人次观众的行业风向标，NHNE是健康营养领域的重要展示窗口。专研可循证的益生菌和营养补充剂品牌万 益蓝WonderLab亮相展会，并线上线下（300959）掀起了"科学营养"的热潮。 展会期间，沉浸式的展位人潮涌动，品牌同步开启直播互动，通过镜头展示产品的研发优势和普及科学营养知识。 万益蓝WonderLab展位同步直播 中国国际健康 ...

Core Insights - The strategic partnership between Shouba Technology and Seagarden marks a significant step in global resource integration and upstream raw material layout for Shouba Technology [1][3][12] Group 1: Partnership Details - The collaboration aims to ensure high-quality, sustainable marine collagen peptide supply, aligning with Shouba Technology's product philosophy of "scientific nutrition and selective excellence" [3][10] - Seagarden will provide three premium marine raw materials, including collagen peptides from wild cod and salmon, which meet Shouba Technology's stringent standards for product efficacy and safety [6][12] Group 2: Product System and Quality Assurance - Shouba Technology is enhancing its "full lifecycle health management" product layout through this partnership, which complements its existing health management system [7][10] - The company emphasizes quality by sourcing raw materials from 13 countries and regions, adhering to GMP production standards, and implementing a traceability system to ensure product quality [10][12] Group 3: Technological Innovation and Research - Shouba Technology is leveraging technological innovation to upgrade health management services, utilizing AI and smart product terminals for personalized health monitoring [11] - The company has a strong research backing, collaborating with top institutions and holding 103 national patents, ensuring that product efficacy is scientifically validated [11] Group 4: Future Outlook - The partnership with Seagarden is seen as a starting point for expanding international cooperation and enhancing product offerings, aiming to provide safer, more effective, and personalized health solutions [15]

Core Insights - JD Health achieved record-breaking sales during the 2025 11.11 shopping festival, with over 7,000 brands doubling their transaction volume year-on-year, driven by a surge in health consumption and services [1][2] - The integration of a "super pharmaceutical supply chain" and advanced digital technologies, including medical AI models, has positioned JD Health as a powerful engine for the health industry, enhancing sales across various categories and solidifying its leading position in online health consumption [1][6] Health Consumption Trends - The overall health consumption awareness among consumers has significantly increased, leading to a diverse, refined, and intelligent consumption trend [2] - Over 2,500 pharmaceutical brands saw their transaction volumes double year-on-year, with original innovative drugs also experiencing similar growth, highlighting JD Health's role in improving accessibility to these products [2] Nutritional and Medical Device Sales - Nutritional consumption is undergoing a transformation towards scientific nutrition, with over 2,500 health supplement brands doubling their sales, and nearly 100 subcategories seeing over 100% growth [4] - Medical devices also saw substantial growth, with over 2,000 brands achieving over 100% year-on-year sales increase, and specific categories like dynamic blood glucose meters and respiratory machines also experiencing significant sales growth [4] Professional Health Services - The demand for professional health services is rising, with JD Health leveraging its "medical testing, diagnosis, and treatment" service model to meet diverse consumer needs [5] - The JD Internet Hospital has enhanced its online consultation services, achieving rapid response times and high user satisfaction rates, with over 90% of nutrition consultations handled by AI nutritionists [5] Expansion of Health Services - JD Health opened its first self-operated medical beauty store during the 11.11 event, attracting over 11,000 participants, and also expanded its health check centers and orthopedic clinics, with overall order volumes increasing significantly [6] - The company continues to link global health brands with Chinese consumers, aiming to make high-quality medical and health products more accessible [6]

Core Insights - The 8th China International Import Expo (CIIE) was held in Shanghai from November 5 to 10, showcasing JD Health's focus on global nutrition and health trends through partnerships with nine renowned health brands [1][2] Group 1: Strategic Collaborations - JD Health signed a strategic cooperation agreement with GNC to enhance cardiovascular health initiatives and establish high industry standards [1] - A partnership with the international vitamin brand Centrum aims to create a "Brain Vitamin White Paper" to develop a comprehensive ecosystem for brain health [1][2] - Collaboration with Homart Group will focus on developing integrated "product + service" solutions tailored to Chinese consumer needs [2] Group 2: Product Launches and Innovations - JD Health will launch the "Gold Standard Seal Oil" in collaboration with Noromega, setting a new quality benchmark for marine nutrition products [2] - A "Krill Oil Health Science White Paper" will be released in partnership with NYO3 to educate consumers on krill oil benefits [2] - New products targeting youth nutrition, including "Academic DHA" and "Youth Vision Improvement," will be launched in collaboration with various international brands [3] Group 3: Market Positioning and Goals - JD Health aims to establish a "JD Good Nutrition" standard to enhance consumer trust and promote high-quality international brands [2] - The company seeks to leverage its supply chain and platform advantages to connect global scientific nutrition products with Chinese consumers [3]

Core Insights - The core viewpoint of the article emphasizes that the operational data of companies, particularly in the dietary supplement industry, serves as a true measure of performance amidst changing consumer dynamics [2][4][13] Company Performance - Tongrentang reported a recovery in its Q3 2025 financial results, with revenue increasing by 23.45% year-on-year, and a restoration of profit growth in the first three quarters [2][5] - The company launched 71 new products in the first three quarters of 2025, holding 487 domestic and international patents, and 156 product approvals [5][11] Industry Context - The VDS (Vitamins, Dietary Supplements) industry is experiencing a slowdown, with a projected growth of 3.7% in 2024, surpassing the 1.7% growth of the fast-moving consumer goods market [5][10] - The traditional offline pharmacy sector is facing challenges due to policy impacts and declining foot traffic, while online channels are struggling with price wars and product homogeneity [4][5] Strategic Transformation - Tongrentang's reform is a continuation of its long-term strategy, focusing on user value and breaking away from past dependencies to find new growth anchors [5][10] - The company is committed to a "strong technology transformation" and has emphasized the importance of restructuring its value chain with a user-centric approach [5][10] Product and Channel Innovation - The company is building a dual-engine product matrix of "basic products + specialized functional products" to cater to both mass and niche markets [10][11] - Tongrentang is enhancing its channel strategy by moving from a traditional distribution model to a collaborative approach that benefits both the company and pharmacies [11][12] Brand Positioning - The company is strengthening its brand image through partnerships in scientific exploration and health initiatives, enhancing consumer trust [11][12] - The strategic shift towards a user-centric value chain aims to respond to the rationalization of consumer demand and the industry's transition from scale expansion to value cultivation [11][14]

Core Insights - The core viewpoint of the article emphasizes that the operational data of companies serves as a true measure of their performance amidst changing consumer dynamics, with Tongrentang's (汤臣倍健) recent financial results showcasing a recovery in revenue and net profit [1][12] Group 1: Company Performance - Tongrentang reported a 23.45% year-on-year increase in revenue for Q3 2025, with profits also showing recovery in the first three quarters [1][12] - The company launched 71 new products in the first three quarters of 2025 and holds 487 domestic and international patents, indicating a strong focus on innovation [4][12] Group 2: Strategic Transformation - The company's reform is a continuation of its long-term strategy rather than a temporary response to declining performance, focusing on user value and breaking away from past dependencies [3][12] - Tongrentang's "strong technology transformation" strategy aims to enhance product strength and technological competitiveness, with a commitment to user needs as the core of its growth path [3][4] Group 3: Market Dynamics - The VDS industry is experiencing a slowdown, with traditional offline pharmacies facing challenges from policy changes and reduced foot traffic, while online channels are struggling with price wars and homogenization [3][6] - Despite these challenges, the VDS market is projected to grow by 3.7% in 2024, outpacing the 1.7% growth of the fast-moving consumer goods market [3] Group 4: Product and Channel Strategy - Tongrentang is building a dual-engine product matrix of "basic mass products + segmented functional products" to address both general market needs and specialized high-value areas [9][10] - The company is shifting its channel strategy from a focus on quantity to a model of empowerment and profit-sharing, enhancing collaboration with pharmacies and leveraging digital tools for efficient operations [10][11] Group 5: Brand Positioning - Tongrentang is enhancing its brand image through partnerships in scientific exploration and health initiatives, reinforcing its trust and credibility in the market [11][12] - The company aims to create a complete value chain centered on user health, integrating R&D, branding, and channels to meet real consumer needs [12][13]

Core Insights - Tongrentang's Q3 2025 report shows a revenue of 1.383 billion yuan, a year-on-year increase of 23.45%, with a net profit of 170 million yuan for the quarter and a total revenue of 4.915 billion yuan and net profit of 907 million yuan for the first three quarters [1][2] Group 1: Product Innovation and Strategy - Since 2025, the company has focused on product innovation, launching 71 new products in the first three quarters, with a dual strategy of upgrading basic nutrients and breaking into professional functional categories [1][2] - The company has extended its product line into high-barrier functional categories, launching its first OTC glucosamine product offline and a special medical purpose formula food online in September [1] Group 2: Channel Strategy and Market Performance - Tongrentang has implemented a differentiated product strategy for online and offline channels, optimizing the channel value chain, with improvements in operational quality [2] - The company has seen significant performance in e-commerce, with new products like multi-layer tablets and adult calcium series driving market share growth [2] Group 3: R&D and Compliance - Under the "Scientific Nutrition" strategy, the company has advanced R&D in new materials, functions, and technologies, holding 487 patents and numerous health food certifications, indicating strong technical reserves and compliance capabilities [2] - Systematic adjustments across products, channels, R&D, and branding since 2024 have shown quick reform results, demonstrating the company's operational resilience [2]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 1.383 billion yuan, a year-on-year growth of 23.45%, and net profit of 170 million yuan, marking a remarkable year-on-year increase of 861.91% [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.915 billion yuan and a net profit of 907 million yuan, indicating a recovery in profitability and operational capability [2] - The company has shown consistent improvement in its financial metrics, with both revenue and profit increasing year-on-year [2] Product Innovation and Strategy - The company has focused on product innovation as a key strategy, launching 71 new products in the first three quarters of 2025 [2] - The product strategy includes a dual approach of upgrading basic nutrients and breaking into specialized functional categories, which strengthens its presence in the mass consumer market while also targeting professional sectors [2][3] Market Demand and Consumer Engagement - The company has effectively driven category growth in the basic nutrient sector by promoting high cost-performance products, which has broadened its customer base [3] - New products such as the adult calcium series with high vitamin K2 content have led to a 48% growth in the liquid calcium category on e-commerce platforms [3] Channel Strategy - The company has implemented a differentiated inventory strategy to optimize the value chain across online and offline channels, with positive results beginning to show [4] - In offline channels, the company has improved its market share in the protein powder category by 3.3 percentage points year-on-year, driven by products like calcium vitamin E protein powder [4] Research and Development - The company has made significant advancements in R&D, holding 487 patents and numerous certifications for health food products, positioning itself at the forefront of the industry [5] - The company has also established partnerships for scientific exploration, enhancing its brand image and credibility in the market [5] Future Outlook - Following a period of adjustment, the company is expected to stabilize and recover, laying a solid foundation for long-term growth as new products continue to be released and operational efficiency improves [6]

Core Insights - The company reported a significant increase in both revenue and net profit for the third quarter of 2025, with revenue reaching 1.383 billion yuan and net profit at 170 million yuan, marking a year-on-year profit growth of 861.91% [1] - For the first three quarters of 2025, total revenue was 4.915 billion yuan, with a net profit of 907 million yuan, indicating a recovery in profitability and operational capability [1][5] Product Innovation - The company has focused on product innovation as a key strategy, launching a total of 71 new products in the first three quarters of 2025 [3] - The product strategy includes a dual approach of upgrading basic nutrients and breaking into specialized functional categories, which strengthens the consumer market while expanding into professional fields [3] - Notable product launches include a high-content vitamin K2 adult calcium series, which drove a 48% growth in the liquid calcium category, and a multi-layer tablet that continues to boost category growth [3] Channel Strategy - The company has implemented a differentiated inventory strategy to optimize the value chain across online and offline channels, with positive adjustments becoming evident [4] - In offline channels, the company has improved market share in the protein powder category by 3.3 percentage points, driven by the calcium vitamin E protein powder [4] - Online, the company has focused on professional, segmented, and high-end upgrades, with new products performing well on e-commerce platforms, including a new high-content vitamin K2 liquid calcium series targeting specific demographics [4] Research and Development - The company has made significant advancements in research and development, holding 487 patents and numerous certifications for health food products, positioning itself at the forefront of the industry [5] - The company has also enhanced its brand image by becoming a partner in significant scientific exploration projects, further establishing its professional reputation [5] Overall Performance - Following a challenging year in 2024, the company has shown resilience through systematic adjustments across various dimensions, achieving notable reform results in a short time [5] - The ongoing release of new products and improvements in operational efficiency are expected to stabilize and support long-term growth [5]

Investment Rating - The report maintains a positive outlook on the health supplement industry, indicating a sustained growth trend in the medium to long term [2][3]. Core Insights - The health supplement market in China is projected to grow from CNY 321.37 billion in 2020 to CNY 415.03 billion by 2024, with a compound annual growth rate (CAGR) of 6.60%, making it the second-largest market globally after the United States [2][3]. - Per capita consumption in China is approximately one-fifth of that in mature markets like Australia, South Korea, and the United States, indicating significant growth potential [3][20]. - The penetration rate among the elderly population (aged 65 and above) in China is only 23.04%, compared to 73.04% in the U.S., suggesting a 2-3 times growth opportunity [3][20]. - The industry is characterized by a diverse range of upstream raw materials, with concentrated production capacity in certain segments, while downstream companies exhibit relatively strong profitability and are accelerating international expansion [3][24]. Summary by Sections Industry Development and Outlook - The health supplement industry in China is expected to maintain a growth trend, with market size projected to reach CNY 447.3 billion by 2029 [16][20]. - The dual-track registration and filing system for health supplements has been implemented, easing industry entry barriers [16][17]. Industry Chain - Upstream: The variety of raw materials includes vitamins, minerals, amino acids, extracts, and probiotics, with some production concentrated among a few key players [24]. - Downstream: Companies often overlap in production and brand marketing, with low sensitivity to cost changes, allowing them to enjoy high added value through premium pricing [3][24][31]. Sales Channels - E-commerce is the primary sales channel, expected to account for 43.9% of sales by 2024, while traditional channels face challenges [4][24]. Key Companies - **Tongrentang**: A leading brand in the VDS segment, focusing on scientific nutrition and maintaining a market share above the industry average [5][32]. - **Jindaiwei**: A company with a full industry chain layout, emphasizing core raw material advantages and international brand localization [9][32]. - **Xianle Health**: A CDMO leader with multi-formulation development capabilities, covering markets in China, the U.S., and Europe [9][32].