作为中国保健品行业的标志性企业，无限极曾凭借独特的营销与高毛利产品迅猛扩张，一 度登顶国内直销行业榜首。2019年"权健事件"叠加疫情冲击，使其市场份额大幅缩水。 如今，随着健康消费升温，无限极重回百亿营收，门店与声量复苏的背后，传递出了什么 信号？ 无限极的"养生生意"有多赚？ 吴楠 保健品，一直以来都是一个备受争议的特殊行业。有人将其奉为延缓衰老、调理身体的 "养生 利器"；也有人斥其为夸大功效、收割焦虑的"智商税"。 然而，正当 公司 业务步入正轨之际，政策环境骤变。 1998年， 国家出台《关于禁止传销经营 活动的通知》，全面叫停直销经营活动。 与此同时 ，母公司李锦记受亚洲金融风暴冲击 陷入 资金周转压力，作为其健康板块的无限极亦受波及 。多重压力之下， 公司 陷入创立以来最严 峻的生存危机。 关键时刻，李惠森提出 "转型不转理念"的战略方针，并致信业务伙伴稳定军心 。 公司随即启 动全面调整：由直销 模式 转向以店铺为基础的经销 体系 ，原有业务团队转为授权经销商，同 时通过股权回购方式买断原第一军医大学的 股权 ，转为技术合作模式继续推进产品研发。这一 系列举措使企业在政策收紧期得以 安稳过渡 ...

Core Insights - A new individual business named "Benlai Beauty Products Workshop" has been established in Guandu District, with a registered capital of 200,000 RMB [1] Business Scope - The business is authorized to provide life beauty services, subject to approval from relevant authorities [1] - General business activities include: - Traditional Chinese medicine health care services (non-medical) - Fitness and leisure activities - Health consulting services (excluding diagnostic services) - Sales of special medical purpose formula foods - Non-medical health care services - Sales of pre-packaged health foods - Wholesale and retail of cosmetics - Sales of daily necessities and electronic products - Sales of first-class medical devices - Production of traditional Chinese medicine extracts - Medical research and experimental development - Purchase and sale of traditional Chinese medicinal herbs - Processing of non-edible plant oils - Sales of smart home consumer devices - Sales of graphene materials and carbon products - Marketing planning and popular science promotion services - Sales of agricultural and sideline products, with the ability to operate independently under the business license [1]