"党的二十大报告明确提出，推进'健康中国'建设。今天，我们共话科技赋能健康未来，正是落实国家战略、回应时代之问的具体行动。" 中国食品药品 企业质量安全促进会会长毛振宾在科技赋能健康未来论坛暨千青元HGHI上市发布会上表示。 中国食品药品企业质量安全促进会会长毛振宾致辞。 11月15日，科技赋能健康未来论坛暨千青元HGHI上市发布会在人民日报社人民网1号演播厅举办。与会专家、学者、企业代表们围绕科技赋能健康未来 这一话题展开了热烈讨论。 论坛上，人民网相关负责人表示，科技赋能健康未来，协作是关键。大健康产业也离不开科研、企业、资本、政策、消费端等主体携手。本次论坛搭建 开放融合的交流平台，促进各方对话，让科研找到落地出口，让企业获得创新活水，让资本发现价值蓝海。 中国科学院院士马大为在发言中则分析了小分子药物的研发和健康长寿之间的关系。他表示，在过去的100年里，人的平均寿命起码提高了二十几岁。 这离不开生活条件的提高、营养物质的摄取，还有就是一些小分子药对治疗疾病起了很重要的作用。 当下，中国健康产业市场规模持续扩大，与健康相关的产品和服务已经成为消费刚需。《"健康中国2030"规划纲要》明确提出，到203 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Insights - The company is experiencing ongoing operational pressure, with a significant decline in revenue and net profit for the first three quarters of 2025. Revenue decreased by 34.1% to 550 million, and net profit fell to -70 million, a decline of 601.0% [1]. - The company is actively exploring new growth opportunities by transforming its offline stores into a new model combining "technology products + quick-effect massage," launching the "Light Relaxation Moment" health management brand, and leveraging innovative technologies in product development [2][3]. - The gross profit margin has decreased by 5.9 percentage points to 60.9% in Q3, indicating pressure on profitability due to fixed costs and declining revenues [3]. Financial Performance Summary - For 2025, the company is projected to have a total revenue of 835 million, a decrease of 23.1% year-on-year, with a net profit of -54 million, reflecting a significant decline of 622.3% [4][26]. - The company anticipates a gradual recovery in revenue and profitability from 2026 onwards, with expected net profits of 25 million in 2026 and 48 million in 2027, indicating a turnaround [4][25]. - The company’s PE ratio is projected to be -48.1 for 2025, reflecting the current challenging operating environment [4][27].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][3]. Core Views - The company is experiencing ongoing operational pressure, with a significant decline in revenue and net profit for the first three quarters of 2025. Revenue decreased by 34.1% to 550 million, and net profit dropped by 601.0% to -70 million. The third quarter alone saw a revenue decline of 28.5% to 170 million, with net profit losses expanding [1][3]. - The company is actively exploring new growth opportunities by transforming its offline stores into a new model that combines "technology products + quick-effect massage." The launch of the "Light Relaxation Moment" health management brand aims to enhance customer traffic and revenue [2][3]. - The company's gross margin has decreased by 5.9 percentage points to 60.9% in Q3, with rising expense ratios impacting profitability. The net profit margin for Q3 fell by 12.1 percentage points to -17.7% [3][4]. Financial Performance Summary - For 2025, the company is projected to have a total revenue of 835 million, a decrease of 23.1% year-on-year. The net profit is expected to be -54 million, reflecting a significant decline of 622.3% [4][26]. - The company anticipates a gradual recovery in revenue and profitability from 2026 onwards, with projected net profits of 25 million in 2026 and 48 million in 2027, indicating a turnaround [4][25]. - The company’s gross margin is expected to stabilize around 60% from 2025 to 2027, while the net profit margin is projected to improve as new business models and products are rolled out [20][23].

Core Insights - The company views China as its most strategically significant market and innovation hub, emphasizing plans for increased investment in Shanghai to meet local consumer demands [1][2] Group 1: Capacity and Talent Development - Capacity construction is a key foundation for the company's development in China, with the second phase of the Greater China Innovation Headquarters Park set to enhance production efficiency through a fully automated system [2] - The company plans to expand its Shanghai production base to better meet health product demands in China and globally, aiming for "Chinese intelligence" to serve global consumers [2] - Talent development initiatives include expanding the "Nutrition Health Consultant" program to cultivate skilled professionals in health management, promoting local collaboration to integrate global technology with local needs [2] Group 2: Health Technology - The company aligns with the "Healthy China 2030" strategy, launching the TRME body management plan that utilizes ageLOC gene technology for sustainable metabolic improvement [3] - Increased investment in cognitive health research is planned for 2025, with the PRYSM iO hyperspectral scanner providing rapid, non-invasive health assessments to guide lifestyle improvements [3] - The integration of these technological advancements aims to create a comprehensive solution system for health empowerment [3] Group 3: Sustainable Development - Digital transformation and green development are two additional strategic focuses, with a partnership with Alibaba Cloud initiated in 2017 to enhance digital capabilities [4] - The company has implemented a green commitment across its entire supply chain, as outlined in its ESG report, to explore paths for sustainable development in the health industry [4] - Future plans include deepening local innovation, expanding capacity, and upgrading digital services to contribute to the development of China's health industry [4]

Group 1 - The company plans not to distribute profits for the first half of 2025, including no cash dividends or stock bonuses, to ensure sustainable development and protect long-term shareholder interests [4] - The board of directors confirmed the authenticity, accuracy, and completeness of the half-year report, which has not been audited [3][6] - The company reported an unallocated profit of -41,204,869.29 yuan as of June 30, 2025, indicating that the unallocated losses exceed one-third of the paid-in capital [17] Group 2 - The company has faced challenges due to macroeconomic fluctuations, structural changes in consumer behavior, and intensified industry competition, leading to cautious spending among high-income consumers [18] - The company is implementing strategic adjustments focused on "technology empowering health," leveraging its strengths in traditional Chinese medicine and technology to enhance brand loyalty and consumer experience [19] - The company is pursuing a global strategy to expand into emerging markets and key channels, aiming to build a diverse and robust international business system [19] Group 3 - The company raised 422.23 million yuan through its initial public offering, with a net amount of 358.91 million yuan after deducting fees [22][23] - As of the reporting period, the company had a remaining balance of 57.54 million yuan in raised funds, primarily due to ongoing projects [23][27] - The company has established a management system for raised funds, ensuring compliance with relevant laws and regulations [25][26]

Core Insights - The company reported a decline in both revenue and net profit for the first half of 2025, with revenue at 385 million yuan, down 36.22% year-on-year, and a net loss of 36.11 million yuan, down 238.19% year-on-year [3][4] - The company has experienced 11 consecutive quarters of losses since 2022, with the last four quarters also showing negative results [10] - The company announced that its unremedied losses have reached one-third of its paid-in capital, necessitating a temporary shareholders' meeting as per company law [6][7] Financial Performance - In Q2, the company’s revenue was 188 million yuan, a year-on-year decline of 39.42%, with a net loss of 34.28 million yuan, down 425.76% year-on-year [4] - The overall gross margin improved to 62.63%, an increase of 0.81 percentage points compared to the same period last year, attributed to cost reduction efforts [4] - Sales expenses decreased by 27.15% to 216 million yuan, with promotional expenses dropping by 43.65% from 114 million yuan to 63.73 million yuan [4] Cash Flow and Operational Challenges - Cash received from sales and services fell to 440 million yuan, down 36.08% year-on-year, leading to a negative net cash flow from operating activities of 20.87 million yuan, a decrease of 135.32% [5][6] - The company cited macroeconomic fluctuations, structural changes in consumer behavior, and intensified industry competition as primary reasons for its financial struggles [7] Strategic Initiatives - The company aims to leverage technology in health, promoting a "Chinese medicine × technology" strategy, and plans to enhance its overseas market presence [11][12] - Despite these initiatives, revenue from high-end products has been under pressure, with significant declines across various product categories [12][13] - The overseas business also faced challenges, with revenue down 39.32% to 19.87 million yuan and a gross margin decrease of 2.48 percentage points [13]