湖南长沙老板刘健伟，准备冲击港股IPO。 1月8日，湖南西子健康向港交所提交上市申请，中信证券为独家保荐人。 这家公司做的是运动营养品生意，拥有FoYes、fiboo、谷本日记和Hot Rule四大自有品牌，产品涵盖蛋 白粉、复合乳清蛋白粉、肌酸、功能性软糖、咖啡等。 "85后"董事长刘健伟，是一位白手起家的创业者。 （刘健伟） 他毕业于湖南工程职业技术学院物流管理专业，花了10余年时间，带出一匹营养品黑马。其母校曾发文 称，西子健康集团的年产值超100亿元。 "其背景植根于设计思维、品牌创建及消费者策略，对文化变迁具有敏锐触觉，并能将新兴健康信号转 化为引人入胜的品牌故事。" 招股书将创始人描述为公司的核心驱动力，主导其从品牌运营商，转型为自有品牌持有者。 早期，刘健伟主要做第三方品牌运营。其后，他看到营养产品的机会，迅速率队切入赛道。 其四大自有品牌，覆盖了专业训练、健康悦活、体重管理及日常营养需求。 其中，2021年推出的fiboo，主攻女性营养健康食品。《21CBR》记者查询其天猫旗舰店，销量最高的 一款富铁软糖，单瓶价格在90元左右，显示已售20万+。 截至2025年11月末，fiboo在抖音的多种 ...

据港交所1月8日披露，湖南西子健康集团股份有限公司司(简称：西子健康)向港交所主板递交上市申请，中信证券为独家保荐人。 公司简介 招股书显示，西子健康是一家运动营养及功能性食品公司，致力于为消费者提供高品质的营养健康产品并引领健康的生活方式。公司的主要产品涵 盖蛋白粉、复合乳清蛋白粉、肌酸、功能性软糖、咖啡等。公司创建了覆盖专业训练、健康悦活、体重管理及日常营养需求的品牌矩阵，品牌矩阵 包含四大自有品牌FoYes、fiboo、谷本日记及HotRule。其中，fiboo、谷本日记及FoYes分别在产品上线后的31个月、20个月及15个月内即实现累计 销售额超过人民币5亿元。2025年4月推出HotRule，截至最后实际可行日期，累计GMV已超过人民币6000万元。 具体来看：FoYes于2024年推出，是公司的核心运动营养品牌，专为目标明确的训练者而设，满足他们在力量与肌肉发展方面追求显著提升的需 求。品牌聚焦主要运动营养品类，涵盖高品质蛋白粉、复合乳清蛋白粉、肌酸及支链氨基酸(BCAAs)。截至2025年11月30日止十一个月，FoYes在抖 音乳清蛋白产品类目GMV排名中位列榜首。 fiboo于2021年推 ...

智通财经APP获悉，据港交所1月8日披露，湖南西子健康集团股份有限公司司(简称：西子健康)向港交所主板递交上市申请，中信证券为独家保荐 人。 公司简介 招股书显示，西子健康是一家运动营养及功能性食品公司，致力于为消费者提供高品质的营养健康产品并引领健康的生活方式。公司的主要产品涵 盖蛋白粉、复合乳清蛋白粉、肌酸、功能性软糖、咖啡等。公司创建了覆盖专业训练、健康悦活、体重管理及日常营养需求的品牌矩阵，品牌矩阵 包含四大自有品牌FoYes、fiboo、谷本日记及HotRule。其中，fiboo、谷本日记及FoYes分别在产品上线后的31个月、20个月及15个月内即实现累计 销售额超过人民币5亿元。2025年4月推出HotRule，截至最后实际可行日期，累计GMV已超过人民币6000万元。 具体来看：FoYes于2024年推出，是公司的核心运动营养品牌，专为目标明确的训练者而设，满足他们在力量与肌肉发展方面追求显著提升的需 求。品牌聚焦主要运动营养品类，涵盖高品质蛋白粉、复合乳清蛋白粉、肌酸及支链氨基酸(BCAAs)。截至2025年11月30日止十一个月，FoYes在抖 音乳清蛋白产品类目GMV排名中位列榜首。 f ...

(於中華人民共和國成立的股份有限公司) [編纂] 獨家保薦人·「編纂]·「編纂]· [編纂]及[編纂] 4 中信证券 [編纂]項下[編纂]數目 : [編纂]股H股(視乎[編纂]行使與否而定) [編纂]數目 : [編纂]股H股(可予[編纂]) [編纂]數目 :[編纂]股H股(可予[編纂]及視乎[編纂]行使 與否而定) 最高[編纂] : 每股H股[編纂]港元,另加1.0%經紀佣金、 0.00015%會財局交易徵費、0.0027%證監 會交易徵費及0.00565 % 聯交所交易費(須 於申請時以港元悉數繳足,多繳股款可予 退 還) 面值 : 每股H股人民幣1.00元 股份代號 : [編纂] 智通财经APP获悉，据港交所1月8日披露，湖南西子健康集团股份有限公司司(简称：西子健康)向港交所主板递 交上市申请，中信证券为独家保荐人。招股书显示，西子健康是一家运动营养及功能性食品公司，致力于为消费 者提供高品质的营养健康产品并引领健康的生活方式。公司的主要产品涵盖蛋白粉、复合乳清蛋白粉、肌酸、功 能性软糖、咖啡等。公司创建了覆盖专业训练、健康悦活、体重管理及日常营养需求的品牌矩阵，品牌矩阵包含 四大自有品牌FoYes、f ...

作者 | 港美A经济舱 数据支持 | 勾股大数据（www.gogudata.com） 对于所有的大企业而言，规模越大，越难逃"增长瓶颈"与"周期阵痛"的双重考验。尤其当行业从"跑马 圈地"进入"存量博弈"，叠加宏观环境波动加剧、供应链风险凸显，如何突破自身边界、穿越行业周 期，成为所有行业龙头的核心命题。 近五年的中国乳业，正是这样一个充满挑战的试炼场。 原奶价格高位震荡下行，消费市场呈现结构性分化，行业竞争从"跑马圈地"的热闹，变成了"存量博 弈"的残酷，叠加全球化布局中的政策壁垒与文化鸿沟，乳企面临的生存环境愈发复杂。 而作为行业龙头的蒙牛，没有选择被动承压。它用五年时间，以一场场坚定的并购布局为船桨，在产业 链上游、核心品类与海外市场的浪潮中奋力划行，为"一体两翼"战略的落地搭建起核心框架，也为自己 拼出了下一个五年的领跑底气。 01 近五年布局概览：成效分化与战略支撑 大规模企业的成长到一定阶段，必然面临"增长放缓"的困境。此时，战略并购成为突破自身边界、快速 补位核心能力的关键选择——这不是简单的规模叠加，而是通过资源整合构建"不可替代的产业链优 势"，为后续进化筑牢根基。 蒙牛的五年布局，正是这一 ...

近日，蒙牛集团旗下专业运动营养品牌"迈胜"宣布完成近亿元A轮融资。该融资将主要用于研发体系升 级、产品矩阵拓展和市场教育深化，进一步巩固迈胜在中国运动营养领域的创新引领地位。 作为中国专业运动营养领军品牌，迈胜自成立以来便以"专业营养赋能运动人群好状态"为愿景，致力于 为中国运动人群提供科学、精准的营养解决方案。目前，迈胜已成为国内极少数覆盖马拉松、越野跑、 铁三骑行等有氧耐力运动全场景营养需求的品牌，为运动爱好者提供包括运动前、中、后及日常活力健 康的全面完整营养产品解决方案。 在产品研发方面，迈胜立足于业内首个集专业营养研究、运动表现评估和深度产品研发三位一体的迈胜 运动机能实验室，结合迈胜团队深度行业经验和用户洞察，形成了具有高度差异性的产品竞争力。迈胜 现已经完成包含专业赛训线、日常活力线、各类赛事包、以及AI智能产品方案定制工具在内的完整产 品线布局，并成功推出中国首创液体蛋白、全球首创液体盐丸等多个行业乃至全球首创产品，在运动营 养品的复配优化、功能性成分留存(如甜菜根液的天然活性物质保护)、消化吸收效率提升等领域形成多 项领先专利技术储备。 头部机构+母公司联合加持，为迈胜注入全维度资源 本轮融 ...

Core Insights - The report highlights a significant shift in the food and beverage industry, with revenue growth slowing down and cost pressures increasing, leading to a decline in profit margins [15][16][17] - The lithium battery sector is experiencing robust growth, with revenue and net profit showing double-digit increases in 2025, driven by strong demand for energy storage and electric vehicles [20][21][36] - The semiconductor industry is witnessing a strong performance, particularly in the storage segment, with major players reporting significant profit increases due to rising prices and demand from data centers [38][41] Domestic Market Performance - The A-share market is currently in a phase of consolidation, with the Shanghai Composite Index and the ChiNext Index showing average P/E ratios above their three-year median, indicating potential for long-term investment [10][11][12] - Various sectors such as banking, real estate, and energy metals are leading the market, while sectors like battery and beauty care are underperforming [6][10] Industry Analysis - The food and beverage sector is facing a decline in revenue growth, with certain segments like snacks and soft drinks performing better than others like white spirits and health products [15][16] - The lithium battery industry is projected to maintain strong growth, with significant increases in production and sales of electric vehicles, indicating a positive outlook for 2026 [20][21] - The semiconductor industry is experiencing a recovery, with domestic storage manufacturers showing impressive profit growth due to rising prices and increased demand from cloud service providers [38][41] Investment Recommendations - The report suggests maintaining a "market perform" rating for the food and beverage sector, with a focus on segments like soft drinks and snacks for potential investment opportunities [19] - For the lithium battery sector, a "stronger than market" rating is maintained, with recommendations to focus on key investment lines due to favorable market conditions [21][36] - In the semiconductor industry, the report advises investors to look for opportunities in the storage segment, as prices are expected to rise further, benefiting domestic manufacturers [41]

Core Insights - Mingsheng, a professional sports nutrition brand under Mengniu Group, has completed nearly 100 million yuan in Series A financing, led by Xianle Health with participation from Mengniu Venture Capital and Hillhouse Capital [1][2] - The financing aims to enhance Mingsheng's market expansion and product innovation in the sports nutrition sector, leveraging both industrial capital and parent company resources [1][2] Company Overview - Mingsheng specializes in providing comprehensive nutrition solutions for sports enthusiasts, covering various scenarios such as pre, during, and post-exercise nutrition [1] - It has become one of the few brands in China to meet the nutritional needs of endurance sports like marathons and triathlons, achieving over 300% growth in performance [1][3] Investment Details - Xianle Health, a leading global provider of nutrition and health food solutions, leads the investment and will offer collaborative support in supply chain, evidence-based nutrition research, and product development [1][2] - Hillhouse Capital brings extensive industry investment experience and cross-industry resource synergy to support Mingsheng's growth and innovation [2][4] - Mengniu Group, as the controlling shareholder, has previously provided R&D platforms, supply chain support, and quality control systems to Mingsheng [2][4] Market Potential - The Chinese sports nutrition food market is projected to reach 9.71 billion yuan in 2024 and grow to 20.93 billion yuan by 2030, indicating a potential doubling in size over six years [3] - The whey protein market is expected to reach 17.82 billion USD globally by 2032, driven by increasing demand for sports nutrition supplements [3] - The market is currently in a "small base, fast growth" phase, with significant growth potential as the core consumer group expands due to the popularization of fitness concepts [3]

Core Insights - Misen, a professional sports nutrition brand under Mengniu Group, has completed nearly 100 million RMB in Series A financing, aimed at upgrading its R&D system, expanding its product matrix, and deepening market education to solidify its innovative leadership in China's sports nutrition sector [1][11] Investment and Support - The financing round was led by Xianle Health, a global leader in nutrition and health solutions, with participation from Hillhouse Capital and Mengniu Ventures, combining industry capital and parent company resources to support Misen's growth [3] - Xianle Health, as a leading provider of nutrition solutions, will not only provide financial support but also collaborate on supply chain, evidence-based nutrition research, and product development [3] - Mengniu Group has previously provided core support in R&D platforms, supply chain, and quality control, with Mengniu Ventures' additional investment reinforcing Misen's strategic positioning in the nutrition and food ecosystem [4] Product Development and Market Position - Misen aims to establish a competitive barrier through its core products, focusing on providing scientific and precise nutrition solutions for Chinese athletes, covering various endurance sports [5][11] - The company has developed a comprehensive product line, including professional training lines and daily vitality products, and has introduced several industry-first innovations such as liquid protein and liquid salt tablets [7] Business Model and User Engagement - Misen employs a "people strategy" by efficiently reaching target users through running group operations and event collaborations, enhancing user lifetime value and word-of-mouth marketing [9] - The brand has established deep partnerships with over 2,000 running groups and conducted more than 200 offline educational events, reaching a wide audience through various media channels [9] Future Outlook - Misen plans to continue its focus on the sports nutrition sector, expanding from endurance athletes to a broader health-conscious audience, and extending its offerings from event scenarios to everyday health [11]

Investment Rating - The industry investment rating is "in line with the market" [2][56] Core Insights - The global sports nutrition market is projected to grow from 188.13 billion yuan in 2025 to 306.47 billion yuan by 2032, with a compound annual growth rate (CAGR) of 7.22% [5][8] - The Chinese sports nutrition market is expected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [5][9] - The market is characterized by a large and growing consumer base, with 71.4% of potential consumers preferring sports nutrition products [9] - The market is segmented into energy supplements, protein supplements, and recovery products, with energy supplements being the largest category [19][20] Market Size and Growth - The global sports nutrition market is expected to reach 188.13 billion yuan in 2025 and 306.47 billion yuan by 2032, with a CAGR of 7.22% [8] - The Chinese sports nutrition market is projected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [9][11] Consumer Demographics - The consumer base is divided into professional athletes and health-conscious individuals, with the latter group becoming the dominant force in the market [27] - The primary consumers are aged 25 to 45, making up over 80% of the market [28] Competitive Landscape - The global sports nutrition market is fragmented, with the top five companies holding only about 25% of the market share [32] - In China, the market concentration is higher, with the top three companies holding a combined market share of 70% [34] Sales Channels - Online sales account for 65% of the market, with e-commerce platforms like Tmall and JD.com being the main contributors [41] - Offline sales, including gyms and pharmacies, account for 35% of the market, with gyms being a significant sales point [41][45] Policy and Standards - The sports nutrition sector in China is supported by national health strategies and regulations, promoting the integration of fitness and health [48] - A comprehensive standard system is in place, including the GB 24154-2015 standard for sports nutrition products [49]