Core Insights - The global functional food market is projected to reach approximately 1.09 trillion yuan in 2024 and may exceed 1.46 trillion yuan by 2030, with China maintaining a high growth trajectory in this sector [1] - The competitive landscape is shifting from "marketing leadership" to "efficacy leadership," emphasizing the importance of scientific validation and product effectiveness [1] Company Analysis - Swisse, a core brand of the Health and Happiness Group's Adult Nutrition Care (ANC) business, is enhancing its product offerings with a focus on "scientific efficacy + multi-scenario reach" [1] - The Swisse PLUS series targets the 35-50 age demographic with anti-aging ingredients like NAD+ and ergothioneine, while the Swisse Me line features convenient products such as gummies and instant powders aimed at younger consumers [1] - In the first half of 2025, Swisse's ANC business revenue grew by 5.9% to 3.44 billion yuan, accounting for nearly half of the group's total revenue, with an overall gross margin of 62.5%, reflecting a year-on-year increase of 1.6 percentage points [1] Industry Trends - The current strategies of functional food brands signal three major trends: efficacy-driven branding creates barriers but demands higher R&D investment and scientific validation; premiumization meets consumer quality demands and enhances product loyalty, requiring brands to accurately gauge health consumption trends; and snackification innovations can broaden consumer reach but involve high market education costs and longer return cycles [1] - Efficacy-driven competition, premium segmentation, and scenario innovation are expected to be key indicators of industry differentiation in the next two to three years [2]