证券日报网12月9日讯汤臣倍健（300146）在12月9日回答调研者提问时表示，山姆近年来增长较好，后 续公司会积极加强与相关高潜力商超连锁的合作，共同拓展线下的增长机会。 ...

（编辑 任世碧） 证券日报网12月9日讯 汤臣倍健在12月9日回答调研者提问时表示，今年，公司持续推动数字化战略项 目落地，强化数字化基建，提升销售管理、数据分析等系统能力；成立30周年专项工作小组，常态化推 动重要经营和管理质量强相关问题的解决及机制落实；持续优化组织架构，提升各业务线条精细化管理 能力，支持公司长期健康发展。 ...

Core Viewpoint - Douyin has become the largest online sales platform in the VDS industry and continues to maintain rapid growth, while Tmall and JD still hold significant market shares [1] Group 1: Company Strategy - The company will continue to optimize its operational strategies and enhance social media penetration [1] - It aims to drive iteration and upgrade of major product categories based on consumer demands and preferences across different channels [1] - The company plans to optimize target demographics and brand assets to continuously improve online operational efficiency [1] Group 2: Market Trends - Cross-border e-commerce is experiencing good growth [1] - The company seeks to find incremental growth opportunities on Douyin and in cross-border markets [1]

（编辑 任世碧） 证券日报网12月9日讯 汤臣倍健在12月9日回答调研者提问时表示，当前消费需求呈现日益多元化和个 性化的趋势，对产品的迭代需求也在增加，未来公司将围绕主要核心品类、结合不同渠道的需求特性进 行产品研发创新，为消费者提供更加多样化的产品选择。 ...

Core Insights - Swisse has celebrated its 10th anniversary in the Chinese market, emphasizing its commitment to exploring new opportunities in the health sector with partners [1][4] - The company has successfully transitioned through three phases of market engagement, adapting to consumer needs and market trends [2][3][4] Group 1: Company Growth and Strategy - Swisse entered the Chinese market in 2015 and has since maintained a strong focus on local consumer health trends, promoting a brand ethos centered on "movement, nutrition, and mindfulness" [1][3] - The brand capitalized on the rise of cross-border e-commerce and the trust in overseas products, launching popular items that resonated with young consumers, leading to significant growth from 2016 to 2018 [2][3] - In 2019, Swisse began its localization transformation, launching multiple sub-brands to cater to diverse consumer needs, achieving the top position in the online VHMS market in China [3][4] Group 2: Market Position and Future Outlook - In 2023, Swisse introduced the "Swisse Mega Brand" strategy, marking its entry into a multi-brand and multi-category development phase, achieving over 1 billion AUD in global sales [4][5] - The brand has become the top nutrition brand in China by mid-2025, reflecting its dual growth in both global and Chinese markets [4] - The leadership of H&H Group emphasizes ongoing product innovation driven by consumer insights and a commitment to quality and compliance, aiming for high-quality development in the health sector [5]

为了健康，何先生在做足功课后在京东平台的Challfull营养保健海外专营店买了相关保健品，但在服用 了几个月后，他才发现自己买的产品有问题。 何先生提供的检验报告显示，该产品未检出维生素K₂、维生素D₃和镁等成分。 12月4日，何先生告诉红星资本局，现在他正在寻找能做重金属检测的相关机构。如果检测出该产品有 毒、有害，他会走法律流程，根据相关情况决定是否起诉该商家。 京东客服告诉红星资本局，针对上述问题，他们会进一步调查。如果商家有违规，平台会严惩不贷。 购买三合一保健品 由受访者提供 "我不光自己买，还给父母、朋友都买了。"何先生称，他之所以选择在这家网店购买，是因为在搜索关 键词后，它的产品在搜索结果的前列，且评价都很好。 何先生告诉红星资本局，他对抗衰、保健品等相关领域长期保持关注。在今年11月左右，他在某社交平 台刷到了ubio品牌相关旗舰店的直播。在直播中，主播对真假产品进行了对比。 与其他渠道产品对比有较大差异 何先生告诉红星资本局，在研究了相关保健品的成分后，从今年7月起，他在电商平台Challfull营养保 健海外专营店购买ubio品牌的保健品——维生素D₃、K₂、镁三合一胶囊。 订单截图显 ...

Core Insights - The report emphasizes a shift in valuation as a key strategy for investment in the food and beverage industry, with a relatively optimistic outlook for 2026 despite ongoing uncertainties [5][31][40] - The report identifies five key areas for stock selection to capture investment opportunities in 2026, focusing on health products, leading snack brands, quality retail chains, beverage leaders, and the recovery of the liquor and dairy sectors [5][40] Industry Trends - Consumer spending has been under pressure for an extended period, with CPI and retail sales growth remaining low, indicating a challenging environment for the food and beverage sector [5][16][23] - The overall revenue growth for the food and beverage sector has declined significantly from +14.5% in 2019 to +0.2% in the first three quarters of 2025, with net profit growth turning negative at -4.6% [23][26] - The report notes that the liquor sector is experiencing a significant downturn, with revenue and profit declines observed for the first time since 2017, highlighting the need for a recovery phase [23][26] Investment Strategy - The report advocates for a focus on certainty in investment, utilizing valuation shifts as a primary strategy, with an emphasis on continuous growth and the reversal of challenging conditions as key drivers for valuation recovery [5][31][32] - The report outlines that the recovery in consumer sentiment and spending is expected to be gradual, with specific attention to the liquor sector's potential for recovery in 2026 [5][22][39] Stock Selection - Five key areas for stock selection are identified: 1. Health products and wellness as a core growth area 2. Leading snack brands benefiting from supply chain improvements 3. Quality retail chains with expansion potential 4. Beverage leaders with long product life cycles 5. Liquor and dairy sectors poised for recovery [5][40] - The report highlights specific companies within these categories, such as Eastroc Beverage and Yili Group, which are expected to perform well in the upcoming period [5][40]

本次交易完成后，北京金康普将成为公司的控股子公司，纳入合并财务报表范围。本次交易不构成重大 资产重组及重组上市。 本次交易将北京金康普纳入上市公司体系，双方将充分发挥业务上下游的协同效应。上市公司在食品饮 料、保健品领域的配方研发能力与核心竞争力将得到进一步提升，同时更精准地覆盖终端消费品牌，提 高业务附加值；北京金康普可依托上市公司获得天然原料供应保障和全球市场营销体系协同赋能，最终 实现双方优势资源互补、合作共赢的发展格局。 莱茵生物表示，公司控制权变更、发行股份及支付现金购买资产并募集配套资金事项目前处于筹划阶 段，尚存在重大不确定性，敬请广大投资者注意投资风险。 明起停牌。 莱茵生物（002166）12月9日晚间公告，公司于2025年12月8日收到控股股东、实际控制人秦本军的通 知，秦本军正在筹划公司控制权变更事宜。公司股票自2025年12月10日开市起停牌，预计停牌时间不超 过10个交易日。 公告显示，秦本军及公司已与本次交易的主要交易对方广州德福营养投资合伙企业（有限合伙）（简 称"广州德福营养"）、德福金康普控股有限合伙企业、厦门德福金普投资合伙企业（有限合伙）分别签 署了《控制权变更意向协议》 ...

| 猫和京东仍占有较高市场份额；跨境电商保持较好增长。公司后续将持续 | | --- | | 优化运营策略，加强社媒渗透，根据不同渠道的消费者需求和偏好推动主 | | 要品类迭代升级，优化策略人群和品牌资产，持续提升线上运营效率，在 | | 抖音及跨境寻求增量。 | | Q：公司线上分平台的收入占比、公司旗下各品牌收入占比 | | 线上渠道中抖音平台约占两成，天猫和京东合计约占六成。主品牌收 | | 入占比超五成，健力多、lifespace 收入占比均超过 10%。 | | Q：今年消费者复购的情况如何 | | 公司 较多，各产品间复购率存在差异。今年主品牌线上推出的几 SKU | | 大新品在拉动高消费人群增量方面表现较为亮眼。 | | Q：公司经销商数量近年来减少的原因 | | 主要是因为业务调整、经销商整合优化所致。鉴于公司持续探索新渠 | | 道、新品牌和新平台，未来经销商的持续优化还是会存在。 | | Q：公司在市值管理上有何措施 | | 公司聚焦主业，致力于推动公司长期有质量发展，同时通过实施积极、 | | 持续、稳定的分红政策及回购等措施增强投资者回报。上市以来公司累计 | | 现金分红金额占累 ...

Group 1 - The core viewpoint of the article highlights the announcement by Jiaoda Onlly (SH 600530) regarding its board meeting held on December 8, 2025, which discussed the appointment of an accounting firm [1] - For the fiscal year 2024, the revenue composition of Jiaoda Onlly is as follows: health products account for 48.45%, medical care for 45.33%, real estate for 5.01%, other businesses for 1.03%, and miscellaneous for 0.19% [1] - As of the report, Jiaoda Onlly has a market capitalization of 5.9 billion yuan [1]