Core Viewpoint - The upcoming release of the "National Food Safety Standard for Good Manufacturing Practices for Health Foods" aims to enhance industry regulation and safety standards, following a five-year special rectification action that has significantly improved compliance and reduced non-conformity rates in the health food sector [1][3]. Group 1: Regulatory Actions and Achievements - The State Administration for Market Regulation (SAMR) has conducted a five-year special rectification action, resulting in a continuous non-conformity rate of less than 0.6% in health food inspections over the past five years [1]. - A total of 31,000 cases have been investigated, with fines amounting to 540 million yuan, effectively curbing industry malpractices [1]. - The rectification action has established a comprehensive regulatory system covering pre-approval, production, and post-market surveillance [1]. Group 2: Registration and Filing System - China implements a dual-track system of registration and filing for health foods, which has positively impacted industry development [2]. - Strict registration management is applied to products using complex raw materials, while simpler products like vitamins and minerals are subject to filing management [2]. - The national health food filing regulatory platform has achieved intelligent review capabilities, significantly shortening product market entry times [2]. Group 3: New Standards and Industry Development - The forthcoming standards will enhance source control and set higher requirements for raw material and production process management [3]. - Companies are required to establish a comprehensive food safety management responsibility system and improve management levels [3]. - The revised standards will provide clearer enforcement guidelines and promote a full-chain risk control approach to ensure consumer safety [3].

保健品和保健食品有什么区别呢？针对消费者常见误区，中国消费者协会秘书长王振宇特别澄清："'保健品'涵盖 的范围非常广泛，没有明确的法律界定，是消费者对声称具有功能或者功效的食品、用品的俗称；而保健食品是 根据我国食品安全法依法注册或者备案的特殊食品，具有明确的法律定位，可以声称明确的保健功能，其他食品 不得声称保健功能。在现实生活中，'保健品'市场客观存在虚假宣传、误导消费的现象，消费者要选择正规保健 食品，确保消费安全。"他现场列举四大消费警示：一要认清保健食品标志(俗称"小蓝帽")及批准文号；二要选择 正规的线上线下（300959）渠道购买保健食品；三要增强风险意识和自我保护意识，警惕虚假营销套路；四要维 护自身合法权益，如果遭遇虚假宣传或消费欺诈，可拨打12315热线投诉举报，也可向消协组织咨询求助。 市场监管总局特殊食品司司长刘松涛表示，针对行业存在的虚假宣传、夸大功能、误导消费等问题，七部门践 行"以人民为中心"的发展理念，坚持"事前事中事后"全链条监管，压实各方责任，严打违法行为，加强科普宣 传。5年来全国共抽检保健食品17.5万批次，不合格率连续5年低于0.6%，生产企业每年自查报告率和发现问题 ...

活动现场合影。企业供图 "我多次来到中国，在交流、合作中感受到了中国有一个最鲜明的特质——以人为本，中国朋友也有一个最让我印象深刻的特点——言出必行。'健康中国 2030'规划纲要设定了明确且可量化的目标，这已经走在了世界前沿。在大健康产业蓬勃发展的背景下，如新确立了清晰而坚定的战略方向：以基因表达科 技、人工智能与大数据等前沿技术为驱动，重点深耕抗衰老、代谢健康及认知健康三大核心领域。"如新集团首席产品执行副总裁贺杰德表示，中国"健康中 国2030"战略和如新的发展战略高度一致，如新愿意与中国一起，将科技创新转化为切实可行的方案，为全球民众带来普惠的健康福祉。 会上，行业权威专家从政策落地、慢病预防、临床实践等维度，为营养健康管理产业发展提供了专业视角。中国保健协会副理事长兼秘书长张志强强调， 《国民营养计划》的贯彻实施需要政府、企业以及全社会共同努力，特别需要企业的创新精神，探索和应用更多更先进的生产技术，研发和制造更加优质的 保健食品，同时，也积极探索更多适用于消费者的市场推广方法。 中国疾控中心营养与健康所原副所长翟凤英在主题为"健康营养管理预防慢病促进国人健康长寿"的演讲中介绍了"隐形饥饿"概念，她 ...

Core Viewpoint - Minsheng Health announced on August 27 that there are currently no factors affecting the company's gross profit margin from a cost perspective, and the gross profit margin of its main product, 21 Jinweita Multivitamin Tablets, remains normal [1] Group 1: Product Performance - The vitamin and mineral product category accounts for the largest share of the company's revenue [1] - Different sales models for various subcategories within the vitamin and mineral category lead to varying gross profit margins [1] Group 2: Market Trends - The growth rate of health and functional foods is faster than that of OTC pharmaceuticals in the first half of 2025, resulting in a decline in overall gross profit margin [1] - With the increase in self-operated e-commerce business, it is expected that the gross profit margin of health foods will gradually improve [1]

Core Insights - Minsheng Health announced on August 27 that its main product, the Weikang series, continues to show steady growth, particularly the flagship product, 21 Jinweita Multivitamin Tablets, which has increased both in sales volume and sales value in offline channels [1] Group 1: Product Performance - The 21 Jinweita has a quantity market share of 35.12% in pharmacy terminals, up 3.26% year-on-year, and a value market share of 25.05%, up 5.85% year-on-year, both outperforming the multivitamin market average [1] - Online sales of Weikang products have also seen significant growth through the expansion of sales platforms [1] Group 2: Strategic Focus - Weikang products serve as the company's foundational offerings, and the company plans to continue product expansion and channel deepening to maintain its market position [1] - The company aims to enhance profit margins through increased production, seeking upstream and downstream pricing premiums, and internal refined management [1]

Core Viewpoint - The conference focused on the integration of technology in nutrition and health management, emphasizing the importance of personalized and precise nutrition in combating chronic diseases and enhancing clinical nutrition interventions [1][2]. Group 1: Industry Insights - The "Healthy China 2030" initiative sets clear and quantifiable goals, aligning with the strategic direction of companies like Nu Skin, which aims to leverage cutting-edge technologies such as gene expression technology, artificial intelligence, and big data to focus on anti-aging, metabolic health, and cognitive health [1]. - The China Health Association highlighted the importance of personalized and precise nutrition, drawing from over 40 years of experience in health food research and development to create comprehensive metabolic health management solutions [1]. Group 2: Clinical Perspectives - The concept of "hidden hunger" was introduced, advocating for a balanced diet based on the "Dietary Guidelines for Chinese Residents (2022)" to mitigate chronic disease risks through balanced eating, appropriate exercise, and early prevention [2]. - Clinical nutrition should follow a "5-step therapy" approach, tailoring nutritional education and supplementation based on patient conditions, particularly for vulnerable groups such as cancer patients, the elderly, and pregnant women [3]. Group 3: Technological Innovations - Nu Skin introduced the PRYSM iO hyperspectral scanner, which utilizes non-invasive technology to measure skin carotenoid levels, reflecting antioxidant capacity and nutritional status, addressing the widening gap between health span and life expectancy [4]. - The PRYSM iO device collects extensive skin reflection data in just 15 seconds, employing AI-driven machine learning to generate a body defense index, marking a shift from vague assessments to scientific quantification in nutritional health management [5]. - The company aims to provide a full lifecycle health management service, integrating health data with personalized health management solutions, thereby contributing to the high-quality development of the health industry [5].

Core Viewpoint - The company has demonstrated steady growth in revenue and net profit in the first half of 2025, driven by a clear product strategy, robust channel expansion, and continuous R&D investment, solidifying its leading position in the vitamin and mineral supplement sector while expanding into new health fields such as probiotics and medical aesthetics [1][4] Financial Performance - In the first half of 2025, the company achieved operating revenue of 462 million yuan, a year-on-year increase of 16.37% - The net profit attributable to shareholders reached 82.41 million yuan, reflecting a year-on-year growth of 6.65% [1] Market Opportunities - The "Healthy China 2030" initiative and rising public health awareness have created significant market potential for over-the-counter drugs and dietary supplements - The probiotic market in China surpassed 100 billion yuan in 2022, growing at an annual rate of 11%-12%, with projections nearing 200 billion yuan by 2028 [2] R&D and Innovation - The company invested 16.27 million yuan in R&D in the first half of 2025, accounting for 3.52% of its operating revenue - Progress was made in various sectors, particularly in probiotics, with several patented high-activity strains entering clinical trials for conditions like polycystic ovary syndrome and infant diarrhea [2] Production and Quality Control - The company has enhanced production efficiency and product quality through lean, automated, and information-driven integration - Successful resumption of production for Lingzhi capsules and ongoing technological improvements in production lines demonstrate strong organizational and quality control capabilities [3] Channel Strategy - The company employs a "multi-channel ecosystem" strategy, driving growth through both online and offline channels - It has expanded its reach through a network of distributors and e-commerce platforms, while also exploring overseas markets [3] Strategic Acquisitions and Brand Development - The company completed the acquisition of Minsheng Zhongke (Shandong), further integrating resources in the probiotic business - It launched a professional medical aesthetics brand, "Jisuran," to explore innovative models in the health sector [3] Cash Flow and Financial Health - The net cash flow from operating activities increased by 37.89% year-on-year, attributed to improved inventory management - The company is well-positioned financially to support future R&D, capacity expansion, and market development [4]

Financial Performance - In the first half of 2025, the company achieved revenue of 3.658 billion CNY, a year-on-year increase of 4.77% [2] - Net profit attributable to shareholders reached 215 million CNY, representing a significant year-on-year growth of 115.33% [2] - Revenue from plant extraction products amounted to 1.733 billion CNY, with a year-on-year increase of 9.47% and a gross margin of 20.24%, up by 3.43% [2] Product Performance - Sales of the main product, chili red pigment, reached 6,367 tons, a year-on-year increase of 43% [3] - Chili extract sales grew to 1,536 tons, marking an 81% increase [3] - Lutein sales remained stable while promoting high-value products, with a focus on application-specific products [3] - Revenue from stevia glycosides exceeded 160 million CNY, driven by innovative processes [4] Business Strategy - The company adopted a "locking" strategy for cottonseed business to mitigate price volatility, achieving revenue of 1.765 billion CNY, a 2% increase [4] - The company plans to enhance market share for chili extract without immediate price increases, focusing on extending the processing chain [5] - The company aims to develop stevia and other tiered products into new major products, indicating significant growth potential [6] Research and Development - R&D expenses increased significantly due to changes in project structure and material costs, reflecting the company's commitment to innovation [9] - The company will continue to invest heavily in R&D while balancing costs and profits to ensure sustainable growth [9] Market Expansion - The company plans to expand its marigold planting in Myanmar, aiming to establish it as a key raw material source for lutein [7] - The company is enhancing its raw material supply chain by supporting suppliers and stabilizing market supply [8]

Report Industry Investment Rating There is no information about the report industry investment rating in the content. Core Viewpoints - Last week, the equity market continued to rise, with the Shanghai Composite Index hitting a ten - year high and breaking through 3800 points. The semiconductor and computing power domestic substitution logic was strengthened, and the technology sector performed well. The bond market generally declined due to the stock - bond seesaw effect, tightened capital at the tax period, and weakened expectations of total easing policies in the second half of the year. The 10 - year treasury bond rate closed at 1.78% on Friday, up 3.53bp from the previous week. The convertible bond market showed a strong performance, with most convertible bond issues rising. The CSI Convertible Bond Index rose 2.83% for the whole week [1][7][8]. - In the future, the short - term popularity of the stock market is expected to remain high. With the dovish speech of the Federal Reserve Chairman at the Jackson Hole meeting, it is recommended to increase the consideration of performance and layout along the directions with strong industrial trend certainty such as computing power, robotics, intelligent driving, and semiconductor self - controllability. Attention can also be paid to the clause game opportunities of convertible bonds with short remaining terms and strong debt - reduction demands [3][15]. Summary According to Relevant Catalogs 1. Market Focus (2025/8/18 - 2025/8/22) Stock Market - The equity market continued to rise last week. The Shanghai Composite Index reached a ten - year high and broke through 3800 points. The semiconductor and computing power domestic substitution logic was strengthened by news such as DeepSeek updating its model to DeepSeek - V3.1, NVIDIA suspending the production of H20 chips, and the 2025 China Computing Power Conference being held in Datong. The technology sector performed well throughout the week [1][7]. - By industry, all Shenwan primary industries closed up last week. Communications (+10.84%), electronics (+8.95%), comprehensive (+8.25%), computer (+7.93%), and beauty care (+5.35%) led the gains, while real estate (+0.50%), coal (+0.92%), pharmaceutical biology (+1.05%), and banks (+1.25%) lagged behind [8]. Bond Market - The bond market generally declined last week. The stock - bond seesaw effect was obvious due to the sharp rise in the equity market. The capital at the tax period tightened marginally, and the central bank's second - quarter monetary policy implementation report weakened the market's expectation of total easing policies in the second half of the year. The 10 - year treasury bond rate closed at 1.78% on Friday, up 3.53bp from the previous week [1][8]. Convertible Bond Market - Most convertible bond issues rose last week. The CSI Convertible Bond Index rose 2.83% for the whole week, the median price rose 2.82%, the calculated arithmetic average parity rose 2.24% for the whole week, and the market conversion premium rate increased by 2.07% compared with the previous week. The arithmetic average conversion premium rates of convertible bonds with parities in [90,100), [100,110), and [110,120) changed by +2.44%, +3.20%, and +1.10%, respectively, and were at the 99%, 100%, and 97% quantiles since 2023 [2][8]. - By industry, most convertible bond industries closed up last week. Beauty care (+7.29%), computer (+5.26%), electronics (+4.54%), and petroleum and petrochemicals (+4.30%) performed well, while media (-0.32%), household appliances (+0.05%), building decoration (+0.66%), and social services (+0.84%) lagged behind [10]. - At the individual bond level, convertible bonds such as Jintong (liquid - cooled server concept), Huayi (semiconductor clean room), Weice (IC testing), Dongjie (control right change), and Shuiyang (skin care products & significant increase in mid - year report performance) led the gains. Convertible bonds such as Linuo (medical glass), Rongtai (massage equipment & announced forced redemption), Sheyan (engineering design and survey & announced forced redemption), Weixin (innovative drugs), and Youzu (game concept & announced forced redemption) led the losses [2][11]. - The total trading volume of the convertible bond market last week was 470.3 billion yuan, with an average daily trading volume of 94.06 billion yuan, basically the same as the previous week [13]. 2. Valuation - As of last Friday (2025/08/22), in the equity - biased convertible bonds, the average conversion premium rates of convertible bonds with parities in the ranges of 80 - 90 yuan, 90 - 100 yuan, 100 - 110 yuan, 110 - 120 yuan, 120 - 130 yuan, and above 130 yuan were 48.87%, 36.41%, 28.98%, 22.02%, 14.46%, and 11.73%, respectively, at the 99%/100%, 96%/99%, 96%/99%, 95%/98%, 89%/87%, 95%/93% quantiles since 2010/2021. - In the bond - biased convertible bonds, the average YTM of convertible bonds with parities below 70 yuan was - 6.12%, at the 0%/0% quantiles since 2010/2021. - The average implied volatility of all convertible bonds was 43.97%, at the 89%/94% quantiles since 2010/2021. The difference between the convertible bond implied volatility and the long - term actual volatility of the underlying stock was - 3.29%, at the 64%/64% quantiles since 2010/2021 [16]. 3. Primary Market Tracking - Last week (2025/8/18 - 2025/8/22), Jinwei Convertible Bond was issued, and no convertible bonds were listed. Jinwei Convertible Bond has a scale of 1.292 billion yuan, a credit rating of AA, and its underlying stock is Jindawen, a company in the food and beverage industry. After deducting the issuance fees, the funds are planned to be invested in projects such as the coenzyme Q10 reconstruction and expansion project [24]. - In the coming week (2025/8/25 - 2025/8/29), no convertible bonds are announced for issuance, and Weidao Convertible Bond is expected to be listed. Weidao Convertible Bond has a scale of 1.17 billion yuan, a credit rating of AA, and its underlying stock is Weidao Nano, a company in the power equipment industry. After deducting the issuance fees, the funds are planned to be invested in projects such as the intelligent factory construction project for semiconductor thin - film deposition equipment [25]. - Last week, the exchanges accepted applications from JINPAN TECHNOLOGY and UNIRAY NEW MATERIAL, the general meetings of shareholders passed the plans of JINGYAN TECHNOLOGY and AOKE TECHNOLOGY, and the board of directors proposed plans for LONGHUA NEW MATERIAL, TBEA, SHENGQUAN GROUP, JIWU HIGH - TECH, and JINSANJIANG. There were no new companies approved for registration by the exchanges or passed by the listing committee. As of now, there are 77 convertible bonds to be issued, with a total scale of 128.34 billion yuan, including 2 issues with a total scale of 1.45 billion yuan that have been approved for registration and 4 issues with a total scale of 8.98 billion yuan that have passed the listing committee [26].

内容概要：随着国民生活水平的提高和健康意识的增强，对保健食品的需求日益增长，人参作为传统名 贵滋补品，具有大补元气、安神等多种功效，符合人们对健康养生的追求，越来越受到消费者青睐，同 时，"银发经济"兴起，老年群体消费能力提升，他们对具有保健功效的产品需求较大，人参类保健食品 因能满足其养生保健需求，市场需求进一步增加，此外，年轻消费者对人参类保健食品的关注度也在上 升，如人参软糖、人参咖啡等"零食化"产品受到年轻一代欢迎，为行业带来新的增长动力，据统计， 2024年我国人参类保健食品需求量达17548.8万盒/瓶/罐，市场规模达125.93亿元。 上市企业：益盛药业（002566）、同仁堂（600085）、吉林敖东（000623）、康美药业（600518）、康 恩贝（600572）、汤臣倍健（300146） 相关企业：长春市春城酿酒有限公司、长春海外制药集团有限公司、长春帮尔保健食品有限公司、延寿 县鼎鑫生物工程有限公司、延边韩工坊健康制品有限公司、沈阳万嘉生物技术研究所有限公司、辽宁汉 草堂中药有限公司、辽宁东宁药业有限公司、吉林修正健康股份有限公司、吉林修养堂健康产业集团有 限公司 关键词：人参类保健食 ...