Company Overview - Yong'an Pharmaceutical (SZ 002365) announced a temporary board meeting on September 24, 2025, to review the proposal for revising the "Board Audit Committee Work System" [1] - As of the report, Yong'an Pharmaceutical has a market capitalization of 5.2 billion yuan [1] Revenue Composition - For the first half of 2025, Yong'an Pharmaceutical's revenue composition is as follows: - Pharmaceutical manufacturing accounts for 64.14% - Health food accounts for 24.67% - Chemical manufacturing accounts for 10.88% - Other businesses account for 0.32% [1]

Core Viewpoint - The rapid development of the health food industry in China has raised concerns about public health and market regulation, leading to a national conference focused on the registration, filing, and supervision of health food products [1] Group 1: Regulatory Oversight - In the first half of the year, the national market regulatory authorities reported a non-compliance rate of 0.26% in health food product inspections, indicating a stable and improving safety situation [1] - The regulatory system aims to implement the "two responsibilities" effectively by 2025, optimizing registration and filing management, and enhancing the quality and efficiency of supervision and inspection [1] Group 2: Future Directions - The meeting emphasized the importance of continuous regulatory efforts in health food safety, given its significant impact on public health and high social attention [1] - Key initiatives include deepening the dual-track reform of registration and filing, tightening production license reviews, promoting corporate responsibility, advancing innovative regulatory processes, and improving risk prevention capabilities [1] - The goal is to establish a modern governance system for health food, fostering a collaborative governance model that emphasizes shared responsibility [1]

Core Viewpoint - The national market regulatory system is set to enhance the registration and supervision of health food by 2025, focusing on risk prevention and improving regulatory efficiency [1] Regulatory Framework - The meeting highlighted the importance of health food safety, emphasizing the need for continuous regulatory efforts and the implementation of a dual-track registration and filing reform [1] - There will be stricter production license reviews and a push for corporate responsibility to be effectively realized [1] Performance Metrics - In the first half of the year, the national market regulatory department reported a non-compliance rate of 0.26% in health food supervision sampling, indicating a stable and improving safety situation [1] Governance and Accountability - The meeting called for higher standards, stricter requirements, and a practical approach to health food regulation, urging market regulatory departments to enhance their professional skills and responsibilities [1] - A modern governance system for health food is to be established, promoting a collaborative governance model [1]

Core Viewpoint - Sichuan Mido Source Health Food Co., Ltd. has been established with a registered capital of 100,000 RMB, focusing on the sale of health food and various related services [1] Company Overview - The legal representative of the company is Chen Lv [1] - The registered capital is 100,000 RMB [1] Business Scope - The company operates in general projects including the sale of pre-packaged health food, internet sales of food (limited to pre-packaged food), and sales of plastic packaging containers for food [1] - Additional activities include marketing planning, project planning and public relations services, sales agency, domestic trade agency, and technology services [1] - The company is also involved in the wholesale and retail of edible agricultural products, as well as the sale of agricultural by-products [1] Licensing and Regulatory Compliance - The company is required to obtain approval for certain activities, including food sales and catering services, which must be conducted in accordance with relevant departmental approvals [1]

Group 1 - Guangzhou Shanzhen Health Food Co., Ltd. has been established with a registered capital of 300,000 RMB [1] - The legal representative of the company is Qi Yongjiu [1] - The business scope includes sales of health food (pre-packaged), traditional Chinese medicine health services (non-medical), and various other health-related services [1] Group 2 - The company is involved in the manufacturing of plastic packaging boxes and containers, as well as the sale of daily necessities [1] - It also engages in the wholesale and retail of primary agricultural products and food imports and exports [1] - Additional services include health consulting (excluding diagnostic services), technical services, and the cultivation and purchase of traditional Chinese medicinal herbs [1]

天眼查App显示，近日，阜阳市臻膳坊保健食品有限公司成立，法定代表人为孟献萍，注册资本10万人 民币，经营范围为许可项目：食品生产；食品销售；保健食品生产；卫生用品和一次性使用医疗用品生 产（依法须经批准的项目，经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或 许可证件为准）一般项目：特殊医学用途配方食品销售；食品添加剂销售；宠物食品及用品批发；保健 食品（预包装）销售；食品销售（仅销售预包装食品）；卫生用品和一次性使用医疗用品销售；农产品 的生产、销售、加工、运输、贮藏及其他相关服务；食用农产品初加工；食用农产品零售（除许可业务 外，可自主依法经营法律法规非禁止或限制的项目）。 ...

Core Viewpoint - The National Market Supervision Administration has reported that the non-compliance rate of health food inspections has remained below 0.6% for five consecutive years, indicating improved market order and safety levels in the health food sector [1] Regulatory Measures - Since the 14th Five-Year Plan, multiple measures such as strict regulation, accountability, and public education have been implemented to enhance the quality and safety of health food [1][2] - The administration has conducted a five-year special cleanup campaign for the health food industry, focusing on comprehensive risk prevention and control throughout the entire process [2][3] Registration and Management - Health food products are subject to strict registration and filing management, with a dual-track system established to differentiate between products requiring registration and those that can be filed [3] - As of now, the regulatory authorities have issued 14,000 health food registration certificates and 23,000 filing certificates, promoting industry standardization and quality improvement [3] Market Trends - The dual-track reform has led to positive market changes, including a 30% price reduction for certain products and an increase in available options for consumers [3] - However, there is a concerning trend of illegal marketing practices moving online, particularly through live streaming and social media, which poses challenges for regulatory enforcement [4] Consumer Guidance - Consumers are advised to recognize health food labels and approval numbers, purchase from legitimate channels, and be cautious of false marketing tactics [4]

Core Insights - On September 11, Jindawei's stock fell by 0.25% with a trading volume of 184 million yuan [1] - As of September 11, the total margin balance for Jindawei was 444 million yuan, which is 3.70% of its circulating market value, indicating a high level of margin financing [1] - For the first half of 2025, Jindawei reported a revenue of 1.728 billion yuan, a year-on-year increase of 13.46%, and a net profit attributable to shareholders of 247 million yuan, up 90.12% year-on-year [2] Financing and Margin Trading - On September 11, Jindawei had a margin buy amount of 22.4998 million yuan and a margin repayment of 23.7208 million yuan, resulting in a net margin buy of -1.2210 million yuan [1] - The margin balance of 444 million yuan is above the 70th percentile of the past year, indicating a relatively high level of margin trading activity [1] - The short selling data shows that on September 11, Jindawei had a short repayment of 15,600 shares and a short sale of 1,300 shares, with a short balance of 22,000 shares, which is below the 20th percentile of the past year [1] Shareholder and Institutional Holdings - As of June 30, 2025, Jindawei had 40,700 shareholders, a decrease of 4.30% from the previous period, while the average circulating shares per person increased by 4.50% to 14,976 shares [2] - The total cash dividends distributed by Jindawei since its A-share listing amount to 2.761 billion yuan, with 488 million yuan distributed in the last three years [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the fourth largest with 6.9372 million shares, an increase of 1.5915 million shares from the previous period [2]

Core Points - The "Offline Retail Health Food No-Reason Return Work Specification" was reviewed and approved by experts, highlighting its significance in regulating the health food industry and enhancing consumer confidence [1] - Experts provided suggestions for improvements, including adding drafting unit information, refining compilation principles, renaming the standard, optimizing return service flowcharts, and including a chapter on "Service Evaluation and Improvement" [1] Group 1 - The standard aims to regulate return services in the health food industry, promoting healthy development [1] - The review meeting was attended by various leaders and experts from the Jiangsu Provincial Market Supervision Administration and other relevant bodies [1] - The drafting group will revise the standard based on expert feedback and proceed with the approval process [1]

Core Viewpoint - The article highlights the significant regulatory reforms in China's health food industry over the past five years, emphasizing the low non-compliance rate and the establishment of a comprehensive regulatory framework aimed at enhancing consumer trust and ensuring product safety [1][2]. Regulatory Achievements - The National Market Supervision Administration has conducted over 175,000 product inspections in five years, maintaining a non-compliance rate below 0.6% [1]. - A total of 31,000 illegal cases have been investigated, resulting in fines amounting to 540 million yuan and the resolution of 12,000 criminal cases [1]. - The self-inspection report and issue rectification rates for production companies have reached 100%, indicating thorough oversight at every production stage [1]. Regulatory Framework - The regulatory approach employs a "full-chain supervision" model, which includes pre-registration checks, dynamic monitoring during production, and random inspections in the market [1]. - Innovations in regulation, such as the "You Shoot, I Check" initiative, empower consumers to act as watchdogs by reporting illegal activities through mobile devices [1]. - The introduction of a "responsibility list" for direct sales companies extends regulatory oversight to sales terminals, enhancing accountability [1]. Consumer Trust and Market Impact - Continuous low non-compliance rates and effective curtailment of false advertising have led to a gradual increase in consumer confidence in domestic health food products [2]. - Surveys indicate that most respondents prefer purchasing health foods through legitimate channels, reflecting the trust built over five years of regulatory efforts [2]. - The regulatory reforms are seen as a critical step in constructing a vibrant and orderly health food market, contributing to the broader goal of a "Healthy China" initiative [2].