证券日报网讯 12月22日晚间，仙乐健康发布公告称，董事会同意公司将募集资金投资项目"数字信息化 建设项目"的达到预计可使用状态日期调整至2026年12月31日。 （文章来源：证券日报） ...

2025年1至6月份，仙乐健康的营业收入构成为：软胶囊占比46.38%，软糖占比25.31%，片剂占比 9.26%，功能饮品占比5.42%，硬胶囊占比5.31%。 截至发稿，仙乐健康市值为78亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 每经AI快讯，仙乐健康（SZ 300791，收盘价：25.28元）12月22日晚间发布公告称，截至本公告披露 日，公司对控股子公司提供的担保总额度约为人民币约1.42亿元，担保余额约为人民币约1.34亿元，占 公司最近一期经审计归属于母公司所有者权益的比例约为5.33%。截至本公告披露日，公司控股子公司 对控股子公司提供的担保总额度约为人民币7547.74万元，担保余额约为人民币4848.14万元，占公司最 近一期经审计归属于母公司所有者权益的比例约为1.93%。 （记者 曾健辉） ...

Group 1 - The core viewpoint of the article highlights that Xianle Health (SZ 300791) held its 16th meeting of the fourth board of directors on December 19, 2025, via teleconference to review proposals including amendments to certain company regulations [1] - For the first half of 2025, Xianle Health's revenue composition is as follows: soft capsules accounted for 46.38%, gummies for 25.31%, tablets for 9.26%, functional beverages for 5.42%, and hard capsules for 5.31% [1] - As of the time of reporting, Xianle Health has a market capitalization of 7.8 billion yuan [1] Group 2 - The article also mentions that the new energy heavy truck sector experienced a significant surge in sales, with November sales increasing by 178% year-on-year, indicating a strong demand that has led to supply shortages [1] - Customers are reportedly urging manufacturers directly at the factory for orders, reflecting an unprecedented demand scenario in the industry [1]

2025 年 12 月 22 日 行 业 研 究 / 食 品 饮 料 / 证 券 研 究 报 告 【投资要点】 代工环节集中度有望提升，品牌商关注新趋势。2024 年中国营养保健 品代工规模约 34 亿美元，预计 2027 年达 40 亿美元，2024-2027 年 CAGR 达 5.0%。从保健品细分产业链来看，代工环节有望持续受益于 保健品稳定的需求增长、同时在新消费趋势驱动下，新兴初创品牌多 为轻资产运营、自建厂房规模不经济，长尾品牌的持续涌入有望支撑 保健品代工需求增长。2024 年仙乐健康、百合股份代工业务市占率约 为 7%、3%，预计在政策逐步规范、品牌商对代工企业生产及服务能 力要求提升下，代工环节有望进一步向头部企业集中。品牌商目前积 极顺应产品渠道趋势，如企业积极布局美容抗衰等产品，营销、渠道 及品牌打造等品牌运营能力或为企业占领消费者心智从而实现突围的 关键。 挖掘价值 投资成长 食品饮料行业专题研究 保健品行业专题报告：新动向，新成长 -10% -2% 6% 14% 22% 30% 2024/12 2025/6 2025/12 食品饮料 沪深300 强于大市（维持） 东方财富证券研究所 ...

这是"刺激"第二次成为《第一财经》杂志年度策划的主题词。上一次是10年前，2015年。 那一年的刺激感，绝大部分来自A股。半年内，上证指数从3234点涨到5178点，随后又在两个半月的时 间里跌至2850点。6月至7月有一个暴跌阶段，中国股市仅用一周就跌掉了（当时的）10个希腊，其中有 3周投资者人均亏损超过41万元——刺激2015，绝非浪得虚名。 刺激呀，现在每个人都长了10岁。10年，很多事变了，当下的"刺激"程度也至少高了10倍。 2025年，仅以商业世界为观察窗口，刺激点就络绎不绝： 自春节档开始，《哪吒之魔童闹海》创下超长的放映档期和令人咋舌的最终票房； 蛇年春晚的一个歌舞节目竟然引发机器人融资热潮； 4月，特朗普把全球供应链拉入跌宕起伏的"对等关税"风波； 两个月后，美团和淘宝闪购开启外卖补贴大对决，单日订单数峰值双双破亿，热闹程度倒真是有梦回 2015年的O2O大战之感； △ 《第一财经》杂志12月年终特刊现已发售！ 10月，中美关税暂回安全地带，国际金价却创下了年内第50个历史新高，接近4400美元/盎司； 同样是10月，月内倒数第三个交易日，英伟达在AI狂潮的助力下成为人类历史上首个市值突破 ...

Core Insights - The article discusses the theme of "stimulation" as a significant concept for the year 2025, drawing parallels to the market dynamics of 2015, particularly in the Chinese stock market [3][4][6] - It highlights various stimulating events in the commercial world, including record-breaking box office performances, geopolitical tensions affecting global supply chains, and competitive market strategies in e-commerce [4][6][9] Group 1: Economic and Market Dynamics - In 2025, the commercial landscape is characterized by numerous stimulating events, such as the success of the film "Nezha" and the resurgence of interest in robotics following a Spring Festival performance [4][9] - The international gold price reached a historical high of nearly $4,400 per ounce in October 2025, marking the 50th record high of the year [6][9] - Nvidia became the first company in history to surpass a market capitalization of $5 trillion, driven by the AI boom [6][9] Group 2: Industry-Specific Insights - The automotive industry in China is expected to undergo significant changes in 2025, focusing on product quality, marketing strategies, and supply chain operations, particularly in the context of new energy vehicles [20] - The workplace is experiencing a new order due to accelerated industrial differentiation and the rewriting of rules by AI, leading to the disruption of traditional employment logic [25] - AI applications are becoming more practical and accessible, with products like translation tools and meeting summaries gaining traction among ordinary users [52] Group 3: Cultural and Societal Reflections - The article emphasizes the dual nature of "stimulation" in Chinese, representing both positive and negative experiences, reflecting a shift in global operational rules that surpasses previous generations' experiences [6][9] - The year 2025 is described as a fragmented year, with a mix of distressing and uplifting events, prompting a collective reflection on personal experiences and societal changes [35]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the **expansion of domestic demand** as a long-term structural reform strategy to address challenges such as declining demographic dividends and globalization pressures. The shift is from supply-driven to demand-driven, emphasizing the need to supplement both upstream R&D and downstream consumption [1][2][3]. Core Insights and Arguments - **Increase in Resident Income**: A critical factor for expanding domestic demand. Policies like trade-in subsidies may have a short-term effect but can lead to over-reliance on such measures. The emphasis should be on increasing wage and asset income through fiscal reforms to achieve broad-based benefits [1][6]. - **Consumer Trends**: By 2026, service consumption, high-end consumption, and emerging self-reward consumption are expected to perform well. Policies may favor sectors like tourism and dining, while a declining real estate market could enhance purchasing power for younger consumers [1][9]. - **Investment Focus**: Effective investments are anticipated in water conservancy, energy, municipal infrastructure, and core technology sectors such as AI, biomedicine, and quantum communication. The green transition is expected to unlock consumption potential in areas like eco-tourism and energy-efficient appliances [1][11]. Industry-Specific Insights Home Appliance Sector - The home appliance industry is projected to experience a downturn in the second half of 2025 due to trade-in policies, but a recovery is expected in early 2026 as subsidies are renewed, leading to a replenishment cycle [1][12][13]. - **Sales Data**: By November 2025, air conditioner sales grew by approximately 2%, while refrigerator sales declined by about 1%. The overall industry saw a decline in the latter half of the year, particularly in Q4, where air conditioner sales dropped over 20% [12][13]. Fiscal Policy and Consumer Behavior - The fiscal reform is expected to shift focus from incremental taxation to more comprehensive measures, such as property and capital gains taxes, which will gradually influence overall household income and consumption [7][8]. - The effectiveness of subsidies is questioned, as they may lead to a crowding-out effect on autonomous consumption. For instance, a 300 billion yuan subsidy led to a 2.7 trillion yuan increase in retail sales, but the non-subsidy portion contributed negatively [6]. Investment Recommendations - **Home Appliances**: Companies like Midea, Haier, TCL, and Hisense are recommended for their strong domestic and international performance. The expectation is that these companies will benefit from the renewed subsidy policies in 2026 [15]. - **New Consumption Trends**: Focus on emerging brands in personal care and health products, as well as established brands with significant market barriers, such as Mao Geping and Shanghai Jahwa [18]. - **Health and Wellness Sector**: Companies like Xianle Health and Ximai Foods are highlighted for their growth potential in the health and wellness market, driven by the aging population and increasing health awareness [19][21]. Additional Insights - **Transportation Sector**: The aviation industry is expected to benefit directly from increased demand, while the shipping industry will see indirect benefits from heightened domestic trade activities [28]. - **Agricultural Sector**: Recommendations include focusing on the pet industry and functional ingredients, with companies like Zhongchong and Bailong Chuangyuan showing strong growth potential [31]. Conclusion - The overall sentiment is optimistic regarding the expansion of domestic demand, with significant investment opportunities across various sectors, particularly in health, home appliances, and new consumption trends. The emphasis on increasing resident income and effective fiscal reforms will be crucial in driving this growth [26][27].

点击上图▲立即报名 文 / 卓立（微信公众号：吴晓波频道） 在印尼首都雅加达，随处可见中国出海品牌。商店里，印尼本地大学生支付购买了一部小米手机；马路上，印尼出租车司机开着比亚迪的电动汽 车；街道旁，印尼家庭走入海底捞火锅店。 印尼街头，随处可见的是换了英文标识的中国品牌：OPPO、vivo、蜜雪冰城、名创优品、五菱汽车……街边开的，路上跑的，从消费品到服务 业，这些用英文显示的中国logo让你难以区分这究竟是在东南亚的CBD还是中国的购物中心。 从数据上看，中国已连续12年成为印尼最大贸易伙伴，2024年，双边贸易额1478亿美元，同比增长6.1%；同时，印尼也是中国在东盟的第二大 投资目的地，超过250家大型中资企业已在印尼落地。 Cool-vita是一家深耕东南亚的头部保健品品牌，于2019年在印尼创立。 印尼的人口红利、市场潜力、巨大的消费市场增长机遇是中企出海的重要考量。 印尼拥有超2.8亿人口，是世界第四大人口国。从年龄结构看，约半数印尼公民的年龄在30岁以下，这部分人群具有极高的消费意愿，随着印尼 经济高速增长带来中产阶层的壮大，消费品市场将迎来巨大发展。 此外，印尼还拥有增长速度极快的电商市场 ...

研究报告 Research Report 21 Dec 2025 H&H 国际控股 Health and Happiness International Holdings (1112 HK) 首次覆盖：高端家庭营养与健康产品的领先企业 A leading enterprise in high-end family nutrition and health products: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 合生元超预期复苏，婴配粉增长强劲。Biostime（合生元）作为 H&H 集团的核心母婴营养品牌，自 1999 年创立以来，始终专注于婴幼儿 营养与健康领域。其产品以"奶粉+营养品"双轮驱动，精准切入免 疫、过敏等高价值赛道。婴幼儿配方奶粉为品牌拳头产品，营养补充 品以益生菌系列为主要代表。25Q1-Q3，H&H 集团 BNC 业务实现营收 39.7 亿元，同比+24.0%，其中单三季度收入达 14.7 亿元，同比 +90.6%，增速远超集团整体业务水 ...

Moojing Market Intelligence 2025年线上肠胃健康保健品&肠胃益生菌 市场机会洞察 SPEAKER: 高峰 DATE: 2025年12月 保健食品市场|稳步增长，细分赛道各有机遇，肠胃稳中有进 • 2025年前三季度，线上（指淘天、京东、抖音加总，下同）保健品市场规模超870亿元，较2024年同期增长近19%。从功效类型看，基础免疫市 场以超150亿规模领跑，口服美容、骨骼健康次之，规模均接近100亿。三大核心细分市场外，睡眠管理延续24年高增长趋势，继续以87.4%的增 幅快速扩张，高压生活导致睡眠问题日益严重，持续推动相关保健食品需求大幅提升；慢病养护、补充脑力、改善贫血等其他多个细分市场增也高 于市场平均水平；肠胃健康市场小幅回暖，累计销售额规模近39亿元。 2025年1月-9月 线上保健食品市场规模（亿元） 2025年1月-9月 保健食品 各细分功效市场规模&增速（气泡大小代表均价） 733.9 871.1 2024年1月-9月 2025年1月-9月 口服美容 骨骼健康 体重管理 三高慢病 补充脑力 护肝养肝 运动营养 肠道健康 增强免疫力 护眼 睡眠管理 女性健康 男性健 ...