当"银发经济"与"健康消费"成为时代热词，消费者面对琳琅满目的保健食品如何选择？ 国家市场监督管理总局用5年专项整治行动交出了一份沉甸甸的答卷：连续5年抽检不合格率低于 0.6%，3.1万件违法案件查办，5.4亿元罚款落地，1.2万起刑事案件侦破。这份成绩单背后，是一场 以"全链条监管"为笔、以"消费者权益"为墨的治理革新，更勾勒出中国消费市场迈向高质量发展的清晰 路径。 监管创新是这场治理变革的关键。面对违法营销向线上转移、手段更加隐蔽的新挑战，监管部门打 出"技术+制度"组合拳：2024年创新开展的"你拍我查"活动，让消费者化身"监督员"，用手机镜头捕捉 违法线索；对直销企业的"责任清单"管理，则将监管触角延伸至销售终端。这些举措犹如在传统监管模 式中注入了"智慧基因"，让违法违规行为无处遁形。 更值得关注的是，这场监管革新正在重塑消费信任。当抽检不合格率持续低于0.6%，当虚假宣传得到 有效遏制时，消费者对国产保健食品的信心逐步回升。调查显示，大部分受访者表示"更愿意选择正规 渠道购买保健食品"。这一现象背后，是监管部门用5年时间铸就的信任"金字招牌"。 站在"健康中国"建设的新起点，这份5年答卷不仅是 ...

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth and stable profitability, driven by its vitamin and mineral supplement products and new business initiatives [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 462 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 82 million yuan, up 6.65% year-on-year [1] - In Q2 2025, revenue reached 191 million yuan, reflecting a 17.32% year-on-year growth, with a net profit of 20 million yuan, increasing by 7.08% year-on-year [1] - The company's gross margin and net profit margin for H1 2025 were 54.35% and 17.82%, respectively, showing a decline of 6.08 and 1.62 percentage points year-on-year [2] Product Performance - The vitamin and mineral supplement series generated revenue of 426 million yuan in H1 2025, a 9.84% increase year-on-year, with the flagship product, "21 Jin Weita," maintaining growth in both sales volume and value [1] - The market share of "21 Jin Weita" in pharmacies reached 35.12% in terms of quantity, up 3.26 percentage points year-on-year, and 25.05% in terms of value, up 5.85 percentage points year-on-year [1] New Business Initiatives - The company is expanding its new business segments, including probiotics, medical beauty products, and smoking cessation and hair growth products, with significant progress made in H1 2025 [3] - The probiotics business has been integrated into a full industry chain, while the medical beauty brand "Jisuran" has been launched, focusing on innovative channel models [3] Future Outlook - The company aims to achieve revenues of 792 million yuan, 964 million yuan, and 1.16 billion yuan in 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 24%, 22%, and 20% [3] - Net profit forecasts for the same years are 106 million yuan, 125 million yuan, and 151 million yuan, with growth rates of 15%, 18%, and 21% [3]

Core Viewpoint - The health food industry in China has been steadily developing to meet health consumption demands, but issues such as false advertising and exaggerated claims have emerged, prompting regulatory actions to enhance market order and safety standards [1] Regulatory Actions - The State Administration for Market Regulation (SAMR) has implemented a five-year special rectification action since 2020 to regulate the health food industry, focusing on improving market order and safety levels [1][2] - SAMR emphasizes a full-chain regulatory approach, ensuring safety, efficacy, and quality of health foods through strict registration, production licensing, and post-market supervision [2] Inspection and Compliance - Over the past five years, SAMR has conducted 175,000 batches of health food inspections, maintaining a non-compliance rate below 0.6% for five consecutive years, with 100% self-inspection and problem rectification rates reported by production enterprises [3] Market Environment - The health food market has faced marketing irregularities, including illegal online marketing, hidden channels, and deceptive practices [4] - SAMR has taken strong measures against illegal activities, with 6,304 cases investigated and fines totaling 260 million yuan since 2020 [5] Innovative Approaches - SAMR has introduced innovative methods such as encouraging consumers to report illegal activities through "you shoot, I check" initiatives, enhancing the accountability of direct selling companies [5]

Core Insights - The consumer market in the first half of 2025 is revitalized by dual drivers of policy and ideology, with steady growth in retail sales of consumer goods and ongoing consumption subsidy policies acting as key motivators [1][2] - The total retail sales of consumer goods reached 24,545.8 billion yuan, growing by 5.0% year-on-year, while online retail sales of physical goods grew by 6.0%, reaching 6,119.1 billion yuan, accounting for approximately 24.9% of total retail sales [2][5] - The report identifies five core sectors for further exploration, including traditional sectors like food and beverage, home appliances, and beauty care, as well as emerging sectors like health supplements and 3C digital products [5][6] Sector Summaries Food and Beverage - The overall scale of the food and beverage market reached 284.54 billion yuan, with a year-on-year sales growth of 5.8% and a volume increase of 7.8%, despite a slight average price decline of 2.2% [8] - The dairy product sector is highlighted for its innovative approaches, with a focus on "experience iteration" and "functional deepening," particularly among Gen Z consumers [8][11] Health Supplements - The online health supplement market saw sales of 60.41 billion yuan, a year-on-year increase of 16.2%, with sleep management products experiencing a significant growth of over 50% [14][15] - The demand for sleep management products is driven by increasing stress levels, with women making up 74% of the consumer base [18][20] Home Appliances - The online sales of home appliances reached 284.88 billion yuan, growing by 8.0% year-on-year, with the cleaning appliance market showing a remarkable growth of 31.6% [24][28] - The cleaning appliance market is characterized by concentrated competition, with robotic vacuums and floor washers dominating market share [24][28] Beauty and Skincare - The beauty and skincare market achieved sales of 235.23 billion yuan, a year-on-year increase of 10.1%, with anti-aging products seeing a significant growth of 30.3% [30][31] - The demand for anti-aging products is expanding beyond facial care to include body care, reflecting a broader consumer focus on overall anti-aging solutions [31][34] 3C Digital Products - The total sales of 3C digital products exceeded 785.04 billion yuan, with a year-on-year sales increase of 6.7% and a volume growth of 11.1% [37] - The sports camera segment experienced explosive growth, with sales reaching 2.3 billion yuan, a year-on-year increase of 150.9% [37][38] Conclusion - The consumer market is undergoing significant changes driven by policy guidance and evolving consumption concepts, with brands needing to adapt to these trends to capture growth opportunities [46]

Core Viewpoint - The health food industry in China has seen improved market order and quality safety levels since 2020, with a continuous decline in the non-compliance rate of health food inspections, remaining below 0.6% for five consecutive years [1][5]. Group 1: Regulatory Measures - The State Administration for Market Regulation has classified health foods as special foods, imposing stricter evaluations and technical reviews on their safety, health functions, and quality control compared to ordinary foods [3]. - Over the past five years, a total of 175,000 batches of health foods have been inspected nationwide, with timely actions taken against non-compliant products, including removal from shelves and recalls [5]. - Since 2020, comprehensive inspections have been conducted on all operating health food production enterprises, covering 2,520 instances and identifying over 26,000 issues, with 100% of these issues rectified [5]. Group 2: Upcoming Standards - A new national standard for health food production is set to be released, which will significantly enhance regulatory effectiveness and impose higher requirements on raw material and production process management [7]. Group 3: Consumer Awareness - The China Consumers Association advises consumers to recognize health food labels and purchase products based on their health functions and suitable demographics, while being cautious of misleading marketing tactics [9]. - Consumers are warned against purchasing health foods through informal channels and should report any fraudulent claims or deceptive practices to the authorities [9][10].

Core Viewpoint - The State Administration for Market Regulation (SAMR) emphasizes the importance of health food products and outlines a five-year action plan to enhance regulation and safety in the health food industry, addressing issues such as false advertising and consumer deception [1][2][3] Group 1: Regulatory Measures - The SAMR has implemented a comprehensive regulatory framework that includes pre-market registration, production oversight, and post-market surveillance to ensure the safety and efficacy of health food products [1][2] - Over the past five years, the SAMR has conducted inspections on 175,000 batches of health food products, taking corrective actions such as product recalls and penalties for non-compliance [1][2] Group 2: Accountability and Compliance - The SAMR has established a system where local government leaders are responsible for overseeing health food production companies, ensuring accountability at all levels [2] - Companies are required to appoint food safety officers and implement a dynamic risk management system, achieving a 100% self-inspection report rate and problem rectification rate annually [2][3] Group 3: Enforcement Actions - A combination of concentrated actions and long-term governance has been employed to combat illegal activities in the health food sector, resulting in 31,000 cases being investigated and fines totaling 540 million yuan [2] - The SAMR has intensified efforts against counterfeit health products, with 12,000 criminal cases related to fake health foods being prosecuted [2] Group 4: Public Awareness and Education - The SAMR has launched extensive public education campaigns, producing over 500 articles on healthy eating and consumer tips to help the public make informed choices regarding health food products [2] - Initiatives such as the "Health Food Discussion" have engaged over 40 million people, promoting scientific understanding and rational consumption of health foods [2][3] Group 5: Future Directions - The SAMR plans to continue reinforcing food safety regulations and maintaining the positive trend in health food quality and safety, aligning with national policies to meet public demand for improved living standards [3]

Core Insights - The health food industry in China has been steadily developing, with significant regulatory measures in place to ensure food safety [1] Industry Overview - Over the past five years, a total of 175,000 batches of health food have been sampled for inspection, with non-compliance rates consistently below 0.6% for five consecutive years [1] - Since 2020, market regulatory authorities have achieved full coverage of inspections for all active production enterprises, completing inspections for 2,520 companies and identifying over 26,000 issues, with a 100% rectification rate [1] Regulatory Measures - All health food production enterprises have appointed food safety directors and food safety personnel, enhancing the quality assurance of health food products [1] - Prompt actions such as product recalls, removals from shelves, and penalties have been implemented for non-compliant products, effectively mitigating safety risks [1]

Core Viewpoint - The article emphasizes the distinction between "health products" and "health food," highlighting the prevalence of false advertising and misleading claims in the health product market in China [1][2]. Group 1: Definition and Issues - "Health products" are broadly defined without clear legal boundaries, often including items like "health wine," "height-increasing powder," and various daily consumer goods that claim health benefits, while "health food" is legally registered and can claim specific health functions [1]. - The health product market has seen significant issues such as false advertising, exaggerated claims, and consumer deception, necessitating consumer awareness in selecting legitimate health food products [1]. Group 2: Marketing Malpractices - The marketing chaos in the health product sector includes three main issues: the shift of illegal marketing to online platforms, the emergence of covert marketing channels through private live streaming, and the use of deceptive marketing tactics targeting vulnerable populations, particularly the elderly [2]. - Influencers and well-known bloggers are exploiting their reach to promote ordinary products and health foods through misleading claims, which infringes on consumer rights [2]. Group 3: Regulatory Actions - The market regulatory authority has been actively combating illegal practices since 2020, with over 6,304 cases investigated and fines totaling 260 million yuan, focusing on false advertising and unfair competition in the health product market [3]. - New initiatives include encouraging consumers to report illegal activities and enhancing supervision of direct sales companies to prevent violations [3]. Group 4: Future Directions and Consumer Guidance - The regulatory body plans to continue addressing false advertising in health products, particularly for the elderly, to protect consumer rights and maintain fair market competition [4]. - Consumers are advised to recognize legitimate health food labels, choose reputable purchasing channels, and remain vigilant against deceptive marketing tactics [4].

Core Insights - The health food industry in China has seen steady development while facing issues such as false advertising and exaggerated claims [1] - The State Administration for Market Regulation (SAMR) has implemented a five-year action plan since 2020 to clean up the health food industry, resulting in a continuous non-compliance rate of less than 0.6% in product inspections over five years [1] Group 1: Regulatory Actions - The five-year cleanup involved a combination of "concentrated actions + long-term governance," maintaining a high-pressure stance against illegal production and additives [1] - A total of 31,000 cases were investigated, resulting in fines amounting to 540 million yuan [1] - The crackdown on illegal activities included 12,000 criminal cases related to counterfeit health products [1] Group 2: Industry Standards - The National Health Commission is revising the national food safety standard for health food production, expanding the standard from 10 to 14 chapters and adding informative appendices [2] - New standards impose higher requirements on raw material management and production processes to ensure consumer safety [2] - Companies are required to establish a comprehensive food safety management system and conduct production process validation to meet safety and quality control standards [2][3] Group 3: Future Directions - The revised standards will serve as mandatory national food safety standards, providing clearer enforcement guidelines for regulatory practices [3] - The National Health Commission plans to continue improving the standard system and enhance training for effective implementation in food regulation [3]

Core Points - The new standard aims to enhance the management of health food, focusing on consumer health protection, industry development, and regulatory guidance [1][2] Group 1: Consumer Health Protection - The new standard imposes higher requirements on raw material and production process management, particularly concerning non-purified fermentation products [1] - Companies are required to provide identification and safety reports for raw material strains or species, ensuring the safety and efficacy of the materials used [1] Group 2: Industry Development - The standard emphasizes the responsibility of companies to establish a comprehensive food safety management system throughout the supply chain [1] - Companies must conduct production process validation to ensure that production techniques and procedures meet expected outcomes [1] Group 3: Regulatory Guidance - The new standard serves as a mandatory national food safety standard, providing clearer enforcement guidelines for regulatory practices [2] - It aligns technical requirements for raw materials, auxiliary materials, packaging, and production processes with health food registration and filing management [2]