经济水平、人口结构及健康观念迭代，全球营养保健食品市场或将长期保持5%以上的复合增速，2027 年增至2268亿美元。美国、中国及欧洲分属前三大区域市场，合计份额接近7成，欧美市场起步早，监 管体系、供应链及消费者均相对成熟，中国市场正在逐步完善中平稳增长。全球各区域市场，受消费人 群、消费需求及销售渠道等变化的影响，均在不同节奏下，迎来行业供需两端的变革，并催生了诸如 DTC品牌、电商渠道等结构性高增长机遇。 营养保健食品行业专业化分工体系成熟，各环节增长与变革同步 智通财经APP获悉，方正证券发布研报称，营养保健品市场将长期持续保持较高景气，万亿级超级市场 规模或将孕育超大市值公司;而今产业链变革正当时，结构性超高增长机会持续涌现，行业整体业绩逐 步企稳并开启向上突围，基本面改善支撑行业进入估值修复期，板块配置价值愈加显现。横向比较来 看，结合长期发展潜力，以及中短期基本面和估值水平等综合考量，推荐技源集团(603262.SH)等。 方正证券主要观点如下： 全球万亿级营养保健食品市场，供需端变革孕育高增长结构性机会 行业基本面拐头向上，板块及主流公司配置价值愈显 行业收入、利润及盈利水平和运营状况均已触底 ...

Group 1 - The company has decided to change the special account for raised funds to optimize fund management and improve operational efficiency [3][4][22] - The total amount raised from the public offering was RMB 67,424 million, with a net amount of RMB 60,249.51 million after deducting issuance costs [29][30] - The new special account will be opened at Qingdao Bank for the "Headquarters Production Base Construction Project" [3][4][22] Group 2 - The company has launched a "Quality Improvement and Efficiency Enhancement" initiative to enhance operational quality and shareholder returns [7][24] - The company aims to focus on its core business of nutritional health food development and production, with a recent acquisition of Oranutrition Limited to strengthen its international presence [8][24] - In the first three quarters of 2025, the company reported revenue of RMB 645 million, a year-on-year increase of 6.44%, while net profit decreased by 15.15% [8] Group 3 - The company has a consistent cash dividend policy, distributing RMB 7.50 per 10 shares for the 2023 fiscal year, totaling RMB 85.47 million, which is 50.56% of the net profit [10][11] - The company has conducted two share buybacks, totaling 1,726,100 shares, with a total expenditure of approximately RMB 68.86 million [12] Group 4 - The company emphasizes compliance with corporate governance and regulatory requirements, continuously improving its governance structure [13] - The company is committed to transparent investor relations, ensuring timely and accurate information disclosure [14] Group 5 - The company recognizes the importance of its key stakeholders in governance and compliance, enhancing their responsibilities and training [15] - The company aims to maintain a sustainable and high-quality development trajectory while protecting shareholder interests [15][16]

Core Viewpoint - The company has announced a delay in the completion of certain fundraising projects, specifically the "Headquarters Production Base Construction Project" and the "Headquarters Office and Operational Support Construction Project," now expected to be operational by December 2026, without altering the intended use of the raised funds or negatively impacting normal operations [1][11][12]. Fundraising Project Overview - The company successfully raised a total of RMB 674.24 million by issuing 16 million shares at RMB 42.14 each, with a net amount of RMB 602.49 million after deducting issuance costs [2][3]. - The funds are managed under a dedicated account system in compliance with regulatory requirements, ensuring the safety of the raised funds [2][3]. Delay Details and Reasons - The delay in the fundraising projects is based on a prudent assessment of the current progress and market conditions, with no changes to the project scope or funding usage [4][5]. - The "Headquarters Production Base Construction Project" has a total investment of RMB 152.68 million, with RMB 124.41 million allocated from the raised funds. As of October 31, 2025, approximately RMB 96.35 million has been utilized, representing about 77.45% of the project [6][11]. - The company aims to enhance project quality and control the pace of capital expansion in response to market demand and technological advancements [5][6]. Project Re-evaluation - The implementation of the "Headquarters Production Base Construction Project" is deemed necessary to improve production efficiency and competitiveness in the growing health food market, which is becoming increasingly competitive [7][8]. - The project aligns with national policies promoting the development of health and nutrition products, ensuring compliance with industry standards [8][9]. Impact of Delay - The delay is a strategic decision based on objective circumstances and will not affect the project's content or the intended use of the raised funds, ensuring no adverse effects on the company's operations or financial status [11][12]. Board Meeting and Approval Process - The board of directors convened on December 1, 2025, to approve the delay in the fundraising projects, which does not require shareholder approval [12][19]. - The board's decision was unanimous, reflecting a collective agreement on the necessity of the delay for the benefit of the company and its shareholders [19]. Fundraising Account Change - The company has decided to change the dedicated fundraising account to improve operational efficiency, with no impact on the intended use of the funds [37][39]. - The new account will be established at Qingdao Bank, ensuring continued compliance with regulatory requirements [39][40].

Group 1 - The core point of the article is that Baihe Co., Ltd. announced the postponement of some fundraising projects during its board meeting held on December 1, 2025 [1] - For the year 2024, Baihe Co., Ltd.'s revenue composition is primarily from nutritional health products, accounting for 99.27%, while other businesses contribute only 0.73% [1] - As of the report, Baihe Co., Ltd. has a market capitalization of 2.7 billion yuan [1]

Core Viewpoint - The company reported strong financial performance for Q3 2025, with significant revenue and profit growth driven by new consumer clients in China and high growth in Europe [1][2][3]. Financial Performance - For Q1-Q3 2025, the company achieved revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 260 million yuan, up 8.53% year-on-year [1]. - In Q3 2025, the company recorded revenue of 1.250 billion yuan, representing an 18.11% year-on-year growth, and a net profit of 99 million yuan, which is a 16.20% increase year-on-year [1]. Regional Performance - In the China region, revenue and order growth exceeded 20% and 25% respectively in Q3 2025, with new consumer clients accounting for over half of the region's revenue [3]. - The Americas region saw export business growth of over 20% year-on-year in the first three quarters, maintaining stable gross margins [3]. - The Europe region experienced over 35% year-on-year revenue growth in Q3 2025, aided by partnerships with notable retailers [3]. Profitability and Margins - The company's gross margin and net profit margin for Q3 2025 were 30.76% and 7.93%, respectively, with gross margin improving due to product mix optimization and increased capacity utilization [4]. - The company faced challenges with net profit growth lagging behind revenue growth due to increased impairment losses and a decline in fair value gains [4]. Future Outlook - The company is expected to achieve net profits of 350 million, 481 million, and 560 million yuan for 2025-2027, reflecting year-on-year growth rates of 8%, 37%, and 17% respectively [4]. - Current stock prices correspond to price-to-earnings ratios of 20x, 15x, and 13x for 2025-2027 [4].

Report Summary 1. Industry Investment Rating There is no information provided about the report's industry investment rating. 2. Core Viewpoints - The market for mineral supplements is expected to continue expanding due to increased consumer health awareness, a maturing consumption concept, and policy catalysts in the silver economy [4]. - The industry is evolving from basic nutrition supplementation to more precise and functional demands, with consumers becoming more rational in their choices [10]. - Innovation in dosage forms and absorption optimization, as well as the integration of green and sustainable concepts, are becoming key factors in the industry's development [28][29]. 3. Summary by Directory Market Background - Mineral supplements are a type of nutrient - supplement health food. The calcium - supplement market is leading, and the market for health foods is expected to grow [4][5]. - The industry has gone through a startup period (1981 - 1990), a formation period (1991 - 2000), an adjustment period (2001 - 2010), a development period (2011 - 2020), and a high - quality growth period (2021 - present) [6][7]. Market Status - Market Scale: From 2019 - 2023, the market size grew from RMB 196.365 billion to RMB 212.434 billion with a CAGR of 1.99%. It is expected to grow from RMB 218.4 billion to RMB 242.241 billion from 2024 - 2028 with a CAGR of 2.62% [8]. - Market Supply: The supply side shows structural differentiation and innovation. Upstream focuses on scale and quality control, while mid - stream faces challenges of homogenization and technology upgrading. Innovation focuses on improving bio - availability and consumer experience [9]. - Market Demand: Demand is shifting from basic nutrition to precise functional needs. Consumers choose supplements based on specific life stages and health problems [10]. Market Competition - Market Evaluation Dimensions: Companies are evaluated based on growth potential, innovation ability, cost control, and sales cost management efficiency [12][13][14][15]. - Market Competition Pattern: The industry has three echelons. The first echelon includes Lily Group and Harbin Pharmaceutical Group; the second includes Conba and Tongrentang; the third includes Yiling Pharmaceutical [16]. - Ten Brand Recommendations: Brands such as Lily Group, China Resources Sanjiu, and Shijiazhuang Pharmaceutical Group are recommended for their unique advantages in product customization, brand reputation, and raw - material control [17][18][19]. Development Trends - Precision and Functionality: The market is moving towards customized solutions for specific groups and functions, promoting value - based competition [27]. - Dosage Form Innovation and Absorption Optimization: New technologies are used to improve absorption and develop new dosage forms, enhancing compliance [28]. - Green and Sustainable Development: The industry is integrating sustainable concepts throughout the value chain, from raw materials to packaging [29].

Group 1: Overall Business Performance - In the first half of 2025, the company's total revenue reached 17.28 billion yuan, a 13.46% increase compared to the same period last year [2] - The net profit attributable to shareholders was 90.12 million yuan, reflecting a 2.47% growth year-on-year [2] Group 2: Nutritional Raw Materials Business - The company specializes in the large-scale production of products such as Coenzyme Q10, DHA, ARA, NMN, and Vitamin K2, among others [3] - Coenzyme Q10 holds the largest global market share, with a significant increase in gross margin due to production scale effects and technological improvements [3] - The company is investing in new product development using synthetic biology and microbial fermentation technologies [3] Group 3: Coenzyme Q10 Business - Coenzyme Q10 is increasingly recognized for its health benefits, leading to a growing market demand, particularly in China due to aging population and upgraded health awareness [3] - The company is the largest global producer of Coenzyme Q10, exporting to numerous countries and regions [3] - Expansion plans are in place to meet the rising market demand and strengthen the company's leading position in the industry [3] Group 4: Nutritional Supplements Business - The company owns several brands, including Doctor's Best and Zipfizz, with production services provided by its U.S. subsidiary, VitaBest [4] - Sales of Doctor's Best and Zipfizz experienced a decline in the first half of 2025 due to inventory control and purchasing adjustments by downstream customers [5] - The company is focusing on brand building and enhancing marketing efforts to improve sales channels and brand influence [5] Group 5: Domestic Nutritional Supplements Business - The domestic market for nutritional supplements is primarily served through online channels like Tmall and JD.com, with growth driven by the increasing demand for cross-border e-commerce [5] - The company aims to enhance operational efficiency and expand its market share in domestic self-owned brands [5]

Group 1 - Xianle Health's stock price has declined by 2.7% on September 3, reaching 24.10 CNY per share, with a trading volume of 81.97 million CNY and a turnover rate of 1.31%, resulting in a total market capitalization of 7.406 billion CNY [1] - The stock has experienced a continuous decline over three days, with a cumulative drop of 8.02% during this period [1] - Xianle Health, established on August 16, 1993, and listed on September 25, 2019, specializes in the research, production, sales, and technical services of nutritional health products [1] Group 2 - The main revenue composition of Xianle Health includes soft capsules (46.38%), gummies (25.31%), tablets (9.26%), beverages (5.42%), hard capsules (5.31%), powders (4.45%), and other forms (3.22%), with additional supplements accounting for 0.65% [1] - Among the top ten circulating shareholders, a fund under China Merchants Fund, specifically the China Merchants Industry Select Stock A (010341), entered the top ten in the second quarter, holding 2.2 million shares, which is 0.86% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 1.474 million CNY, with a total floating loss of 4.6199 million CNY during the three-day decline [2]

Core Viewpoint - The report highlights the performance and strategic direction of Weihai Baihe Biotechnology Co., Ltd. for the first half of 2025, emphasizing the company's resilience in a transforming industry and its focus on innovation and product diversification to meet evolving consumer needs [1][9]. Company Overview and Financial Indicators - The company reported a revenue of 420.35 million yuan for the first half of 2025, a 2.06% increase compared to the same period last year [3]. - The total profit for the period was 82.36 million yuan, reflecting a decrease of 13.38% year-on-year [3]. - The net profit attributable to shareholders was 71.88 million yuan, down 13.37% from the previous year [3]. - The net assets attributable to shareholders increased by 4.28% to 1.67 billion yuan [3]. Industry Situation and Main Business - The industry is experiencing continuous expansion and structural upgrades, with a notable demand for high-end functional products driven by consumer upgrades [6]. - The company specializes in the research, production, and sales of nutritional health foods, offering a wide range of products including soft capsules, hard capsules, tablets, powders, and bottled drinks [6][9]. - The company has established a comprehensive product matrix that covers various health needs across different consumer demographics, including families, infants, and the elderly [9][14]. Business Model - The company operates under two main sales models: contract manufacturing and proprietary brands, with a focus on providing full-process services from product development to production [7][8]. - The contract manufacturing model serves domestic and international brand operators, while the proprietary brand model includes brands like "Baihe Kang" and "Hongyang Shen" [7][8]. - The company employs a "make-to-stock" and "make-to-order" production strategy to optimize production efficiency and meet customer demands [6][8]. Competitive Advantages - The company has developed a forward-looking R&D system and a responsive market capability, allowing it to capture diverse consumer health needs effectively [11]. - It has established a comprehensive quality control system that spans the entire production process, ensuring compliance with international standards [13]. - The company is committed to innovation in product development, focusing on clean label standards and differentiating its products in the market [9][14].

Group 1 - The core point of the article is that Baihe Co., Ltd. announced the convening of its fourth board meeting on August 29, 2025, to review the semi-annual report for 2025 [1] - For the year 2024, Baihe Co., Ltd.'s revenue composition shows that nutritional health products account for 99.27% of total revenue, while other businesses contribute 0.73% [1] - As of the report, Baihe Co., Ltd. has a market capitalization of 2.7 billion yuan [1] Group 2 - The article also mentions the upcoming A-class car exhibition in Southwest China, highlighting the competitive landscape with nearly 120 brands and 1,600 vehicles participating [1] - The event is expected to reshape the market dynamics for new energy vehicles [1]