据港交所1月8日披露，湖南西子健康集团股份有限公司司(简称：西子健康)向港交所主板递交上市申请，中信证券为独家保荐人。 公司简介 招股书显示，西子健康是一家运动营养及功能性食品公司，致力于为消费者提供高品质的营养健康产品并引领健康的生活方式。公司的主要产品涵 盖蛋白粉、复合乳清蛋白粉、肌酸、功能性软糖、咖啡等。公司创建了覆盖专业训练、健康悦活、体重管理及日常营养需求的品牌矩阵，品牌矩阵 包含四大自有品牌FoYes、fiboo、谷本日记及HotRule。其中，fiboo、谷本日记及FoYes分别在产品上线后的31个月、20个月及15个月内即实现累计 销售额超过人民币5亿元。2025年4月推出HotRule，截至最后实际可行日期，累计GMV已超过人民币6000万元。 具体来看：FoYes于2024年推出，是公司的核心运动营养品牌，专为目标明确的训练者而设，满足他们在力量与肌肉发展方面追求显著提升的需 求。品牌聚焦主要运动营养品类，涵盖高品质蛋白粉、复合乳清蛋白粉、肌酸及支链氨基酸(BCAAs)。截至2025年11月30日止十一个月，FoYes在抖 音乳清蛋白产品类目GMV排名中位列榜首。 fiboo于2021年推 ...

(一)联合实验室共建双方同意合作成立联合实验室，聚焦以下核心研发项目：1.中粮营养健康研究院在 运动水产品中的特性研究，在含肽原料的运动水产品方案研究，确保产品符合运动营养食品的合规声称 规范；2.技术交流与行业协作，搭建专业交流平台，汇聚食品营养、水质分析等领域专家，共同探讨运 动水科研进展及行业标准优化方向。(二)多维度合作延伸除联合实验室研发工作外，双方将基于研发成 果，进一步在运动食品的生产供应链整合、市场推广管道拓展及销售网路搭建等方面开展协同合作，具 体合作细节将由双方後续协商确定并签署专项协议。 格隆汇1月8日丨天机控股(01520.HK)宣布，于2026年1月8日，公司全资附属公司北京壹伍贰零科技有限 公司(「北京壹伍贰零」)与中粮食品科技发展(北京)有限公司(「中粮北京」)签订了战略合作框架协议。 根据合作协议，双方基于优势互补、资源分享、互惠互利及长期稳定合作的原则，同意在运动食品(包 括但不限于运动水、运动辅食等)相关产品的研发、生产、推广及销售等领域开展深度战略合作，共同 开拓运动营养食品市场。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負 責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不因本公告全部 或部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Virtual Mind Holding Company Limited （於開曼群島註冊成立之有限公司） （股份代號：1520） 自願公告 戰略合作框架協議 本公告由天機控股有限公司（「 本公司 」，連同其附屬公司，統稱「 本 集 團」）董事（「董事」）會（「董事會」）自願刊發。 - 1 - 董事會欣然宣佈，於二零二六年一月八日，本公司全資附屬公司北京壹伍貳零 科技有限公司（「北京壹伍貳零」）與中糧食品科技發展（北京）有限公司 （「中糧北京」）簽訂了戰略合作框架協議（「合作協議」）。根據合作協 議，雙方基於優勢互補、資源分享、互惠互利及長期穩定合作的原則，同意在 運動食品（包括但不限於運動水、運動輔食等）相關產品的研發、生產、推廣 及銷售等領域開展深度戰略合作，共同開拓運動營養食品市場 （ 「 合作項 目」）。 合作項目核心內容 2. 技術交流與行業協作，搭建專業交流平台，彙聚食品營養、水質分 析等領域專家 ...

Core Viewpoint - The increasing demand for integrated fitness services that combine exercise and nutrition guidance is reshaping the role of personal trainers, highlighting the need for enhanced nutritional knowledge among fitness professionals [1][5][26]. Group 1: Demand for Nutritional Guidance - There is a growing trend among fitness members seeking nutritional advice, driven by an increase in health awareness and various dietary concepts such as high-protein diets and intermittent fasting [1][5]. - Personal trainers are often viewed as the primary source of nutritional information by their clients, despite their limited qualifications to provide comprehensive dietary guidance [3][6][19]. - A survey indicated that 43.5% of personal trainers recognize the increasing demand for nutrition-related knowledge [15]. Group 2: Limitations of Personal Trainers - Personal trainers can supervise basic dietary habits but are not qualified to diagnose or treat eating disorders or create detailed meal plans [5][19]. - The role of personal trainers is evolving, but they still face restrictions in providing specific nutritional advice, especially for clients with chronic health issues [19][26]. - The complexity of modern dietary questions, such as the effects of low-carb or ketogenic diets, often exceeds the expertise of typical personal trainers [6][19]. Group 3: Professional Development and Market Trends - The fitness industry is witnessing a shift towards more specialized training services, with personal trainers increasingly focusing on health coaching that encompasses nutrition, sleep quality, and mental health [17][26]. - The market is pushing for personal trainers to enhance their nutritional skills, with many considering certification as nutrition coaches to meet client needs [24][26]. - Companies like Keep and薄荷健康 are expanding into the nutrition sector, offering meal replacements and health foods, indicating a trend where fitness and nutrition are becoming more intertwined [28][30].

Core Insights - The protein powder market in China has surpassed 10 billion yuan, with a compound annual growth rate exceeding 12% [1] - The market is facing issues with product quality, including mislabeling of protein content and high levels of lactose, leading to consumer concerns about product efficacy [1] - Wei Li Wei's whey protein isolate has emerged as a leading product, recognized for its high purity and zero additives, achieving top rankings in sales and user reviews [1][5] Industry Overview - The protein powder market is experiencing a shift from professional athletes to mainstream consumers, driven by increasing health awareness [1] - A significant portion of protein powders on the market (nearly 40%) has been found to contain protein levels that are at least 10% lower than advertised [1] - Approximately 68% of adults experience varying degrees of lactose intolerance, making traditional whey protein unsuitable for many [1] Product Features - Wei Li Wei's whey protein isolate boasts a protein purity of over 95.8%, significantly exceeding the national standard of 50% [3] - The product has been validated by third-party laboratories, showing lactose levels below 0.1g per 100g and fat content under 0.8g [3] - The formula contains only whey protein isolate and vitamin B6, avoiding controversial additives, making it suitable for diabetics and those managing sugar intake [3] Research and Development - Wei Li Wei's R&D team undertook 287 iterations over three years to optimize the product's purity and solubility [4] - The introduction of advanced technologies has improved the product's texture and mixing properties, ensuring a smooth experience without clumping [4] Safety and Certification - The product has received multiple international safety certifications, including SGS, NSF, and FDA GRAS, ensuring compliance with safety standards [4] - Wei Li Wei is among the first companies to meet the GB24154 national standards for sports nutrition products, indicating adherence to strict labeling and production requirements [4] Market Performance - Wei Li Wei's whey protein isolate maintains a customer satisfaction rate of over 97% and a repurchase rate of 98% on major e-commerce platforms [4][5] - The product has consistently ranked among the top sellers in the protein powder category for nine consecutive years, particularly in the high-purity and sugar-free segments [5] Consumer Trends - The company promotes a subscription model for protein powder, encouraging regular consumption and fostering healthy nutritional habits among users [5] - The average daily cost of the classic package is less than 15 yuan, providing a competitive price point in the high-end protein market [5] Future Outlook - The protein supplement market is evolving towards personalized nutrition, with Wei Li Wei planning to develop a protein metabolism response database to enhance product customization [6] - Industry analysts predict that future competition will focus on absorption efficiency, individual tolerance, and long-term safety rather than just protein content or price [6]

Core Insights - Mingsheng, a professional sports nutrition brand under Mengniu Group, has completed nearly 100 million yuan in Series A financing, led by Xianle Health with participation from Mengniu Venture Capital and Hillhouse Capital [1][2] - The financing aims to enhance Mingsheng's market expansion and product innovation in the sports nutrition sector, leveraging both industrial capital and parent company resources [1][2] Company Overview - Mingsheng specializes in providing comprehensive nutrition solutions for sports enthusiasts, covering various scenarios such as pre, during, and post-exercise nutrition [1] - It has become one of the few brands in China to meet the nutritional needs of endurance sports like marathons and triathlons, achieving over 300% growth in performance [1][3] Investment Details - Xianle Health, a leading global provider of nutrition and health food solutions, leads the investment and will offer collaborative support in supply chain, evidence-based nutrition research, and product development [1][2] - Hillhouse Capital brings extensive industry investment experience and cross-industry resource synergy to support Mingsheng's growth and innovation [2][4] - Mengniu Group, as the controlling shareholder, has previously provided R&D platforms, supply chain support, and quality control systems to Mingsheng [2][4] Market Potential - The Chinese sports nutrition food market is projected to reach 9.71 billion yuan in 2024 and grow to 20.93 billion yuan by 2030, indicating a potential doubling in size over six years [3] - The whey protein market is expected to reach 17.82 billion USD globally by 2032, driven by increasing demand for sports nutrition supplements [3] - The market is currently in a "small base, fast growth" phase, with significant growth potential as the core consumer group expands due to the popularization of fitness concepts [3]

Core Insights - The Chinese sports nutrition food market is expected to exceed 20 billion yuan by 2030, driven by the growing fitness awareness among the population and the expansion of the core consumer group [1][14] - The market is currently in a "small base, fast growth" blue ocean stage, indicating significant future growth potential [14] Market Size - The market size of Chinese sports nutrition food is projected to reach 9.71 billion yuan in 2024 and is expected to grow to 20.93 billion yuan by 2030, indicating a potential doubling in size over six years [1][14] Consumer Insights - The primary motivations for consumers to engage in regular exercise include enhancing athletic ability (54.1%), shaping body (51.3%), and alleviating stress and emotions (48.7%) [25] - Consumers express a strong preference for energy-supplementing sports nutrition foods, with 54.3% favoring this category [27] - The demand for convenient forms (51.5%), natural ingredients (51.3%), and diverse flavors (50.6%) are the top three innovation expectations from consumers [32] Development Trends - Product innovation is increasingly focused on personalized customization, with a shift from single-function products to scenario-based solutions [3][36] - The integration of online and offline channels is accelerating, creating a complete consumer journey from awareness to repurchase [3][36] - The consumer landscape is diversifying, with a growing emphasis on health and wellness across various daily scenarios beyond just fitness [36] Market Drivers - The rapid growth of the sports industry in China is a significant driver, with the "14th Five-Year Plan for Sports Development" aiming for the sports industry to reach a total scale of 5 trillion yuan by 2025 [8] Product Categories - Sports nutrition foods are defined as specially processed foods designed to meet the physiological and nutritional needs of individuals who engage in regular physical activity [5]

Investment Rating - The report maintains an "Outperform" rating for the company [4][7]. Core Views - The company reported a revenue of 806 million yuan for the first three quarters of 2025, reflecting a year-on-year growth of 4.2%. However, the net profit attributable to the parent company decreased by 77.7% to 15 million yuan [3][5]. - In Q3 2025, the company experienced a revenue decline of 8.7% to 244 million yuan, with a net loss of 590,000 yuan, indicating a shift from profit to loss [3][5]. - The company is focusing on expanding its product offerings in the sports nutrition sector, with new product launches aimed at maintaining market competitiveness [6][7]. Financial Data and Profit Forecast - The total revenue forecast for 2025 is adjusted to 1.192 billion yuan, with a year-on-year growth rate of 14.6%. The net profit forecast is revised down to 65 million yuan, reflecting a decrease of 26.8% [5][7]. - The projected earnings per share for 2025 is 0.53 yuan, with a gross margin of 33.8% [5][7]. - The company is expected to maintain a compound annual growth rate (CAGR) of 22% in revenue from 2025 to 2027, despite short-term pressures on gross margins due to high raw material prices [7][8].

Investment Rating - The report maintains an "Outperform" rating for the company [2]. Core Views - The company has announced a new stock incentive plan, granting 2 million stock options at a price of 17.30 yuan per share, which represents 1.61% of the total share capital. This plan aims to enhance team cohesion and core competitiveness by expanding the incentive coverage to 69 individuals, including 53 core employees and 2 executives [5][8]. - The company is expected to experience robust growth in 2025, driven by the expansion of its core product categories and a diversified product matrix. Key strategies include upgrading existing products, launching new energy formulas, and targeting various consumer segments [8]. - The company is positioned to benefit from long-term policies promoting high-quality development in the sports industry, with significant growth expected in sports consumption and services by 2030 [8]. - The profit forecast has been adjusted downward due to high whey prices impacting gross margins, but revenue projections remain unchanged. The company is expected to generate net profits of 79 million, 86 million, and 117 million yuan for 2025, 2026, and 2027, respectively [8]. Financial Data and Profit Forecast - Total revenue is projected to grow from 1,040 million yuan in 2024 to 2,054 million yuan in 2027, with a compound annual growth rate (CAGR) of 27.5% [7]. - The net profit for 2025 is estimated at 79 million yuan, reflecting a decrease of 11.1% year-on-year, with a recovery expected in subsequent years [7]. - The gross margin is forecasted to improve gradually from 32.2% in 2025 to 36.8% in 2027, as the company implements cost control measures [7].

Core Viewpoint - The article highlights the rapid industrial transformation of Shanghe County, showcasing its shift from a traditional agricultural base to a robust industrial hub through strategic projects and collaborative efforts in various sectors [1][6]. Group 1: Industrial Development - The Guangri Elevator Digital Industrial Park is positioned as the largest smart elevator manufacturing facility north of the Yangtze River, with an expected annual output value exceeding 3 billion yuan upon full production [1]. - The establishment of the Health Pharmaceutical Industry Valley aims to attract enterprises like Xinnowei Pharmaceutical, leveraging a 20 million yuan angel fund and customized factory spaces, with a projected annual output value of over 3 billion yuan after the second phase is completed [2]. - The green circular economy industrial park has attracted the first electroplating enterprise, filling a gap in precision processing and supporting high-end equipment manufacturing in Jinan [2]. Group 2: Collaborative Ecosystem - The "full lifecycle service" model exemplified by the Hongjitang Traditional Chinese Medicine Intelligent Factory ensures rapid project completion, with an expected annual output value of 1.3 billion yuan from 3 tons of musk ketone production [3]. - The Health Pharmaceutical Industry Valley's customized responses to enterprise needs, such as modifying building plans for specific requirements, demonstrate a deep understanding of the diverse growth rhythms of different enterprises [3][4]. - The introduction of a "one-stop" approval process has streamlined operations, reducing intermediate steps by over 60% and enhancing project efficiency by more than 20% [4]. Group 3: Strategic Positioning - Shanghe's industrial chain strategy is supported by regional policies, including ecological protection and high-quality development initiatives, which enhance cross-regional collaboration [4]. - The industrial matrix formed by 39 large-scale industrial enterprises is projected to achieve an output value of 6.42 billion yuan in 2024, accounting for 39.12% of the total industrial output value of the development zone [4]. - The integration of market dynamics, as seen in the case of Shibote Biotechnology, has led to a significant increase in domestic production rates and revenue growth, with a projected income of 3.3 billion yuan in the first half of 2025 [5]. Group 4: Future Outlook - The ongoing development in Shanghe is expected to create a complex network of industrial chains, enhancing the region's economic vitality and positioning it as a high-value area for investment [6].