证券日报网讯 民生健康11月17日发布公告，在公司回答调研者提问时表示，首先，外包装的设计上， 乐速克采用了暖色调配色，传递积极阳光、轻松愉快的信号，并辅以高辨识度的设计符号，利于用户记 忆；其次，内包装的设计上，乐速克采用双铝高阻隔包装，显著优于传统铝塑泡罩的隔氧遮光性能，保 障药效稳定，同时直接通过内包装设计细节帮助用户理解复杂的服用方式，增加易撕线，方便携带，适 配服用周期内各种出游、差旅等场景，提高用户体验；基于中国患者对服药便利性与耐受性的需求，规 格上，乐速克采用0.5mg小剂量规格，便于吞服并支持灵活减量，同时对老年群体更友好；为帮助用户 营造戒烟环境，公司也配套了独家的科学控烟小程序，可提供用药打卡、进度跟踪与专业随访等全周期 服务，让戒烟更科学、更人性。 （编辑 袁冠琳） ...

Summary of Minsheng Health Conference Call Industry and Company Overview - **Company**: Minsheng Health - **Industry**: Health and Wellness, specifically focusing on OTC vitamins and minerals, and health supplements Key Financial Highlights - **Q3 2025 Revenue**: 160 million CNY, up 31% year-over-year [2][5] - **Net Profit**: 32 million CNY, up 259% year-over-year [2][5] - **Cumulative Revenue for First Three Quarters**: 600 million CNY, up 20% year-over-year [2][5] - **Cumulative Profit**: 114 million CNY, up 33% year-over-year [2][5] - **Gross Margin**: Approximately 46%, down 2% year-over-year due to product mix changes [2][6] Product Segmentation and Performance - **Main Business Segments**: - OTC Vitamins and Minerals (e.g., 21 Jin Weita) - 70% - Blue Hat Health Products - 30% [2][6] - **Growth Rate of Vitamin and Mineral Products**: Close to 10%, aligning with annual guidance [2][6] - **E-commerce Impact**: Significant growth in online sales post-pandemic, with self-paid health products outpacing offline OTC products [2][7] New Product Developments - **Launch of Smoking Cessation Drug "Lesuoke"**: - Active Ingredient: Varenicline Tartrate - Pricing: 99 CNY for the starter pack, 189 CNY for the maintenance pack [3] - Estimated Treatment Cost: Approximately 2,178 CNY for a complete 12-week course [3] - Projected Revenue Contribution for 2026: Conservative estimate of 50 million CNY, optimistic estimate of 100 million CNY [3][4] - **Proposed Functional Probiotics**: Plans to introduce products targeting weight loss, sleep improvement, and gut health [11] Future Growth Strategies - **Focus Areas**: - Continue to drive new product cycles, particularly with Lesuoke - Strengthen e-commerce channel development [8] - **Long-term Vision**: Aim for a market capitalization of 10 billion CNY by the company's centennial in 2026 [8] Competitive Advantages - **R&D Capabilities**: Strong research and development capabilities, with a mature process for obtaining regulatory approvals [9] - **Parent Company Support**: The controlling shareholder is also a pharmaceutical company, providing a competitive edge in R&D [9] Market Trends and Projections - **2025 Revenue Projection**: Expected to reach 798 million CNY, a 24% increase year-over-year [13] - **Profit Projection**: Anticipated profit of 127 million CNY, a 38% increase year-over-year [13] - **Future Product Launches**: Plans to enter the medical aesthetics market with new products like Minoxidil [14]

Core Insights - Minsheng Health reported a total revenue of 623 million yuan for the first three quarters of 2025, representing a year-on-year growth of 19.78%, and a net profit attributable to shareholders of 114 million yuan, up 32.77% year-on-year [1] - The company operates in the health industry, which is benefiting from the "14th Five-Year Plan" that emphasizes a health-first development strategy, providing a favorable environment for local health product companies like Minsheng Health [1] Financial Performance - The company's net profit growth rate significantly outpaced revenue growth, indicating improved profitability quality; the net profit excluding non-recurring items was 87.97 million yuan, a stable growth of 6.79% year-on-year [2] - Cash flow from operating activities reached 158 million yuan, a substantial increase of 56.52% year-on-year, indicating strong cash collection capabilities and a healthy financial status [2] Product Development - Minsheng Health's core product, "21 Jin Weita," dominates the vitamin and mineral supplement market, accounting for 99.69% of its main business revenue; the company is actively seeking product diversification to create a more balanced business structure [2] - In September 2025, the company launched new products in the medical beauty sector, "Jisuran," and a smoking cessation product, "Lesuke," expanding its health product matrix [2][3] Innovation and Technology - The company has developed a proprietary "Armor 4.0" encapsulation technology that ensures the viability of strains, making it a leader in the industry; it promotes five core strains that form the backbone of its industrial layout [4] - Minsheng Health has established a self-researched "Yanhuang Strain Library," which includes over 6,500 strains, with nearly 1,400 strains undergoing genetic testing, ensuring clear functionality and stable performance [3][4] Strategic Outlook - The chairman of Minsheng Health stated that the company will embrace technological changes and market opportunities as it approaches its centenary in 2026; the health-first strategy from the "14th Five-Year Plan" is expected to drive growth in probiotics, medical beauty, and smoking cessation sectors [4]

Core Insights - The functional food industry is experiencing new opportunities for growth during the "14th Five-Year Plan" period, driven by the "Healthy China" strategy and increasing public health awareness [1] - Minsheng Health is actively expanding its probiotic business while consolidating its core strengths in the vitamin and mineral supplement sector, employing a "four new" strategy to create diverse growth drivers [1][4] Industry Overview - The domestic probiotic research and application is expected to mature, with breakthroughs in core technologies such as strain activity and environmental adaptability, supporting high-quality upgrades in the functional food industry [1][2] - The market for probiotics is rapidly expanding, with a significant increase in consumer interest, particularly among younger demographics, as evidenced by a 485% rise in interest from 2019 to 2024 and a 7597.37% increase in search index on platforms like Douyin [3] Company Developments - Minsheng Health has accelerated its layout in the probiotic sector, signing strategic cooperation agreements and acquiring 100% of Minsheng Zhongke (Shandong), marking the initial formation of a full industry chain in probiotics [1][2] - The company reported a revenue of 462 million yuan in the first half of 2025, a year-on-year increase of 16.37%, and a net profit of 82.41 million yuan, reflecting strong operational efficiency [4] - Minsheng Health has developed a diverse product matrix, including new products in the medical beauty and smoking cessation sectors, enhancing its market adaptability and risk resilience [4][5]

Core Insights - The company held a two-year anniversary celebration and new product launch on September 4, 2025, highlighting its probiotic, smoking cessation, and medical beauty businesses, with a focus on differentiated product offerings and market expansion [1] Probiotic Business - The probiotic business is driven by multiple engines and aims to expand into overseas markets, focusing on three main areas: raw materials, ODM/OEM manufacturing, and proprietary brands [1] - In the raw materials segment, the company promotes five key strains targeting weight management, fatigue relief, constipation, and mental health, with a proprietary "Yanhuang Strain Library" containing over 6,500 valuable native strains from diverse ecological regions in China [1] - The ODM/OEM segment offers a comprehensive one-stop solution for probiotic products, leveraging over 20 years of industry experience and a robust innovation platform [1] - The proprietary brand segment targets direct-to-consumer sales, with products like Puribao, Purifiber, and Purichangbao, focusing on functional probiotic solutions tailored to Chinese consumers [1] Smoking Cessation Market - The upcoming smoking cessation product "Lesuke" (Varenicline Tartrate) is noted for its scarcity and differentiation in the market, with only four companies holding the necessary approvals in China [2] - The product effectively reduces smoking cravings without nicotine and stimulates dopamine release to alleviate withdrawal symptoms [2] - A comprehensive service system will be established, providing support from assessment to ongoing assistance in smoking cessation [2] - The product is backed by authoritative endorsements and aims to standardize the industry, being recognized as a first-line medication in the "Chinese Clinical Smoking Cessation Expert Consensus Gold Standard" [2] - Unique product design focuses on the "smoking control" market, avoiding homogenization with competitors [2] Medical Beauty Products - The medical beauty product "Jisuran" utilizes patented yeast peptide ingredients and medical-grade sodium hyaluronate, supported by research [3] - The product aims to leverage pharmacy traffic challenges by exploring new integration paths between medical beauty and pharmacies [3] Financial Projections - The company anticipates revenue growth from 792 million to 1.16 billion yuan from 2025 to 2027, with year-on-year growth rates of 24%, 22%, and 20% respectively [3] - Expected net profit for the same period is projected to grow from 106 million to 151 million yuan, with growth rates of 15%, 18%, and 21% respectively [3] - The company maintains a "recommended" rating based on the competitive strength of its probiotic business, the scarcity of smoking cessation drug approvals, and the differentiated approach in medical beauty products [3]

Group 1: Company Overview and Performance - The company achieved a revenue of 2,025 million yuan in the first half of 2025, representing a year-on-year growth of 4.62% [2] - Net profit reached 82.41 million yuan, with a year-on-year increase of 6.65% [3] - The adjusted net profit (扣非净利润) was 79.33 million yuan, showing a growth of 6.40% [3] Group 2: New Product Introductions - The medical beauty product "肌素然" focuses on skin repair and anti-aging, utilizing peptides as a core component [3] - The smoking cessation product "乐速克" offers a comprehensive solution for smoking control, aiming to help smokers manage their cravings scientifically [3] - The probiotics business leverages over 20 years of local strain research experience, showcasing strong R&D capabilities and product innovation [3] Group 3: Strategic Initiatives and Market Expansion - The company has made significant moves in extending its industrial chain through the acquisition of 民生中科 (Shandong) and exploring overseas markets [4] - The strategy emphasizes maintaining focus on major products while pursuing synergies through acquisitions [4] - The overseas market is viewed as having substantial potential, with plans to integrate into local markets rather than merely engaging in trade [4] Group 4: Competitive Advantages and Market Position - "肌素然" differentiates itself with patented ingredients and innovative membrane materials, targeting the medical beauty market [4] - The smoking cessation product "乐速克" is recognized as a first-line medication in clinical guidelines, with a unique full-cycle service model [5] - The probiotics segment is driven by a multi-engine strategy, focusing on raw materials, ODM/OEM, and proprietary brands [6] Group 5: Research and Development Capabilities - The "炎黄菌株库" (Yanhua Strain Library) is a proprietary resource established to support the development of probiotics tailored to the Chinese population [7] - The library has been built over several years, with a focus on local strains and their health benefits, ensuring a strong foundation for future innovations [7]