Group 1 - The Chinese consumer goods market is undergoing a structural transformation, with generational shifts from "unified demand" to "diversified and refined" consumption patterns [1] - The Z generation, over 260 million strong, represents 20% of the population and contributes approximately 40% of consumption power, while the Y generation remains the main force in mid-to-high-end consumption, willing to pay an average premium of 25% for quality health products [1] - This generational resonance is shifting brand competition from "single product explosion" to "systematic growth" [1] Group 2 - Companies that can structurally cover multi-generational needs are accumulating long-term advantages, with健合集团 (Jianhe Group) being a typical example of this trend [1] - Jianhe Group's "full family nutrition" strategy spans infant, adult, and pet nutrition, creating a layered and complementary growth model [1] - In the first half of 2025, Jianhe Group achieved revenue of 7.02 billion yuan, a year-on-year increase of 5.2%, with a gross margin of 62.5%, up 1.6 percentage points, demonstrating robust profitability [1] Group 3 - The BNC (infant nutrition) segment is steadily recovering, while the ANC (adult nutrition) business grew by 5.9% year-on-year, serving as a major growth engine for the first half of the year [1] - The PNC (pet nutrition) business continues to show high growth trends, with multi-brand and multi-track collaboration enhancing Jianhe's growth resilience [1] - Facing generational differentiation and fragmented demand, Jianhe Group's value logic is shifting towards "long-term stability," supported by structured business layout, sustainable cash flow, and global capabilities [2]