Core Insights - The nutrition and health supplement market is undergoing profound structural changes, necessitating continuous innovation for companies to achieve differentiated competition in an increasingly competitive environment [1][2] Industry Trends - The vitamin and mineral supplement industry is influenced by three long-term structural trends: 1. Accelerating population aging leading to upgraded demand, with elderly consumers seeking tailored nutritional solutions rather than generic products [1] 2. Significant changes in channel structure, with online consumption becoming an irreversible trend, particularly through e-commerce platforms [1][2] 3. The rise of younger consumer groups who prioritize novelty and experience in health products, requiring companies to innovate in product form, marketing, and brand communication [2] Company Strategy - The company has adopted a "Four New" strategy focusing on new products, new projects, new models, and new businesses, integrating this approach throughout its operations [2] - The vitamin product line has expanded from a single product to over 50 SKUs, catering to diverse demographic needs [2] - The company has made significant investments in social and interest e-commerce to enhance online and offline integration [2] Innovation Practices - Differentiation in the vitamin sector is achieved through segmentation and contextualization, enhancing product functionality and user perception [3] - The company emphasizes packaging and positioning innovation, as seen in its smoking cessation product, which aims to reduce the perception of being a pharmaceutical product [3] - In the probiotics sector, the company focuses on functional strains rather than engaging in price wars, establishing competitive barriers through proprietary strains [4] Collaboration and Precision Nutrition - The company collaborates with leading health check institutions to leverage health data for personalized probiotic formulations, allowing for higher pricing while maintaining sales growth [4] - The company believes that innovation is crucial not only for pharmaceutical companies but also in the OTC and health supplement sectors, aiming to meet consumer needs and achieve market recognition [4] Mission Statement - The company's mission is to serve the quality of life for consumers, focusing on health and lifestyle improvements through continuous innovation in its product offerings [4]

Core Points - Hangzhou Minsheng Health Pharmaceutical Co., Ltd. has signed a strategic cooperation agreement with JD Health on November 19, 2023 [1] - The company's smoking cessation drug, Minsheng Lesuke (Varenicline Tartrate Tablets), will be launched exclusively on JD Health [1] Company Summary - Hangzhou Minsheng Health Pharmaceutical Co., Ltd. is focusing on expanding its market presence through strategic partnerships [1] - The collaboration with JD Health signifies a move towards leveraging e-commerce platforms for product distribution [1] Industry Summary - The smoking cessation market is seeing increased attention with the introduction of specialized medications [1] - E-commerce is becoming a vital channel for pharmaceutical companies to reach consumers effectively [1]

Core Viewpoint - Minsheng Health is in the initial stage of launching its new smoking cessation drug, Minsheng Lesuke Tartrate Varenicline Tablets, and is utilizing multiple channels for promotion, including e-commerce platforms and offline pharmacies [1] Group 1: Product Launch and Promotion - The new smoking cessation product is currently available for pre-sale on online platforms such as JD Health and Alibaba Health, with ongoing efforts to launch in offline pharmacies [1] - The company is collaborating with authoritative smoking cessation organizations to conduct educational initiatives aimed at enhancing consumer health awareness [1] Group 2: Future Initiatives and Collaborations - In November 2025, the company plans to co-establish a Health Promotion Professional Committee with the China Tobacco Control and Health Association [1] - The company aims to actively participate in public health services by collaborating with relevant authoritative institutions to advance academic research, standard setting, and health education, contributing to a more comprehensive smoking control system [1]

Core Viewpoint - Minsheng Health is in the initial stage of launching its new smoking cessation product, Minsheng Lesuke, which is currently available for pre-sale on various e-commerce platforms and is gradually being introduced in offline pharmacies [1] Group 1: Product Launch and Promotion - The new product, Minsheng Lesuke (varenicline tartrate), is being promoted through multiple channels including e-commerce platforms and offline pharmacies [1] - The product has officially started pre-sale on platforms such as JD Health and Alibaba Health, with ongoing efforts to list it in offline pharmacies [1] Group 2: Collaboration and Health Education - The company is collaborating with authoritative smoking cessation organizations to conduct educational initiatives aimed at enhancing consumer health awareness [1] - In August 2025, the company, in partnership with the China Smoking Control Association, released the "China Clinical Smoking Cessation Expert Consensus Gold Standard (2025 Updated Version)" [1] - In November 2025, the company co-founded a Health Promotion Professional Committee with the China Smoking Control and Health Association [1] Group 3: Commitment to Public Health - As an active participant in public health services, the company plans to collaborate with relevant authoritative institutions to advance academic research, standard formulation, and health education [1] - The company aims to contribute to the establishment of a more comprehensive smoking control system and support the construction of a healthy China through its pharmaceutical efforts [1]

Core Insights - The overall gross margin changes for the company are primarily influenced by product structure and channel variations, with no cost-related factors affecting gross margin levels [1] - The vitamin and mineral product category represents the highest revenue share for the company, with the main product, 21 Jin Weita multi-element tablets, maintaining a normal gross margin level [1] - The growth rate of vitamin and mineral health foods and functional foods has outpaced that of OTC vitamin and mineral products in recent years, leading to a decline in overall gross margin [1] - The company anticipates that the overall gross margin will gradually improve with the increase in sales scale of new products and the growth of self-operated businesses [1] Product Development and Market Potential - The company has recently obtained approval for varenicline tartrate tablets, which are used for smoking cessation, indicating a strategic move into the smoking cessation market [1] - The domestic approval for varenicline tablets has been obtained in recent years, and sales are gradually increasing, with significant market potential due to the large number of smokers in China [2] - The company expects that the introduction of new products, such as varenicline and minoxidil solution, will involve certain costs but will not significantly impact the overall sales expense ratio and profit situation [2]

（编辑 袁冠琳） 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，戒烟药新品——民生乐速 克酒石酸伐尼克兰片目前正处于上市初期阶段，京东健康、阿里健康等线上平台已正式开启预售，线下 药店端的上架工作也在逐步推进中。 ...

Company Overview - The company is Hangzhou Minsheng Health Pharmaceutical Co., Ltd., with the stock code 301507 and the abbreviation Minsheng Health [1] - The company focuses on four main product lines: liver disease, chronic diseases, ophthalmology and dermatology, and hematological oncology [1] Business Growth - The vitamin and mineral segment is expected to maintain steady growth due to the introduction of new products through both online and offline channels [1] - The company is expanding its product coverage by deepening offline channels and expanding online channels [1] New Product Launch - The new smoking cessation drug, Minsheng Lesuke (Varenicline Tartrate), is currently in the initial launch phase, with pre-sales on platforms like JD Health and Alibaba Health [2] - The drug is recommended as a first-line treatment by WHO and clinical guidelines in China and the US [2] Product Features - Minsheng Lesuke features a warm color packaging design to convey a positive message and enhance user recognition [2] - The product uses a dual aluminum high barrier packaging to ensure stability and ease of use, catering to the needs of elderly patients with a small dosage specification of 0.5mg [2] - A unique scientific smoking cessation app is provided to support users throughout their quitting journey [2] Investor Participation - The investor relations activity included participation from various financial institutions, including Dongwu Securities, Xinda Securities, and Huaxia Fund, among others [3][4]

Core Viewpoint - Minsheng Health (301507) announced on November 13 that its new products, including Minsheng Lesuke Tartrate Varenicline Tablets and Minsheng Xunfa Minoxidil Lotion, are currently in the early stages of market launch, and there are no sales data available yet [1] Group 1 - The company indicated that the launch of new products will involve certain cost allocations, but it is expected that this will not significantly impact the overall sales expense ratio and profit situation [1]

Company Overview - The company introduced its development history, main business segments, and products during the investor relations activity [1]. Financial Performance - The main product line, the vitamin and mineral series, has shown steady growth through product category expansion and channel development [2]. - The overall gross margin has fluctuated due to product structure and channel influences, with vitamin and mineral products being the highest revenue contributors [3][4]. - The growth rate of vitamin and mineral health foods has outpaced that of functional foods, leading to a decline in overall gross margin [4]. Business Development - The acquisition of Zhongke Jiayi has positively impacted the probiotics business, leveraging brand synergy and establishing partnerships with major clients in the health food sector [2]. - The "Armor Probiotics Intelligent Manufacturing Upgrade Project" was launched at the end of September 2025, aimed at enhancing product, cost, efficiency, and market aspects [2]. Market Opportunities - The market potential for smoking cessation products, particularly Varenicline, is significant due to the large number of smokers in China, with sales expected to grow as awareness increases [2]. - The company collaborates with authoritative smoking cessation organizations to promote public health education and research [2]. Product Development - New products like Minsheng Lesuke and Minsheng Xunfa are in the early stages of market entry, with no sales data available yet [4]. - The company anticipates that initial consumer education for new products will require investment but will not significantly impact overall sales expense ratios or profit levels [4]. Future Plans - The company plans to continue expanding its sample store network in various cities, focusing on optimizing operational models and enhancing customer experience [2].