新京报贝壳财经讯（记者丁爽）11月13日，民生健康发布的投资者关系活动记录表显示，公司于接受投 资者调研时回应公司近年毛利率变化情况称，"整体毛利率的变动主要是受产品结构及渠道变化的影 响，成本端不存在影响毛利水平的因素。" 公司在接受投资者调研时提及戒烟药推广策略，"伐尼克兰片国内的批文大多是在近几年才获得的，相 关企业刚刚开始销售，规模正在逐渐提升中。根据卫健委相关报告，中国烟民数量庞大，戒烟药市场空 间大。参照辉瑞原研药在海外市场的销售业绩，伐尼克兰在国内的市场潜力尚未得到充分开发，市场潜 力较大。" 针对新品销售情况及市场教育投入可能对费用及利润造成的潜在影响，民生健康表示，民生乐速克酒石 酸伐尼克兰片、民生循发米诺地尔搽剂等公司新品目前尚处于上市初期阶段，暂无销量数据统计。新品 上市会涉及一定的费用配比，但预计不会对公司总体销售费用率及利润情况产生大的影响。 编辑 陈莉 校对 翟永军 民生健康表示，维生素矿物质类产品是占公司收入比重最高的品类，主力产品21金维他多维元素片的毛 利水平一直保持正常;维生素矿物质大类下涵盖的各细分品类，通过不同的销售模式进行推广，产品毛 利率会存在差异。近两年，维生素矿 ...

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].