2025年一个普通的工作日，民生健康的研发实验室里，科研人员正在分析最新一批"酵母菌多肽"的数 据。同时，在深圳的美年健康体检中心，"健康小美"AI系统正在为客户自动生成包含肺结节风险评估的 年度体检报告。 这两家公司，一家专注产品研发，一家提供健康服务，看似走在不同的路上，但它们都清晰地感受到， 中国的健康消费市场正在发生一场深刻的变革。市场不再像过去那样"野蛮生长"，而是进入"精耕细 作"的阶段；竞争也不再局限于单一的产品，而是越来越像一场关于生态的比拼。 在中国经济转型升级的过程中，健康消费的重要性日益凸显。过去，人们一提健康消费，可能只想到买 保健品。而现在，它已经延伸成一个完整的链条——从日常预防、专业检测，到主动干预和长期管理。 赛道变局 根据中研普华产业研究院发布的《2025—2030年中国健康管理行业深度发展研究与"十五五"企业投资战 略规划报告》，2024年中国健康管理市场规模已超过8500亿元，年复合增长率达到21.3%，预计到2030 年将突破2.3万亿元。 政策方面也给出了明确的支持信号。商务部等十二部门联合印发的《促进健康消费专项行动方案》等文 件，明确提出要把发展健康体检、健康咨询 ...

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]

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].