这个假期，"送礼送健康"已从一句问候落实为千万消费者的实际选择。京东健康数据显示，以纯鲜炖燕 窝、阿胶糕、西洋参为代表的传统滋补品销售呈现爆发式增长，销售额同比激增205%。与此同时，赖 氨酸、蛋白粉、氨糖等现代营养补充剂也增势强劲，销售额同比增幅分别达到200%、85%、76%，充分 反映出消费者在情感表达上更倾向于选择具有实用价值与关怀意义的健康佳品。 眼下，国庆中秋"双节健康消费"的热潮未退，年终的健康关怀已接力登场。10月9日晚8点，京东11.11 火爆开启，大促期间，消费者在购买药品、保健品、医疗器械等健康好物时，还能参与抽免单活动。 11.11期间，限时抽免单次数翻倍、免单返现金额最高翻3倍等互动也将带来惊喜不断的消费体验。 随着国庆中秋双节假期落下帷幕，在全国涌动的旅游与消费热潮中，强劲的"健康消费"正悄然成为市场 新亮点。来自京东健康的消费数据显示，今年国庆8天长假期间，健康礼赠、膳食调理成为当下健康消 费的两大主要趋势，充分显示出公众健康意识的显著提升与消费观念的深刻转型。 节日盛宴推杯换盏之余，公众对自身健康的关注与管理也在持续深化。面对聚餐增多可能带来的消化负 担，越来越多的消费者选择主 ...

Core Viewpoint - The health supplement industry in China is entering a new phase of scientific consumption, marking an upward turning point with significant changes in consumer demographics, channel distribution, product iteration, and niche markets [1][10]. Industry Overview - The total market size of China's nutrition and health food market is projected to reach 522.3 billion yuan in 2024, with nutritional functional foods accounting for 289.1 billion yuan and health foods for 233.1 billion yuan. The compound annual growth rates (CAGR) from 2019 to 2024 for these segments are 6.6% and 5.0%, respectively, with expected increases to 8.5% and 5.1% from 2024 to 2029 [1][11]. - In 2024, the per capita expenditure on nutrition and health foods in mainland China is estimated to be 355 yuan, indicating significant room for growth compared to developed countries [1][11]. Consumer Trends - The younger demographic, particularly women aged 25-35, is becoming a significant consumer force, driven by increased health awareness post-pandemic. This group views health supplements as part of their daily diet, influenced by social media and a growing understanding of scientific consumption [1][10][11]. Channel Dynamics - The online sales of health supplements in China surged from 107.4 billion yuan in 2022 to 142.1 billion yuan in 2023, with platforms like Douyin (TikTok) emerging as major sales channels. Douyin's sales growth reached 37% in 2024 and 38% in the first half of 2025, surpassing Tmall to become the leading online platform [2][32][31]. - The cross-border e-commerce channel is gaining traction due to its relaxed regulatory requirements, allowing for a wider variety of products to enter the market without lengthy registration processes [22][23]. Product and Market Segmentation - The industry is experiencing accelerated product iteration, with shorter product life cycles demanding higher R&D and operational capabilities from companies. Key high-growth segments include anti-aging, sports health, cardiovascular health, liver protection, and probiotics [3][10][37]. - Specific product trends include the use of ingredients like ergothioneine, PQQ, and NAD+ in anti-aging products, glucosamine and calcium in sports health, and various types of fish oil in cardiovascular health [3][10]. Regulatory Environment - The regulatory framework for health supplements is positioned between functional foods and special foods, with stricter requirements for offline products compared to more lenient online sales [13][19]. - The approval process for offline health supplements is rigorous, requiring registration or filing, while online products can bypass some of these hurdles, leading to a more diverse product offering [19][22].

Investment Rating - The report rates the health supplement industry as "Outperform" [1] Core Insights - The health supplement industry is entering a new upward cycle, driven by rising health awareness among younger consumers and the emergence of new consumption trends [6][9] - The market for nutritional health products in China is projected to reach 522.3 billion yuan by 2024, with a compound annual growth rate of 5.7% from 2019 to 2024 [10][11] - Online sales channels are becoming increasingly important, with a significant rise in sales through platforms like Douyin, which has become the leading online sales platform for health supplements [32][35] Summary by Sections Industry Characteristics - The industry is characterized by a clear trend towards younger consumers, the emergence of new niche markets, and accelerated product iteration [7][9] - The overall scale of the traditional health supplement market is over 300 billion yuan, growing at approximately 5% annually, while new consumption segments such as anti-aging and cardiovascular health are emerging [9] Market Dynamics - The online sales of health supplements in China grew from 107.4 billion yuan in 2022 to 142.1 billion yuan in 2023, indicating a strong shift towards e-commerce [29][30] - Douyin's sales growth in health supplements reached 38% in the first half of 2025, surpassing other platforms like Tmall and JD [32] Key Segments - The report identifies several high-growth segments within the health supplement industry: - Anti-aging: Focused on products like ergothioneine and NAD+ [49][52] - Sports nutrition: Emphasizing glucosamine and calcium products [55] - Cardiovascular health: Highlighting deep-sea fish oil and phospholipid products [58] - Liver health: Addressing needs arising from unhealthy lifestyles [61] - Probiotics: Targeting gut health and overall wellness [66] Investment Recommendations - The report suggests focusing on brands with strong product operation capabilities and high brand recognition, such as Ruoyuchen and H&H International Holdings [5][69] - For production, it recommends selecting leading companies with substantial scale and customer resources, such as Xianle Health [5][69] - In the raw material sector, it highlights industry leaders like Jindawei [5][69]

Core Insights - The company reported a revenue of 563 million yuan for the first half of 2025, representing a year-on-year increase of 15.65%, and a net profit attributable to shareholders of 98 million yuan, up 3.99% year-on-year [1] - In Q2 2025, the company achieved a revenue of 298 million yuan, a year-on-year increase of 14.83%, with a net profit attributable to shareholders of 55 million yuan, reflecting a slight increase of 0.26% year-on-year [1] Business Segments - **HMB**: In H1 2025, HMB sales reached 158 million yuan, a year-on-year increase of 3.75%. The company is expanding its market presence by launching differentiated adult milk powder products and new products targeting GLP-1 users [2] - **Glucosamine & Chondroitin Sulfate**: H1 2025 sales for glucosamine were 106 million yuan, up 9.82%, while chondroitin sulfate sales surged to 80 million yuan, a significant increase of 106.44%, primarily due to strong sales from major client Nutramax [2] - **Formulation Products**: H1 2025 tablet sales reached 119 million yuan, a year-on-year increase of 23.01%, driven by substantial sales growth in key markets [3] Financial Metrics - The company's gross margin and net profit margin for H1 2025 were 43.69% and 17.35%, respectively, showing a slight decline of 1.38 and 1.95 percentage points year-on-year, attributed to changes in product mix [4] - The company’s expense ratios for sales, management, finance, and R&D were 7.19%, 12.55%, -1.92%, and 4.33%, respectively, with notable increases in sales and management expense ratios [4] Strategic Initiatives - The company is focusing on enhancing its core competencies through the "One TSI" strategic organizational transformation and digitalization efforts, which are progressing as planned [5] - The company has developed an "Optimized Raw Material Technology Innovation Platform" to enhance product customization and differentiation, with new products targeting mid-to-high-end market segments [5] Profit Forecast - The company forecasts revenues of 1.184 billion yuan, 1.436 billion yuan, and 1.758 billion yuan for 2025-2027, with year-on-year growth rates of 18.2%, 21.2%, and 22.5%, respectively [5]

Core Viewpoint - The functional food market in China is experiencing accelerated penetration driven by economic stability, aging population, and the rise of Generation Z, with a compound annual growth rate (CAGR) of 6.3% over the past five years, significantly higher than other basic consumer goods categories [1][2] Group 1: Market Dynamics - Economic growth is enhancing disposable income, entering a phase that catalyzes the demand for health products [2] - The aging trend is increasing daily proactive health care needs, expanding the consumer base for functional foods [2] - The shift from high-speed to moderate economic growth is amplifying the "self-care" consumption habits among younger consumers, leading to increased penetration across all age groups [2] Group 2: New Demand and Channels - New consumer demands are emerging, combining health and self-care, with a broadening of consumption scenarios towards leisure [3] - Traditional health products are now appealing to a wider demographic, including women, youth, infants, and pets, with new product forms like functional gummies and flavored drinks gaining traction [3] - Online channels, particularly platforms like Douyin and cross-border e-commerce, are experiencing rapid growth, with private domain models enhancing consumer loyalty [4] Group 3: Industry Opportunities - The health supplement industry is characterized by a dual structure of leading brands and emerging players, with a clear trend towards niche market segmentation [5] - C-end brands must focus on precise positioning in niche efficacy and consumer segments to capitalize on growth opportunities [5] - B-end supply chain companies are undergoing significant changes, with larger clients demanding high standards and customization, while smaller clients require flexibility and rapid response [5] Group 4: Investment Recommendations - Companies like Xianle Health (300791.SZ) are recommended for their global layout and operational turnaround, while H&H International (01112) is highlighted for its strong growth potential in the infant formula and health supplement sectors [6][7] - Attention is also drawn to online retail brands like RuYuchen (003010.SZ) and established players like汤臣倍健 (300146.SZ) for their strategic positioning in the market [6][7]

Group 1: Macro Policy Insights - The Central Political Bureau meeting on July 30 emphasized the need for continuous and stable macro policies to support high-quality development in the context of the 15th Five-Year Plan preparation [1][20][22] - The meeting highlighted the importance of domestic demand as a key driver, with the introduction of a parenting subsidy program amounting to approximately 90 billion yuan, marking a significant direct cash subsidy to the public [1][21] - The meeting also indicated a shift in focus towards urban renewal as a new policy goal, alongside enhancing the attractiveness and inclusivity of the domestic capital market [1][22] Group 2: Credit Market Analysis - The credit market is expected to experience a stable supply in the second half of the year, with favorable liquidity conditions supporting the bond market [2][24][25] - There is a discussion around the potential risks of credit spread compression, with a focus on the need for liquidity management and position adjustments [2][25] - The credit market has shown resilience, with limited widening of credit spreads despite recent market adjustments, suggesting a cautious outlook for the third quarter [2][25] Group 3: Chemical Industry Developments - Recent policies aimed at addressing "involution" in the chemical industry include stricter cost regulation and adjustments to pricing mechanisms, indicating a shift towards more sustainable competition [3][28] - The analysis of various sub-sectors within the chemical industry suggests that those with high concentration and significant losses are more likely to be targeted for policy interventions [3][28][29] - Key sub-sectors identified for potential breakthroughs include soda ash, polyurethane, and organic silicon, which meet multiple criteria for policy focus [3][29] Group 4: Food and Beverage Sector Insights - The recent listing of Jiyuan Group, a leading supplier of HMB raw materials, highlights the growth potential in the muscle health market, driven by increasing demand from aging populations [30][31] - The company is projected to achieve a revenue growth of 12.3% in 2024, with a significant portion of its income derived from overseas markets [30][31] - The focus on innovative nutritional products positions the company well within the expanding sports nutrition and joint health segments [30][33]

Investment Rating - Industry rating is "Outperform the Market" (maintained rating) [5] Core Viewpoints - The report highlights that the company is the largest global supplier of HMB and focuses on the muscle and joint health market, with a strong presence in various international markets [1][4] - The company is expected to achieve a revenue growth of 12.3% year-on-year in 2024, reaching 1 billion yuan, with a net profit growth of 9.0% to 170 million yuan [2] - The report emphasizes the high growth potential in the muscle health and aging economy sectors, driven by the increasing demand for HMB and joint health products [4] Summary by Sections Company Overview - The company is the largest global supplier of HMB and a core supplier of high-quality glucosamine and chondroitin sulfate, with established partnerships with major brands like Abbott and Blackmores [1] - The company has a significant international revenue share, with over 90% of its income coming from overseas sales [2] Product Performance - In 2024, the revenue from nutritional raw materials and formulations is expected to be 650 million yuan and 350 million yuan, respectively, accounting for 65% and 35% of total revenue [2] - The gross profit margins for HMB, glucosamine, and chondroitin sulfate are projected to be 62%, 39%, and 29%, respectively [2] Market Trends - The global HMB market is projected to grow at a compound annual growth rate (CAGR) of approximately 11.54% from 2024 to 2030, with an expected production of 3,571.69 tons by 2030 [3] - The report notes that the demand for glucosamine and chondroitin sulfate is also on the rise, with a CAGR of 4.2% and 3.5% expected for the respective markets from 2022 to 2027 and 2023 to 2030 [3]

AI and Market Trends - AI applications are entering a rapid growth phase, supported by mature infrastructure and decreasing costs of large model calls, enhancing commercial potential[3] - China possesses significant data reserves and a broad demand scale, providing a competitive advantage for AI development[3] Market Performance - The A-share market experienced a general rise, with the Shanghai Composite Index up by 1.67% and the Shenzhen Component Index up by 2.33% during the week[15] - Mid-cap indices such as the CSI 500 and CSI 1000 outperformed large-cap indices, with increases of 3.28% and 2.38% respectively[17] Dietary Supplements Industry - The global dietary supplement market is projected to reach $223 billion by 2026, driven by population growth and increasing health awareness[5] - HMB, a key nutrient for muscle health, is expected to see global production reach 3,572 tons by 2030, indicating strong market potential[5] Investment Recommendations - Recommended stocks include Toris (拓尔思), which has a robust open-source intelligence data resource, and Songlin Technology (松霖科技), focusing on health robots[3] - Other notable mentions are Rongxin Culture (荣信文化), which is expanding into AI+ education scenarios[3] Corporate Actions - This week, two companies listed on the A-share market, with C Shanda and C Jiyuan seeing first-day gains of 356% and 274% respectively[33] - There were six new public offerings announced, with an average discount rate of 18.9% and an average return of 40.7% on recent fundraising projects[34][40]

Core Insights - The company has over 20 years of experience in the global dietary supplement industry, focusing on scientific research and clinical trials to provide innovative and customized nutritional ingredients and formulations [1] - In 2024, the company achieved a revenue of 1.002 billion yuan, representing a year-on-year growth of 12.33% [1] Industry Overview - The global dietary supplement market exceeded $187 billion in 2023 and is expected to maintain a steady growth rate of 6% over the next three years, reaching $223 billion by 2026 [2] - The company operates as both a nutritional ingredient supplier and a formulation manufacturer, with strong competitiveness in HMB, glucosamine, and other nutritional ingredients [2] Product Segmentation - **HMB**: The company holds over 50% of the global market share and is a key player in the HMB industry, collaborating with major companies like Metabolic and Abbott to drive HMB commercialization [2] - **Glucosamine**: The company is a leading provider of high-quality glucosamine, achieving a stable global market share of 12.61% in 2024 [3] - **Other Nutritional Ingredients**: The company has enhanced its research capabilities through the strategic acquisition of Metabolic Technologies, focusing on new ingredient development [3] - **Formulation Business**: The company emphasizes innovative dosage forms and has obtained TGA GMP certification for its production facility, enabling it to offer personalized nutritional solutions [4] Financial Projections - The company is expected to achieve revenues of 1.184 billion yuan, 1.436 billion yuan, and 1.758 billion yuan from 2025 to 2027, with year-on-year growth rates of 18.2%, 21.2%, and 22.5% respectively [5] - Projected net profits for the same period are 199 million yuan, 239 million yuan, and 310 million yuan, with growth rates of 13.8%, 20.1%, and 30.1% respectively [5]

Group 1 - The core viewpoint of the article is that Jiyuan Group has successfully listed on the Shanghai Stock Exchange, with a significant opening increase of 368.75% and a closing price of 40.75 yuan per share [1] - Jiyuan Group specializes in the research, innovation, and industrialization of dietary nutritional supplements, being the largest global supplier of HMB raw materials and a core supplier of high-quality glucosamine and formulations [1] - The company has a comprehensive industry chain capability, covering everything from nutrient molecular screening and evaluation, efficacy research, functional claims, patent applications, market access and promotion, to raw material production and finished product processing [1] Group 2 - Jiyuan Group's founder and chairman, Zhou Jingshi, highlighted the company's commitment to continuous innovation and global development over the past 20 years, holding 228 domestic and international invention patents [1] - The company serves over 800 clients globally, benefiting from the expanding applications of HMB in sports nutrition and health for the elderly, leading to steady performance growth [1] - The net profits for Jiyuan Group are projected to be 144 million yuan, 161 million yuan, and 175 million yuan for the years 2022, 2023, and 2024 respectively [1] Group 3 - Looking ahead, Jiyuan Group plans to accelerate its global layout by establishing production capacities in Hong Kong, Thailand, the United States, and Europe, aiming to enhance its competitive advantages in nutritional raw materials and personalized nutrition [2] - The company aims to promote "Made in China" dietary nutritional supplements on the global market, leveraging nutrition to improve overall human health [2]