资料显示，杭州民生健康药业股份有限公司位于浙江省杭州市滨江区滨安路658号，成立日期2009年12 月14日，上市日期2023年9月5日，公司主营业务涉及专注于维生素与矿物质补充剂领域,维生素与矿物 质类非处方药品和保健食品研发、生产、销售。主营业务收入构成为：维生素与矿物质补充剂系列 99.69%，其他(补充)0.31%。 9月23日，民生健康跌1.67%，成交额6033.49万元。两融数据显示，当日民生健康获融资买入额362.67 万元，融资偿还744.04万元，融资净买入-381.37万元。截至9月23日，民生健康融资融券余额合计 9884.49万元。 融资方面，民生健康当日融资买入362.67万元。当前融资余额9884.49万元，占流通市值的6.60%，融资 余额超过近一年80%分位水平，处于高位。 融券方面，民生健康9月23日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量0.00股，融券余额0.00元，超过近一年70%分位水平，处于较高位。 机构持仓方面，截止2025年6月30日，民生健康十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股171. ...

Core Viewpoint - Minsheng Health's H1 2025 performance met market expectations, with revenue and net profit showing solid growth, driven by core product categories and new product launches [1][2]. Financial Performance - In H1 2025, Minsheng Health achieved revenue of 462 million and net profit of 83 million, representing year-on-year growth of 16.37% and 6.65% respectively [1]. - In Q2 2025, revenue and net profit were 191 million and 20 million, with year-on-year increases of 17.32% and 7.08% [1]. - The core category of vitamins and mineral supplements generated revenue of 426 million, accounting for 92.15% of total revenue, with a year-on-year growth of 9.84% [1]. Profitability and Cost Structure - The gross margin for the vitamin and mineral series decreased by 6.91 percentage points to 54.78% in H1 2025, primarily due to changes in product mix [1]. - Overall gross margin in Q2 2025 was down by 5.09 percentage points to 51.92%, with selling, administrative, and R&D expense ratios showing slight variations [1]. - Net profit margin decreased by 0.88 percentage points to 10.42% [1]. Product Development and Market Position - The company has a strong market position due to its R&D advantages and plans to expand its product matrix in the vitamin and mineral category [2]. - New products, including varenicline tartrate tablets and minoxidil solution, are expected to launch in Q3 2025, which will significantly boost H2 performance [2]. - The acquisition of Zhongke Jiayi has enabled the company to self-supply probiotics, enhancing its product offerings [2]. Earnings Forecast and Investment Rating - The company’s net profit forecasts for 2025-2027 have been adjusted to 107 million, 129 million, and 149 million, reflecting year-on-year growth rates of 16.25%, 20.62%, and 15.96% respectively [3]. - The current price-to-earnings ratios are projected at 51x, 42x, and 37x for the respective years [3]. - The investment rating remains "Buy" based on the solid growth prospects and product performance [3]. Analyst Ratings - In the last 90 days, two institutions have provided ratings for the stock, with one rating it as "Buy" and the other as "Overweight" [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue and net profit showing year-on-year growth of 16.37% and 6.65% respectively [7] - The core category of vitamins and mineral supplements demonstrated stable growth, contributing 92.15% of total revenue in the first half of 2025, with a year-on-year increase of 9.84% [7] - The company is expanding its product matrix in the vitamin and mineral category to adapt to different market demands, which is expected to support long-term growth [7] - New products are set to launch in Q3 2025, which are anticipated to significantly boost revenue in the second half of the year [7] - The company has adjusted its net profit forecasts for 2025-2027 to 1.07 billion, 1.29 billion, and 1.49 billion respectively, reflecting a year-on-year growth of 16.25%, 20.62%, and 15.96% [7] Financial Summary - Total revenue is projected to grow from 641.25 million in 2024 to 797.38 million in 2025, representing a year-on-year increase of 24.35% [1] - The net profit attributable to the parent company is expected to rise from 91.83 million in 2024 to 106.76 million in 2025, with a growth rate of 16.25% [1] - The earnings per share (EPS) is forecasted to increase from 0.26 yuan in 2024 to 0.30 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 59.52 in 2024 to 51.20 in 2025 [1]