撇除按公平值计入损益之金融资产的公平值变动及以股份为基础之雇员酬金开支后，公司股东应占基本 溢利为人民币30.79亿元，较去年同期减少23.0%。公司股东应占呈报溢利的每股基本盈利为人民币 30.72分，较去年同期减少4.1%。 在业务分部中，成药业务收入为154.5亿元，同比下降17.2%，主要受到药品集中带量采购及国家医保药 品目录内药品价格调整的影响。原料产品业务收入为30.06亿元，同比增长10.3%，其中维生素C产品销 售收入为17.88亿元，同比增长22.3%。功能食品及其他业务收入为14.35亿元，同比增长11.2%。公司在 研发方面的投入也有所增加，研发费用为41.85亿元，同比增长7.9%，约占成药业务收入的27.1%。 11月20日，石药集团（01093）发布公告，报告截至2025年9月30日止9个月的未审计综合业绩。2025年 前三季度，公司收入198.9亿元，同比下降12.3%；公司归母净利润为35.11亿元，同比下降7.1%；经调 整净利润为30.79亿元，同比下降23%。 石药集团研发费用较去年同期增加7.9%至人民币41.85亿元，约占成药业务收入27.1%。目前有近90个产 品 ...

Investment Rating - The report rates the nutrition supplement industry in China with a compound annual growth rate (CAGR) of 10.4%, indicating strong growth potential and positioning China as a leading growth engine globally [18][19]. Core Insights - The global nutrition supplement market is expected to grow from $189.2 billion in 2024 to $402.2 billion by 2034, driven by increased health awareness, aging populations, lifestyle changes, and product innovation [6][8]. - China's nutrition supplement market is projected to reach $466 billion by 2034, with significant growth driven by policy support, generational demand, and consumption upgrades [19][20]. - The market is characterized by a shift from standardized products to personalized nutrition strategies, particularly through age and gender-specific formulations [60][71]. Summary by Sections 1. Global and Chinese Nutrition Supplement Market Landscape - The global market is experiencing rapid growth, with a CAGR of 7.8% from 2024 to 2034, influenced by health awareness, aging populations, lifestyle changes, and product innovation [6][10]. - The Asia-Pacific region leads in market share and growth rate, with China achieving a 10% growth rate, making it the most dynamic growth area globally [12][13]. 2. Industry Development Trends and Innovations - The market is transitioning from trend-driven consumption to a more rational, demand-based approach, emphasizing the need for personalized nutrition solutions [43][46]. - There is a notable increase in the demand for probiotics and immune-boosting products, with iron supplements emerging as a star category due to heightened health awareness [39][40]. 3. Consumer Insights on Nutrition Supplement Needs and Behaviors - There is a growing awareness of proactive nutrition among consumers, with six key segments driving rapid demand growth [3][3]. - The market is witnessing a significant shift towards online sales channels, which now dominate with a 56% market share, while traditional channels are declining [22][24]. 4. Future Trends and Opportunities in the Nutrition Supplement Industry - The industry is moving towards precision nutrition and technological innovation, with a focus on multi-dimensional strategies and localized innovations driving brand growth [4][4]. - The report highlights the importance of age and gender-specific nutrition strategies, which are gaining acceptance among consumers, indicating a shift towards more tailored health solutions [60][71].

Group 1: Company Overview - Zhejiang Xinhengcheng Co., Ltd. operates two major platforms: "Chemicals+" and "Biology+" with significant growth potential in both areas [2][3] - The company focuses on a robust R&D system that integrates scientific discovery, technology, and application to enhance product effectiveness [3] Group 2: Financial Performance - In the first three quarters of 2025, the company achieved a total revenue of CNY 16.642 billion, representing a year-on-year growth of 5.45% [3] - The net profit attributable to shareholders reached CNY 5.321 billion, marking a substantial increase of 33.37% compared to the previous year [3] Group 3: Nutritional Products - The nutrition segment is the largest business area, encompassing animal and human nutrition products, including a variety of vitamins and amino acids [3][4] - Key human nutrition products include Vitamin A, D3, E, C, Coenzyme Q10, Taurine, β-Carotene, and Lycopene, with a diverse range of formulations [3] Group 4: Methionine Production - The company has a solid methionine production capacity of 300,000 tons, with an additional 70,000 tons expansion project approved and progressing well [4] - A joint venture with Sinopec for a 180,000 tons/year liquid methionine project is currently undergoing maintenance before resuming production [4] Group 5: Biochemical Fermentation - The company is optimistic about the future of its biochemical fermentation segment, focusing on products like Vitamin C and Coenzyme Q10 [5] - Plans to expand into new products in the fermentation category, including amino acids and new materials, are underway [5] Group 6: Active Pharmaceutical Ingredients - The company specializes in pharmaceutical-grade vitamins and other active pharmaceutical ingredients, providing high-quality raw materials and services to pharmaceutical companies [5] - The company has developed a water-free eye drop formulation that has achieved industry-leading status in treatment efficacy and side effect management [5] Group 7: New Materials Development - The company aims to become a key player in the new materials sector, focusing on high-performance polymers and critical intermediates [5] - The Tianjin nylon new materials project is progressing, with construction initiated in September 2025 [5][6] Group 8: Future Capital Expenditure - Future capital expenditures will be aligned with specific project developments, including the expansion of the PPS project and the establishment of a new flavoring project [6]

Core Viewpoint - The company is actively implementing its "Bio+" strategy by focusing on the development of biotechnological products, particularly in the field of fermentation products, which includes a diverse range of vitamins and amino acids [1] Group 1: Company Strategy - The Heilongjiang base is positioned for the production of bio-fermentation products [1] - The company has laid out a product line that includes Vitamin C, Coenzyme Q10, Vitamin B5, B12, as well as amino acids such as serine, cysteine, and tryptophan [1] - The company emphasizes technological innovation and management improvements to reduce costs and enhance efficiency [1] Group 2: Product Development - The company is committed to expanding its product offerings and improving product utilization through product line diversification and co-design [1] - There is a clear focus on developing new fermentation-based products, aiming to enrich the product matrix in this category [1] - The company is dedicated to building a "Bio+" platform that prioritizes technology in the development of new products [1]

Core Viewpoint - Xinhecheng (002001) is committed to providing safe, healthy, and nutritious products and solutions in the human nutrition sector, with a diverse range of products including vitamins and coenzymes [1] Product Offerings - The main products include Vitamin A, Vitamin D3, Vitamin E, Vitamin C, Coenzyme Q10, Taurine, Beta-Carotene, and Lycopene, showcasing a rich product variety [1] - The company offers customized formulations based on customer needs, indicating flexibility in product development [1] Market Application - Products are widely used in various fields such as health nutrition, baking, confectionery, and beverages, highlighting the versatility of the product applications [1] - The business has a global market presence, providing raw material supply to downstream customers [1]

Financial Performance - In Q3 2025, the company achieved a revenue of 166.42 billion CNY, with a net profit attributable to shareholders of 55.41 billion CNY, reflecting a year-on-year revenue growth of 5.45% and a net profit increase of 33.37% [3] - The company has maintained steady growth through production and sales linkage, market expansion, and cost control measures [3] Product Development and Market Strategy - The company focuses on the "Chemical+" and "Biological+" strategies, targeting opportunities in nutrition products, new materials, flavoring agents, and active pharmaceutical ingredients [3] - In the human nutrition sector, the company offers a range of products including vitamins A, D3, E, C, coenzyme Q10, taurine, β-carotene, and lycopene, with a commitment to customized formulations for various applications [3] - The solid methionine production capacity is currently at 30,000 tons, with an expansion project underway [3] Strategic Partnerships and Projects - The company has partnered with Sinopec to establish a joint venture for a liquid methionine project, with a production capacity of 18,000 tons/year [3] - The nylon new materials project in Tianjin has commenced construction, focusing on an integrated production chain from adiponitrile to nylon 66 [4] Future Plans and Innovations - The company aims to enhance its core competitiveness in the new materials sector by developing high-performance polymers and key intermediates [4] - The company is expanding its flavor and fragrance segment, with plans for a new fragrance industrial park in Shandong [4] - The Heilongjiang base is focused on bio-fermentation products, with ongoing improvements in product lines and operational efficiency [4] International Expansion - Over 50% of the company's sales are from international markets, with established subsidiaries in regions including Hong Kong, Singapore, Germany, Mexico, Brazil, Japan, and Vietnam [6] - The company emphasizes overseas market expansion as part of its 2025 operational strategy [6] Employee Engagement and Incentives - The company is implementing a share buyback program with a total amount between 30 million to 360 million CNY, aimed at employee stock ownership plans to enhance motivation and align interests [6]

每到换季，气温忽冷忽热，感冒、咽喉不适等健康问题便如影随形。此时，"补充维生素C增强抵抗力、预防感冒"是大众普遍采取的做法。这小小的维生 素C是否真有这么大的作用？让我们跟随中国营养学会秘书长韩军花、北京大学公共卫生学院教授马冠生，一探维C奥妙。 免疫"卫士"：维生素C的重要功效 韩军花提醒消费者，不能仅凭包装判断，有些包装画着水果，但实际并非天然，一定要通过配料表甄别。 "维生素C与免疫力肯定有关系。"韩军花指出，它具有抗氧化和增强机体免疫力两大关键功能。维生素C增强免疫力的原理，在于能高效提升免疫细胞战 斗力。以吞噬细胞为例，它如同身体里的"巡逻队"或"警卫队"，细菌、病毒入侵时，会第一时间集结备战，吞噬病原微生物。补充充足维生素C，就像给 吞噬细胞配备"充电宝"，让其战斗力更强。 对于一些复杂病原体，它们会藏到身体细胞里复制，此时淋巴细胞发挥作用，通过吞噬细胞传递的信号，识别并清除被感染的细胞，此阶段称为细胞免 疫，而维生素C对提高细胞免疫水平效果显著。 在感觉快感冒时，加强补充维生素C是个不错的选择。"不过，它不能替代药物或疫苗。但在感冒初期补 充，可一定程度上缩短病程。"马冠生强调。 甄别天然与合成 ...

Core Viewpoint - Excessive consumption of high oxalate foods like spinach can lead to secondary oxalate deposition nephropathy, with contributing factors including metabolic disorders and intestinal diseases [1] Group 1: Disease Mechanism and Types - Oxalate deposition nephropathy is characterized by the accumulation of oxalate crystals in the renal tubules and interstitium, resulting in kidney damage [2] - The disease can be classified into primary and secondary types, with secondary being more common and occurring at any age due to excessive oxalate intake and impaired excretion [2] Group 2: Dietary Factors and Risks - Foods high in oxalate include spinach, purslane, beet greens, nuts, chocolate, and tea, which can lead to the disease if consumed in excess [3] - Other factors such as excessive intake of oxalate precursors, dehydration, and lack of vitamin B6 can increase the risk of developing oxalate deposition nephropathy [3] Group 3: Prevention Strategies - Early detection of secondary oxalate deposition nephropathy can be achieved by testing urine oxalate levels, with a threshold of over 45 mg in 24 hours indicating high oxalate levels [4] - Prevention strategies include dietary modifications, such as reducing high oxalate food intake and ensuring adequate calcium and hydration to minimize oxalate absorption [5][6] - High-risk groups, including patients with chronic kidney disease and gastrointestinal disorders, should follow specific dietary guidelines and monitor their kidney function closely [6]

Global and China Nutritional Supplement Market Landscape - The global nutritional supplement market is expected to grow from $189.2 billion in 2024 to $402.2 billion by 2034, with a compound annual growth rate (CAGR) of 7.8% driven by health awareness, aging population, modern lifestyle, and product innovation [8][12][17] - The Asia-Pacific region is the largest market, accounting for 38% of the global share in 2024, with China leading the growth at a rate of 10%, projected to reach $25.9 billion in 2024 and $46.6 billion by 2034, with a CAGR of 10.4% [12][17][19] Industry Development Trends and Innovations - The market is shifting from trend-driven consumption to a more rational, demand-based approach, with a focus on personalized nutrition strategies based on age and gender [2][35] - Asian dietary characteristics necessitate targeted nutritional solutions, as common deficiencies in micronutrients are prevalent due to dietary habits and cooking methods [38][39] Consumer Nutritional Needs and Behavioral Insights - There is an increasing awareness of proactive nutrition among consumers, with six key segments driving demand: cardiovascular health, liver health, sleep issues, etc. [3][3][3] - The average per capita consumption in China is only $23.3, significantly lower than in mature markets, indicating substantial growth potential [24][25] Future Trends and Development Opportunities - Precision nutrition and technological innovation are expected to reshape the industry landscape, with local innovation and multi-channel strategies driving brand growth [4][4][4] - The cross-border e-commerce segment is experiencing rapid growth, with a notable concentration of market share among top brands, creating opportunities for new entrants [22][23]

Core Insights - The article discusses the differences between various vitamin C products available in the market, highlighting the price range from 2 yuan to over 100 yuan and the implications of these differences on health and nutrition [1][4]. Group 1: Vitamin C Importance - Vitamin C, also known as ascorbic acid, is an essential nutrient for the human body, with deficiencies leading to scurvy, gum bleeding, tooth loss, and severe health risks [2]. - In China, the average daily intake of vitamin C for residents aged 65 and above is 71.8 mg, while for adults aged 18 to 35, it is 56.41 mg, compared to the recommended daily intake of 100 mg [2]. Group 2: Differences in Vitamin C Products - There are significant price differences in vitamin C products, with synthetic versions priced lower and marketed as OTC drugs, while natural vitamin C is sold as health supplements at higher prices [4]. - Both natural and synthetic vitamin C have the same chemical structure and health benefits, as they serve the same function in the body [4]. Group 3: Supplementation Recommendations - To ensure adequate vitamin C intake, it is recommended to consume 500 grams of vegetables and 250 grams of fruits daily, which are rich sources of vitamin C [6]. - For those concerned about insufficient intake from food, taking vitamin C supplements of 100 mg to 200 mg daily is suggested [7]. - It is important to note that excessive intake of vitamin C, whether natural or synthetic, is not beneficial and can be harmful [8].