Group 1 - The number of listed companies disclosing data is steadily increasing, indicating the maturation of China's nutrition and health industry [1] - Jiyuan Group shows considerable growth potential for HMB [1] - Minsheng Health is promoting stable growth in its mineral business through the synergy of online and offline channels [1] Group 2 - The third-quarter reports of seven major listed chain pharmacies have been released, revealing that Dazhenlin, Yifeng Pharmacy, Shuyapingmin, and Huaren Health achieved both revenue and net profit growth, while Laobaixing, Yixintang, and Jianzhijia experienced declines in both metrics [1] - The overall expansion speed of chain pharmacies has noticeably slowed, with a shift in focus from scale expansion to quality improvement and efficiency [1] - Specific performance data for the seven listed chain pharmacies for the first three quarters of the year includes: - Dazhenlin: Revenue of 20.068 billion, up 1.71%; Net profit of 1.081 billion, up 25.97% - Yifeng Pharmacy: Revenue of 17.286 billion, up 0.39%; Net profit of 1.225 billion, up 10.27% - Laobaixing: Revenue of 16.07 billion, down 1%; Net profit of 529 million, down 16.11% - Yixintang: Revenue of 13.001 billion, down 4.33%; Net profit of 269 million, down 8.17% - Jianzhijia: Revenue of 6.549 billion, down 2.80%; Net profit of 101 million, down 0.20% - Shuyapingmin: Revenue of 7.446 billion, up 5.19%; Net profit of 1.09 billion, up 927.37% - Huaren Health: Revenue of 3.892 billion, up 19.06%; Net profit of 157 million, up 45.21% [1] Group 3 - The trademark dispute involving Tongrentang is expected to come to an end as the acquisition of Tianjin Tongrentang Group's shares by Beijing Tongrentang Group has entered the acceptance stage, allowing Beijing Tongrentang to hold 60% of Tianjin Tongrentang [2] Group 4 - Six stores of Laobaixing in Loudi, Hunan Province were penalized for insurance fraud, where they switched health products for insurance-covered medications, leading to a fine and the revocation of their insurance service agreements [3]

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 保健品行业 2025 三季报总结：如期向好，个 股分化 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 11 月 05 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 邓洁 执业证书：S0600525030001 dengj@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/11/4 2025/3/5 2025/7/4 2025/11/2 食品饮料 沪深300 相关研究 《大众品 2025 年三季报总结：成长分 化，蓄势向好 》 2025-11-04 《2025Q3 基金食品饮料持仓分析：持 仓低位继续下降，个股配置更趋分散》 2025-10-30 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 个股分化，Q3 保健品行业在低基数下如期向好：2025Q3 保健品板块 （SW）收入/归母净利润分别同增 18%/122%。个股逻辑各异，整体经 营向上：①汤臣倍健 ...