出品：新浪财经上市公司研究院 产能利用率全面下滑仍扩产 前五大客户撑起"半壁江山" 据公开信息显示，衡美健康成立于2012年，原是一家蛋白棒生产商，拥有自有品牌"衡之然"，但经营初期困难重重，始终无法打开市场。 2014年，公司为汤臣倍健旗下的运动营养品牌健乐多代工蛋白棒，彻底转型服务B端品牌商客户。三年后，衡美健康的业务范围扩大至体重管理领域，一边 为Wonderlab打造瓶装代餐奶昔，一边为周杰伦的关联公司巨星传奇生产魔胴咖啡，Keep、咕咚健康等品牌也跻身客户之列。近年来乘着口服美容的"东 风"，公司又承接了胶原蛋白肽饮品、烟酰胺饮品、红参血肽饮品等系列产品的生产加工。 作者：木予 汤臣倍健2025年上半年营收、净利双降，股价（前复权）从巅峰时期的每股33.28元一度跌破10元，市值直接蒸发420亿元；巨星传奇预计上半年综合溢利不 超过850万元，与2024年同期的2550万元相比骤降67%，新零售主业陷入停滞。 两家营养功能食品公司的日子不好过，背后的代工厂却蓄势待发，准备冲击资本市场。3月挂牌新三板、6月递表北交所，浙江衡美健康科技股份有限公司 （下文简称：衡美健康）在华泰联合证券的保荐下，加速IP ...

Core Insights - A consumption trend focused on "blood nourishment" is emerging, driven primarily by young women aged 20-29, who are increasingly engaging with this market through social media platforms like Xiaohongshu and Douyin, generating billions of views and millions of discussions [1][3] Market Dynamics - The demand for blood nourishment has evolved from a functional supplement to a lifestyle ritual, leading to a diverse product matrix and innovative projects that cater to this demographic's needs [3][5] - Traditional products are being replaced by modern, aesthetically appealing alternatives, as young women prefer convenient and culturally enriched options over traditional remedies [4][5] Industry Transformation - The industry is witnessing a shift as traditional medicine companies adapt to the preferences of younger consumers, with products like "night recovery drinks" and "collagen peptide beverages" gaining popularity [5][6] - Data indicates a slow decline in overall sales in the blood nourishment market, with a projected revenue of approximately 25.85 billion yuan in 2024, down about 4% year-on-year, while specific products like donkey-hide gelatin are seeing significant growth, with some experiencing nearly 50% year-on-year increases [6] Brand Strategies - Brands are increasingly focusing on emotional value and lifestyle integration, moving away from traditional narratives to resonate with younger consumers [9][10] - Companies like Yunnan Baiyao are leveraging social media to connect with young women by addressing common health concerns and creating relatable content [10][11] Product Innovation - Brands are innovating by creating products that fit seamlessly into the daily lives of young women, such as instant herbal powders and health snacks, while also exploring cross-industry collaborations [15][16] - New entrants like Minayo are targeting the blood nourishment market with clinically validated products, emphasizing convenience and taste to appeal to younger consumers [21][22] Market Opportunities - The market for blood nourishment products is expanding, with a growing number of companies entering the space, highlighting the importance of attracting young consumers [19][23] - The health and wellness sector is showing resilience, with significant opportunities for companies to explore niche demands within the broader health market [23]