Core Insights - The oral beauty market in China is expected to exceed 25.57 billion yuan by 2025, with an annual compound growth rate of over 3.8% [1] - Collagen peptides are gaining significant attention due to their biological activities such as antioxidant, anti-inflammatory, and anti-aging properties [1] - The research conducted by the brand "Five Female Doctors" focuses on collagen peptides, addressing key issues in molecular weight determination and flavor characteristics [1][2] Group 1: Market Growth and Trends - The oral beauty industry is experiencing explosive growth driven by increased health awareness and the rise of beauty economy [1] - By 2025, the market for oral beauty products in China is projected to surpass 25.57 billion yuan, indicating a robust growth trajectory [1] Group 2: Research and Development - "Five Female Doctors" has made significant advancements in the study of collagen peptides, particularly in flavor characteristics and biological activity [1] - The research team utilized gel permeation chromatography to achieve precise molecular weight measurements, enhancing the reliability of their findings [1] - The study published in "Food Research International" highlights the flavor profile differences between collagen peptides and collagen tripeptides, emphasizing the latter's stronger flavor characteristics [2] Group 3: Health Benefits and Synergy - Fish collagen peptides and probiotics are identified as promising functional supplements for skin health, exhibiting synergistic effects through the gut-skin axis [3][5] - The combination of fish collagen peptides and probiotics can enhance skin health by regulating gut microbiota and reducing systemic inflammation [5] Group 4: Storage and Quality Assessment - Research on collagen peptide beverages indicates that frozen storage at -20°C preserves quality attributes effectively, while refrigeration at 4°C maintains nutritional value and antioxidant capacity over time [6][7] - Elevated storage temperatures lead to significant degradation of key nutrients, highlighting the importance of optimal storage conditions for maintaining product quality [6][7] Group 5: Intellectual Property and Publications - "Five Female Doctors" holds 58 patents and has published 22 related papers, covering various components including resveratrol, NMN, and hydroxytyrosol, in addition to collagen peptides [7]

Core Viewpoint - The nutritional supplement companies, including汤臣倍健 and 巨星传奇, are facing significant declines in revenue and profit, while the contract manufacturer 衡美健康 is preparing for an IPO despite recent operational challenges [1][2]. Group 1: Company Performance -汤臣倍健's revenue and net profit both decreased in the first half of 2025, with its stock price dropping from a peak of 33.28 yuan to below 10 yuan, resulting in a market value loss of 42 billion yuan [1]. -巨星传奇 expects a comprehensive profit of no more than 8.5 million yuan for the first half of 2025, a 67% drop compared to 25.5 million yuan in the same period of 2024 [1]. -衡美健康's revenue grew from 587 million yuan in 2022 to 1.072 billion yuan in 2024, with a net profit increase from 39.84 million yuan to 103 million yuan, reflecting compound annual growth rates of 22.2% and 37.3% respectively [1]. Group 2: Sales and Production Challenges - In Q1 2025,衡美健康's total revenue was 217 million yuan, a 10.1% year-on-year decline, and net profit fell by 23.1% to 20.06 million yuan [1]. - The company experienced a significant drop in sales across various product categories, with烘焙类, 糖果类, and 棒类 products seeing year-on-year decreases of 8.6%, 17.4%, and 22.7% respectively [5]. - Despite the decline in sales,衡美健康 plans to invest 249 million yuan in expanding its production capacity, which raises questions about the necessity and urgency of such expansion given the current underutilization of capacity [7]. Group 3: Client Dependency and Risks -衡美健康's top five clients accounted for 55.3%, 45.6%, and 49.7% of total revenue from 2022 to 2024, indicating a high concentration of revenue sources [7]. - The loss of key clients, such as Wonderlab, which has shifted to self-manufacturing, poses a risk to衡美健康's revenue stability [8]. - The company may face increased competition and potential price wars as it attempts to retain existing clients and attract new ones amid declining sales [9]. Group 4: IPO and Valuation -衡美健康 plans to issue up to 16.67 million shares to raise 501 million yuan, which would value the company at approximately 2 billion yuan, a 55-fold increase from its valuation in 2021 [10]. - Concerns have been raised regarding the company's governance, as several key executives, including the founder, have resigned prior to the IPO, leading to scrutiny from the 北交所 [11][12].

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]