智通财经APP获悉，广发证券发布研报称，从产业链来看，专业的保健品代工企业对于中小品牌不可或 缺，头部代工企业需求稳定、费用率较低，维持着较为稳定的净利率水平，品牌商趋于高毛利率、高费 用率的模式，运营能力强的品牌商也能实现相对较高的净利率，值得关注。展望未来，在营养保健品领 域，兴趣电商及跨境电商渠道具有持续增长潜力，建议关注具备强运营能力和涉足跨境领域的品牌商， 以及在生产端具备研发以及产能竞争力的头部代工企业。 (1)兴趣电商：兴趣电商解决了营养保健品行业存在信任缺失和认知缺乏这两大难题，并能够精准匹配 保健品品牌对应的目标用户群体，实现高效的成交与复购。抖音、快手等兴趣电商的销售效果更看重运 营团队的能力，运营能力突出的中小品牌能够快速出圈。根据星图数据，2025年双十一营养保健品销售 TOP10榜单中，抖音、快手已涌现出斐萃、YOUTHOLOGY有生之颜等新锐品牌。 广发证券主要观点如下： (2)跨境电商：海外品牌对于消费者意味着历史和品质，品牌本身天然解决了信任问题;跨境进口保健品 仅受原产地监管，新品上市灵活度更高、速度更快，借助产品创新的优势成功吸引消费者，例如行业内 出现了麦角硫因等短时间内 ...

Core Insights - The report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing in 2025 after a flat performance in 2024, with a year-on-year sales growth of 1.3% in the first three quarters, driven by a 3.8% increase in volume, while average prices decreased by 2.4% [1][16] - Consumer preferences are evolving, with a greater emphasis on cost-effectiveness, convenience, and experience, necessitating brands to accurately understand consumer shopping triggers and scenarios to maintain competitive advantages [3] Market Dynamics - Nearly 80% of the growth in the FMCG market in the first three quarters of 2025 came from third to fifth-tier cities, where sales volume increased by 4-6%, offsetting a 2-3% decline in average prices [4] - The ongoing urbanization, stable local consumption, and accelerated market penetration by brands and retailers are driving the rise of lower-tier markets [4] - New retail formats such as snack stores and community supermarkets, along with O2O delivery platforms, are providing efficient consumer access and becoming key growth drivers [4] Category Performance - Among the four main FMCG categories, packaged foods saw the fastest growth, with overall sales increasing by 3.4%, driven by stable demand for core staple foods and snacks [7] - Household care products grew by 3.3%, while personal care and beverage categories saw modest growth of 1.1% and a decline of 1.1%, respectively [7] - The report highlights a polarized market trend, with healthy juice products experiencing a 19.2% sales increase, while milk and yogurt faced declines of 6.4% and 5.8% due to oversupply and intense price competition [7] Channel Dynamics - Emerging retail channels such as warehouse membership stores, snack stores, and discount stores are rapidly expanding, with growth rates of 40%, 51%, and 92%, respectively, reflecting consumer preference for higher cost-performance and convenience [8] - Instant retail O2O channels reversed last year's decline with a 7.9% year-on-year growth in the third quarter, driven by the popularity of delivery services and increased product variety [8] - Social e-commerce platforms like Douyin and Pinduoduo are gaining market share, collectively accounting for over 40% of FMCG e-commerce sales, integrating shopping experiences seamlessly [8] Strategic Framework - Bain introduced the "C.O.R.E." strategic framework to assist brands in achieving sustainable growth driven by demand, focusing on understanding demand systems, product offerings, channel routes, and execution [12][13][14] - Retailers are increasingly acting as brand creators, with private label brands experiencing an average annual growth of 44% over the past two years, now accounting for 2% of total FMCG sales [11]

Core Insights - The report indicates that the Chinese fast-moving consumer goods (FMCG) market is stabilizing in 2025 after a flat performance in 2024, with a year-on-year sales growth of 1.3% in the first three quarters, driven by a 3.8% increase in volume, while average prices decreased by 2.4% [3][4] - The growth in the FMCG market is primarily attributed to lower-tier cities, which accounted for nearly 80% of the growth, with sales in these markets increasing by 4-6% year-on-year [4][7] - The report highlights a shift in consumer behavior towards valuing quality and price-performance ratio over merely seeking low prices, indicating a structural adjustment in the market [3][4] Market Dynamics - The packaging food category experienced the fastest growth, with an overall sales increase of 3.4%, driven by stable demand for core staple foods and snacks [8] - Household care products saw a sales increase of 3.3%, attributed to stable cleaning habits and innovative products, while personal care grew by 1.1% [8] - Beverage sales declined by 1.1%, influenced by intensified competition and the impact of ready-to-drink beverages [8][9] Channel Trends - New retail formats such as warehouse membership stores, snack collection stores, and discount stores are rapidly expanding, with growth rates of 40%, 51%, and 92% respectively, reflecting consumer preference for high cost-performance and convenience [10] - Instant retail O2O channels reversed last year's decline, showing a year-on-year growth of 7.9% in the third quarter, driven by the popularity of delivery services and increased product variety [10] - E-commerce channels, particularly social e-commerce and platforms emphasizing cost-performance, continue to gain market share, with Douyin and Pinduoduo together accounting for over 40% of FMCG e-commerce sales [13] Strategic Recommendations - The report suggests that retailers are increasingly taking on roles traditionally held by brand manufacturers, accelerating the development of private labels, which have seen an average annual growth of 44% over the past two years [14] - The "C.O.R.E." strategic framework proposed by Bain aims to help brand manufacturers achieve sustainable growth by focusing on demand systems, product offerings, channel routes, and execution [14][15] - Brands must redefine their relationships with retailers and platforms, viewing each channel as an ecosystem for innovation and value co-creation to seize opportunities in the evolving FMCG market [14][15]

大雪时节，寒意渐浓，正是"冬藏"调养的好时机。保温杯里泡枸杞、练习八段锦……这些曾经 被视为中老年人专属的养生行为，如今已成为许多年轻人的日常生活习惯，一股养生热潮悄然 兴起。随着"健康中国2030"战略深入推进，养生经济持续升温。《中国美好生活大调查》显 示，2025年，"保健养生"已列入国人消费意愿榜第二位。 为什么越来越多年轻人爱上养生？"药食同源"市场因何爆火？传统养生，如何玩出"新花样"？ 本期《财经二十四节气》带你看。 "脆皮"年轻人，掀起养生潮 在上个月结束的"双十一"期间，不少消费者为"健康"激情下单。《2025年双十一全网销售数据 解读报告》显示，今年双十一期间，天猫、京东、抖音、快手等综合电商平台营养保健总销售 额达到了238亿元。京东健康有超2500个营养保健品牌成交额同比翻倍，近100个营养保健细 分品类成交额同比增长超100%。 甘 四 节 气 织 经 纬 ， 山 河 万 象 话 财 经 怨 1 2 21 ■ 07 TATT 养生的风潮愈刮愈烈，年轻群体成为其中重要的推动力量。在快节奏的工作和生活压力下，许 多疾病呈现发病年轻化的趋势，让越来越多年轻人开始重视身体健康。麦肯锡数据显示 ...

为什么越来越多年轻人爱上养生？"药食同源"市场因何爆火？传统养生，如何玩出"新花样"？本期《财经二十四节气》带你 看。 大雪时节，寒意渐浓，正是"冬藏"调养的好时机。保温杯里泡枸杞、练习八段锦……这些曾经被视为中老年人专属的养生行 为，如今已成为许多年轻人的日常生活习惯，一股养生热潮悄然兴起。随着"健康中国2030"战略深入推进，养生经济持续升 温。《中国美好生活大调查》显示，2025年，"保健养生"已列入国人消费意愿榜第二位。 01 "脆皮"年轻人，掀起养生潮 在上个月结束的"双十一"期间，不少消费者为"健康"激情下单。《2025年双十一全网销售数据解读报告》显示，今年双十一期 间，天猫、京东、抖音、快手等综合电商平台营养保健总销售额达到了238亿元。京东健康有超2500个营养保健品牌成交额同比 翻倍，近100个营养保健细分品类成交额同比增长超100%。 养生的风潮愈刮愈烈，年轻群体成为其中重要的推动力量。在快节奏的工作和生活压力下，许多疾病呈现发病年轻化的趋势， 让越来越多年轻人开始重视身体健康。麦肯锡数据显示，我国约42%的千禧一代表示注重健康管理。据《2025年Z世代健康消费 趋势报告》，47%的年轻 ...

在上个月结束的"双十一"期间，不少消费者为"健康"激情下单。《2025年双十一全网销售数据解读报告》显示，今年双十一期 间，天猫、京东、抖音、快手等综合电商平台营养保健总销售额达到了238亿元。京东健康有超2500个营养保健品牌成交额同比 翻倍，近100个营养保健细分品类成交额同比增长超100%。 养生的风潮愈刮愈烈，年轻群体成为其中重要的推动力量。在快节奏的工作和生活压力下，许多疾病呈现发病年轻化的趋势， 让越来越多年轻人开始重视身体健康。麦肯锡数据显示，我国约42%的千禧一代表示注重健康管理。据《2025年Z世代健康消费 趋势报告》，47%的年轻人"经常购买"健康产品/服务，形成稳定的消费习惯，有近六成Z世代每年花1000元～5000元在健康上。 在年轻群体中，健康消费不再是尝鲜，而是"习惯性支出"。 02 "中式养生"走红，"药食同源"市场火热 伴随着年轻人"养生血脉"的觉醒，"一边作死，一边自救"的"朋克养生法"正悄然走红。消费者不再满足于普通的食品饮料，而是 更青睐既能满足即时口感，又具备健康调理功能的轻养生产品，传统中医药文化的"药食同源"理念正催生一股消费新潮流。 大雪时节，寒意渐浓，正是"冬藏 ...

（原标题：大雪?"脆皮"年轻人，带火养生经济？｜财经二十四节气） 大雪时节，寒意渐浓，正是"冬藏"调养的好时机。保温杯里泡枸杞、练习八段锦……这些曾经被视为中老年人专属的养生行为，如今已成为许多 年轻人的日常生活习惯，一股养生热潮悄然兴起。随着"健康中国2030"战略深入推进，养生经济持续升温。《中国美好生活大调查》显示，2025 年，"保健养生"已列入国人消费意愿榜第二位。 为什么越来越多年轻人爱上养生？"药食同源"市场因何爆火？传统养生，如何玩出"新花样"？本期《财经二十四节气》带你看。 从社交平台的花式分享到消费市场的真金白银，养生经济的热潮正不断升温。传统养生智慧与现代生活场景的碰撞融合，正推动养生茶饮、营养 保健品、智能健康设备、中医理疗服务等细分赛道快速增长，折射出国民健康意识的觉醒和对美好生活的追求。 01 "脆皮"年轻人，掀起养生潮 在上个月结束的"双十一"期间，不少消费者为"健康"激情下单。《2025年双十一全网销售数据解读报告》显示，今年双十一期间，天猫、京东、 抖音、快手等综合电商平台营养保健总销售额达到了238亿元。京东健康有超2500个营养保健品牌成交额同比翻倍，近100个营养保健细 ...

据媒体报道，长江和记实业（以下简称长和）正计划推动旗下屈臣氏集团在香港与英国两地上市，预计 最高融资规模达20亿美元。上市准备工作已在推进，最快将于明年上半年启动。 虽然，长和方面称"不对市场揣测置评"，但作为全球最大的保健美容零售连锁之一，屈臣氏颇为曲折的 上市进程仍然备受市场关注。 公开信息显示，早在2014年，长江和记实业就曾谋划屈臣氏上市，并计划在香港、伦敦两地上市募资最 多780亿港币（按当时汇率计算约617.90亿元），当时屈臣氏的估值超3000亿港币（按当时汇率计算约 2376.55亿元）。 但由于该公司创始人李嘉诚选择以约57亿美元价格向新加坡主权基金淡马锡（Temasek）出售了屈臣氏 近25%的股权，导致该公司的上市计划一度搁置。 到了2024年，屈臣氏第二大股东淡马锡控股副首席执行长谢松辉对外透露："屈臣氏集团上市计划仍存 在，具体时间将由公司董事局及管理层决定。" 消息人士称，长和旗下屈臣氏或将于2026年上半年进行IPO。屈臣氏此次上市或筹资20亿美元。 据长和公布的2025年中期业绩，屈臣氏所在的零售板块上半年全球总收入为988.4亿港元，同比增8%， 表现尚可。但中国区收入仅为6 ...

Core Viewpoint - A.S. Watson, a retail subsidiary of CK Hutchison Holdings, is planning an IPO that could be the largest consumer retail IPO in Hong Kong in recent years, with a valuation potentially exceeding 200 billion RMB [1][2]. Group 1: IPO Details - The IPO is expected to raise approximately 2 billion USD, which would help alleviate the group's debt and support core business development [1][2]. - The company has over 17,000 stores globally and operates in various sectors, including health and beauty, supermarkets, and electronics [2]. - The anticipated valuation of 200 billion RMB corresponds to about 230 billion HKD, with a price-to-sales ratio of approximately 1.1, which is considered reasonable [3]. Group 2: Market Context - The global IPO market is recovering, and investor confidence is rising, prompting CK Hutchison to restart the IPO plan for A.S. Watson [1][2]. - The retail sector in Hong Kong has been experiencing a scarcity of large consumer-focused IPOs, making A.S. Watson's offering particularly attractive [3]. Group 3: Financial Performance - A.S. Watson reported a revenue of approximately 988.4 billion HKD for the first half of 2025, with a year-on-year increase of 8%, although revenue from the Chinese market declined by 3.1% [9]. - The company is exploring various strategies to adapt to market changes, including enhancing online channels and upgrading store experiences [9][10]. Group 4: Competitive Landscape - A.S. Watson faces increasing competition from online platforms and new entrants in the beauty and personal care market, which have eroded its traditional advantages [6][9]. - The brand has struggled with stagnation in the Chinese market and has been criticized for not innovating its store image and product displays [7][9]. Group 5: Future Growth Potential - Analysts suggest that future growth may rely on improving store efficiency and expanding product categories, such as introducing high-margin services [10]. - The company's ability to successfully transition to a more integrated online and offline retail model remains a critical question for investors [10].

Core Insights - On November 20, 2023, Kewah Pharmaceutical's stock price remained unchanged at 0.00%, with a trading volume of 30.31 million yuan [1] - The company reported a financing buy-in of 3.57 million yuan and a net financing buy of 1.38 million yuan on the same day [1] - As of November 20, the total margin balance for Kewah Pharmaceutical was 140 million yuan, indicating a low financing balance compared to the past year [1] Financing and Margin Data - Kewah Pharmaceutical's financing buy-in on November 20 was 3.57 million yuan, with a current financing balance of 138 million yuan, accounting for 1.60% of the circulating market value [1] - The company’s margin trading showed a repayment of 1,200 shares with no shares sold, resulting in a margin balance of 1.49 million yuan, which is also low compared to the past year [1] Company Overview - Kewah Pharmaceutical Group Co., Ltd. was established on September 7, 2005, and listed on December 30, 2014 [1] - The company specializes in the research, production, and sales of various traditional Chinese medicines and chemical drugs, with revenue composition as follows: traditional Chinese medicine 64.83%, chemical drugs 26.56%, nutritional health products 8.22%, and others 0.39% [1] Financial Performance - For the period from January to September 2025, Kewah Pharmaceutical reported a revenue of 1.684 billion yuan, a year-on-year decrease of 43.24%, and a net profit attributable to shareholders of -33.54 million yuan, a year-on-year decrease of 105.72% [2] Dividend Information - Since its A-share listing, Kewah Pharmaceutical has distributed a total of 4.045 billion yuan in dividends, with 1.752 billion yuan distributed over the past three years [3] Shareholder Structure - As of September 30, 2025, Kewah Pharmaceutical had 53,000 shareholders, with an average of 11,018 circulating shares per person [2] - The top ten circulating shareholders include various ETFs, with notable changes in holdings among them [3]