证券研究报告 | 北交所专题报告 | | --- | hyzqdatemark 2026 年 01 月 12 日 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 政策与需求共振，健康食品迈向精准与日常 证券分析师 ——北交所新消费产业研究系列（四） 投资要点： 风险提示：宏观经济及社会消费波动风险、原材料价格波动风险、市场竞争风险 请务必仔细阅读正文之后的评级说明和重要声明 联系人 健康中国战略推动居民健康素养水平提升，银发和 Z 世代人群健康需求强劲。根据第一财经 商业数据中心公众号，在健康中国战略的深度推进下，我国居民健康素养水平实现稳步增长， 2024 年达到 31.87%，相较 2023 年提升 2.17pcts。中国已整体迈入中度老龄化社会，参考中 国老龄科学研究中心《银发经济蓝皮书：中国银发经济发展报告（2024）》预测，2025 年银 发经济规模预计超过 9 万亿元，占 GDP 6%，2035 年银发经济规模预计达 30 万亿元。Z 世 代已将健康纳 ...

Core Insights - Qingdao's private economy development bureau has officially announced the list of leading benchmark enterprises for 2025, with Kang'er Biological Group being recognized for its continuous innovation in health product research and its comprehensive industry chain layout [1][3] Group 1: Company Recognition and Achievements - Kang'er Biological Group has received multiple prestigious titles, including "Qingdao Marine High-Growth Enterprise," "Shandong Province Gazelle Enterprise," and "Innovative Enterprise of China," highlighting its strong overall capabilities [3] - The company was established two decades ago, capitalizing on the rise of the health industry, and has developed a strategic focus on health products over the past ten years [3][4] Group 2: Strategic Development and Market Positioning - The company emphasizes a dual-driven development model combining marine resources and the health industry, aligning with national macro strategies and local government support [3][4] - Kang'er Biological has developed a unique health industry model that integrates marine technology, dietary nutrition, and plant active ingredients, establishing a new paradigm with distinct Chinese characteristics [4] Group 3: Operational Capabilities and Infrastructure - The company leverages the extensive global R&D network and three core industrial parks of its parent company, enhancing its R&D, production, and industrialization capabilities [6] - Kang'er Biological has established a comprehensive industrial system covering raw material extraction, formula development, production, and market sales across various sectors, including medical devices and nutritional functional foods [6] Group 4: Industrial Bases and Collaboration - The company has three distinctive industrial bases: a marine and dietary nutrition production base in Qingdao, a deep processing facility for marine active substances in Jimo, and a plant active substance extraction center in Gansu [6] - These bases are open for visits and exchanges, aiming to engage aspiring entrepreneurs and professionals in the health industry to promote the integration of marine and health sectors [7]

Group 1 - Zhejiang Hengmei Health Technology Co., Ltd. (referred to as "Hengmei Health") has received the first round of inquiry from the Beijing Stock Exchange, focusing on business compliance, food safety risks, and other operational concerns [2] - The company plans to raise 501 million yuan through its IPO, which will be used for projects including the annual production of 5,780 tons of nutritional food and the establishment of a research and development center [4] - From 2022 to 2024, Hengmei Health's revenue increased from 587 million yuan to 1.072 billion yuan, while net profit rose from 40 million yuan to 103 million yuan, but the growth rates for both revenue and net profit are expected to decline significantly in 2024 [4] Group 2 - In the first quarter of 2025, Hengmei Health experienced a decline in performance, with revenue and net profit dropping by 10.14% and 23.12% year-on-year, respectively [4] - The company has faced management changes, with several executives resigning for personal reasons, raising concerns about the stability of its operations [5] - The Beijing Stock Exchange has requested Hengmei Health to analyze the impact of these management changes on its business operations and the potential risks associated with its market position and product offerings [5]

Fixed Income - Economic pressure is expected to rise in the second half of the year, with a focus on the bond market as a favorable investment opportunity. The current economic recovery is influenced by price adjustments, and the "anti-involution" policy has become a priority. The overall CPI and PPI improvements were below expectations in July, indicating a potential shift in economic growth momentum and income distribution structure [2][7][10] - The 10Y government bond yield is projected to fluctuate between 1.6% and 1.8% in the second half of the year, with current yields around 1.75%, presenting a favorable price-performance ratio. The report suggests a bullish outlook on long-duration municipal and capital bonds, as well as specific bank perpetual bonds [10][14] Nutritional Functional Food Industry - The nutritional functional food market in China is rapidly developing, with a market size projected to grow from CNY 233.1 billion in 2024 to CNY 349.9 billion by 2029, representing a compound annual growth rate (CAGR) of 8.5%. The overall market for nutritional health foods is expected to reach CNY 522.3 billion in 2024 and CNY 720.3 billion by 2029, with a CAGR of 6.6% [16][17] - Key players in the nutritional functional food sector include Kangbiter (brand operator), Wuxi Jinghai (raw material supplier), and Hengmei Health (contract manufacturer), indicating a well-structured industry chain [17] Pharmaceutical Industry - The pharmaceutical index increased by 3.08%, outperforming the CSI 300 index by 0.7%. Companies such as Sino Medical, Innovation Medical, and Guangsheng Tang saw significant stock price increases, indicating a broadening market trend in the pharmaceutical sector [26][27] - The report highlights the potential of tri-antibody therapies in cancer immunotherapy, with specific attention on Shanghai Yizhong's YXC-001 and other combinations, suggesting a promising future for these treatments [28][29] Metals and New Materials - The rare earth market is experiencing price increases, particularly for praseodymium and neodymium oxides, driven by improved export volumes. The price of tungsten concentrate has also surpassed CNY 200,000 per ton due to supply constraints and rising demand [21][22] - The report notes that the controlled nuclear fusion industry is accelerating towards commercialization, with significant opportunities for upstream materials suppliers [24] Public Utilities and Environmental Protection - The demand for Solid Oxide Fuel Cells (SOFC) is expected to rise, particularly in data center applications, presenting opportunities for domestic companies to expand internationally. The report emphasizes the importance of companies that supply upstream equipment and materials for SOFC [20][21] - Shaan Energy's new project in Guangdong aims to integrate power generation and data center operations, which is expected to enhance the company's growth prospects in the context of increasing green energy demand [5][6]

Group 1 - The elderly food market in China is expected to grow due to the accelerating aging population, but it faces systemic challenges that need to be addressed [1][2] - As of the end of 2023, the population aged 60 and above in China reached 296.97 million, accounting for 21.1% of the total population, with the aging process expected to intensify in the coming years [1] - The market for nutritional health foods is projected to reach 522.3 billion yuan in 2024, with a compound annual growth rate of 8.5% for nutritional functional foods over the next five years [2] Group 2 - There is a mismatch between the demand and supply of elderly food products in China, with few products specifically designed for the elderly and many being health supplements that do not cater to their actual needs [3] - The ordinary food sector often misrepresents products as suitable for the elderly, lacking genuine nutritional considerations [3] - The influx of participants in the health food market has led to a lack of innovation and quality, resulting in consumer distrust due to misleading marketing practices [3] Group 3 - Domestic dairy and food companies are recognizing the market opportunities in elderly food and are accelerating their investments in this sector [4] - Companies like Bright Dairy and Yili are focusing on developing functional dairy products aimed at healthy aging, but they face challenges such as a lack of standards and difficulties in claiming product functions [4] - The regulatory environment complicates the ability to make functional claims for new products, as only health foods can officially declare such benefits [4][5] Group 4 - The process of obtaining health food certifications is lengthy and challenging, which does not align with the rapidly changing market demands [5] - Companies are encouraged to innovate while simultaneously gathering research data on the elderly population to address the urgent issue of aging in China [5]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The Chinese nutrition and health food market is experiencing stable growth, with a compound annual growth rate (CAGR) of 5.7% from 2019 to 2024, and an expected acceleration to 6.6% from 2024 to 2029. Nutritional functional foods are projected to grow at a CAGR of 8.5%, indicating a rising consumer acceptance of daily nutritional supplements and functional foods [13][14][15] - The market is driven by multiple factors including an aging population, rising income levels, the proliferation of e-commerce channels, government policy support, and increasing health awareness among consumers [15][16] Summary by Sections Industry Overview - The Chinese nutrition and health food sector is categorized into nutritional functional foods and health foods, focusing on safety and functionality to meet the daily nutritional needs of specific populations, particularly the elderly [7][9] Market Dynamics - The market is characterized by a high concentration of suppliers in the upstream segment, supported by strong R&D capabilities in the midstream, and a diverse sales model in the downstream, integrating online and offline channels [11][12] Consumer Trends - The dietary structure of the elderly population in China is significantly imbalanced, with regional disparities exacerbating nutritional deficiencies and increasing chronic disease risks, making dietary optimization a core national health strategy [9][10] Market Size and Growth - The market for nutritional health foods in China is projected to reach CNY 5,223 billion by 2024, with nutritional functional foods accounting for CNY 2,891 billion and health foods for CNY 2,331 billion [14] Product Segmentation - The nutritional functional food industry is diversifying into six key segments: weight management, sports nutrition, beauty nutrition, gut health, healthy snacks, and basic nutrition, catering to the varied health needs of consumers [20][21][29][30] Future Trends - The market is expected to see a shift towards personalized nutrition and precision health products, driven by advancements in technology and consumer demand for tailored health solutions [33][34]