11月27日，"2025搜狐财经年度论坛"在北京举办。在论坛中，伊利集团副总裁张轶鹏带来了题为"汇聚全球资源，打造一杯好奶"的主题分享。 张轶鹏表示，中国乳业正在从"以量取胜"迈向"以质取胜"。消费者需要更加精准、更加专业、更具功能性的营养产品，乳品深加工已成为行业升级的关键。 比如，伊利为了攻克乳铁蛋白提取工艺这一卡点，伊利开展了长达17年的技术攻关，最终实现了乳铁蛋白定向提取保护技术的突破，成功打破国外技术垄 断。 我想跟大家讲一个乳铁蛋白这个例子，乳铁蛋白对于免疫力的调整是非常重要的，它是牛奶里面原生的一种蛋白质。乳铁蛋白提取工艺非常复杂，所以国内 一直是空白。而且要想选一公斤的乳铁蛋白出来，要耗费掉10吨的牛奶才能选出来，所以是万里选一。伊利集团用了17年的时间，通过技术攻关，实现了乳 铁蛋白的定向的保护和提取技术，成功的打破了国外技术垄断。为了攻克这一卡点，伊利开展了长达17年的技术攻关，最终实现了乳铁蛋白定向提取保护技 术的突破，成功打破国外技术垄断。 作为中国产品线最丰富的乳企，伊利正在从乳品企业走向"健康食品集团"，打造了覆盖液态奶、冷饮、奶粉、酸奶、奶酪，以及天然矿泉水、现泡茶、营养 补剂等 ...

Core Viewpoint - H&H International Holdings (01112) reported a 12.0% year-on-year increase in total revenue for the nine months ending September 30, 2025, reaching RMB 10.805 billion, driven by strong growth in the infant nutrition and care products segment, particularly in infant formula milk powder, which saw a 33.3% increase [1][1][1] Group 1: Financial Performance - Total revenue increased by 12.0% year-on-year to RMB 10.805 billion, with a comparable basis increase of 12.3% [1][1][1] - The infant nutrition and care products segment experienced accelerated growth, with a 24.0% increase [1][1][1] - Infant formula milk powder business grew by 33.3% year-on-year [1][1][1] Group 2: Business Segment Insights - The infant probiotics and nutritional supplements segment saw a reduced decline of 2.3%, with a strong double-digit growth in the last three months of the reporting period [1][1][1] - The infant formula powder industry is currently under pressure due to demand factors, but H&H's sales in this segment increased by 10.0% year-on-year, outperforming the industry average [1][1][1] - Strong sales performance in Stage 1 and Stage 2 infant formula contributed to the company's growth [1][1][1] Group 3: Market Outlook - The ongoing implementation of childcare subsidy policies is expected to improve demand for infant formula, supporting continued growth for H&H's products [1][1][1] - The company’s infant probiotics and nutritional supplements are anticipated to gradually return to a growth trajectory [1][1][1]

Core Insights - The article discusses the evolving fitness habits among young people, highlighting that fitness has become a popular lifestyle choice and a common topic of conversation among the youth [4][6][71] - A survey conducted by "后浪研究所" reveals diverse motivations for fitness, including health, stress relief, and personal satisfaction, rather than solely aesthetic goals [20][71] Group 1: Demographics and Participation - The survey included a diverse demographic, with 46.2% male and 53.8% female participants, predominantly from the post-90s and post-95s generations [7][8] - Young people engage in fitness an average of 3.3 times per week, with each session lasting approximately 1.3 hours, indicating a strong commitment to fitness as part of their lifestyle [8][10] Group 2: Fitness Preferences and Goals - The survey indicates that fitness goals vary significantly between genders, with men focusing on muscle gain and women prioritizing core strength and overall health [21][30] - The preferred fitness activities show a gender divide, with men favoring weight training and women leaning towards group classes and personal training [23][24] Group 3: Spending and Consumption Trends - On average, women spend 996.3 yuan monthly on fitness, which is over 200 yuan more than men, reflecting a trend of higher investment in fitness among female participants [41][42] - A significant majority (74.1%) of respondents prefer budget-friendly alternatives to high-end fitness products, indicating a shift towards practical spending in fitness [45][46] Group 4: Attitudes Towards Fitness - The article emphasizes that fitness is increasingly viewed as a means of self-improvement and personal enjoyment rather than a chore, with many young people seeking a balance between fitness and other life aspects [71][72] - The survey results suggest that young individuals are moving away from traditional fitness norms, focusing instead on personal satisfaction and well-being [20][71]

Core Viewpoint - Fitness has become a standard part of young people's lives, akin to a common topic of conversation, with a notable increase in enthusiasm among younger generations, particularly those born after 2000, who score 7.63 in fitness enthusiasm [1][2]. Group 1: Fitness Engagement Among Different Age Groups - The fitness enthusiasm scores for different age groups are as follows: 00s at 7.63, 90s at 7.55, 85s at 7.49, and 95s at 7.54 [2]. - Over 50% of young people spend more than 1 hour per workout, indicating a strong commitment to fitness [3]. Group 2: Average Workout Duration and Frequency - The average workout duration for young people is 1.3 hours, typically consisting of 1 hour of strength training and 15 minutes of running [5]. - Young people average 3.3 workouts per week, indicating a frequent engagement in fitness activities [7]. Group 3: Fitness Preferences by Occupation - Freelancers show the highest fitness enthusiasm with a score of 7.83, followed by government employees and those in public institutions [6]. - The highest workout frequency is also seen among freelancers, averaging 3.66 times per week [7]. Group 4: Dietary Habits and Fitness Goals - Over 64% of young people control their diet to some extent, but many do not strictly limit their food intake, indicating a balanced approach to fitness and nutrition [9][8]. - The purposes of fitness have diversified, with many engaging in exercise for stress relief and overall health rather than solely for aesthetic goals [10]. Group 5: Gender Differences in Fitness Preferences - Both genders prefer to work out independently, with 71.4% of men and 50.1% of women choosing to exercise in gyms alone [14]. - Men show a higher preference for weight training, while women are more inclined to seek personal trainers or participate in group classes [15]. Group 6: Fitness Equipment and Spending - Women spend an average of 996.3 yuan per month on fitness, which is over 200 yuan more than men, who spend 755.8 yuan [31]. - A significant majority (74.1%) of young people prefer budget-friendly fitness gear over high-end brands, reflecting a trend towards practical spending [32]. Group 7: Evolving Fitness Culture - The definition of fitness has expanded beyond weight loss and muscle gain to include mental well-being and personal satisfaction, with young people increasingly viewing fitness as a form of self-care [60][61].