证券研究报告|行业专题报告 保健品 行业评级 强于大市（首次评级） 2025年9月5日 解构： 迈入科学消费新阶段的保健品行业投资框架 证券分析师： 谢丽媛 执业证书编号：S0210524040004 谭志千 执业证书编号：S0210525040004 请务必阅读报告末页的重要声明 华福证券 华福证券 摘要 为什么说保健品行业发展迎来了新的拐点向上周期？ 有哪些细分赛道近年保持在高景气度？ 投资建议 风险提示 1）监管风险；2）市场竞争风险；3）消费者保健需求变迁风险。 2 华福证券 华福证券 ◆ 年轻消费者占比提升：以25-35岁年龄段为主，以女性消费者为主，代表一种健康的生活方式，本质还是健康意识的提升，以及对于衰老的焦虑。 ◆ 线上占比提升，抖音渠道成为重要的种草和转化平台：线上增速很快，尤其是以跨境电商为主的渠道，可以绕过线下保健食品监管的要求，尤其符 合现阶段年轻消费者对于一些新的未获批的成分的需求。 ◆ 产品迭代速度加快：下游产品迭代快，产品生命周期短，对品牌端的产品研发，产品运营，渠道优势和营销水平提出了更高的要求。 ✓ 抗衰赛道：麦角硫因，PQQ，NAD+产品等 ✓ 运动健康：氨糖，钙DK产品 ...

Investment Rating - The industry investment rating is "Positive" [8] Core Insights - Ruby oil (Calanus oil) is gaining attention in the health supplement industry due to its rich content of beneficial components such as polyunsaturated fatty acids and astaxanthin, which possess anti-inflammatory properties. The total market size for the fish oil sector in China is projected to reach approximately 5.6 billion yuan in 2024, with a CAGR of 10% from 2010 to 2024. The demand is driven by both the aging population and a growing trend among younger consumers seeking anti-inflammatory benefits [2][5][19]. Summary by Sections Ruby Oil Overview - Ruby oil is exclusively produced by the Norwegian company Zooca Calanus and is derived from Calanus finmarchicus, a type of copepod found in non-industrial waters of Norway. Its composition includes 38% polyunsaturated fatty acids, 15% monounsaturated fatty acids, 24% polyunsaturated fatty acids, 16% saturated fatty acids, and 2% astaxanthin. The oil is primarily targeted at oral anti-inflammatory and anti-aging markets, particularly within the broader fish oil market [4][16]. Market Trends - The demand for anti-inflammatory products is increasing across all age groups. The market for oral anti-inflammatory and anti-aging products in China reached 57.4 billion yuan in 2023, with a CAGR of 18% from 2016 to 2023. The fish oil and omega-3 products market is expected to grow to 5.6 billion yuan by 2024, with a CAGR of 10% from 2010 to 2024 [5][19]. Product Distribution and Target Demographics - Ruby oil products are primarily sold through cross-border e-commerce platforms, focusing on female consumers. Major brands utilizing ruby oil include VitaOcean, Feicui, and SuperSmart, with prices ranging from 328 yuan to 502 yuan for 60 capsules. Marketing strategies are increasingly targeting younger demographics, despite the traditional focus on older consumers [6][23].