直播间的疯狂种草，西子健康一路狂奔，正闯关港交所。 近日，湖南西子健康集团股份有限公司正式递交上市申请，中信证券担任独家保荐人，试图成为"抖音 直播+运动营养赛道第一股"。 从翻看其招股说明书，不难发现，西子健康狂奔的背后是，"超60%收入绑定抖音、近半营收砸进营 销、研发投入不足1%"的残酷现实。 这家被流量催熟的品牌，正在接受资本市场最严苛的考验。 逆袭，直播造神话 复盘西子健康的发家史，堪称是所有新消费品牌的流量速成范本。 2013年成立的西子健康，前七年一直是个"打工人"，主营第三方运动健康产品代理，赚着微薄的渠道差 价。 直到2020年前后，该公司踩中抖音直播电商的风口，果断转型做自有品牌，从此一飞冲天。 业绩也是一路狂飙：2023年营收14.47亿元，2024年增至16.92亿元，2025年前三季度达到16.09亿元，几 乎追平去年全年。 更亮眼的是，西子健康的自有品牌贡献营收占比从2023年的42.4%攀升至2025年前三季度的97.3%，彻 底摆脱了对代理业务的依赖。 转型自有品牌也让毛利率大幅跃升，从2023年的44.4%一路涨至2025年前9个月的59.5%，接近60%的毛 利率，在食品行 ...

近日，国内运动营养及功能性食品领域新锐企业西子健康正式向香港联合交易所递交上市申请资料，迈 出企业资本化进程的关键一步。依托多品牌矩阵布局、全链路智能制造体系与持续的研发创新投入，西 子健康在行业高速发展浪潮中实现营收与利润双增长，此次冲击港股，更是为企业迈向高质量发展新阶 段筑牢资本根基，也为国内运动营养行业的产业化升级注入新活力。 作为专业的运动营养品牌运营商，西子健康深耕行业发展趋势，打造了FoYes、fiboo、谷本日记、 HotRule四大核心新锐品牌，构建起丰富多元的产品矩阵。其产品覆盖蛋白粉、复合乳清蛋白粉、肌酸 等运动营养核心品类，同时布局功能性软糖、咖啡等潮流功能性食品，精准触达健身爱好者、都市轻养 生人群等不同消费群体的个性化健康需求，形成了差异化的市场竞争优势。亮眼的业绩数据印证了企业 的发展实力，2023年、2024年及2025年前三季度，西子健康分别实现营业收入14.47亿元、16.92亿元、 16.09亿元，同期净利润达9385.6万元、1.49亿元、1.18亿元，营收规模稳步扩大，盈利能力持续提升， 展现出强劲的经营韧性与发展潜力。 当下，我国营养及健康食品市场正迎来黄金发展期， ...

要闻 应急管理部部署节后返程和复产复工安全防范工作 据新华社报道，应急管理部2月22日召开春节假期视频调度会，分析当前安全形势，调度部署烟花爆竹等重点领域隐患排查整 治、节后返程和复产复工安全防范等重点工作。会议要求，各地抽调力量下沉一线，对所有烟花爆竹经营点进行"拉网式"排 查，会同相关部门加大整治力度，坚决打击违规制售烟花、售卖改装套件等行为；强化道路、水上、民航、铁路等安全监管和 管控疏导，确保群众返程安全；督促各类企业上好"开工安全第一课"，达不到安全要求不能开工。 江淮江南等地将迎大范围降雨 新疆北部等地多降雪 科技 研究发现肥胖显著增加感染重症风险 据新华社报道，一项由芬兰、英国等国研究人员合作开展的研究发现，肥胖会显著增加因常见感染而住院甚至死亡的风险。该 研究覆盖芬兰和英国超过54万人，平均随访时间为13至14年。研究以体质量指数（BMI）衡量肥胖程度，结果显示，与正常体 重人群相比，肥胖人群因感染性疾病住院或死亡的风险高出约70%。随着体重增加，这一风险呈上升趋势，重度肥胖人群这一 风险约为正常体重人群的3倍。研究人员解释说，肥胖似乎会削弱免疫系统应对感染的能力，从而增加常见感染发展为重症的 ...

Group 1: Health Consumption Trends - Health consumption has become a prominent choice during the Spring Festival, reflecting the robust vitality of the Chinese economy [1] - Consumers are increasingly opting for health-oriented products as New Year gifts, with a focus on organic and nutritious items [1] - Data from Meituan shows a significant increase in health product orders, with orders for Ejiao rising nearly 4 times and protein powder orders increasing by 118% [1] Group 2: Consumer Preferences for Gifts - A survey by JD Research indicates that 65.6% of consumers prioritize purchasing health-related gifts for their parents, with 77.2% choosing nutritional supplements [2] - The food gift box market is experiencing a "health return," with 83.6% of consumers selecting food gift boxes for their elders, emphasizing low-sugar and low-fat options [2] - The demand for low-sugar pastries is growing rapidly, outpacing the industry average, as consumers seek products that combine nutrition and taste [2] Group 3: Smart Health Products - Smart health technology products are becoming popular as gifts, with 73.5% of consumers looking for intelligent and convenient health monitoring devices for their parents [3] - Health monitoring and chronic disease management products account for 45.2% of the smart gift market [3] - The rise in health consumption is attributed to improved living standards, heightened health awareness, and innovative supply from businesses [3]

2026年春节假期，记者走访发现，健康消费正成为贯穿餐桌、礼赠、居家、出行的年度新主角。从年夜 饭的"轻油减盐"到走亲访友的"健康礼盒"，从家庭常备的智能监测设备到年轻人追捧的功能性滋补品， 一场从"舌尖保胃战"到"全民养生局"的消费变革，正推动节日消费迈入品质化、健康化、理性化的新阶 段。 年夜饭打响"保胃"升级战 曾几何时，春节餐桌以"大鱼大肉、重油重糖"为标配，"吃撑吃腻"是过年常态，节后"保胃战"成为全民 必修课。今年春节，不少人的年夜饭菜单愈发健康化，绿色、均衡、营养成为节日餐桌主流。 《2026中国春节食品消费趋势报告》数据显示，72.3%的消费者春节采购重点关注"低糖、低脂、低 盐、无添加"等标签，68.7%的消费者优先选择有机、绿色、原生态的食品，59.8%的消费者主动减少高 油高糖高热量食品采购。 市场研究咨询机构英敏特发布的《2026年中国春节消费洞察前瞻》显示，58%的消费者将健康属性列为 送礼首要考量，远超对体面排场的关注，76%的消费者优先考虑收礼人实际需求，健康关怀成为节礼核 心价值。 美团医药健康数据显示，今年春节，健康消费已成老中青三代人的共同选择。总体来看，各年龄段人均 健康 ...

今年春节期间，健康消费已成为越来越多人的选择。从"囤年货"到"囤健康"，蓬勃兴起的健康消费热潮 呈现出中国经济的旺盛活力。 在永辉超市北京丰科万达店，有机粮油、生态猪肉、低GI（血糖生成指数）零食等特色产品摆放在显 著位置，吸引不少消费者驻足选购。永辉超市CEO王守诚告诉记者："过去，年货消费主要是米面粮 油、烟酒糖茶；如今，消费者更倾向于选择具备健康属性的商品作为新年礼物。针对这一趋势，永辉超 市打造全场景健康年货体系，推出有机蔬菜、生态土猪、'吊水'水产等优质生鲜产品，以及有机山茶 油、燕窝粥、花胶、猴菇饼干等健康滋养礼盒，精准对接市民送长辈、送健康的消费需求。" 调研同时显示，83.6%的消费者会为长辈挑选食品礼盒，食品礼盒市场迎来"健康回归"。苏州稻香村食 品集团股份有限公司总裁周立源在接受记者采访时表示，消费者对糕点的需求从单纯口味满足，升级为 营养与口感的多元追求，低糖、低脂、采用天然配料的产品持续走俏，其中低糖糕点细分市场增速远超 行业平均增速。在节日礼品场景中，适配全年龄段、契合健康送礼理念的低糖礼盒，需求呈现爆发式增 长。公司在传统糕点全面降糖降脂的基础上，推出更多融合低糖健康与"药食同源" ...

春节将至，年货采购进入高峰期。今年消费市场呈现一个鲜明趋势，"健康"贯穿送礼、自用、家庭储备核心主线。美团医药健康数据显示，今年春节，健 康消费已成老中青三代人的共同选择。总体来看，各年龄段人均健康消费金额同比均有所提升，其中95后已成为健康品消费主力，30-35岁用户占比接近 三成。 美团买药：健康品是春节前夕增速最快的热销品类之一 从热销品类来看，健康品仍然是春节前夕增速最快的品类之一。自"腊八"以来，美团买药平台上阿胶订单量环比增长近4倍，连续多年稳居春节健康品"顶 流"。此外，蛋白粉订单量环比增长118%，氨糖软骨素环比增长近80%，复方阿胶浆、碳酸钙维D3元素片等产品订单量增速也超过50%。 年轻消费力量加速涌入健康市场。春节前后聚会应酬增多，酒水消费迎来高峰，带动解酒护肝类产品需求显著上升。美团买药数据显示，夜间9点-11点为 解酒药下单高峰。在解酒护肝产品的整体用户中，20-25岁的00后群体交易增幅达43%，居各年龄段之首，折射出年轻一代社交、保养两不误的"朋克养 生"心态。 从地域分布来看，健康消费呈现"核心城市引领、区域中心提速"的鲜明特征。美团买药数据显示，上海、广州、成都稳居健康品订单 ...

Industry Overview - The global protein powder market is experiencing a structural leap, with the functional protein powder market projected to reach $48.7 billion by 2024, growing at a compound annual growth rate (CAGR) of 9.3% [1] - China is the fastest-growing single market, with a market size exceeding 32 billion yuan, and specific categories like whey protein, whey protein isolate, and lactoferrin showing annual growth rates of 18.6%, 22.1%, and 31.4% respectively [1] - Consumer demands are shifting from basic protein supplementation to precise nutritional support, emphasizing raw material activity, digestibility, clinical validation, and traceability [1] - Only 37% of commercially available protein powders meet the 85% hydrolysis rate in simulated gastrointestinal digestion tests, highlighting the irreplaceable role of quality manufacturers in process and quality control [1] Industry Background - Protein powder contract manufacturing has transitioned from traditional outsourcing to a value co-creation phase, with brands relying on manufacturers for raw material selection, activity retention, regulatory compliance, and clinical collaboration [1] - In 2024, 81% of orders will require scenario-based customization, but less than a quarter of companies meet the necessary standards for clean production and raw material traceability [1] - A new wave of health technology companies with scalable manufacturing capabilities and advanced technology is emerging, solidifying China's position as a global supply hub for protein powder [1] Selection Guidelines - Brands need to establish a scientific, verifiable, and actionable evaluation system to identify quality partners based on four uncompromising dimensions: compliance qualifications, production models, quality control capabilities, and technical service capabilities [2][3] - Compliance qualifications are the baseline for trust, requiring SC production licenses and relevant certifications for health claims, along with adherence to GMP standards [2] - Production models that allow for full process control from farm to packaging are preferred, as they directly impact protein structure integrity and bioavailability [2] - Quality control capabilities should include high-standard testing laboratories and comprehensive testing reports, with commitments to annual third-party audits [3] - Technical service capabilities should extend beyond standard OEM/ODM to include formulation development, regulatory consulting, and clinical collaboration [3] Featured Companies Shandong Taishan Health Technology Co., Ltd. - Rated five stars with a reputation score of 9.93/10, this company has over ten years of experience in the health sector, offering a comprehensive range of protein products [4] - The company operates a fully integrated supply chain, ensuring all processes occur in GMP-compliant facilities, and invests in foundational research to explore protein structure-function relationships [4] - User feedback highlights high delivery consistency and rapid regulatory response, with strong performance in the sports nutrition and senior health markets [4] Shandong Weiliwei Health Technology Co., Ltd. - Also rated five stars with a reputation score of 9.89/10, this company focuses on active protein technology innovation and green manufacturing [6] - It has established a digital collaborative network for real-time data tracking from raw material sourcing to production, ensuring high-quality control [6] - The company has developed mature solutions backed by clinical data in various functional areas, including sports nutrition and gut health [6]

Core Insights - JD Health has launched a special user appreciation campaign for the Spring Festival, collaborating with various health brands to offer customized health gift packages to loyal users [1][3] Group 1: User Engagement and Loyalty - The campaign targets loyal users who have been purchasing from JD Health for six years, with a consistent monthly order for 72 months, showcasing diverse consumer profiles [3] - The ongoing orders reflect a narrative of care and lifestyle, driving JD Health to continuously optimize its products and services [3] Group 2: Market Trends and Consumer Behavior - During the New Year shopping festival, JD Health reported a 13-fold increase in daily visitor traffic for health gift products, with a 3.5-fold increase in searches for "New Year gift boxes" [3] - Searches for specific categories like fish oil, bird's nest, and protein powder doubled, indicating a shift towards more professional and precise gift choices among consumers [3] Group 3: Professional Services and Support - Along with the health products, users receive a year-long free one-on-one service from professional nutritionists, available for online consultations regarding nutritional products and dietary advice [5] - The nutritionist team will be available during the Spring Festival to provide tailored dietary suggestions for various demographics, including those with specific health concerns [5] Group 4: Strategic Direction - JD Health is integrating emotional connection with professional services, evolving health care from one-time gifts to long-term support, establishing itself as a reliable choice for health management during festive seasons [7]

Core Insights - The Chinese nutrition and health industry is experiencing a surge in IPO activities, indicating a shift from local operations to global expansion and a focus on scientific validation [4][5]. IPO Developments - In 2025, several companies in the nutrition and health sector are set to go public, covering the entire supply chain from raw materials to manufacturing and branding [4]. - Dongpeng Beverage plans to list on the Hong Kong Stock Exchange in early 2026, aiming to raise over HKD 10.1 billion, marking the largest IPO in the non-alcoholic beverage sector in Hong Kong history [4]. - Xianle Health is advancing its H-share listing while optimizing its global CDMO platform by divesting non-core assets [4]. - Ruoyuchen has submitted its application to the Hong Kong Stock Exchange, focusing on its proprietary brand FineNutri to transition from a service provider to a brand owner [4]. - Other companies like Jiyuan Group and Hengmei Health are also pursuing listings to enhance their production capacities and market presence [4][5]. Regulatory Updates - The National Market Supervision Administration has released several guidelines and regulations affecting the health and nutrition sector, including the review of special medical formula food production licenses and the management of live-streaming e-commerce [6][7]. - New regulations have been introduced to ensure compliance in the marketing of health products, including a ban on certain food sales in live-streaming environments [6]. Market Trends - There is a notable increase in demand for health supplements, with sales of ginseng and other tonic products rising by 55% year-on-year during the New Year holiday [17]. - The import of medical and health products has also seen significant growth, with a 70.4% increase in imports in Hubei province in 2025 [17]. Industry Insights - The current wave of capital influx is not merely for financing but signals a critical transition in the industry towards scientific validation and global operations [4]. - Companies with genuine research capabilities, compliant product systems, and international perspectives are expected to gain a competitive edge in high-quality development [4].