近日，蒙牛旗下专业运动营养品牌迈胜宣布完成近亿元A轮融资；伊利在近期投资者会上也透露，将优 先布局益生菌和蛋白质补充剂赛道。 在业内看来，随着液体蛋白市场的快速增长，一场围绕"蛋白质"的无声战役已在乳业巨头间全面打响。 液奶复苏缓慢，乳企正在寻找新的结构性增长机会 液奶市场迟迟未见复苏，乳企已开始为后液奶时代的竞争布局。 液体蛋白市场机会几何 外界看来，国内液态奶市场连续两年处于下滑状态，也冲击了乳企业绩。今年前三季度，国内主要乳企 业绩受液奶业务拖累，均有不同程度地放缓或下滑。相比之下，国内快速增长的液体蛋白需求令乳企关 注。 近日，利乐公司、恒天然和中国营养保健食品协会生酮饮食专业委员会联合发布的《2025中国液体蛋白 行业发展白皮书》显示（下称 白皮书），2024年到2027年，全球高蛋白市场复合增长率将达到9.6%， 液态产品占比37.7%。目前国内蛋白质补充主要还以粉剂为主，液态蛋白的占比只有24%，但增速可 观，2024年国内主流电商平台液体蛋白市场同比增长478.4%，尚处市场增长早期。 此外，液体蛋白类产品用途广泛，涵盖青少年至中老年营养补充、运动人群营养、体重控制等多个方 面。且液体蛋白中， ...

（原标题：数贸"引擎"与全链服务新机 驱动"武汉制造"货通全球） 11月21日下午，作为本届汉交会的重要配套活动，2025数字贸易暨跨境电商产业对接活动在汉成功举 办。本次活动以"数智赋能 助企出海"为主题，由武汉市商务局主办、武汉市跨境电子商务协会承办， 活动吸引30余家全球跨境电商知名平台、优质服务商及200余家企业参会交流。 武汉音石网络科技有限公司是一家员工平均年龄不到30岁的年轻公司，主要从事跨境高品质补剂的进 口。"来自美国、澳大利亚等地的蛋白粉、肌酸等，通过空运的方式直达湖北花湖机场，并依托武汉东 湖综保区保税仓储政策与区位优势，以更加实惠的价格送到国内消费者手中。"该公司新媒体运营总监 范倬良告诉记者，这次参加汉交会有助于帮助公司获得更大曝光量，让更多的消费者了解他们的产品。 武汉市商务局负责人介绍，下一步将坚持"线上线下"融合发展，打好"政策+平台+服务"组合拳，在优化 政策环境上持续加力，在提升服务效能上精准发力，在构建产业生态上协同聚力，为企业在汉发展提供 全方位服务保障，推动数字贸易、跨境电商高质量发展，为建设现代化大武汉、打造内陆开放高地提供 有力支撑。 今年10月，党的二十届四中全 ...

此外，作为迈胜的控股股东，蒙牛集团此前已为其提供研发平台、供应链支持、品控体系等核心支持。 此次蒙牛创投的追加投资，既延续其在营养与食品生态链领域的前瞻布局，聚焦健康、生命科技及生物 制造等方向的持续投资与孵化，也是在战略层面对迈胜首轮外部融资的有力加持。 11月16日，北京商报记者获悉，近日蒙牛集团旗下专业运动营养品牌迈胜宣布完成近亿元A轮融资，投 资方包括仙乐健康、蒙牛创投及高瓴创投。此次融资将进一步推动迈胜在运动营养领域的市场拓展和产 品创新。据了解，本轮融资由仙乐健康领投，高瓴创投与蒙牛创投跟投，汇聚了产业资本与母公司资源 的双重合力。 蒙牛集团官网显示，迈胜是一家专注于运动营养的品牌提供商，主要为运动爱好者提供包括运动前、 中、后及日常活力健康的全面完整营养产品解决方案。目前，迈胜已成为国内极少数覆盖马拉松、越野 跑、铁三骑行等有氧耐力运动全场景营养需求的品牌。作为国内首个定位"专业运动营养"的本土品牌， 迈胜以超300%的业绩增速狂奔，或成集团战略第二曲线的核心承载者。 领投迈胜的仙乐健康是全球领先的营养健康食品解决方案提供商，同时也是国内首家营养健康食品解决 方案提供商上市公司，在细分运动营养赛 ...

11月16日，北京商报记者获悉，近日蒙牛集团旗下专业运动营养品牌迈胜宣布完成近亿元A轮融资，投资方包括 仙乐健康、蒙牛创投及高瓴创投。此次融资将进一步推动迈胜在运动营养领域的市场拓展和产品创新。 据了解，本轮融资由仙乐健康领投，高瓴创投与蒙牛创投跟投，汇聚了产业资本与母公司资源的双重合力。蒙牛 集团官网显示，迈胜是一家专注于运动营养的品牌提供商，主要为运动爱好者提供包括运动前、中、后及日常活 力健康的全面完整营养产品解决方案。目前，迈胜已成为国内极少数覆盖马拉松、越野跑、铁三骑行等有氧耐力 运动全场景营养需求的品牌。作为国内首个定位"专业运动营养"的本土品牌，迈胜以超300%的业绩增速狂奔，或 成集团战略第二曲线的核心承载者。 此外，作为迈胜的控股股东，蒙牛集团此前已为其提供研发平台、供应链支持、品控体系等核心支持。此次蒙牛 创投的追加投资，既延续其在营养与食品生态链领域的前瞻布局，聚焦健康、生命科技及生物制造等方向的持续 投资与孵化，也是在战略层面对迈胜首轮外部融资的有力加持。 高级乳业分析师宋亮向北京商报记者表示，"目前国内消费市场，在功能营养领域拥有非常好的发展前景，无论是 针对老年群体的专业营养，还是 ...

Investment Rating - The industry investment rating is "in line with the market" [2][56] Core Insights - The global sports nutrition market is projected to grow from 188.13 billion yuan in 2025 to 306.47 billion yuan by 2032, with a compound annual growth rate (CAGR) of 7.22% [5][8] - The Chinese sports nutrition market is expected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [5][9] - The market is characterized by a large and growing consumer base, with 71.4% of potential consumers preferring sports nutrition products [9] - The market is segmented into energy supplements, protein supplements, and recovery products, with energy supplements being the largest category [19][20] Market Size and Growth - The global sports nutrition market is expected to reach 188.13 billion yuan in 2025 and 306.47 billion yuan by 2032, with a CAGR of 7.22% [8] - The Chinese sports nutrition market is projected to grow from 9.71 billion yuan in 2024 to 20.93 billion yuan by 2030, with a CAGR of 11.56% [9][11] Consumer Demographics - The consumer base is divided into professional athletes and health-conscious individuals, with the latter group becoming the dominant force in the market [27] - The primary consumers are aged 25 to 45, making up over 80% of the market [28] Competitive Landscape - The global sports nutrition market is fragmented, with the top five companies holding only about 25% of the market share [32] - In China, the market concentration is higher, with the top three companies holding a combined market share of 70% [34] Sales Channels - Online sales account for 65% of the market, with e-commerce platforms like Tmall and JD.com being the main contributors [41] - Offline sales, including gyms and pharmacies, account for 35% of the market, with gyms being a significant sales point [41][45] Policy and Standards - The sports nutrition sector in China is supported by national health strategies and regulations, promoting the integration of fitness and health [48] - A comprehensive standard system is in place, including the GB 24154-2015 standard for sports nutrition products [49]

Industry Overview - The global functional food market is entering a structural growth phase, with a projected market size of 1.09 trillion yuan in 2024 and expected to exceed 1.46 trillion yuan by 2030 [1] - Key growth drivers include vitamins, probiotics, and protein powders, with the Chinese market expected to reach approximately 231.1 billion yuan in 2024, reflecting a year-on-year growth of over 5% [1] Demographic Trends - The dual trends of an aging population and younger consumer preferences are driving market growth, with the elderly population boosting categories related to bone and cardiovascular health, while Generation Z favors convenient and fun supplement options [1] Company Analysis: Swisse - Swisse, under the Health and Happiness Group, demonstrates strong structural adaptability by investing in three strategic paths: efficacy, premiumization, and snackification [1] - The brand focuses on specific functional areas such as anti-aging, gut health, and bone health, while also launching convenient products like gummies and effervescent powders [1] - Financial results indicate that Swisse's ANC business revenue grew by 5.9% year-on-year to 3.44 billion yuan in the first half of 2025 [1] Investment Perspective - Swisse's strategic positioning reflects a proactive response to industry trends rather than a short-term performance spike [1] - The ability to maintain a balanced product structure in the face of rational competition in the functional food sector will determine its contribution to the overall valuation of the Health and Happiness Group in the medium to long term [1]

Core Insights - A significant drop in temperature across the country has led to a surge in demand for warming products, with sales of various heating items increasing dramatically since October [2][3] Group 1: Sales Growth in Warming Products - Sales of warming products have seen a substantial increase, with some categories experiencing a hundredfold growth compared to September [2] - Home energy-efficient heaters have seen a search increase of over 40 times, while sales of hot pot ingredients like beef rolls and fish balls have surged nearly 17 times [2] - A smart temperature-adjustable electric shoe has seen order volume increase by over 148 times in just one month, indicating a strong consumer preference for physical warmth over food supplements [2] Group 2: Popularity of Specific Products - The sales of heating pads have also seen a significant increase, with order volume rising 9 times [2] - New products such as graphene heating vests and USB charging neck warmers have quickly gained popularity, reflecting a new consumer demand for both warmth and style [2] - In the lead-up to the Double 11 shopping festival, Tmall Supermarket has optimized its logistics to offer rapid delivery, with the best-selling product being heating pads, particularly in Shanghai [3]

Group 1 - XiZi Health Group's subsidiary FoYes signed a strategic cooperation agreement with global whey producer Hilmar Cheese Company to deepen collaboration in the sports nutrition sector [1][4] - Hilmar has nearly 40 years of experience in dairy processing and operates in over 50 countries, focusing on whey protein and lactose supply, with a strong emphasis on technological innovation and sustainability [3] - FoYes aims to enhance its product offerings by incorporating Hilmar's high-performance hydrolyzed whey protein, which improves absorption efficiency and supports muscle recovery [4][6] Group 2 - The partnership will focus on the innovative application of whey protein in sports nutrition products, with a shift in the market from "ingredient satisfaction" to "absorption efficiency" [4] - The global sports nutrition market continues to grow, with protein powders remaining significant while ready-to-drink protein beverages and protein bars are gaining momentum [4] - This collaboration represents a strategic move for FoYes to upgrade its raw materials, aligning with the trend of Chinese sports nutrition brands transitioning from "formula competition" to "core ingredients" [4][6]

证券研究报告·行业深度报告·食品饮料 食品饮料行业深度报告 保健品行业 2025 三季报总结：如期向好，个 股分化 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 11 月 05 日 证券分析师 苏铖 执业证书：S0600524120010 such@dwzq.com.cn 证券分析师 邓洁 执业证书：S0600525030001 dengj@dwzq.com.cn 行业走势 -10% -7% -4% -1% 2% 5% 8% 11% 14% 17% 2024/11/4 2025/3/5 2025/7/4 2025/11/2 食品饮料 沪深300 相关研究 《大众品 2025 年三季报总结：成长分 化，蓄势向好 》 2025-11-04 《2025Q3 基金食品饮料持仓分析：持 仓低位继续下降，个股配置更趋分散》 2025-10-30 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 个股分化，Q3 保健品行业在低基数下如期向好：2025Q3 保健品板块 （SW）收入/归母净利润分别同增 18%/122%。个股逻辑各异，整体经 营向上：①汤臣倍健 ...

Investment Rating - The investment rating for the company is "Neutral" [1] Core Views - The company reported a revenue of 4.915 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.27%, while the net profit attributable to shareholders was 907 million yuan, an increase of 4.45% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.383 billion yuan, a year-on-year increase of 23.45%, and a net profit of 171 million yuan, compared to a loss of 22 million yuan in the same period last year [1] - The company has successfully turned a profit in Q3 due to improved gross margin and optimized expense ratios, with a gross margin of 68.56%, up 3.25 percentage points year-on-year [5] - The company is expected to continue its revenue growth into Q4, aiming for a single-digit decline in revenue for the year [5] - The report emphasizes the importance of new product launches and channel management for future growth [5] Financial Summary - For 2024A, total revenue is projected at 6.838 billion yuan, with a year-on-year growth rate of -27.3% [1] - The net profit for 2024A is estimated at 653 million yuan, with a year-on-year growth rate of -62.6% [1] - The earnings per share (EPS) for 2024A is projected to be 0.39 yuan, with a price-to-earnings (P/E) ratio of 33 [1] - The company’s total assets are expected to be 14.28 billion yuan in 2024A, with a debt-to-equity ratio of 15.7% [11]