中新网11月26日电 市面上销售的褪黑素产品属于外源性的激素补充剂，是一种"节律调节器"而非"催眠药"。它对 于因节律紊乱引起的失眠，如倒时差、轮班工作或睡眠时间延迟综合征，可能有一定效果。然而，褪黑素并不能 解决所有类型的失眠。由于焦虑、压力、抑郁等情绪问题，或慢性疼痛、药物副作用、其他睡眠障碍导致的入睡 困难，补充褪黑素效果有限，甚至无效。长期或过量使用还可能影响自身褪黑素的正常分泌。(来源：@科学辟谣 中国新闻网微博) 睡不着，吃片褪黑素就能解决？丨中新真探 来源：中国新闻网 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 ...

来源：国家应急广播微信公众号 在当下的生活节奏中 熬夜成了很多人的常态 大家都知道熬夜伤身 却忽略了熬夜也有可能引发 心源性猝死 熬夜熬到什么程度 身体会受不了？ 熬夜后是否还可以补救？ 一起了解身体发出的危险信号 熬夜到什么程度会发生猝死？ 首都医科大学附属北京安贞医院脑血管病科副主任医师霍晓川表示，熬夜本身未必会直接导致猝死，但 它会让猝死风险飙升。如果出现以下4种情况，必须立刻停下手中的事，赶紧休息。 连续3天以上，每天睡不足4小时 相当于让心跳高速连续运转72小时，心脏每跳一次，心肌细胞就会经历一次收缩与舒张的磨损。 正常睡眠时，心肌细胞能得到40%的修复，而当人体缺觉时，修复几乎停滞。有研究显示，这种状态下 心肌耗氧会增加3倍、血管痉挛的概率提升至平时的5倍。 通宵24小时后不补觉 曾有实验记录，健康成年人通宵后血压会剧烈升高。此时哪怕只爬一层楼，都可能让心脏的负荷突破极 限。 长期每天睡不够6小时 如果长期每天睡眠不足6小时，再叠加高血压、糖尿病等慢性病，这些疾病本身就会损伤血管内皮，熬 夜会让血液中的炎性因子增多，如果再叠加高血压、糖尿病等会损伤血管内皮的慢性病，会加速斑块形 成。 更危险的是， ...

Summary of the Conference Call for汤臣倍健 Company Overview - **Company**:汤臣倍健 - **Industry**: Health Supplements Key Points and Arguments Financial Performance - In Q3 2025,汤臣倍健's net profit attributable to shareholders increased by approximately 14% year-on-year, attributed to new product launches and optimization of online and offline channels [2][5] - Revenue grew by 23.45% year-on-year, with a profit recovery to approximately 170 million yuan from a slight loss in the same period last year [4] - Gross margin improved by 3.2 percentage points to 68.6%, while the sales expense ratio decreased by 10 percentage points to 44% [4] Product and Brand Performance - The main brand,坚毅多, performed well, while Life Space saw a slight decline [2][7] - New products contributed nearly 20% of revenue, with a focus on protein powder, calcium, fish oil, and multivitamins [4][25] - The company established a dedicated innovation department for new products, holding monthly meetings for decision-making [26] Channel Strategy - Offline growth outpaced online in Q3, but online channels also returned to positive growth, driven by new product introductions [7] - Live e-commerce, particularly on the Douyin platform, has become a significant part of the offline channel, with Douyin accounting for about 20% of online sales [12][14] - The company plans to enhance the quality of pharmacy channels rather than increasing the number of stores, focusing on refined operations [10] Future Outlook - Q4 2025 is expected to show continued revenue improvement, with a forecasted narrowing of the annual revenue decline to single digits [8] - The company aims to adopt an entrepreneurial mindset starting in 2026, setting more challenging revenue targets, even at the cost of short-term profits [9] - Plans to introduce new products in pharmacy channels and enhance online strategies to capture market share [16][21] Cost Management - Management expense ratio is projected to be around 7%-8% in 2025, up from 5% in 2024, mainly due to increased amortization from a new office building [15] - The company aims to gradually optimize management expenses, with the amortization of intangible assets from the Life Space acquisition ending in 2028 [15] Market Dynamics - The company recognizes the need to maintain competitiveness in the face of industry changes and plans to increase investment in Douyin to achieve higher growth targets [20][22] - The trend of consumer downgrading is not expected to significantly impact overall gross margin and profitability, as the company focuses on high-quality products rather than engaging in price wars [24] Compliance and Efficiency - Adjustments in compliance management have improved efficiency and responsiveness to business needs, allowing for a more balanced approach between regulatory requirements and operational demands [23] Additional Important Information - The company is exploring new product launches in emerging channels such as cross-border e-commerce and live e-commerce [16][22] - The competitive landscape is evolving, and the company is committed to maintaining its market position through strategic investments and product innovation [20]

Group 1 - Sleep is essential for survival and has several important functions, including promoting growth and development, restoring energy, clearing metabolic waste, and maintaining cognitive function [2][4][5] - Sleep is crucial for immune function, as insufficient sleep can lead to increased susceptibility to illness [5] - Continuous and deep sleep is necessary for cognitive health; fragmented sleep can lead to rapid cognitive decline [8][10] Group 2 - Individuals have different sleep needs based on their unique characteristics; understanding one's own sleep requirements is important for optimal functioning [11][13] - Insomnia is a common issue, with symptoms ranging from occasional sleeplessness to chronic insomnia disorders, which can significantly impact daily functioning [12][23] - Sleep quality can be affected by various factors, including lifestyle habits, age, and underlying health conditions [16][19][22] Group 3 - Sleep duration and quality are linked to overall health; both excessive and insufficient sleep can increase mortality risk and other health issues [19][18] - The importance of maintaining a regular sleep schedule and healthy lifestyle habits, including diet and exercise, is emphasized for better sleep quality [53][54] - Various methods, such as cognitive behavioral therapy for insomnia (CBTI), can be effective in treating sleep disorders [44][45]

Core Insights - The health consumption market is transitioning from a passive "treatment" mindset to an active "prevention" approach, driven by policy, technology, and consumer upgrades [1][28] - The report identifies five consumer segments, each with distinct health management preferences and behaviors [1][49] Group 1: Consumer Trends - Health is becoming a core aspect of beauty, with non-prescription drugs and oral beauty products gaining popularity [2] - Weight management is a key focus, with scientific weight loss principles and innovative food products emerging [2] - The concept of "preventive health" is gaining traction, emphasizing dietary and lifestyle habits [2] - Emotional well-being is increasingly recognized, with consumers using purchases as a means to cope with emotions [2] Group 2: Market Dynamics - The health consumption market is experiencing a supply-demand restructuring, with a shift towards personalized health solutions [33] - The market is expanding across various categories, including "health + home," "health + pets," and "health + beauty" [35] - The pharmaceutical market in China reached approximately 14,480 billion yuan in 2020, with a projected compound annual growth rate of 9.6% over the next five years [35] Group 3: Consumer Segmentation - The report categorizes consumers into five segments: 1. High-intelligence action-oriented individuals who prioritize authoritative endorsements and transparent efficacy [1][49] 2. Passive followers who respond to external health trends and are influenced by social media [1][49] 3. Family health managers focused on disease prevention and safety of ingredients [1][49] 4. Relaxed wellness enthusiasts who practice balanced diets and prefer traditional health products [1][49] 5. Emotionally healing individuals who seek professional psychological support and smart companionship devices [1][49] Group 4: Challenges and Solutions - The industry faces challenges such as information overload, brand trust crises, and the need for clearer health narratives [40] - The TRUTH principle proposed by CBNData aims to address these challenges by establishing a cognitive benchmark and rebuilding trust mechanisms [40]

Core Viewpoint - The price of the compound jujube kernel capsule, a commonly used sleep aid in China, has skyrocketed from approximately 20 yuan to over 100 yuan in just a few years, indicating a significant market shift and rising demand for sleep-related medications [1][2][3]. Group 1: Price Trends - The price of the compound jujube kernel capsule has increased dramatically, with some pharmacies selling it for as high as 148 yuan for a 12-capsule bottle, averaging over 12 yuan per capsule [2][3]. - A comparison of purchase orders shows that the price of the 12-capsule bottle rose from about 20 yuan in 2020 to nearly 150 yuan today, marking an increase of approximately 600% over five years [3][4]. - The current retail price for the 12-capsule bottle is set at 128 yuan, with a supply price of 98 yuan, reflecting a significant markup from previous years [9][10]. Group 2: Raw Material Costs - The primary raw material, sour jujube seed, has seen its price rise from 200 yuan per kilogram in 2020 to over 1,000 yuan per kilogram in 2023, representing a 400% increase over three years [12][13]. - The price of another key ingredient, corydalis, has also fluctuated, increasing from 40 yuan to 150 yuan per kilogram between 2020 and 2022, with current prices maintaining high levels [16][20]. Group 3: Market Demand - The demand for sleep aids has surged, with a reported increase of nearly 30% in the number of patients visiting sleep clinics from 2021 to 2024 [26][28]. - According to a report, the incidence of insomnia among adults in China is as high as 38.2%, with an estimated 200 to 300 million people affected by sleep disorders [27][31]. - The market for insomnia medications is projected to grow significantly, with estimates indicating an increase from 10.3 billion yuan in 2017 to 21.2 billion yuan by 2030, reflecting a robust compound annual growth rate [31].

Core Insights - The article highlights the growing phenomenon of sleep deprivation and its impact on society, particularly among younger generations, leading to the emergence of a multi-billion dollar sleep economy [1][3][4]. Group 1: Sleep Crisis - Over 300 million people in China suffer from sleep disorders, with an insomnia rate of 38.2% among adults, indicating that one in three individuals struggles with sleeplessness [7][21]. - Major cities like Beijing, Shanghai, and Guangzhou are identified as "insomnia hotspots," with average sleep durations falling below 6.5 hours, significantly lower than the international health standard of 7-9 hours [7][21]. - The collective sleep deprivation is exacerbated by both voluntary late-night activities and involuntary insomnia, creating a cycle of anxiety and fatigue [10][20]. Group 2: Sleep Economy Growth - The sleep economy in China reached nearly 500 billion yuan in 2023, with an annual growth rate of 86%, and is projected to exceed 1 trillion yuan by 2030 [21][24]. - The consumer base for sleep-related products has grown by 23% from 2019 to 2023, with average spending per person increasing by 20% and the number of purchases rising by 29% [21][24]. - Traditional sleep aids like bedding and sleep masks remain popular, while innovative products such as smart mattresses and sleep monitoring devices are gaining traction [29][51]. Group 3: Consumer Preferences - Among consumers experiencing sleep issues, 64% opt for home textiles and bedding products to improve their sleep environment, indicating a sustained demand for basic sleep solutions [27]. - The market for smart sleep products is expanding rapidly, with a projected annual growth rate of 30%, potentially reaching 200 billion yuan by 2030 [51]. - Different generations exhibit varying preferences for sleep aids, with older generations favoring supplements and younger consumers gravitating towards smaller sleep products like eye masks and aromatherapy candles [42]. Group 4: Innovative Solutions - The rise of smart sleep technology, including AI-driven sleep monitoring and environment-adjusting devices, is redefining how consumers approach sleep quality [51][58]. - Despite the potential of smart sleep products, concerns remain regarding their accuracy and effectiveness compared to traditional medical devices [58][61]. - The emergence of new roles such as "sleep coaches" reflects the growing market for personalized sleep solutions, indicating a willingness among consumers to invest in various methods to achieve better sleep [44][50].