彼时糖果花色品种五花八门，主要原料源自蔗糖、麦芽糖或饴糖。糖果按外形分有"粒头糖""卷糖""棒 头糖"，主推粒头糖，口味有牛奶糖、咖啡糖、椰子糖、话梅糖……畅销则非散装什锦糖莫属，经济实 惠。按质地分有硬糖、软糖和夹心糖。硬糖以白砂糖、淀粉糖浆为主料，糖份纯度高，呈透明或半透明 状，硬而脆，含在口中慢慢抿，蛮经得起耗；软糖中含油脂、乳制品、食用胶基，质地柔韧且有弹性， 咀嚼时味道浓郁，档次比硬糖高，尤得女生垂青；夹心糖分两种，其一是传统苏式酥心糖，以油料作物 的熟酱体作馅心，如芝麻酱、花生酱、葵花籽酱等，表皮覆以薄层硬糖，食之香甜酥软，其二则经改 良，外硬内软中间半液态，一糖双味，别有韵致。卷糖纤巧玲珑，圆形条状十粒一卷，每卷数十克，多 款水果味供选，单价亲民，颇适自享。棒头糖萌态可掬，持棒吮咂有滋有味，颇实在，尤受幼童喜爱。 麦芽糖黏性足，加热后拗造型变身奇幻的动物、花卉形象，抑或一糖多色交叠，既好吃又宜玩；稍冷却 可搓条剪截成三角形粽子糖，若佐以辅料则可制作松仁糖、玫瑰糖、薄荷糖。饴糖由玉米、麦子、粟米 等经发酵糖化而成，不仅可口，还有滋补功效。与糖果结缘或"跨界"的尚有膨胀疏松的棉花糖、耐嚼能 吹的泡泡 ...

今天分享的是：保健品行业专题报告：新动向，新成长-东方财富证券 报告共计：32页 中国保健品行业发展现状与趋势总结 中国保健品行业正处于持续扩容阶段，呈现长青市场与新消费市场双轮驱动的格局。2024年中国营养健康食品零售规模达2602 亿元，2019-2024年CAGR达6.3%，但人均消费金额仅26美元，远低于美国、韩国等成熟市场，渗透率提升空间显著。 行业消费群体呈现全人群渗透特征，年轻化与下沉化趋势明显。25-40岁消费群体占比逐步提升，抖音电商数据显示24-40岁兴趣 消费者占比呈上升趋势，同时二线及以下城市消费群体增速突出。消费需求从"治病"转向"防病"，从"补缺"升级为"优化"，日常 化、悦己化趋势显著，美容抗衰、体重管理、睡眠管理等新兴品类增速强劲，软糖、口服饮等零食化剂型备受青睐。此外，银 发经济、青年养生潮及宠物保健需求的兴起，进一步拓宽了行业增长空间。 销售渠道历经多轮变革，从早期的直销、药房主导，逐步转向电商为主导的多元化格局。2023年电商渠道占比达48.02%，其中 直播电商渗透率2024年已达34.3%，抖音平台保健品销售额连续三年保持高速增长，新兴品牌借此快速崛起。跨境电商凭借灵 ...

As filed with the Securities and Exchange Commission on December 22, 2025 Registration No. 333-291362 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 cbdMD, Inc. (Exact Name of Registrant As Specified In Its Charter) | North Carolina | 2833 | 47-3414576 | | --- | --- | --- | | (State Or Other Jurisdiction Of Incorporation Or Organization) | (Primary Standard Industrial | (I.R.S. Employer ...

2025年1至6月份，仙乐健康的营业收入构成为：软胶囊占比46.38%，软糖占比25.31%，片剂占比 9.26%，功能饮品占比5.42%，硬胶囊占比5.31%。 截至发稿，仙乐健康市值为78亿元。 每经头条（nbdtoutiao）——新能源重卡爆单了，11月销量同比增长178%！两班倒都供不应求，客户直 接进厂催单，这情景十年难遇 每经AI快讯，仙乐健康（SZ 300791，收盘价：25.28元）12月22日晚间发布公告称，截至本公告披露 日，公司对控股子公司提供的担保总额度约为人民币约1.42亿元，担保余额约为人民币约1.34亿元，占 公司最近一期经审计归属于母公司所有者权益的比例约为5.33%。截至本公告披露日，公司控股子公司 对控股子公司提供的担保总额度约为人民币7547.74万元，担保余额约为人民币4848.14万元，占公司最 近一期经审计归属于母公司所有者权益的比例约为1.93%。 （记者 曾健辉） ...

Group 1 - The core viewpoint of the article highlights that Xianle Health (SZ 300791) held its 16th meeting of the fourth board of directors on December 19, 2025, via teleconference to review proposals including amendments to certain company regulations [1] - For the first half of 2025, Xianle Health's revenue composition is as follows: soft capsules accounted for 46.38%, gummies for 25.31%, tablets for 9.26%, functional beverages for 5.42%, and hard capsules for 5.31% [1] - As of the time of reporting, Xianle Health has a market capitalization of 7.8 billion yuan [1] Group 2 - The article also mentions that the new energy heavy truck sector experienced a significant surge in sales, with November sales increasing by 178% year-on-year, indicating a strong demand that has led to supply shortages [1] - Customers are reportedly urging manufacturers directly at the factory for orders, reflecting an unprecedented demand scenario in the industry [1]

同时，京东健康通过大数据洞察发现，滋补品类正与"送礼送健康"消费心智深度绑定，成为节日、家庭 与社交场景中的重要选择。平台用户购买数据显示，超过87%的用户在有购买滋补品需求时，会主动搜 索"礼盒""送礼"等关键词，这一趋势为滋补品类带来了巨大的市场空间。 基于此，京东健康宣布成立"滋补老字号联盟"，为老字号品牌提供资源共享、经验互通的平台，并通过 京东健康的数字化基础设施与生态服务能力，推动品牌在产品创新、营销模式、用户体验等方面实现系 统性升级，把握当前市场趋势。 12月3日，京东健康联合同仁堂、九芝堂、广药集团、达仁堂、鹤年堂等二十余家国内头部滋补老字号 品牌代表，举办品牌交流大会，并宣布成立"滋补老字号联盟"。该联盟旨在凝聚行业共识，共同应对市 场变革，探索老字号品牌的数字化、年轻化转型路径，进一步激活国货品牌潜力，引领滋补健康行业高 质量、可持续发展。 多维能力加持 京东健康助力老字号焕新增长 市场健康化需求凸显 滋补老字号迎转型新机遇 近年来，京东健康已与数十家老字号品牌开展深度合作，这些经典品牌借助京东平台，不仅实现了销量 和用户的双重增长，更成功焕新了品牌形象，赢得了新一代消费者的认可。 随着 ...

Core Viewpoint - The establishment of the "Nourishing Old Brand Alliance" by JD Health and over twenty leading traditional Chinese medicine brands aims to address market changes and explore digital and youthful transformation paths for old brands, promoting high-quality and sustainable development in the health industry [1][2]. Group 1: Market Trends - There is a significant trend towards health consumption becoming more online, functional, and youthful, driven by increasing health awareness among consumers [2]. - The online market potential for health supplements is substantial, with JD's health supplement category experiencing a compound annual growth rate of over 30% [2]. - Traditional health supplement products are evolving from basic agricultural products to more convenient, snack-like, and functionally complex processed forms, such as ready-to-eat products and individually packaged items [2]. Group 2: Consumer Behavior - JD Health's data insights reveal that health supplements are closely associated with the "gift of health" consumer mindset, making them popular choices for holidays and social occasions [2]. - Over 87% of users actively search for keywords like "gift box" and "gift" when looking to purchase health supplements, indicating a significant market opportunity [2]. Group 3: Support for Old Brands - JD Health has collaborated with numerous old brand companies, helping them achieve both sales and user growth while refreshing their brand image to appeal to a new generation of consumers [4]. - The company provides systematic support to members of the "Nourishing Old Brand Alliance" to address challenges such as brand youthfulness, user engagement, and supply chain efficiency [4]. - An example includes the collaboration with Jiuzhitang to develop the "Ejiao Huangqi Oral Liquid," which quickly validated its market potential within two months of launch [4]. Group 4: Future Outlook - JD Health plans to leverage its super supply chain and professional capabilities to help old brand companies rejuvenate while maintaining quality, promoting the modern expression and inheritance of traditional nourishing culture [5].

Core Viewpoint - The company reported steady revenue and profit growth in the first three quarters of 2025, indicating a stable operational performance and potential for long-term growth [1][3]. Financial Performance - In the first three quarters of 2025, the company achieved revenue of 3.291 billion yuan, a year-on-year increase of 7.96%, and a net profit attributable to shareholders of 260 million yuan, up 8.53% year-on-year [1]. - For Q3 2025, the company recorded revenue of 1.250 billion yuan, representing an 18.11% year-on-year growth, with a net profit of 99.15 million yuan, an increase of 16.20% year-on-year [1]. Profitability Metrics - The net profit margin for the first three quarters of 2025 improved by 0.04 percentage points to 7.91%, while the gross margin increased by 1.05 percentage points to 32.26% [2]. - In Q3 2025, the net profit margin slightly declined by 0.13 percentage points to 7.93%, with a gross margin increase of 1.12 percentage points to 30.76% [2]. Cost Structure - The sales expense ratio increased by 0.67 percentage points, and the management expense ratio rose by 1 percentage point in the first three quarters of 2025, while R&D expenses decreased by 0.18 percentage points [2]. - In Q3 2025, the sales expense ratio increased by 0.45 percentage points, and the management expense ratio rose by 0.16 percentage points, with a slight decrease in financial expenses by 0.29 percentage points [2]. Growth Drivers - The increase in gross margin is attributed to the high growth rates of core product categories such as gummies [2]. - The company is focusing on new retail and expanding its customer base in Europe and the U.S., which may further enhance the order proportion of gummies and soft capsules [2]. Long-term Outlook - The company is expected to maintain a positive long-term growth trend, with projected net profits of 341 million yuan, 431 million yuan, and 538 million yuan for 2025, 2026, and 2027, respectively, corresponding to PE ratios of 22, 18, and 14 times [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Insights - The company reported a revenue of 3.291 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 7.96%. The net profit attributable to the parent company was 260 million yuan, up 8.53% year-on-year, while the net profit excluding non-recurring items was 244 million yuan, an increase of 3.42% year-on-year. In Q3 2025 alone, the company achieved a revenue of 1.250 billion yuan, a year-on-year increase of 18.11%, with a net profit of 99.15 million yuan, up 16.20% year-on-year, and a net profit excluding non-recurring items of 84.96 million yuan, an increase of 3.75% year-on-year [2][4][11] Financial Performance - The gross profit margin for the first three quarters of 2025 increased by 1.05 percentage points to 32.26%, while the net profit margin attributable to the parent company rose by 0.04 percentage points to 7.91%. In Q3 2025, the gross profit margin was 30.76%, up 1.12 percentage points year-on-year [11] - The company is expected to achieve net profits of 341 million yuan, 431 million yuan, and 538 million yuan for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 22, 18, and 14 times [11] Business Outlook - The company is experiencing steady business recovery and product structure optimization, with a positive long-term growth outlook. The internal business profitability is strong, although some production lines are exerting pressure on profits. The company is in the process of selling certain production lines, which may enhance its growth potential [11]

Core Viewpoint - Xianle Health's stock price has shown a significant increase this year, with a year-to-date rise of 23.76% and a recent 5-day increase of 7.56% [1] Financial Performance - For the period from January to September 2025, Xianle Health achieved a revenue of 3.291 billion yuan, representing a year-on-year growth of 7.96% [2] - The net profit attributable to shareholders for the same period was 260 million yuan, reflecting an increase of 8.53% year-on-year [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Xianle Health was 11,800, a decrease of 2.97% from the previous period [2] - The average number of circulating shares per shareholder increased by 3.02% to 21,811 shares [2] Dividend Distribution - Since its A-share listing, Xianle Health has distributed a total of 583 million yuan in dividends, with 415 million yuan distributed over the past three years [3] Major Shareholders - As of September 30, 2025, new institutional shareholders include Dongfanghong Jingdong Big Data Mixed A, holding 3.8835 million shares, and Dongfanghong New Power Mixed A, holding 2.1999 million shares [3] - Other notable shareholders include Guangda Baodexin Credit Tanyi Bond A, holding 2.0329 million shares, and Dongfanghong Core Value Mixed A, which increased its holdings by 146,600 shares [3]