Core Viewpoint - The article discusses the chaotic and often deceptive nature of the health supplement industry, highlighting the high markups and the exploitation of consumer fears, while introducing a new player, "Nutrition Factory," that aims to disrupt the market with transparency and lower prices [10][18][120]. Group 1: Industry Overview - The health supplement industry is characterized by high prices and significant markups, with products often sold at prices far exceeding their production costs [6][10][96]. - Many consumers are aware of the high premiums but feel they have no choice due to the industry's marketing tactics and the fear of health issues [26][118]. - The industry has a natural barrier to entry for newcomers due to high customer loyalty and repeat purchases, but the simplicity of the product offerings allows for disruption [18][19]. Group 2: Consumer Behavior - Consumers are driven by fear of health issues, leading them to purchase supplements despite knowing the high prices [10][11]. - The article suggests that consumers are not naive; they recognize the inflated prices and the role of marketing in the cost structure [26][28]. - Transparency and honesty in pricing and product quality are becoming increasingly important to consumers, creating opportunities for new entrants [31][32]. Group 3: Nutrition Factory's Business Model - Nutrition Factory emerged as a response to consumer frustration with high prices in the supplement market, offering similar quality products at significantly lower prices [102][120]. - The company utilizes a model similar to Xiaomi, focusing on high-quality ingredients and transparent pricing, which has led to rapid sales growth [44][50][112]. - Nutrition Factory's pricing strategy is aggressive, with products priced at a fraction of competitors' prices, such as fish oil sold for 69 yuan per month compared to competitors' prices of 200-300 yuan [48][60]. Group 4: Market Disruption - The success of Nutrition Factory demonstrates that a focus on transparency and efficiency can disrupt a long-established industry [119][126]. - The company operates without traditional marketing costs, relying instead on word-of-mouth and customer satisfaction to drive sales [111][112]. - By providing detailed information about product sourcing, production costs, and quality assurance, Nutrition Factory builds trust with consumers, challenging the status quo of the industry [66][120].

大势研判： 横盘整固，是为蓄力新高。国泰海通策略在4月7日后前瞻且坚定研判了中国股市的升势，中国股市的积极反馈印证了我们前期的判断。至今，上 证指数已升近500点逼近3500点。我们判断下一阶段，股指短期仍有一定空间，但此时股指或横盘整固为主，不再是短期看点，聚焦结构：1）7月4日，特朗 普再次向全球发起关税威胁，前期地缘缓和的预期，有所波折反复；2）上半年表观经济数据尚可，短期出台进一步规模性经济举措必要性下降；3）股市在 估值水平整体提高后，中报季临近，也需要进一步检视增长水平；4）6月以来，IPO受理数量与计划募资规模显性抬高；上市公司披露计划减持规模有所提 高；交易所修改ST股票涨跌幅宽度。以上边际的变化，均有望令股市短期预期上修放缓，交易进入相对平衡的阶段。但要清晰，横盘整固是为蓄力新高，这 与我们战略看多中国股市并无相悖，股市并非今日起涨，也有夯实必要，贴现率下降推动中国股市走向"转型牛"将在金秋时节进一步表现。 中国经济治理思路关注反内卷，低价治理与防止无序扩张正打开新的投资空间。 从近期经济政策取向中，我们能够看到政府治理思路向民生领域倾斜，例如 我们在上期策略周报介绍清偿企业欠款行动与改善企 ...

Core Viewpoint - The health supplement industry is poised for transformation driven by new channels and customer segments, leading to increased demand for functional products and innovation opportunities [1][2]. Market Overview - The health supplement market in China is projected to reach 232.3 billion in 2024, with a year-on-year growth of 4%. Compared to the U.S., there is significant room for growth in penetration rates across all age groups, particularly as younger consumers develop habits and the population ages [2][3]. - The market is characterized by a fragmented landscape, with the top three companies (Tongrentang, Amway, and H&H) holding a combined market share of 22% [2]. Channel and Demand Dynamics - New channels, particularly e-commerce platforms like Douyin, are expected to drive functionalization in the health supplement industry, with Douyin's GMV for health supplements increasing by 44% year-on-year [3]. - The rise of new customer segments, including younger consumers and those seeking specific health benefits, is creating opportunities for new brands and product categories [3]. Product Category Insights - Fish Oil: Market size between 5-10 billion, with high growth potential due to its anti-inflammatory and beauty benefits [4]. - Coenzyme Q10: Market size of 4.1 billion, with a year-on-year growth of 17%, driven by demand from women and stress-related health concerns [4]. - Probiotics: Market size exceeds 10 billion, focusing on gut health and extending to weight management, with top brands achieving over 1 billion in retail sales [4]. - Oral Beauty Supplements: Market size exceeds 10 billion, with high average prices and rapid growth in innovative ingredients [4]. - Basic Nutrients: Vitamins, minerals, and proteins have market sizes of 32.9 billion, 27.1 billion, and 11.6 billion respectively, with year-on-year growth rates of 3%, 5%, and 1% [4]. Competitive Landscape - The industry is experiencing a shift towards product innovation, with traditional brands facing competition from new entrants that leverage unique ingredients and formulations [3][4].

Group 1 - The health supplement market in China is expected to expand significantly, driven by new demographics and demands, with the vitamin and dietary supplement (VDS) market projected to reach 232.3 billion yuan in 2024, a year-on-year increase of 4% [2] - The market is characterized by high gross margins and marketing expenses, similar to the beauty industry, and is currently undergoing a transformative phase with lower concentration among leading brands [2][3] - New channels and consumer demands are anticipated to drive functionalization in the health supplement industry, creating opportunities for product innovation, particularly through content e-commerce platforms like Douyin [3] Group 2 - Specific categories within the health supplement market are experiencing rapid growth, including fish oil (market size 5-10 billion yuan), coenzyme Q10 (market size 4.1 billion yuan, year-on-year increase of 17%), probiotics (market size over 10 billion yuan), and oral beauty products (market size over 10 billion yuan) [4] - The basic nutrients segment, including vitamins, minerals, and proteins, has a market size of 32.9 billion, 27.1 billion, and 11.6 billion yuan respectively, with year-on-year growth rates of 3%, 5%, and 1%, but faces high product homogeneity [4]

撰文丨王聪 编辑丨王多鱼 排版丨水成文 骨关节炎 （OA） 是一种累及整个关节的疾病，包括病理变化，如软骨损伤、软骨下骨重塑和滑膜炎症。 关节周围的 肌肉萎缩 是骨关节炎患者常见的身体表现，是骨关节炎发病的一个标志，并且与膝关节症状和 关节病理恶化有很强的相关性。然而，骨关节炎相关肌肉萎缩的病理特征和分子机制在很大程度上仍不清 楚，这极大地限制了临床治疗的效果。 细胞衰老 是一种永久性的细胞周期停滞状态，在不同的生理和病理过程中发挥着重要作用。近期来自高通 量测序的数据在衰老骨骼肌中识别出了细胞衰老的典型特征。 清除衰老细胞已被证明能促进肌肉再生，并 抑制多种肌肉疾病中的肌肉萎缩。相反，在某些情况下，衰老细胞也可能对肌肉再生起到积极的调节作 用，例如，在蝾螈中，衰老细胞可以通过促进肌肉的去分化来增强肢体再生 。然而，目前尚不清楚 衰老细 胞 是否与 骨关节炎相关肌肉萎缩 有关。 2025 年 6 月 27 日，陆军军医大学/陆军特色医学中心 倪振洪 、 周思儒 、 陈林 、 连继勤 等人在 Nature Aging 期刊发表了题为： Senescent macrophages induce ferroptos ...

本文转自【新华社】 新华网武汉6月18日电（胡诚、张潘）"生物制造"是2025年政府工作报告提出的培育未来产业的重要内 容。近年来，湖北省加快产、学、研、用融合发展，让"小小微生物"裂变为"大产业"，努力打造全国生 物制造产业新高地。 小小微生物激活大农业 "聚焦农业生物制剂创新，我们正在研发新一代可降解包膜剂与土壤修复剂。"湖北富邦科技股份有限公 司董事长王仁宗说，这种微生物菌剂可以进一步提高粮食单产。 图为富邦 科技生产基地。受访单位供图 这家致力于打造全球领先的农业科技服务企业，其核心产品之一是"生物刺激素"。"生物刺激素"是农业 生产的"润滑剂"和"放大器"，能有效提高农药和肥料利用率，推动农业生产降本增效。 图为湖北 大学学生进行合成生物相关实验。受访单位供图 2007年，杨世辉开启对拥有诸多工业生产优势的菌株——运动发酵单胞菌的研究。这种菌株能将秸秆、 玉米芯等多种非粮生物质原料水解液快速转化为乙醇，被视为生物能源生产的理想"催化剂"。 王仁宗说，"生物刺激素"之所以神奇，"秘诀"就在于其中存在一种肉眼看不见的微生物——地衣芽孢杆 菌。 湖北大学生命科学学院陈守文教授科研团队经过多年研究，发现以地 ...

根据市场公开信息及6月6日披露的机构调研信息，知名私募宽远资产近期对1家上市公司进行了调研， 相关名单如下： 1）新 和 成 （上海宽远资产参与公司策略会&现场交流） 机构简介： 上海宽远资产管理有限公司（以下简称"宽远资产"）成立于2014年5月，注册资本1000万元，实收资本 1000万元。主要经营范围是：资产管理，实业投资，企业资产重组，收购兼并及策划，投资咨询，财务 咨询，商务咨询，市场营销策划。宽远资产核心投研团队具有10年以上的成功二级市场投资经验，历经 数轮牛熊，长期过往业绩排名业界前列。依靠选股优势取得长期超越市场的超额收益是宽远资产的优势 所在。宽远资产秉承价值投资的理念，以寻找确定性增长和分享上市公司成长果实为核心出发点，重视 长期业绩的稳定成长。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 调研纪要：新和成在生物发酵、新材料、香料香精等领域持续布局，生物发酵产品涵盖维生素C、辅酶 Q10等；新材料板块与主营业务协同性强，需求增长显著；香料香精业务2024年营收达39.16亿元，同比 增长19.62%，并在山东 ...

Group 1: Company Overview and Strategy - The company operates under two main technology platforms: "Chemical+" and "Biological+" [3] - The focus is on expanding the biological fermentation product line, including vitamins and amino acids [3][4] - The company aims to develop new products in the fields of nutrition, new materials, and flavoring agents [6] Group 2: Financial Performance - The flavor and fragrance segment achieved a revenue of 3.916 billion RMB in 2024, representing a year-on-year growth of 19.62% [4] - Cumulative dividend payments have reached 15.5 billion RMB, with a payout ratio of 30%-50% of annual net profit [8] - The company has implemented two cash dividends in 2025, totaling 2 RMB and 5 RMB per share [8] Group 3: Investment and Development - The company is investing in high-performance polymers and key intermediates, with applications in automotive and electronics [4] - A new liquid methionine project is in the trial production preparation stage [5] - The Tianjin nylon new materials project is awaiting approval for construction [5] Group 4: Market Expansion and Global Strategy - The company exports to over 100 countries, with more than 50% of sales coming from international markets [6] - Plans for overseas factories are being considered, with existing subsidiaries in regions like Hong Kong, Singapore, and Germany [6] Group 5: Innovation and Competitive Position - The company emphasizes innovation and collaboration to enhance product competitiveness [6] - It aims to achieve domestic production of key products like vitamins E and A, contributing to industry transformation [6] - The company is focused on deepening its product matrix and expanding its market presence [6]

2025欧洲国际营养保健食品展(Vitafoods Europe)于5月20日-5月22日在西班牙巴塞罗那盛大举行，德国高端膳食营养品牌VIKPRO携贵妇护巢丸新品及明星爆 款产品亮相。 值得一提的是，展会期间，凭借卓越的市场表现和产品实力，VIKpro荣膺全球权威市场调研机构欧睿国际颁发的辅酶Q10(还原型)和槲皮素双项第一市场地 位认证，成为名副其实的销量品质双冠王！这不仅是对VIKPRO在膳食营养领域发展的肯定，更是对其产品品质和品牌价值的高度认可。 德国科研实力加码，锻造行业持续引领力 立足德国，辐射全球。VIKPRO自德国启航，以严谨专业的德国研发生产工艺，持续深耕全球营养健康市场。此次亮相Vitafoods Europe并一举蝉联欧睿国际 双第一市场地位认证，也是品牌向全球展现科技实力的重要一环。 VIKPRO一直以来都坚持细胞级根源养护的健康理念，以德国科技为依托，不断升级突破创新技术。基于此，VIKPRO与德国杜塞尔多夫医科大学达成战略 合作，并签约3D细胞级磷脂复合技术研究引领者Prof.Dr.Nicole Teusch作为品牌首席科学顾问，进一步整合顶尖学术资源，融合其在学术研究、临床检验 ...

报告导读： 新渠道、新客群有望催化保健品功效性新需求，行业迎来变革新机遇，看好 产品创新能力突出叠加强运营的品牌跑出。 文章来源 本文摘自：2025年5月22日发布的 功效保健品的机遇 訾 猛 ，资格证书编号： S0880513120002 闫清徽 ，资格证书编号：S0880522120004 李艺冰 ，资格证书编号： S0880525050001 更多国泰海通研究和服务 亦可联系对口销售获取 投资建议： 新渠道、新客群有望催化保健品功效性新需求，行业迎来变革新机遇，看好产品创新能力突出 叠加强运营的品牌跑出。 千亿保健品市场，仍具成长空间。 据欧睿数据， 2024 年我国营养健康市场规模 3998 亿同比 +3% ， 其中 OTC 、运动营养、维生素及膳食补充剂（ VDS ）、体重管理市场规模 1441 、 63 、 2323 、 172 亿同比 +1% 、 +7% 、 +4% 、 -1% 。横向对比看， 2024 年我国运动营养、 VDS 、体重管理 市场人均消费 1 、 23 、 2 美元，较发达国家仍有提升空间，其中 VDS 人均消费约为日、韩、美的 1/3 、 1/5 、 1/5 。此外，保健品行业 ...