证券日报网讯仟源医药9月25日在互动平台回答投资者提问时表示，自2024年公司开展线上业务以来， 戒烟药酒石酸伐尼克兰片销量逐月稳步增长。根据中康网数据显示：该药品线上市场份额从2024年上半 年的8%增长到2025年上半年的24%。 （文章来源：证券日报） ...

声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法对数据的真实性及完整性进行分辨或核验， 因此本文内容可能出现不准确、不完整、误导性的内容或信息，具体以公司公告为准。如有疑问，请联 系biz@staff.sina.com.cn。 点击查看公告原文>> 在市场拓展时效上，产品进入新城市或新区域药店的见效时间，取决于药店的执行力与运营能力，重视 且运营能力强的药店2至3个月可见起色，反之则较慢。 烟民复吸率方面，服用酒石酸伐尼克兰片的烟民通常几天内可见效，但因尼古丁成瘾受生理和心理多种 因素影响，复吸原因众多，存在一定比例复吸情况，公司建议烟民按疗程服药。 对于辉瑞戒烟药若重新进入中国市场的影响，仟源医药认为，辉瑞强大的品牌影响力和市场推广能力， 会吸引更多消费者关注，提升戒烟药市场知名度，拓展并教育市场，做大市场蛋糕。 9月16日10:30 - 11:30，山西仟源医药集团股份有限公司通过线上电话会的形式，接受了博时基金、申万 ...

Group 1: Sales Channels and Performance - The company’s smoking cessation drug, Varenicline Tartrate Tablets, utilizes a dual-brand strategy (PariKe and Family Pharmacist) and multiple sales channels, including over 100,000 chain stores and more than 600 hospitals, with online sales primarily through JD, Alibaba, and Meituan [2] - The largest sales volume for the smoking cessation drug currently comes from offline chain channels [2] - Sales in hospital channels have not met company expectations, as most hospitals only have smoking cessation clinics available for one or two half-days a week [3] Group 2: Market Expansion and Effectiveness - The time required to see results from expanding the drug to new cities or regions depends on the pharmacy's execution; well-managed pharmacies may show improvement in 2 to 3 months, while others may take longer [3] - Smokers using Varenicline Tartrate Tablets generally see effects within a few days, but a significant proportion experience relapse due to various physiological and psychological factors [3] Group 3: Competitive Landscape - If Pfizer re-enters the Chinese market with its smoking cessation drug, the company believes it would positively impact the market by increasing consumer awareness and expanding the overall market size [3]

Group 1: Product Efficacy and Side Effects - Varenicline tartrate tablets are recommended by WHO and various clinical guidelines for smoking cessation, with clinically validated efficacy [2] - The incidence of nausea as a side effect is approximately 20%, typically transient within the first 1-2 weeks of use [2][3] Group 2: Insurance and Promotion - Smoking cessation medications are generally not included in the medical insurance directory as per the 2020 interim measures [3] - The company has established a "Quit Smoking with Me" WeChat public account to promote smoking cessation knowledge [3] Group 3: Sales and Market Expansion - The company has expanded its smoking cessation product to over 100,000 retail stores, with over 60,000 maintained by the company's team [3] - Each sales representative currently covers approximately 400 stores, with plans to increase the team to around 200 members, aiming for coverage of 600 stores each [3] - The highest revenue-generating product is the urological medication, Tamsulosin hydrochloride sustained-release capsules, which has maintained double-digit growth for several years [3]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant revenue growth and stable profitability, driven by its vitamin and mineral supplement products and new business initiatives [1][2][3] Financial Performance - In H1 2025, the company achieved revenue of 462 million yuan, a year-on-year increase of 16.37%, and a net profit attributable to shareholders of 82 million yuan, up 6.65% year-on-year [1] - In Q2 2025, revenue reached 191 million yuan, reflecting a 17.32% year-on-year growth, with a net profit of 20 million yuan, increasing by 7.08% year-on-year [1] - The company's gross margin and net profit margin for H1 2025 were 54.35% and 17.82%, respectively, showing a decline of 6.08 and 1.62 percentage points year-on-year [2] Product Performance - The vitamin and mineral supplement series generated revenue of 426 million yuan in H1 2025, a 9.84% increase year-on-year, with the flagship product, "21 Jin Weita," maintaining growth in both sales volume and value [1] - The market share of "21 Jin Weita" in pharmacies reached 35.12% in terms of quantity, up 3.26 percentage points year-on-year, and 25.05% in terms of value, up 5.85 percentage points year-on-year [1] New Business Initiatives - The company is expanding its new business segments, including probiotics, medical beauty products, and smoking cessation and hair growth products, with significant progress made in H1 2025 [3] - The probiotics business has been integrated into a full industry chain, while the medical beauty brand "Jisuran" has been launched, focusing on innovative channel models [3] Future Outlook - The company aims to achieve revenues of 792 million yuan, 964 million yuan, and 1.16 billion yuan in 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 24%, 22%, and 20% [3] - Net profit forecasts for the same years are 106 million yuan, 125 million yuan, and 151 million yuan, with growth rates of 15%, 18%, and 21% [3]

2025年8月30日，在吉林长春召开的中国康复医学会心血管疾病预防与康复专业委员会年会上，中国控 制吸烟协会联合杭州民生健康（301507）药业发布了《中国临床控烟戒烟专家共识金标准（2025更新 版）》。开幕式期间，胡大一院士牵头，与专家代表共同正式开启了共识启动仪式。来自全国各地的 500多位心血管和呼吸等相关领域的专家学者莅临参会，共同见证这一重要时刻。 作为2025年更新版的专家共识，"中国临床控烟戒烟金标准"系统总结了临床戒烟与控烟的评估和干预要 点。其中在药物治疗方面，明确了酒石酸伐尼克兰片作为临床一线戒烟药物。酒石酸伐尼克兰是一种选 择性尼古丁受体部分激动剂，大量临床研究证明其戒烟有效率显著优于安慰剂，对减少烟瘾、缓解戒断 症状有突出效果。共识同时列出了其他可选的一线辅助戒烟药物，包括尼古丁替代疗法和安非他酮等， 并强调药物与行为支持相结合的综合干预策略。 在非药物手段上，共识提倡采用5A戒烟干预模型（询问Ask、建议Advise、评估Assess、协助Assist、安 排随访Arrange）以及简短咨询、专业戒烟门诊、戒烟热线和戒烟APP等行为支持措施，为吸烟者提供 全程指导和帮助。 首次引入 ...

Market Expansion - As of June 2025, the company's smoking cessation drug, varenicline tartrate tablets, has entered over 100,000 retail stores in the OTC market, with a target of exceeding 140,000 stores by the end of 2025 and 250,000 stores by the end of 2026 [2][3] Market Capacity - The smoking cessation drug market in China has a significant potential, with over 300 million smokers, and the company aims to cover 50 million smokers over the next 10 years [2] User Demographics - The user demographic for varenicline tartrate tablets spans all age groups, with the highest proportion being male smokers in their 30s [3] Cost of Treatment - The estimated cost for each smoker using the varenicline tartrate tablets for a 3-month treatment course is no more than RMB 2,000 [3] Shareholding and Future Plans - The company acknowledges that its major shareholders have a relatively low holding percentage and plans to promote a stock issuance project to specific investors [3]

Core Insights - Minsheng Health (301507.SZ) reported a revenue of 462 million yuan for the first half of 2025, marking a 16.37% increase year-on-year, with a net profit of 82.41 million yuan, up 6.65% from the previous year [1] - The company is focusing on R&D and innovation, particularly in the probiotics sector, which is becoming a core growth driver [1][4] - The probiotics market in China is projected to reach nearly 200 billion yuan by 2028, growing at an annual rate of 11%-12% [4] Financial Performance - The operating cash flow for the company reached 142 million yuan, reflecting a significant year-on-year increase of 37.89% [1] - Revenue from the main product line, mineral products, was 426 million yuan, showing a 9.84% growth, continuing a six-year trend of stable growth [2] Strategic Initiatives - The company is implementing a "Four New" strategy focusing on new products, new businesses, new models, and new projects to drive growth in the health sector [3] - Minsheng Health has established a comprehensive probiotics ecosystem, integrating various stages from strain selection to end-product application [5] Product Development - The company has launched its first weight management product, "Puri Slim," and is actively developing additional health products to meet consumer demands [5][6] - R&D investment for the first half of 2025 was 16.27 million yuan, with three new drug approvals and one new health food registration [3] Market Positioning - Minsheng Health is positioning itself as a leader in the probiotics market, with 47 national invention patents and a robust R&D infrastructure [4][5] - The company aims to create a strong brand matrix across various health segments, including vitamins, OTC medications, and functional probiotics [2]

Core Viewpoint - Minsheng Health's H1 2025 performance met market expectations, with revenue and net profit showing solid growth, driven by core product categories and new product launches [1][2]. Financial Performance - In H1 2025, Minsheng Health achieved revenue of 462 million and net profit of 83 million, representing year-on-year growth of 16.37% and 6.65% respectively [1]. - In Q2 2025, revenue and net profit were 191 million and 20 million, with year-on-year increases of 17.32% and 7.08% [1]. - The core category of vitamins and mineral supplements generated revenue of 426 million, accounting for 92.15% of total revenue, with a year-on-year growth of 9.84% [1]. Profitability and Cost Structure - The gross margin for the vitamin and mineral series decreased by 6.91 percentage points to 54.78% in H1 2025, primarily due to changes in product mix [1]. - Overall gross margin in Q2 2025 was down by 5.09 percentage points to 51.92%, with selling, administrative, and R&D expense ratios showing slight variations [1]. - Net profit margin decreased by 0.88 percentage points to 10.42% [1]. Product Development and Market Position - The company has a strong market position due to its R&D advantages and plans to expand its product matrix in the vitamin and mineral category [2]. - New products, including varenicline tartrate tablets and minoxidil solution, are expected to launch in Q3 2025, which will significantly boost H2 performance [2]. - The acquisition of Zhongke Jiayi has enabled the company to self-supply probiotics, enhancing its product offerings [2]. Earnings Forecast and Investment Rating - The company’s net profit forecasts for 2025-2027 have been adjusted to 107 million, 129 million, and 149 million, reflecting year-on-year growth rates of 16.25%, 20.62%, and 15.96% respectively [3]. - The current price-to-earnings ratios are projected at 51x, 42x, and 37x for the respective years [3]. - The investment rating remains "Buy" based on the solid growth prospects and product performance [3]. Analyst Ratings - In the last 90 days, two institutions have provided ratings for the stock, with one rating it as "Buy" and the other as "Overweight" [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance in the first half of 2025 met market expectations, with revenue and net profit showing year-on-year growth of 16.37% and 6.65% respectively [7] - The core category of vitamins and mineral supplements demonstrated stable growth, contributing 92.15% of total revenue in the first half of 2025, with a year-on-year increase of 9.84% [7] - The company is expanding its product matrix in the vitamin and mineral category to adapt to different market demands, which is expected to support long-term growth [7] - New products are set to launch in Q3 2025, which are anticipated to significantly boost revenue in the second half of the year [7] - The company has adjusted its net profit forecasts for 2025-2027 to 1.07 billion, 1.29 billion, and 1.49 billion respectively, reflecting a year-on-year growth of 16.25%, 20.62%, and 15.96% [7] Financial Summary - Total revenue is projected to grow from 641.25 million in 2024 to 797.38 million in 2025, representing a year-on-year increase of 24.35% [1] - The net profit attributable to the parent company is expected to rise from 91.83 million in 2024 to 106.76 million in 2025, with a growth rate of 16.25% [1] - The earnings per share (EPS) is forecasted to increase from 0.26 yuan in 2024 to 0.30 yuan in 2025 [1] - The price-to-earnings (P/E) ratio is projected to decrease from 59.52 in 2024 to 51.20 in 2025 [1]