8月25日晚间，维矿领域领军企业民生健康(301507.SZ)发布了2025年上半年财报。财报显示，民生健康 持续加大研发创新力度，加速转型升级，新产品、新业务成果显著，其中维矿、益生菌等创新产品已成 为业绩增长的核心驱动力。 报告期内，公司实现营业收入4.62亿元，较上年同期增长16.37%；归属于上市公司股东的净利润 8,240.51万元，较上年同期增长6.65%;经营活动现金流量净额1.42亿元，同比增长达37.89%。 特别是，益生菌行业作为生物制造产业的重要组成部分，在国家战略中的地位日益突出。2024年12月， 民生健康以与中科嘉亿等主体战略合作为契机，全面整合并拓展益生菌业务，成功构建了涵盖菌粉、 OEM到制剂的全产业链益生菌生态体系。目前，公司已有多个专利高活菌株正在进行临床试验，新产 品研发正按计划有序推进，未来有望成为公司新的核心增长极。 "四新"战略加速突破，新品放量可期 在"健康中国"国家战略的引领下，全民健康素养显著提高，带动健康消费市场持续扩张。膳食营养补充 剂作为重要组成部分，需求旺盛，行业发展态势强劲，未来市场潜力巨大。 2025年上半年，民生健康主力产品维矿类产品实现营收4. ...

事件：民生健康发布半年报，25H1民生健康实现收入/归母净利润4.62/0.83亿元，同比+16.37%/6.65%； 25Q2收入/归母净利润分别为1.91/0.20亿元，同比+17.32%/7.08%，业绩符合市场预期。 核心品类稳健增长：25H1核心品类维生素与矿物质补充剂实现收入4.26亿元，收入占比92.15%，同比 增长9.84%，增速稳健。 东吴证券股份有限公司苏铖,邓洁近期对民生健康（301507）进行研究并发布了研究报告《2025年中报 点评：业绩符合预期，关注新品上市》，给予民生健康买入评级。 民生健康 投资要点 Q3新品密集上市，打开远期成长空间：公司凭借药房渠道的经营基础，积极开辟治疗型用药新领域。 据公告，酒石酸伐尼克兰片(适用于成人戒烟)、米诺地尔搽剂(治疗脱发，规格：5%&2%)均已顺利获 批、如期进入商业化阶段、预计Q3面世，预计对H2的拉动更为明显。叠加25Q1收购并表中科嘉亿，随 着与中科嘉亿的合作开展，公司益生菌实现原料自供，同时蓝帽子产品(普瑞宝已于25M4上市)、功能 性食品"纤宝"等陆续上市，我们预计全年收入增量明显。 盈利预测与投资评级：渠道基础好，传统维矿增长稳 ...

证券研究报告·公司点评报告·食品饮料 民生健康（301507） 2025 年中报点评：业绩符合预期，关注新品 上市 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 581.73 | 641.25 | 797.38 | 975.35 | 1,163.47 | | 同比（%） | 6.33 | 10.23 | 24.35 | 22.32 | 19.29 | | 归母净利润（百万元） | 85.63 | 91.83 | 106.76 | 128.77 | 149.33 | | 同比（%） | 8.38 | 7.24 | 16.25 | 20.62 | 15.96 | | EPS-最新摊薄（元/股） | 0.24 | 0.26 | 0.30 | 0.36 | 0.42 | | P/E（现价&最新摊薄） | 63.83 | 59.52 | 51.20 | 42.45 | 36.60 | [Table_Tag] [Table ...

Core Viewpoint - The article highlights the insufficient public awareness of scientific smoking cessation methods, particularly regarding cessation medications, despite the existence of effective options and guidelines from WHO [1][12]. Group 1: Smoking Cessation Medications - WHO's first clinical treatment guideline for adult smoking cessation identifies three main types of medications: varenicline, nicotine replacement therapy (NRT), and bupropion [1][12]. - Varenicline is a first-line medication with four domestic companies having approved generic versions, yet sales were below 100 million yuan last year [1][12]. - The sales of varenicline in China have not met expectations, with Pfizer's original product experiencing a significant decline due to safety concerns [1][18]. Group 2: Challenges in Smoking Cessation - Nearly 60% of smokers abandon cessation attempts due to withdrawal symptoms, with a success rate of less than 5% for those relying solely on willpower [7][8]. - The understanding of cessation medications among both smokers and healthcare professionals remains limited, contributing to low utilization rates [13][17]. - The lack of awareness and the absence of these medications in insurance coverage are identified as major barriers to effective smoking cessation [20]. Group 3: Market Trends and Opportunities - The retail market for varenicline is projected to grow significantly, with sales expected to reach 48 million yuan in 2024, reflecting a growth rate exceeding 2000% [20][21]. - Online platforms like JD Health report a more than twofold increase in sales of smoking cessation medications, indicating a shift towards digital health solutions [20]. - The market share of companies like Qianyuan Pharmaceutical in the retail sector is notably high, suggesting potential for further expansion in the smoking cessation market [20][21].

Core Viewpoint - The article highlights the challenges of quitting smoking in China, emphasizing the need for scientific methods and professional support to improve cessation success rates [1][2][3]. Group 1: Smoking Statistics and Challenges - The smoking rate among individuals aged 15 and above in China is reported at 23.2% [1]. - The success rate for individuals attempting to quit smoking on their own is less than 5% within a year [2]. - Nicotine addiction is recognized as a chronic disease, complicating the quitting process due to withdrawal symptoms such as anxiety and depression [2][3]. Group 2: Scientific Approaches to Quitting - A significant portion of smokers (87.1%) attempts to quit using nicotine replacement therapies like patches and gum, yet the usage rate of cessation medications is below 5% [3]. - The "2025 Tobacco Control and Cessation White Paper" outlines seven effective strategies for quitting smoking, including setting a quit plan and seeking professional help [3]. - The need for a collaborative effort from various sectors to provide effective health management solutions for smokers is emphasized [4]. Group 3: Industry Initiatives - JD Health, in collaboration with pharmaceutical companies, is advocating for a scientific smoking cessation management ecosystem to address public awareness and accessibility issues [4]. - The initiative includes organizing public lectures and health consultations to enhance understanding of smoking cessation [4].

Group 1 - The "2025 Smoking Control and Cessation White Paper" reveals that 73.1% of smokers use traditional cigarettes, while 26.9% use e-cigarettes, with 85.8% smoking 11-20 cigarettes daily, indicating a significant prevalence of smoking in the population [1][2] - The report highlights that 58.7% of smokers consider quitting for health reasons, and 79.3% believe that medication can effectively assist in quitting, showing a strong recognition of the role of pharmacological aids in smoking cessation [1][3] Group 2 - The success rate of smoking cessation attempts in China is below 10%, emphasizing the need for scientific methods and professional guidance to improve outcomes [2][3] - The white paper suggests seven effective strategies for quitting smoking, including setting a quit plan, seeking support from friends and family, and using professional help or medications [4] Group 3 - A one-stop smoking cessation health management platform is being developed by JD Health in collaboration with industry partners to address issues such as lack of awareness and inadequate management in smoking cessation [5] - The user base for smoking cessation medications on JD Health has been growing rapidly, with a compound annual growth rate exceeding 246%, indicating a rising demand for these products [3]

Group 1: R&D Investment and Achievements - In 2024, the company's R&D expenses reached CNY 56.53 million, representing a year-on-year increase of 13.19% [2] - Key R&D projects include the approval of the drug "Perindopril" in December 2024 and the development of "Maltose Iron Gel" [2] Group 2: Financial Performance - In 2024, the company achieved an operating income of CNY 847 million, a growth of 5.92% year-on-year, and a net profit attributable to shareholders of CNY 42.19 million, up 67.45% [5] - The increase in performance was driven by revenue growth, reduced financial expenses related to financial liabilities, and increased government subsidies [5] Group 3: Market Position and Future Plans - The company is focusing on multi-channel sales strategies for its smoking cessation drug, with expectations of continued high growth this year [6] - There are currently three companies competing in the domestic market for smoking cessation drugs [6] - The company has no current plans for mergers or acquisitions but will disclose any future plans promptly [6] Group 4: Shareholder Engagement and Financial Health - The decline in net assets is primarily due to the acquisition of minority shareholder equity in a subsidiary and obligations related to share buybacks [4] - The company emphasizes balancing profit distribution with reinvestment needs to enhance investor confidence [5]

Financial Performance - The company achieved a revenue of 641 million yuan in 2024, representing a year-on-year growth of 10.23% [11][19] - The net profit attributable to shareholders was 91.83 million yuan, with a growth of 7.24% compared to the previous year [11][19] - In Q1 2025, the revenue was 271 million yuan, showing a growth of 15.70%, while the net profit was 62.71 million yuan, increasing by 6.51% [11] Market Challenges - The company's market value and stock price have decreased significantly, with a drop of two-thirds since the IPO [2][4] - Despite overall market growth, the company's stock has either declined or remained stagnant, raising concerns about its market management [4][12] Investment and R&D Strategy - The company emphasizes the importance of R&D, planning to enhance its innovation capabilities and product matrix [3][35] - In 2024, the company focused R&D investments on developing complex nutritional supplements and OTC drugs [15] - The company plans to expand into new areas such as sleep health and sports nutrition [16] Shareholder Engagement and Value Management - The company has implemented a share buyback plan to enhance investor confidence and maintain market value [19][20] - Cash dividends have consistently exceeded 30% of net profit since the IPO, reflecting a commitment to shareholder returns [19][20] - The company actively participates in investor relations activities to improve market recognition and trust [5][19] Product and Market Expansion - The company is focused on the health sector, with a product matrix that includes vitamins, OTC drugs, and probiotics [12][24] - Plans are in place to enter the medical beauty market with a new brand, "肌素然" [9] - The company is exploring international markets and has established an international business department to facilitate this expansion [17][19] Competitive Positioning - The company maintains a strong competitive edge through a diverse product range and a robust marketing network [22][24] - It aims to enhance its market share by leveraging strategic partnerships and acquisitions, particularly in the probiotic sector [19][20]

Group 1: Financial Performance - In 2024, the company achieved a revenue of 641 million CNY, representing a growth of 10.23% compared to the previous year [4] - The net profit attributable to shareholders was 91.83 million CNY, an increase of 7.24% year-on-year [4] - R&D expenses for 2024 amounted to 23.98 million CNY, accounting for 3.74% of total revenue [3] Group 2: Product Development and Innovation - The company launched new products including "民生普瑞宝益生菌冻干粉" and "民生普瑞宝即食益生菌" [2] - In 2024, the company added 1 new drug approval, 3 invention patents, and 4 utility model patents [3] - The company is developing a new series of composite nutrient supplements, currently at various stages of R&D [6] Group 3: Market Strategy and Sales - The company reported a 23.69% revenue growth in the Central China region, attributed to targeted market strategies [5] - The vitamin and mineral supplement series saw a revenue increase of 10.47% in 2024 [6] - The company is expanding its e-commerce presence on platforms like Tmall, JD.com, and Douyin [7] Group 4: Strategic Partnerships and Collaborations - The strategic partnership with 中科嘉亿 aims to enhance the company's capabilities in the probiotics sector [4] - The company is leveraging its collaboration to expand its product offerings and market reach in the probiotics field [4] Group 5: Future Outlook and Plans - The company plans to cultivate multiple star products as part of its 2025 operational strategy [5] - Future initiatives include enhancing digital transformation and smart manufacturing to improve efficiency [3] - The company aims to explore international markets and introduce its products globally [6]

Group 1: Financial Performance and Stock Management - The company has not considered stock buybacks or increases at this time, but will follow regulatory procedures if such plans arise [3] - The company acknowledges stock price fluctuations are influenced by various factors and aims to enhance operational performance to boost investor confidence [3] - The company reported a significant increase in revenue from its smoking cessation drug, with expectations for continued growth [4] Group 2: Product Development and Market Strategy - The company emphasizes the importance of research and development, with increasing investment in R&D over recent years [3] - New products are expected to be launched in the coming years, supported by funds raised through stock issuance in 2020 and 2021 [3] - The company plans to maintain a multi-channel marketing strategy to expand its market share and develop new business opportunities [4] Group 3: Cost Management and External Factors - To mitigate risks from raw material price fluctuations, the company will increase suppliers and improve production efficiency [2] - The impact of tariffs on the company's operations is minimal, as most business is domestic with only a small percentage of materials sourced from the U.S. [5] - The company does not anticipate new products entering the national procurement directory this year, as most of its main products are already included [5]