（来源：劳动午报） 转自：劳动午报 钙是我们身体里必不可少的物质，不仅是骨骼和牙齿的主要成分，还能帮助神经传递信号、肌肉正常收 缩，以及血液凝固这些重要生理功能的运转。可随着年龄的增长，不少人会出现钙不足的情况，可能会 引发骨质疏松、骨折等健康问题。那么，怎么补钙科学又有效呢？ 补钙误区，你中招几个？ 误区一：钙补得越多，骨骼越强壮？ 真相：不一定 人体对钙的吸收是有限的，每日推荐摄入量为成人800-1000mg，50岁以上1000-1200mg。过量补钙会带 来多种健康风险，如高钙血症、肾结石、血管钙化、糖尿病等问题。 误区三：只补钙，不用补充维生素D 真相：缺乏维生素D，钙的吸收会打折扣 维生素D对于钙的吸收至关重要，在补钙的同时，要确保体内维生素D水平正常，否则就需要同时补充 维生素D。 误区四：空腹吃钙片吸收会更好？ 真相：不一定，分情况 最常见的碳酸钙需要胃酸来分解，随餐或餐后服用能减轻对胃的刺激，吸收更好。柠檬酸钙则对胃更友 好，适合胃酸缺乏者或空腹服用。 误区五：只有老年人才需要补钙？ 误区二：骨头汤、虾皮是补钙高手？ 真相：效果甚微 骨头汤 骨头中的钙难溶于水，一碗骨头汤钙含量仅约2-3mg（ ...

入华十年，Swisse斯维诗想定义健康消费新范式 过去十年，堪称是中国新消费赛道高速发展的十年。作为其中的代表性领域，中国营养健康市场也经历 了从野蛮生长到监管趋于规范，消费者信任缺失到开始追求品质的变化。 大浪淘沙的阶段，入局者数不胜数，都渴望在这片潜力巨大的蓝海市场中抢占先机。如今回看产业的发 展历程，一个颇为有趣的现象是，在消费者心中建立起深度联结和信任的，似乎并不只是一些长期深耕 本土的传统品牌，还有不少年轻的"外来者"。 成长于澳洲的Swisse就是其中的一个。 这家有着"外来基因"的营养品品牌，在十年间一路突破了地域认知壁垒、消费习惯差异等多重挑战。据 健合集团相关信息，如今，斯维诗在国内维生素、草本及矿物补充剂（VHMS）的市场排名已位居第 一；此外，2025年前三季度，集团的成人营养与护理品（ANC）板块收入达到52.4亿元。其中，斯维诗 中国市场业绩同比增长15.7%，贡献了近七成的销售额。 12月8日，Swisse在广州开展了主题为"聚力共赢 稳健增长"的十周年合作伙伴大会。大会上，斯维诗表 示将继续通过"核心专业品类深化"与"新兴赛道拓展"双轮驱动，更全面、精准地满足消费者日益多元的 健 ...

过去十年，堪称是中国新消费赛道高速发展的十年。作为其中的代表性领域，中国营养健康市场也经历了从野蛮生长到监管趋于规范，消费者信任缺失到开 始追求品质的变化。 大浪淘沙的阶段，入局者数不胜数，都渴望在这片潜力巨大的蓝海市场中抢占先机。如今 回看产业 的 发展 历程，一个颇为有趣的现象是，在消费者心中 建立起深度联结和信任的，似乎并不只是一些长期深耕本土的传统品牌，还有不少年轻的 "外来者"。 成长于澳洲的Swisse就是其中的一个。 这家有着 "外来基因"的营养品品牌，在十年间一路突破了地域认知壁垒、消费习惯差异等多重挑战。据健合集团相关信息， 如今， 斯维诗 在 国内维生 素、草本及矿物补充剂（ VHMS） 的 市场 排名 已位居第一 ； 此外， 2025年前三季度，集团的成人营养与护理品（ANC）板块收入达到52.4亿元。 其 中，斯维诗中国市场业绩同比增长 15.7%，贡献了近七成的销售额。 12月8日，Swisse在广州开展了主题为"聚力共赢 稳健增长"的十周年合作伙伴大会。大会上，斯维诗表示将继续通过"核心专业品类深化"与"新兴赛道拓 展"双轮驱动，更全面、精准地满足消费者日益多元的健康需求，实现品牌 ...

Investment Rating - The report maintains an "Accumulate" rating for the health supplement industry [1] Core Viewpoints - The health supplement sector showed positive growth in Q3 2025, with revenue and net profit increasing by 18% and 122% respectively, driven by low base effects [4][9] - The industry is undergoing a transformation with a shift towards online channels and new consumer demographics, indicating a promising outlook for growth [41][46] Summary by Sections 1. Q3 2025 Review: Stock Differentiation and Positive Operations - The health supplement sector's revenue and net profit growth reflects a recovery from low bases, with notable performances from companies like汤臣倍健 and民生健康 [4][9] -汤臣倍健 reported a Q3 revenue of 13.83 billion, up 23.45% year-on-year, marking a significant turnaround [10] -民生健康 achieved a revenue of 1.60 billion in Q3, a 30.84% increase year-on-year, indicating strong operational momentum [12] 2. Future Outlook: Focus on Quality Stocks with Valuation Space - The valuation of food additive companies is generally low, with many trading below the 50th percentile of historical PE ratios [32] - The report suggests focusing on quality leading companies that adapt to channel transformations and new consumer segments, such as H&H International Holdings and汤臣倍健 [31][56] 3. Health Supplement Industry: Strong Growth Potential - The health supplement market in China is projected to grow from 701.35 billion in 2010 to 2323.39 billion by 2024, with a CAGR of 8.93% [41] - The aging population and the rise of new consumption channels are expected to sustain growth, with an anticipated growth rate of over 6% from 2025 to 2027 [41][44] 4. Investment Recommendations: Focus on Quality Stocks - The report recommends focusing on brands with new channels and consumer logic, such as H&H International Holdings,民生健康, and汤臣倍健, which are expected to benefit from ongoing reforms and market dynamics [56]

Group 1 - The core market for women's health food is projected to reach 12.8 trillion yuan by 2025, driven by a growing female population and increasing disposable income [1][16][18] - The women's health food market is expected to exceed 300 billion yuan, with over 70% of women willing to pay a premium for health food, indicating a high priority on health management [1][19][18] - The primary consumer demographic consists of women aged 26-45, particularly married women with children, with significant growth in second and third-tier cities [1][23][18] Group 2 - The market is diversifying and becoming more refined, with a focus on functional snacks such as dried fruits, candies, and traditional pastries, which account for over 90% of the market [2][38] - The menopause market is rapidly expanding, with projections indicating that by 2030, there will be over 210 million menopausal women in China, leading to increased sales of related products [2][29] - The anti-aging market, although smaller, is growing quickly, with an expected market size of 25.57 billion yuan by 2025, characterized by a dual-track model of overseas scientific innovation and traditional health supplements [2][29] Group 3 - Competition in the market has shifted from single-category focus to multi-dimensional competition involving scenarios, technology, and branding [3][31] - Brands like Fiboo, SorLife, and Swisse have emerged successfully due to precise positioning, while health needs are evolving from general health to specific ingredients [3][31] - Marketing strategies are increasingly emphasizing respect for women's individual experiences and conveying authentic, diverse representations of women [3][31]

Core Viewpoint - A consumer has raised concerns about a health product marketed as being consumed by astronauts, revealing potential misleading claims and a possible pyramid scheme structure in its marketing approach [1][3]. Group 1: Product Claims - The product in question is a small red bottle drink that claims to contain "high-tech" ingredients, yet lacks any patent number on its label [1][5]. - The core active ingredient, taurine, is commonly found in energy drinks like Red Bull, raising questions about the uniqueness of the product [5][7]. Group 2: Marketing Mechanism - The marketing strategy involves a referral system where consumers can reduce their purchase price by introducing new buyers, resembling a pyramid scheme [7][9]. - Consumers are encouraged to recruit others, with the promise of significant discounts, which aligns with practices previously banned by the government [7][9]. Group 3: Consumer Behavior - Despite warnings and evidence presented by family members, consumers, particularly elderly individuals, remain convinced of the product's efficacy due to persuasive marketing tactics and endorsements from trusted figures [9][11]. - The presence of dedicated WeChat groups for marketing the product, despite being flagged for fraudulent content, indicates a strong belief among participants in the product's benefits [9][11].

Core Insights - Osteoporosis is a significant health issue for the elderly, often misunderstood, leading to inadequate calcium supplementation and increased bone burden [1][2] Misconceptions Summary Misconception 1: No Fractures Means No Problem - Osteoporosis is characterized by low bone mass and increased fragility, often referred to as a "silent disease" [2] - The prevalence of osteoporosis in individuals over 50 in China is 19.2%, with rates of 32.1% in women and 6.0% in men; for those over 65, the rates are 32.0% for women and 10.7% for men [2] Misconception 2: More Calcium Equals Stronger Bones - Common belief that consuming bone broth or calcium supplements will prevent osteoporosis is misleading; bone broth has low calcium content and excessive calcium intake can lead to health issues [3][4] - Recommended daily calcium intake for individuals over 50 is 1000 mg, with adjustments for those with osteoporosis or on certain medications [3] Misconception 3: Osteoporosis is Exclusive to the Elderly - Bone mineral content peaks around age 30 and declines thereafter; early life bone health significantly impacts later osteoporosis risk [5] - Emphasis on the importance of calcium intake and physical activity during childhood and adolescence to promote bone health [5][6] Health Initiatives - The "Healthy China Action (2019-2030)" includes initiatives to strengthen the musculoskeletal system and prevent osteoporosis among the elderly [6] - Increased public health awareness and education on osteoporosis prevention is crucial for improving health literacy among older adults [6]

Core Insights - In 2025, the company celebrates its 30th anniversary but faces significant challenges with declining revenue and net profit after a difficult 2024 [2] - The brand struggles to resonate with younger consumers, who prefer newer brands like Swisse, indicating a shift in market dynamics [3][4] - The company's marketing efforts have not translated into sales growth, with a notable increase in sales expenses without corresponding revenue increases [4][5] Financial Performance - In 2023, sales expenses reached 3.859 billion, a 21.77% increase year-on-year, while revenue growth was only 19.66%, indicating diminishing returns on marketing investments [4] - In the first half of 2025, sales expenses were 1.233 billion, down 32.33% from 1.822 billion, but revenue still declined by 23.43%, showing ongoing challenges in sales momentum [5] - The company reported a 62.62% drop in net profit in 2024, marking the most severe decline in years, with continued revenue decreases into 2025 [5][10] Marketing and Sales Strategy - The company has significantly cut marketing expenses, with advertising costs dropping over 50% in the first half of 2025, yet this has not led to improved sales performance [7][11] - Despite reducing costs, the sales expense ratio reached a historical high of 44.33% in 2024, indicating that marketing efficiency is declining [11] - The company has also reduced R&D expenses by 56.45% in the first half of 2025, which may impact long-term innovation and competitiveness [13] Market Position and Consumer Perception - The brand is losing its appeal among younger consumers, who view it as outdated compared to competitors [3][15] - The company has seen a significant decline in its dealer network, with the number of dealers dropping from 1,070 in 2021 to 640 in 2025 [17] - Revenue from key products like "健力多" has decreased significantly, with a drop from over 1 billion in 2022 to 411 million in the first half of 2025 [17] Challenges and Future Outlook - The company faces a dual challenge of declining sales and increasing competition from new brands and online platforms [14][18] - The traditional sales channels are under pressure, with both online and offline revenues declining significantly [16][18] - The future success of the company hinges on its ability to adapt to market changes, engage younger consumers, and innovate its product offerings [18]

Core Viewpoint - Calcium is essential for bone health, but many people's diets fail to meet the necessary intake due to high salt and selective eating habits. It is crucial for long-term low-calcium dieters, menopausal women, the elderly, and those with limited physical activity to adjust their diets and scientifically supplement calcium [1] Group 1: Common Misconceptions - Misconception 1: More calcium is better. Excessive calcium intake can lead to health risks, and recommended daily intake varies by age and physiological status, such as 800mg for children aged 4-10 and adults over 18, and 1000mg for teenagers aged 11-17 and seniors over 50 [2][3] - Misconception 2: The type of supplement determines absorption. The source of calcium is more critical than the form of the supplement. For example, calcium carbonate requires sufficient stomach acid for absorption, while calcium citrate is more easily absorbed [4][5] - Misconception 3: Only calcium supplementation is necessary. Calcium absorption is enhanced by other nutrients like Vitamin D, Vitamin K, and collagen, which should be taken together for optimal effectiveness [6][7][8] Group 2: Product Comparisons - Calcium Tablets: - Calcium Carbonate D3 Tablets contain 600mg of calcium carbonate and 125 IU of Vitamin D3, but may cause discomfort for those with low stomach acid [11] - Swisse Calcium Citrate Tablets contain 333mg of calcium citrate, 665 IU of Vitamin D, and 60μg of Vitamin K, with a high absorption rate and minimal gastrointestinal discomfort [14] - Calcium Capsules: - Tongrentang DK Capsules contain 500mg of calcium carbonate, 360 IU of Vitamin D, and 24μg of Vitamin K, but may cause constipation due to the calcium source [17] - Schiff Vitamin D and K Softgels contain 500mg of a dual calcium source and are easy to swallow, but may require additional supplementation of nutrients [20] - Liquid Calcium: - Mom's Garden Liquid Calcium contains 500mg of patented organic calcium and 400 IU of Vitamin D, with a high absorption rate and added collagen for joint support [23] - Golden Calcium Liquid contains 300mg of calcium citrate and additional nutrients to enhance absorption, but may require further supplementation [26] Group 3: Key Principles for Effective Calcium Supplementation - Choose the right type of calcium based on individual digestive sensitivity, preferring calcium citrate or natural biological calcium [27] - Ensure synergistic intake with Vitamin D and Vitamin K2 for better absorption and utilization [28] - Monitor dosage to avoid excessive intake, with a recommendation of ≤500mg per single dose and total daily intake [28] - Select supplements that are easy to take and fit personal preferences to ensure adherence [28] - Individualize choices based on specific health needs and consult medical professionals if diagnosed with osteoporosis [29]

Core Viewpoint - The health supplement market in China is experiencing significant challenges, as evidenced by the poor performance of leading companies like汤臣倍健, which has seen substantial declines in revenue and profit. However, the overall market is still growing, driven by younger consumers seeking health products, indicating a shift in consumer behavior and preferences [3][4][32]. Group 1: Company Performance -汤臣倍健 reported a revenue of 35.32 billion yuan in the first half of 2025, a year-on-year decline of 23.43%, with a net profit of 7.37 billion yuan, down 17.34% [3]. - For the entire year of 2024,汤臣倍健's revenue was 68.38 billion yuan, a decrease of 27.3%, and net profit fell by 62.62%, marking the largest decline since its listing [3][9]. - The company's market capitalization has dropped from a peak of 600 billion yuan to approximately 209 billion yuan, resulting in a loss of nearly 400 billion yuan in value [3][9]. Group 2: Market Trends - The health supplement industry is not in decline; rather, it is evolving, with younger consumers engaging in "punk health" practices, leading to increased spending on health products [5][14]. - Data from 2023 indicates a 255% increase in consumption of uric acid monitoring products among consumers born in the 1990s, with 30% of their spending on immune-boosting supplements [15]. - Brands targeting younger demographics, such as诺特兰德 and Swisse, are thriving by employing innovative marketing strategies and product offerings [16][19]. Group 3: Challenges and Strategies -汤臣倍健's traditional marketing and distribution strategies have become outdated, leading to a significant drop in sales across its product lines [10][11]. - The company has reduced its advertising and marketing expenses, which has further contributed to declining revenues and profits [11]. - Despite launching new products,汤臣倍健 has struggled to capture the younger market, missing out on the e-commerce boom and innovative marketing tactics that competitors have successfully utilized [12][17]. Group 4: Historical Context - The Chinese health supplement market has evolved over nearly 40 years, with discussions around "intelligence tax" continuing as long as consumers fear aging, death, and loss of beauty [21][32]. - The market saw significant growth in the 1990s, but regulatory changes led to a downturn, from which汤臣倍健 and other second-generation companies emerged to dominate the market [31][32]. - Recent data shows that the health supplement market generated sales of 604.1 billion yuan in the first half of 2025, reflecting a growth of 16.2%, with specific categories like sleep management products growing by 53.1% [32].