本报讯 （记者袁传玺）12月5日，京东健康联合京东金榜发布2025年度三大品类金榜，并发布十大健康 消费趋势榜。基于2025年消费者的真实消费数据，本次京东健康联合京东金榜权威评选出正品好药、营 养保健、医疗器械三大品类金榜。此外，京东健康发布科学减重、流感防治、安神助眠、滋补养生、运 动防护、职场续航、婴童营养、科技适老、焕颜修复、阳光情趣十大健康消费趋势榜，旨在全方位呈现 2025年度健康消费市场的热门商品，为消费者选购提供权威指引。 （编辑 郭之宸） 京东健康此次发布的年终榜单，构建了健康消费全景图谱，直观呈现消费趋势变迁。十大健康趋势榜 单，精准覆盖全生命周期与多元生活场景，既包含婴童营养、职场续航、科技适老等针对特定人群的细 分场景，也涵盖科学减重、焕颜修复、运动防护、安神助眠等针对具体需求的功能性场景，凸显健康消 费从"被动应对"向"主动管理"、从"单一功能"向"全场景覆盖"的转型。 此次上榜的多款单品集中展现了健康消费的共性升级方向。营养保健领域的高纯度鱼油、定制化复合维 生素，体现了"成分细分精准化"特点，针对不同人群需求实现营养配比的精细化设计。医疗器械领域的 智能血压计、动态血糖仪，凭借实 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company has shown significant improvement in Q3 performance, with a notable increase in revenue and profitability driven by new product launches [5][6] - The company is expected to narrow the revenue decline for the full year 2025, with a focus on product innovation and channel reform [8] Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved revenue of 4.92 billion yuan, a year-on-year decrease of 14.3%, while net profit attributable to shareholders was 910 million yuan, an increase of 4.5% [5] - In Q3 2025, revenue reached 1.38 billion yuan, a year-on-year increase of 23.5%, and net profit turned positive at 170 million yuan [5][6] Brand and Channel Analysis - The main brand "汤臣倍健" generated revenue of 2.676 billion yuan in the first three quarters, down 16.22% year-on-year, while the "健力多" brand saw revenue of 574 million yuan, down 17.76% [6] - Online channel revenue was 2.388 billion yuan, a decrease of 7.67%, showing a significant improvement compared to the 13.78% decline in the first half of the year [6] Profitability and Cost Management - The gross margin for the first three quarters was 68.55%, an increase of 0.63 percentage points year-on-year, attributed to the launch of high-value new products [7] - The net profit margin reached 19.21% for the first three quarters, an increase of 4.17 percentage points year-on-year [7] Future Outlook - The company anticipates a single-digit revenue decline for the full year 2025, with ongoing product innovation and channel optimization expected to drive recovery [8] - New product contributions have approached 20% of total revenue in the first three quarters, indicating a positive trend for future growth [8] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 has been adjusted to 688 million, 798 million, and 879 million yuan, respectively, reflecting a downward revision of 13% for 2025 [9][10] - The company is projected to maintain a leading position in the dietary supplement industry, with a PE ratio of 31x for 2025 [9][10]