●今年已开展77场活动，涵盖30余个国家和地区 为助力整车制造、特色食品领域的川企开拓东南亚、非洲等新兴市场，今年举办中国（四川）—印 度尼西亚经贸文旅推介交流会、四川整车贸易全球行（东盟站）等活动，有力拉动前7月四川对东盟汽 车出口同比增长57.1%；组织企业参加摩洛哥国际食品科技展、坦桑尼亚达累斯萨拉姆国际贸易博览会 等展会，推动前7月四川对非洲农产品出口同比增长57.5%。 9月30日，记者从商务厅获悉，今年前9月，"川行天下"国际市场拓展活动进一步组织四川企业加速 拓展全球市场，开展活动77场，涵盖30余个国家和地区，签订意向订单超240亿元，助力四川对东盟、 欧盟、俄罗斯等地出口分别同比增长17.5%、6.1%、18.4%。 商务厅相关负责人介绍，下一步将聚焦全球高能级科技和产业类展会，组织企业参加柏林国际消费 电子展、沙特国际农业展等28场活动，引导企业深耕东盟、中亚、中东、欧洲等西向南向重点市场。 （记者 陈碧红） "川行天下"是商务厅重点打造的国际市场拓展品牌，通过支持川企参加国际知名展会、开展经贸促 进活动、完善国际营销体系、开展出口产品和服务认证、布局线上营销渠道等五个方面为企业提供政策 ...

Core Insights - The article highlights the increasing public interest in health, leading to a shift towards more effective health maintenance methods and the growing popularity of health supplements as a means to achieve physical balance and enhance vitality [1] Market Trends - Health supplement sales in China are projected to grow by 6% year-on-year across all city tiers by Q2 2025, despite a slight decrease in average purchase prices. The number of purchasing households and purchase volume remain stable, indicating a rising health demand across all age groups [2][5] - The market is showing signs of "demand segmentation" and "category refinement," with specific categories like calcium supplements seeing a 1.2 percentage point increase in penetration. Emerging categories and new ingredients are expanding the health supply landscape [2] Consumer Segmentation - Different consumer groups exhibit distinct health concerns, with a notable increase in health demands across all age groups. Brands need to understand target audience behaviors and core pain points to seize market opportunities [5][6] - Young families contribute 31% to health supplement sales, with a penetration rate nearing 70%. Their purchasing decisions are driven by a "growth investment" mindset, particularly in categories like calcium, probiotics, and fish oil [10] - The penetration rate for young families in lower-tier cities has increased by 3.6 percentage points, indicating new growth potential in these markets [11] Young Singles/Couples - Young singles and couples show lower penetration rates and purchasing volumes compared to other family types, but their demand is evolving due to increased life pressures. They favor products for sleep aid and weight management, with a notable 11% increase in the purchase of B vitamins [12] - Online shopping is the primary purchasing channel for this demographic, with over 60% of sales coming from e-commerce platforms, particularly traditional e-commerce sites like Taobao and Tmall, as well as emerging platforms like Douyin [12] Senior Households - Senior households have seen a 20% year-on-year increase in health supplement sales, with the highest average spending and purchase volume among all family types. Their health concerns are increasingly focused on immune support and cardiovascular health [13] - There is a significant acceptance of traditional herbal ingredients among seniors, with products containing ingredients like reishi and ginseng seeing higher penetration rates [13] Strategic Recommendations - Brands must analyze consumer purchasing behavior to identify genuine needs within the diverse demand landscape, which is crucial for strategic positioning and growth in the health supplement market [16]

PresentationI think many of you have seen the SENS, the trading update put out yesterday for the second half. But I'll hand over now to Neville to maybe just give us an overview, and then we can go into Q&A.Neville BrinkCEO & Executive Director Thanks, Sumil, and welcome, everybody. I don't know what the number is, but welcome, everybody. As Sumil said, we put a statement out yesterday, 11-month statement. You saw the numbers. We expect to be around 40% down both at the HEPS level and an earnings level -- e ...

Core Viewpoint - The article discusses the rising trend of health supplements, particularly the "anti-sudden death package" popular among young workers in China, which is heavily influenced by similar trends in South Korea [4][5][10]. Group 1: Health Supplements Market - The "anti-sudden death package" typically includes fish oil, magnesium, vitamin D3, and B vitamins, with some variations including coenzyme Q10 and lutein [5][6]. - Young workers in China are increasingly investing in these supplements to cope with long working hours and stress, often spending significant amounts on them [6][10]. - The average cost of maintaining this supplement regimen ranges from 5.4 to 15.2 yuan per day, translating to approximately 2000 yuan annually, with premium brands costing over 5000 yuan [9][10]. Group 2: Consumer Behavior - There is a notable consumer trend where young professionals are willing to research and invest in health supplements, reflecting a growing awareness of health and wellness [6][10]. - The article highlights that while these supplements may provide some health benefits, they are not a guaranteed solution to prevent sudden death [13].

Core Viewpoint - The article highlights the emerging trend of unconventional health practices among young consumers, reflecting their desire for personalized, efficient, and engaging health management solutions [1][3]. Group 1: Consumer Trends - Young consumers are increasingly adopting unique health practices, such as incorporating unconventional ingredients into food and using health products in creative ways [1]. - There is a growing demand for health management that is both effective and enjoyable, with consumers seeking high efficiency and low burden in their wellness routines [3]. Group 2: Marketing Strategies - JD Health launched a promotional event on September 15-16, offering substantial health subsidies and discounts to cater to the diverse health needs of consumers during the autumn season [3][11]. - The event features a variety of health products, including traditional supplements and modern nutritional formulations, aimed at addressing common health issues faced by young people [6]. Group 3: Product Offerings - The promotional campaign includes high-end health products such as bird's nest, donkey-hide gelatin, and modern supplements like Coenzyme Q10 and fish oil, targeting specific health concerns like fatigue and cold sensitivity [6]. - JD Health also provides a range of health gifts for the upcoming Mid-Autumn Festival and National Day, focusing on practical health devices like blood pressure monitors and glucose meters, appealing to a more health-conscious gifting culture [9]. Group 4: Engagement and Experience - The event encourages consumer engagement through tasks that reward participants with health-related gifts, enhancing the overall shopping experience [3][11]. - JD Health's approach aims to create a comprehensive health experience that combines product offerings with psychological well-being, promoting a holistic view of health management [6][11].

Group 1: Blue Economy and Health Industry Cooperation - The China-Norway Blue Economy and Health Industry Cooperation Seminar was successfully held during the 2025 China International Service Trade Fair, focusing on themes such as blue economy, marine technology, agricultural technology, health industry, and sustainable development [1] - A cooperation agreement was signed between China Road and Bridge Corporation and Norway's Pure Salmon Technology, expanding collaboration in aquaculture and infrastructure [1][7] Group 2: Service Industry and Trade Growth - The service industry has become a new engine for global economic growth, with its share of global GDP rising to 68% and service trade growth outpacing goods trade, increasing from 20.6% in 2013 to 25% in 2023 [2] - Beijing has implemented over 70 national breakthrough policies and attracted more than 8,000 foreign enterprises, utilizing over $66 billion in foreign investment, accounting for 8.4% of the national total [2][3] Group 3: Nutritional Health Food Market Potential - The nutritional health food industry in China is experiencing high-quality development, with market size growing from 99.3 billion yuan in 2013 to 328.3 billion yuan in 2023, a compound annual growth rate of 13%, and expected to exceed 800 billion yuan by 2027 [4] - In the first half of 2025, China's nutritional health food trade totaled $6.233 billion, with imports reaching $3.981 billion, reflecting a year-on-year growth of 10.3% and 10.5% respectively [4] Group 4: Import Trends and Consumer Demand - Norway ranked 16th among countries exporting nutritional health foods to China in the first half of 2025, with a trade total of $5.616 million, showing a year-on-year decline of 8.1% [4] - The Chinese market for imported cross-border health products has formed five core segments, with Norwegian brands holding significant positions in the cardiovascular and oral beauty sectors [5] Group 5: Green Agriculture and Sustainable Development - China Road and Bridge Corporation aims to establish a "green granary" in collaboration with Pure Salmon Technology, focusing on sustainable aquaculture and infrastructure development [6][8] - The partnership will involve creating a demonstration project for Atlantic salmon aquaculture in China, integrating advanced Norwegian technologies in automated feeding and fish disease diagnosis [8]

Group 1: Blue Economy and Health Industry Cooperation - The China-Norway Blue Economy and Health Industry Cooperation Seminar was successfully held during the 2025 China International Service Trade Fair, focusing on themes such as blue economy, marine technology, agricultural technology, health industry, and sustainable development [1] - A cooperation agreement was signed between China Road and Bridge Corporation and Norway's Pure Salmon Technology, expanding collaboration in aquaculture and infrastructure [1][7] Group 2: Service Industry and Trade Growth - The service industry and service trade have become new engines for global economic growth, with the service sector accounting for 68% of global GDP and service trade's share rising from 20.6% in 2013 to 25% in 2023, projected to exceed 40% by 2040 [3] - Beijing has implemented over 70 national breakthrough policies and attracted more than 8,000 foreign enterprises, with actual foreign investment exceeding $66 billion, representing 8.4% of the national total [3][4] Group 3: Nutritional Health Market Potential - The Chinese nutritional health food industry is in a high-quality development phase, with market size growing from 99.3 billion yuan in 2013 to 328.3 billion yuan in 2023, a compound annual growth rate of 13%, and expected to exceed 800 billion yuan by 2027 [5] - In the first half of 2025, China's nutritional health food trade totaled $6.233 billion, with imports reaching $3.981 billion, showing a year-on-year growth of 10.5% [5] Group 4: Cross-Border Health Products and Consumer Demand - The cross-border health product market in China has formed five core segments, with Norwegian brands holding significant positions in the cardiovascular and oral beauty sectors [6] - The health literacy of Chinese consumers is improving, reaching 31.87% in 2024, enhancing awareness of key ingredients like DHA and EPA, which benefits the market for high-quality Norwegian health products [6] Group 5: Green Agriculture and Sustainable Development - The cooperation between China Road and Bridge Corporation and Pure Salmon Technology aims to establish a green aquaculture demonstration project focused on Atlantic salmon, aligning with China's food security strategy [8] - The partnership will leverage Norwegian technology in automated feeding, AI fish disease diagnosis, and intelligent farming platforms, promoting sustainable practices in marine resource utilization [8]

Core Viewpoint - Tianyuan Pet Products Co., Ltd. reported a revenue of 1.435 billion yuan for the first half of 2025, marking a year-on-year growth of 14.59%, and a net profit of 37.46 million yuan, up 20.14% year-on-year [1][2][16]. Revenue Breakdown - The revenue for the first half of 2025 was primarily derived from pet supplies and pet food, with revenues of 728 million yuan and 668 million yuan respectively, reflecting year-on-year growth of 8.96% and 17.37% [2][3]. - The gross profit margins for pet supplies and pet food were 22.17% and 17.37%, accounting for 50.73% and 46.55% of total revenue [2][3]. Market Trends - The proportion of pet food in total revenue has increased from 21.1% in 2022 to 43.55% in 2024, while the share of pet supplies has decreased from 71.5% to 55.36% during the same period [4]. - Domestic revenue has surpassed international revenue since 2024, with domestic revenue accounting for 54.28% of total revenue in the first half of 2025 [6][19]. Business Model - Tianyuan Pet operates a dual-track model, relying on OEM/ODM for international markets while leveraging authorized sales of international pet food brands domestically [7][8]. - The company aims to reduce its dependence on foreign brands and enhance its own brand development through acquisitions and channel expansion [10][12]. Financial Performance - Operating cash flow showed a significant outflow of 115.2 million yuan, a year-on-year increase of 45.81%, attributed to increased procurement and accounts receivable [16][17]. - Sales expenses surged by 48.46% to 158.6 million yuan due to increased marketing and personnel costs [16]. Strategic Acquisitions - The company has made strategic acquisitions, including a 6.88 billion yuan deal to acquire 89.71% of Taotong Technology, aiming to strengthen its e-commerce capabilities [12][18]. - The reliance on international brands for revenue generation poses risks, particularly if Taotong's performance does not meet expectations [18][19].

Summary of the Health Supplement Industry Conference Call Industry Overview - The health supplement market in China is projected to exceed 200 billion RMB in 2024, with a year-on-year growth of 4%, indicating a growth-oriented industry despite a high base effect from 2023 [1][3][4] - The market is fragmented, with Tong Ren Tang as the leading player holding approximately 9% market share, although this share is declining [1][8] Market Dynamics - The health supplement industry is categorized into "blue hat" products (which can advertise efficacy but have restricted ingredients) and non-blue hat products (which rely on cross-border e-commerce for innovation) [1][6] - The rise of platforms like Douyin (TikTok) has significantly impacted the market, allowing new brands to emerge rapidly, particularly in functional ingredients like fish oil and Coenzyme Q10 [1][14] Consumer Trends - There has been a shift in consumer demographics, with younger consumers (middle-aged and young adults) becoming the primary market for health supplements, moving away from the traditional focus on older adults [2][16] - The demand from younger consumers is focused on improving sub-health conditions and enhancing personal image, with specific interests in gastrointestinal health and eye protection [1][16] Competitive Landscape - Major brands in the industry include Amway and Swisse, with Amway focusing on traditional dietary supplements through direct sales, while Swisse has gained market share through product innovation and online sales [9] - New brands are emerging rapidly, leveraging innovative products and efficient marketing strategies to compete against established players [15][20] Product Categories and Innovations - The market is segmented into traditional tonics, basic nutrients (vitamins), and other functional ingredients (probiotics, fish oil), with the latter experiencing rapid growth post-pandemic [1][6][7] - Technological innovations, such as synthetic biology, are reducing costs and expanding the application of ingredients like ergothioneine, which is now widely used in affordable skincare and health products [19] Future Trends and Investment Opportunities - The future of the health supplement industry is expected to focus on efficacy-driven products, with significant investment opportunities arising from this trend [27] - Companies like Lu Yu Chen are highlighted as strong investment candidates due to their deep industry insights and robust operational capabilities [27] Key Statistics - The cross-border e-commerce channel for health supplements is expected to grow by 80% in 2024, indicating a significant shift in sales channels [3][18] - The market for probiotics has exceeded 10 billion RMB, with a strong growth trajectory, while Coenzyme Q10 is currently valued at over 4 billion RMB [22] Conclusion - The health supplement industry in China is characterized by rapid growth, evolving consumer demographics, and increasing competition. The rise of digital platforms and technological innovations presents both challenges and opportunities for existing and new players in the market.

Core Viewpoint - The functional food market in China is experiencing accelerated penetration driven by economic stability, aging population, and the rise of Generation Z, with a compound annual growth rate (CAGR) of 6.3% over the past five years, significantly higher than other basic consumer goods categories [1][2] Group 1: Market Dynamics - Economic growth is enhancing disposable income, entering a phase that catalyzes the demand for health products [2] - The aging trend is increasing daily proactive health care needs, expanding the consumer base for functional foods [2] - The shift from high-speed to moderate economic growth is amplifying the "self-care" consumption habits among younger consumers, leading to increased penetration across all age groups [2] Group 2: New Demand and Channels - New consumer demands are emerging, combining health and self-care, with a broadening of consumption scenarios towards leisure [3] - Traditional health products are now appealing to a wider demographic, including women, youth, infants, and pets, with new product forms like functional gummies and flavored drinks gaining traction [3] - Online channels, particularly platforms like Douyin and cross-border e-commerce, are experiencing rapid growth, with private domain models enhancing consumer loyalty [4] Group 3: Industry Opportunities - The health supplement industry is characterized by a dual structure of leading brands and emerging players, with a clear trend towards niche market segmentation [5] - C-end brands must focus on precise positioning in niche efficacy and consumer segments to capitalize on growth opportunities [5] - B-end supply chain companies are undergoing significant changes, with larger clients demanding high standards and customization, while smaller clients require flexibility and rapid response [5] Group 4: Investment Recommendations - Companies like Xianle Health (300791.SZ) are recommended for their global layout and operational turnaround, while H&H International (01112) is highlighted for its strong growth potential in the infant formula and health supplement sectors [6][7] - Attention is also drawn to online retail brands like RuYuchen (003010.SZ) and established players like汤臣倍健 (300146.SZ) for their strategic positioning in the market [6][7]