高纯度 Omega-3丨 白皮书 核心摘要： 在健康中国战略全面推进的背景下，国民健康管理意识显著提升，健康需求从 "被动治疗"向"主动预防"加 速转型。随着慢性病防控与亚健康改善成为全民健康的核心议题，膳食营养补充剂已成为全民健康管理的重 要工具，其市场发展与科学认知深化同步推进。基于这一现状，本白皮书旨在深入探讨高纯度 Omega-3 在中国居民健康管理中的作用及应用现状，加强公众对其生理功效的认知，为公众提供更加专业的营养指 导。白皮书从以下五个章节展开： 一、中国居民健康管理现状 国家政策推动全民健康管理向主动预防转型，面对慢性病年轻化与全周期防护挑战，需构建监测、干预与营 养支持体系。膳食营养补充剂通过定向支持和免疫力提升，成为公众践行主动健康管理的核心工具，助力实 现从治疗到预防的跨越。 二、膳食营养补充剂市场认知及应用表现 在国民健康管理需求升级与膳食营养补充剂市场快速发展的双轮驱动下，服用膳食营养补充剂已进阶为现代 人健康管理的核心方案。在消费者决策矩阵中，产品本身与品牌背书构成购买双引擎。但不同人群对成分需 求呈现差异化特征，折射精准健康管理趋势。 三、 Omega-3 产品与应用现状 Om ...

Core Viewpoint - The article discusses the chaotic and often deceptive nature of the health supplement industry, highlighting the high markups and the exploitation of consumer fears, while introducing a new player, "Nutrition Factory," that aims to disrupt the market with transparency and lower prices [10][18][120]. Group 1: Industry Overview - The health supplement industry is characterized by high prices and significant markups, with products often sold at prices far exceeding their production costs [6][10][96]. - Many consumers are aware of the high premiums but feel they have no choice due to the industry's marketing tactics and the fear of health issues [26][118]. - The industry has a natural barrier to entry for newcomers due to high customer loyalty and repeat purchases, but the simplicity of the product offerings allows for disruption [18][19]. Group 2: Consumer Behavior - Consumers are driven by fear of health issues, leading them to purchase supplements despite knowing the high prices [10][11]. - The article suggests that consumers are not naive; they recognize the inflated prices and the role of marketing in the cost structure [26][28]. - Transparency and honesty in pricing and product quality are becoming increasingly important to consumers, creating opportunities for new entrants [31][32]. Group 3: Nutrition Factory's Business Model - Nutrition Factory emerged as a response to consumer frustration with high prices in the supplement market, offering similar quality products at significantly lower prices [102][120]. - The company utilizes a model similar to Xiaomi, focusing on high-quality ingredients and transparent pricing, which has led to rapid sales growth [44][50][112]. - Nutrition Factory's pricing strategy is aggressive, with products priced at a fraction of competitors' prices, such as fish oil sold for 69 yuan per month compared to competitors' prices of 200-300 yuan [48][60]. Group 4: Market Disruption - The success of Nutrition Factory demonstrates that a focus on transparency and efficiency can disrupt a long-established industry [119][126]. - The company operates without traditional marketing costs, relying instead on word-of-mouth and customer satisfaction to drive sales [111][112]. - By providing detailed information about product sourcing, production costs, and quality assurance, Nutrition Factory builds trust with consumers, challenging the status quo of the industry [66][120].

2025年6月25日，一场意义非凡的行业交流活动在凯克集团展开。Webber Naturals亚太区营销负责人Christophe亲临凯克集团总部，双方就健康产业发展展开 深入探讨，此次会面不仅彰显了双方紧密的合作关系，更为中国消费者带来了全新的健康福祉期待。 拥有77年深厚历史底蕴的Webber Naturals，早已凭借卓越品质在全球健康领域占据重要地位。其产品远销全球30多个国家，深受各地消费者信赖，更是被誉 为加拿大国家骄傲品牌。凯克集团作为Webber Naturals在亚太区的总代理，多年来一直以卓越的市场运营能力与专业的服务水平，推动Webber Naturals品牌 在亚太地区的蓬勃发展。此次Christophe的到访，旨在进一步深化双方合作，共同把握中国保健品市场的发展机遇。 在交流过程中，Christophe对中国保健品行业展现出的巨大潜力给予高度评价。随着国民健康意识的不断提升，中国保健品市场规模持续扩大，消费者对于 高品质、多元化的健康产品需求愈发旺盛。这一趋势为Webber Naturals与凯克集团的合作创造了广阔的空间。而双方能够达成深入合作，正是源于一致的理 念——始终将消费者 ...

大势研判： 横盘整固，是为蓄力新高。国泰海通策略在4月7日后前瞻且坚定研判了中国股市的升势，中国股市的积极反馈印证了我们前期的判断。至今，上 证指数已升近500点逼近3500点。我们判断下一阶段，股指短期仍有一定空间，但此时股指或横盘整固为主，不再是短期看点，聚焦结构：1）7月4日，特朗 普再次向全球发起关税威胁，前期地缘缓和的预期，有所波折反复；2）上半年表观经济数据尚可，短期出台进一步规模性经济举措必要性下降；3）股市在 估值水平整体提高后，中报季临近，也需要进一步检视增长水平；4）6月以来，IPO受理数量与计划募资规模显性抬高；上市公司披露计划减持规模有所提 高；交易所修改ST股票涨跌幅宽度。以上边际的变化，均有望令股市短期预期上修放缓，交易进入相对平衡的阶段。但要清晰，横盘整固是为蓄力新高，这 与我们战略看多中国股市并无相悖，股市并非今日起涨，也有夯实必要，贴现率下降推动中国股市走向"转型牛"将在金秋时节进一步表现。 中国经济治理思路关注反内卷，低价治理与防止无序扩张正打开新的投资空间。 从近期经济政策取向中，我们能够看到政府治理思路向民生领域倾斜，例如 我们在上期策略周报介绍清偿企业欠款行动与改善企 ...

Core Viewpoint - The health supplement industry is poised for transformation driven by new channels and customer segments, leading to increased demand for functional products and innovation opportunities [1][2]. Market Overview - The health supplement market in China is projected to reach 232.3 billion in 2024, with a year-on-year growth of 4%. Compared to the U.S., there is significant room for growth in penetration rates across all age groups, particularly as younger consumers develop habits and the population ages [2][3]. - The market is characterized by a fragmented landscape, with the top three companies (Tongrentang, Amway, and H&H) holding a combined market share of 22% [2]. Channel and Demand Dynamics - New channels, particularly e-commerce platforms like Douyin, are expected to drive functionalization in the health supplement industry, with Douyin's GMV for health supplements increasing by 44% year-on-year [3]. - The rise of new customer segments, including younger consumers and those seeking specific health benefits, is creating opportunities for new brands and product categories [3]. Product Category Insights - Fish Oil: Market size between 5-10 billion, with high growth potential due to its anti-inflammatory and beauty benefits [4]. - Coenzyme Q10: Market size of 4.1 billion, with a year-on-year growth of 17%, driven by demand from women and stress-related health concerns [4]. - Probiotics: Market size exceeds 10 billion, focusing on gut health and extending to weight management, with top brands achieving over 1 billion in retail sales [4]. - Oral Beauty Supplements: Market size exceeds 10 billion, with high average prices and rapid growth in innovative ingredients [4]. - Basic Nutrients: Vitamins, minerals, and proteins have market sizes of 32.9 billion, 27.1 billion, and 11.6 billion respectively, with year-on-year growth rates of 3%, 5%, and 1% [4]. Competitive Landscape - The industry is experiencing a shift towards product innovation, with traditional brands facing competition from new entrants that leverage unique ingredients and formulations [3][4].

2024年我国维生素及膳食补充剂VDS市场规模2323亿同比+4%，对比美国，我国各年龄段保健品渗透率 均较美国具备提升空间，后续随中青年培养保健品消费习惯及老龄化，市场具备长期成长性。保健品成 分、作用部位众多，需求较为分散，因此格局分散，2024年我国VDS市场公司口径CR3为22%，TOP3 汤臣倍健、安利、H&H零售额均超百亿。与美妆类似，保健品高毛利率、高营销费用率，功效化阶段 更早、龙头烈度更低，当下处于变革新阶段。 国泰海通主要观点如下： 千亿保健品市场，有望随新人群、新需求扩容 国泰海通发布研报称，与美妆类似，保健品高毛利率、高营销费用率，功效化阶段更早、龙头烈度更 低，当下处于变革新阶段。新渠道、新客群有望催化保健品功效性新需求，行业迎来变革新机遇，看好 产品创新能力突出叠加强运营的品牌跑出。推荐代运营转型自主品牌孵化、斐萃品牌放量的若羽臣 （003010）(003010.SZ)，关注汤臣倍健（300146）(300146.SZ)的调整改善，相关标的：金达威 （002626）(002626.SZ)、H&H国际控股(01112)、仙乐健康（300791）(300791.SZ)、百合股份 （60 ...

Group 1: Industry Overview - The Chinese government is actively promoting the development of the marine economy, with "deep-sea technology" becoming a key focus area in national policies [2][3] - The marine economy is expected to grow significantly, with projections indicating that by 2025, the marine production value could exceed 13 trillion yuan, with deep-sea technology-related industries accounting for over 25% of this total [4] Group 2: Company Developments - Hengtong Optic-Electric plans to expand its marine communication industry chain, focusing on the development and industrialization of products related to offshore oil and gas, underwater special cables, and marine equipment [1][5] - Zhongke Haixun is leveraging its advantages in sonar equipment, promoting its HX-A200 core processing chip specifically designed for underwater acoustic equipment, with plans for mass orders by 2025 [1][6] - Qifan Cable has developed the capability to produce long-length submarine cables and has applied these products in offshore wind power projects, with ongoing investments in R&D to enhance competitiveness in high-performance cable manufacturing [1][6] - Chengyi Pharmaceutical is investing 670 million yuan in a marine biomedicine manufacturing project, focusing on the production of 1,000 tons of super fish oil EPA, aligning with national marine strategies [1][7]

Group 1 - The A-share market saw active performance in marine biopharmaceutical concept stocks, with companies like Chengyi Pharmaceutical, Haiwang Biological, and Dongfang Ocean hitting the daily limit up [1] - The Central Financial Committee emphasized the promotion of a unified national market and the high-quality development of the marine economy [1] - Chengyi Pharmaceutical, as the first listed company in Zhejiang focusing on marine biopharmaceuticals, has a revenue share of nearly 70% from this sector [1] Group 2 - Chengyi Pharmaceutical is leveraging its core businesses of glucosamine and fish oil to establish a strong presence in the marine biopharmaceutical field [1] - The company's key product, hydrochloride glucosamine, is derived from chitin sourced from crab and shrimp shells, offering unique advantages such as being all-natural and additive-free [1] - Chengyi Pharmaceutical has developed a full-chain integration advantage in glucosamine products, from raw material extraction to production [1] Group 3 - Dongfang Ocean is also gaining market attention, focusing on marine seed breeding, aquatic product processing, and biotechnology [2] - The company has established a leading position in sea cucumber farming and fish seed breeding, collaborating with institutions like the Chinese Academy of Sciences and Ocean University of China [2] - Dongfang Ocean is advancing its health industry development by establishing platforms for immune technology, mass spectrometry, molecular technology, and third-party medical testing laboratories [2]

Group 1 - The core viewpoint of the articles highlights the acceleration of health consumption policies and the resulting opportunities for the health industry, as evidenced by the construction of pocket parks, greenways, and fitness facilities across the country [1] - The promotion of health consumption is expected to attract more enterprises into the health market, driving market growth, innovation in business models, and optimization of consumption structure [1] - The rising trend of health-conscious eating is reflected in the significant increase in searches for "light meal restaurants" and "fitness membership cards" on platforms like Meituan, indicating a shift in consumer preferences towards healthier food options [1][2] Group 2 - The demand for functional beverages and health products is increasing, with categories like infant nutrition and fish oil seeing high sales during shopping events, suggesting a growing market for effective nutritional products [2] - The integration of sports and tourism is being promoted, with various events and activities attracting tourists, indicating a trend towards health-oriented tourism experiences [2][3] - The sports tourism market in China is projected to grow at a compound annual growth rate of 13.3% from 2025 to 2030, reflecting the increasing importance of health awareness in tourism [3] Group 3 - The health consumption market is characterized by rapid growth, innovative business models, and an optimized consumption structure, driven by heightened health awareness among consumers [4] - The market is attracting more enterprises, with a notable increase in the registration of health-related companies and outdoor sports enterprises in recent years [4] - Financial support systems are evolving to enhance health consumption, with initiatives aimed at promoting digital, green, and health-related consumption [4]

文｜《好博会》报道组 张俊 【期数】 No.57 【人物】 卫仕联合创始人 吕少骏 【 TA 说】 宠物寿命有限，哪怕能让它健健康康地多活一天，就让我们所有的努力，有了结结实实的 意义。 吕少骏至今仍然清楚记得，儿时陪伴了自己多年的猫咪在它8岁那年离开了。 年幼的他当时还不懂，以为猫的寿命就是那么短。后来他才知道，原来猫是可以活到15- 20岁的。 但它为什么没有活到这个年纪？ 他总结为喂养习惯问题。早年中国人养宠物大多是工具属性，比如抓老鼠、看家护院，喂的 也是剩菜剩饭，往往会忽视宠物的营养和健康问题。 这段童年记忆也在他的心里种下了一颗创业的种子，那就是要为中国的宠物健康做一些事， 让宠物们活得更健康一些，与主人的陪伴时间更久一些。 6月27—29日，在北京展览馆，卫仕将带着他们研发的宠物食品亮相首届美好生活博览 会。届时，卫仕的"余粮碗"公益活动也将暖心上线，现场观众参与"不弃养承诺"打卡行 动，即可领取"余粮碗套装"，为流浪小猫带去一份温暖与关爱。 创业初心 让宠物活得更健康一些 2005 年，国内宠物食品赛道几乎还处于蛮荒期，也就是在那年，一群年轻人怀揣着让宠物 活得更健康一些的初心，创立了卫仕品牌 ...