个股分化，Q3 保健品行业在低基数下如期向好：2025Q3 保健品板块 （SW）收入/归母净利润分别同增 18%/122%。个股逻辑各异，整体经营向上：①汤臣倍健在低基数下 Q3 数据迎拐点，产品及渠道均有尝试；②民生健进入低基数状态，收入环比加速符合预期，Q1-3 维矿产品表现与全年指引相符；③百合股份代工业务经营向上，自由品牌仍有负累，盈利结构暂有调整，期待后续修复；④ Q3 仙乐健康中国及欧洲区域收入提速，美洲区域收入整体正增长，且随着产品类型、市场结构优化，毛利率进一步提高；⑤安琪酵母海外延续成长，增长潜力较强，同时成本红利延续，运输费用回落，毛利率进一步提高；财务费用短期走高，我们预计逐步恢复正常；⑥嘉必优在订单节奏波动影响下 Q3 收入同比放缓，我们预计 Q4 迎来显著优化。同时现金流保持高质量，Q3 收现比 为 1.38。

8月份CPI环比持平(前值0.4%) ，同比由平转降至-0.4%，过去五年(春节在1月份，下同)的同期环比均值为0.3%。其中食品价格环比上涨0.5% (前值-0.2%)，过去五年环比均值为1.1%;同比下降4.3%，降幅比上月扩大2.7个百分点，对CPI同比的下拉影响比上月增加约0.51个百分点，高于 CPI同比降幅。非食品价格环比下降0.1% (前值+0.5%)，过去五年环比均值为0.1%。核心CPI环比持平，同比上涨0.9%。PPI 环比转为持平(前值- 0.2%) ，结束连续8个月下行态势，同比收窄至-2.9% (前值-3.6%)，为今年3月份以来首次收窄。

抗衰需求是我国保健品行业供需两侧长期关注的重要方向，近年来众多的原料崭露头角，例如 PQQ、麦角硫因、NMN 等，其中烟酰胺腺嘌呤二核苷酸（NAD+）系列产品受到较多关注。根据《NAD+与细胞衰老》，NAD+由烟酰胺单核苷酸（NMN）和单磷酸腺苷共价连接而成。NAD+ 是存在于所有发现的活性细胞的辅酶，参与基本的生命过程。其主要功效为（1）NAD+参与调 节细胞的物质代谢、能量合成和 DNA 损伤修复等多种生理病理活动。（2）NAD+也是 NAD+ 水解酶的作用底物, 参与调节细胞衰老进程和寿命长短。（3）NAD+还作为环腺苷二磷酸核糖 (cADPR)的前体物质, 参与细胞信号的传递。

Cocoa beans are the dried and fully fermented seed of Theobroma cacao, from which cocoa solids and cocoa butter are extracted. Cocoa trees grow in hot, rainy tropical areas within 20-degree of latitude from the Equator. Cocoa harvest is not limited to one period per year, and a harvest naturally is completed over several months. Cocoa is harvested in several countries at any time of the year. Cocoa has proven to be one of the most useful ingredients in chocolate and cosmetic products.

Chocolate is a snack produced in a liquid form, paste, or block or also used as an ingredient. It is primarily produced from Theobroma cacao seeds and heavily depends on cocoa solids for its production.

Pet food is formulated specifically for pets. They are intended for consumption by domesticated animals such as cats, dogs, birds, fish, and mammals.

Popcorn is a cereal grain that expands from the kernel and pops up when exposed to heat. It is consumed as a snack across the world due to its high nutritional content. Popcorn is a rich and concentrated source of protein, potassium, sodium, and fiber. It is mainly consumed as microwave popcorn and ready-to-eat popcorn.

Turmeric is an herbaceous flowering plant that belongs to the ginger family. Mostly produced across Southeast Asian countries, it is predominantly consumed as a spice and condiment in countries such as India, Thailand, Sri Lanka, and China. Its health benefits also make it a key ingredient in many foods and beverages. Some popular turmeric-based beverages are turmeric latte, golden milk, turmeric tea, turmeric elixirs, and turmeric oil.

Packaged dehydrated foods are foods stored in plastic food storage bags, food-grade plastic containers or glass containers. Dehydrated foods are a food preservation method used to extend the shelf life of food by removing the water content. Dehydrated foods retain their nutritional value and freshness and decrease the size of the food, making it convenient for exporting and traveling purposes.

Organic food and beverages are cultivated, prepared, and processed without chemicals. These products, developed using organic farming methods, promote resource reuse, uphold ecological harmony, and practice biodiversity conservation. They are grown without synthetic fertilizers, growth regulators, or other additives.