Summary: Minsheng Health Pharmaceutical Group Co., Ltd. reported a 10.23% YoY revenue growth to 641 million yuan and a 7.24% YoY net profit increase to 91.83 million yuan in 2024. The momentum continued into 2025, with Q1 revenue and net profit surging. Strategic investments in innovation, distribution, and branding, along with a diversified product portfolio and R&D focus, drive its "1+N" ecosystem. Analysts praise its balance of heritage and innovation, positioning it as a leader in China's evolving wellness sector.
SHANGHAI (April 24) -- Minsheng Health Pharmaceutical Group Co., Ltd., a pioneer in China's over-the-counter (OTC) health supplement market, unveiled its 2024 annual report, reporting a robust 10.23% year-on-year (YoY) revenue growth to 641 million yuan (USD 89.3 million) and a 7.24% YoY increase in net profit attributable to shareholders to 91.83 million yuan (USD 12.8 million). The momentum continued into 2025, with first-quarter revenue surging 15.70% to 271 million yuan (USD 37.7 million) and net profit rising 6.51% to 62.71 million yuan (USD 8.7 million), underscoring resilience amid sector-wide growth deceleration.
Industry Insight: Innovating Through Market Headwinds
Against a backdrop of slowing expansion in China's health supplement sector, Minsheng Health's sustained growth trajectory stems from strategic investments in product innovation, omnichannel distribution optimization, and brand equity enhancement. Its flagship product, 21 GoldVita® Multivitamin & Mineral Tablets, remains an irreplaceable cornerstone, leveraging three decades of market leadership and regulatory exclusivity as China's first Class B OTC multivitamin. Since its 1985 launch, the brand has consistently ranked among the top-tier vitamin and mineral supplements in China's OTC product rankings, cementing its status as a household staple.
Product Portfolio Diversification and Channel Synergy
In 2024, the company's vitamin and mineral supplement segment generated 621 million yuan (USD 86.5 million), a 10.47% YoY increase, while its broader wellness category contributed 12.37 million yuan (USD 1.72 million), up 8.01% YoY. Minsheng Health accelerated its product matrix evolution by integrating rapid channel penetration -- particularly in e-commerce and pharmacy networks -- with premium brand positioning, enabling cross-category synergies.
R&D Investment Fuels Pipeline Expansion
From 2022 to 2024, the company allocated 80.71 million yuan (USD 11.2 million) to R&D, with 2024 investments totaling 23.98 million yuan (USD 3.34 million), representing 3.74% of annual revenue. This commitment yielded tangible outcomes: one new drug approval, three granted invention patents, four utility model patents, and 10 health supplement registration/filing certificates in 2024 alone.
Brand Architecture: A Four-Pillar Strategy for Holistic Health
Minsheng Health's growth is anchored in a "1+N" brand ecosystem, where its flagship 21 GoldVita dominates the vitamin-mineral segment, while subsidiary brands target niche markets:
"Minsheng": Focuses on professional therapeutic OTC drugs, leveraging clinical validation to address chronic conditions.
"Probiotics+": A specialist probiotic line targeting digestive health and immune support, tapping into China's burgeoning microbiome market.
"Minsheng Tongchun": Merges traditional Chinese medicine (TCM) with biotechnology, offering solutions for modern lifestyle health demands such as workplace wellness and athletic recovery.
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