Core Insights - The report from Zheshang Securities indicates that Tongchen Baijian's revenue decline has narrowed in Q2 2025, with expectations for stabilization and improvement in the second half of the year [1] Industry Overview - In the first half of 2025, market concentration has further decreased, and the industry shows continued differentiation across various channels [1] - Offline, the overall market remains sluggish, with a decline in foot traffic at pharmacies and a decrease in sales of dietary supplements [1] - Online, the industry continues to experience intense competition, with a rapid increase in the share of interest e-commerce, posing ongoing challenges to the overall market landscape [1] Company Strategy - In Q2, the company has been adjusting and optimizing its business strategies across various channels, resulting in a narrowing year-on-year revenue decline [1] - Looking ahead to the second half of the year, the company plans to launch new products in Q2 and Q3, and will strategically allocate marketing resources to further increase the distribution rate of new products offline [1] - Online, the company aims to enhance its overall e-commerce strategy, increase investment in upgraded core product categories, and explore sustainable operational models for interest e-commerce channels [1] - The adjustments in product and channel strategies are expected to lead to a potential revenue upturn in the second half of the year [1]

Group 1 - The top three brands in the consumer index are Notland, Durex, and Yuwell, with scores of 1.72, 1.63, and 1.53 respectively, indicating a significant lead over other brands [1][2] - The consumer index report aims to objectively present trends in the consumption world, helping industries and brand owners track market trends and enhance competitive strength [5] Group 2 - Young professionals are increasingly seeking "fragmented health management" solutions in office settings, leading to a rise in demand for portable health products [3] - Notland has expanded its product offerings to include instant energy supplements for cyclists and complex vitamins for high-intensity mental workers, solidifying its position in the health and fitness sector [3] - Brands like Yuwell and Cofos are integrating traditional Chinese medicine concepts with micro-technology to create portable health devices, catering to the need for convenient wellness solutions [3] Group 3 - The eye care market is evolving into a "beauty and health dual-core" driven era, with brands focusing on material science breakthroughs and comprehensive health management services [3] - Fashion brands such as Moody and Kela are leveraging technological innovation and style to attract young consumers, with Moody launching a new silicone hydrogel series and Kela promoting seasonal designs [4] - Professional brands like CooperVision and Alcon are addressing vision correction and eye health with high-end daily care products, tapping into the premium market segment [4]

证券之星消息，8月18日食品加工板块较上一交易日上涨0.55%，*ST春天领涨。当日上证指数报收于 3728.03，上涨0.85%。深证成指报收于11835.57，上涨1.73%。食品加工板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600381 | *ST春天 | 4.41 | 5.00% | 6.66万 | 2913.05万 | | | 600530 | 交大昂立 | 60'8 | 3.85% | 18.56万 | 1.48亿 | | | 002626 | 全达威 | 19.65 | 3.37% | 20.87万 | | 4.09亿 | | 836826 | 盖世食品 | 12.50 | 2.88% | - 4.46万 | 5546.05万 | | | 605089 | 味知香 | 26.30 | 2.81% | 1.69万 | 4377.88万 | | | 002216 | 三全食品 | 11.43 | 2.14% | 12.60万 | | 1.43 ...

Core Viewpoint - The company experienced a decline in revenue in the first half of 2025, but showed signs of recovery in the second quarter, with a significant increase in net profit compared to the previous year [1][2][10] Financial Performance - In the first half of 2025, the company achieved revenue of 3.53 billion yuan, a year-on-year decrease of 23.4%, and a net profit of 740 million yuan, down 17.3% [1] - In the second quarter of 2025, revenue was 1.74 billion yuan, a year-on-year decline of 11.5%, while net profit rose to 280 million yuan, an increase of 71.4% [1] Revenue Breakdown - For the first half of 2025, domestic and overseas revenues were 2.84 billion yuan and 690 million yuan, respectively, representing a year-on-year decline of 28.2% and an increase of 5.3% [3] - Major brands in the domestic market, including汤臣倍健,健力多, and Life-Space, reported revenues of 1.89 billion yuan, 410 million yuan, and 140 million yuan, with declines of 28.3%, 30.4%, and 34.4% respectively [3][4] Channel Performance - In the first half of 2025, offline and online channels generated revenues of 1.80 billion yuan and 1.68 billion yuan, reflecting year-on-year declines of 31.6% and 13.8% [4] - The second quarter of 2025 saw revenues from offline and online channels at 810 million yuan and 920 million yuan, with declines of 10.7% and 12.1% respectively [7] Profitability Metrics - The gross margin for the first half of 2025 was 68.6%, unchanged from the previous year, while the net margin improved to 21.6%, an increase of 2.5 percentage points [8] - In the second quarter of 2025, the gross margin was 68.4%, up 1.7 percentage points year-on-year, and the net margin rose to 17.1%, an increase of 8.9 percentage points [8] Future Outlook - The company plans to launch new products in the second and third quarters of 2025 and will strategically allocate marketing resources to enhance offline distribution [9] - Revenue projections for 2025 to 2027 are 6.29 billion yuan, 6.64 billion yuan, and 7.01 billion yuan, with net profits expected to be 800 million yuan, 930 million yuan, and 1.06 billion yuan respectively [10]

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Views - The company experienced a narrowing decline in revenue in Q2 2025, with a year-on-year decrease of 11.5% [2] - The company is expected to stabilize and improve in the second half of 2025, driven by product launches and optimized marketing strategies [12] Revenue Breakdown - In H1 2025, the company achieved total revenue of 35.3 billion yuan, a year-on-year decrease of 23.4%, with a net profit of 7.4 billion yuan, down 17.3% [1] - For Q2 2025, the company reported revenue of 17.4 billion yuan, with a net profit of 2.8 billion yuan, reflecting a significant increase of 71.4% year-on-year [1][5] - Domestic and international revenue for H1 2025 was 28.4 billion yuan and 6.9 billion yuan, respectively, showing a decline of 28.2% and an increase of 5.3% year-on-year [3] Brand Performance - The main brands,汤臣倍健 and LSG, contributed significantly to revenue, with汤臣倍健 generating 18.9 billion yuan in H1 2025, down 28.3% year-on-year [4] - LSG brand revenue in H1 2025 was 5.3 billion yuan, up 4.5% year-on-year, indicating strong performance in cross-border e-commerce and local markets [3][5] Channel Analysis - Revenue from offline and online channels in H1 2025 was 18.0 billion yuan and 16.8 billion yuan, respectively, with declines of 31.6% and 13.8% year-on-year [4] - In Q2 2025, offline and online channels generated 8.1 billion yuan and 9.2 billion yuan, with year-on-year declines of 10.7% and 12.1% [11] Profitability Metrics - The gross margin for H1 2025 was 68.6%, remaining stable year-on-year, while the net margin improved to 21.6%, up 2.5 percentage points [11] - For Q2 2025, the gross margin was 68.4%, an increase of 1.7 percentage points year-on-year, and the net margin rose to 17.1%, up 8.9 percentage points [11] Future Outlook - The company is projected to achieve revenues of 62.9 billion yuan, 66.4 billion yuan, and 70.1 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of -8.1%, +5.6%, and +5.5% [12] - Net profit forecasts for the same period are 8.0 billion yuan, 9.3 billion yuan, and 10.6 billion yuan, with growth rates of +22.0%, +16.5%, and +14.6% [12]

Group 1 - The stock price of Tongchen Beijian reached 12.36 yuan as of August 15, 2025, with an increase of 0.14 yuan, representing a rise of 1.15% [1] - The trading volume on that day was 239,820 hands, with a total transaction amount of 296 million yuan [1] - Tongchen Beijian operates in the food and beverage industry, specializing in the research, production, and sales of dietary nutritional supplements, including protein powder, vitamins, and minerals [1] Group 2 - On the evening of August 15, Tongchen Beijian announced that neither the company nor its subsidiaries provided guarantees to companies or individuals outside the consolidated financial statements, confirming no violations or overdue guarantees or litigation related to guarantees [1] - On August 15, the net inflow of main funds into Tongchen Beijian was 13.2831 million yuan, accounting for 0.1% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 60.1373 million yuan, representing 0.43% of the circulating market value [1]

Core Viewpoint - Tongrentang Baijian (300146) announced that as of the date of the announcement, the company and its subsidiaries have not provided guarantees to any companies or individuals outside the consolidated financial statements, indicating no violations of external guarantee behavior, no overdue guarantees, or guarantees involved in litigation [1] Summary by Relevant Categories - Company Guarantees - The company and its subsidiaries have not provided any guarantees outside the consolidated financial statements [1] - There are no violations related to external guarantees [1] - There are no overdue guarantees or guarantees involved in any litigation [1]

关于子公司间相互担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、担保情况概述 证券代码：300146 证券简称：汤臣倍健 公告编号：2025-040 汤臣倍健股份有限公司 近年来，汤臣倍健股份有限公司（以下简称"公司"）积极拓展线上业务及 线下新零售业务，公司通过下属相关业务运营主体在各电商平台进行产品销售或 开展相关推广、投流等事宜。根据各电商平台相关政策要求，入驻运营主体需为 其在相应平台的经营业务相互承担连带保证责任。 根据《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》等的有关规定，上述事项属于公司合并报表范围内子公司之间担保，仅 需履行子公司内部审议程序，无需提交公司董事会及股东会审议。 1 公司名称 注册日期 企业类型 注册地址 与公司的关系 是否失信 被执行人 广州麦优网络 科技有限公司 2011 年 5 月 10 日 其他有限责任公司 广州市黄埔区黄埔大道东 916 号 101 房（701 房、702 房、703 房、704 房、801 房、802 房-1、901 房、902 房、903 房-1）（仅 ...

Core Viewpoint - Despite facing challenges, Tongrentang's recent financial performance shows signs of recovery, with various positive indicators emerging [3][5][13]. Financial Performance - In the first half of 2025, Tongrentang reported total revenue of 3.532 billion, a year-on-year decline of 23.43%, and a net profit of 736 million, down 17.34% [3][5]. - The company experienced a significant revenue drop in the second half of 2024, with two consecutive quarters of approximately 1.1 billion, marking a 36-month low [3][5]. - However, in 2025, the first quarter saw a 62% quarter-on-quarter revenue growth, returning to levels seen in early 2024, and the second quarter maintained this scale [5][11]. Inventory and Product Performance - Despite a decline in sales for major brands, the overseas brand LSG showed a rebound with a 13.46% year-on-year revenue increase [9]. - The company maintained healthy inventory levels, with a reported inventory of 551 million at the end of the second quarter, indicating a bottoming out of stock [11]. - The sales volume of capsules increased by 12.23%, while the production of powder products rose by 38.57% [12]. Industry Context - The VDS (Vitamin and Dietary Supplements) industry in China has seen significant growth, with a retail market size increasing from 63.642 billion in 2009 to 232.3 billion in 2024, reflecting a compound annual growth rate of 9.7% [15]. - The aging population in China, with 31 million people aged 60 and above by the end of 2024, is expected to drive demand for nutritional health products [15][17]. - The industry is undergoing structural changes, with regulatory shifts encouraging innovation while maintaining strict standards [16][17]. Competitive Landscape - Tongrentang remains a market leader with a 9.3% market share in 2024, supported by a comprehensive product matrix catering to various demographics [22]. - The company has invested over 10 billion in marketing and product development since its IPO in 2010, establishing a strong brand presence [26][27]. - The competitive advantage of self-owned brands is evident, as Tongrentang consistently leads in gross margin compared to peers [23][24]. Future Outlook - The company has a solid financial cushion with 2.87 billion in cash and minimal short-term debt, providing a buffer against short-term challenges [35]. - The ongoing recovery signals and the potential for industry growth suggest that Tongrentang may be well-positioned for future opportunities [13][15].

资金流向方面，今日主力资金净流入1328.31万元，占比成交额4.49%。其中，超大单净流入1805.44万 元、占成交额6.11%，大单净流出477.13万元、占成交额1.61%，中单净流出流入1415.25万元、占成交 额4.79%，小单净流出2743.56万元、占成交额9.28%。 天眼查商业履历信息显示，汤臣倍健股份有限公司，成立于2005年，位于珠海市，是一家以从事食品制 造业为主的企业。企业注册资本170084.5431万人民币，实缴资本170084.5431万人民币。公司法定代表 人为林志成。 通过天眼查大数据分析，汤臣倍健股份有限公司共对外投资了39家企业，参与招投标项目46次，知识产 权方面有商标信息4356条，专利信息686条，此外企业还拥有行政许可849个。 金融界消息 截至2025年8月15日收盘，汤臣倍健（300146）报收于12.36元，上涨1.15%，换手率 2.12%，成交量23.98万手，成交金额2.96亿元。 汤臣倍健最新一期业绩显示，截至2025中报，公司营业总收入35.32亿元、同比减少23.43%，归属净利 润7.37亿元，同比减少17.34%，扣非净利润6.93亿元 ...