Market Overview - On August 15, the food processing sector rose by 0.84%, led by *ST Chuntian [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - The top-performing stocks in the food processing sector included: - *ST Chuntian: Closed at 4.20, up 2.19% with a trading volume of 83,500 shares and a turnover of 34.68 million yuan [1] - Jindawei: Closed at 19.01, up 1.77% with a trading volume of 67,300 shares and a turnover of 127 million yuan [1] - Jiyuan Group: Closed at 30.32, up 1.27% with a trading volume of 30,900 shares and a turnover of 93.08 million yuan [1] - Other notable stocks included: - Xianle Health: Closed at 23.22, up 1.26% [1] - Kangbiter: Closed at 21.81, up 1.25% [1] Capital Flow - The food processing sector saw a net inflow of 51.53 million yuan from institutional investors, while retail investors experienced a net outflow of 91.07 million yuan [2] - The main capital inflows were observed in: - Shuanghui Development: Net inflow of 21.84 million yuan from institutional investors [3] - Jindawei: Net inflow of 16.96 million yuan from institutional investors [3] - Tangchen Beijian: Net inflow of 13.28 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a total revenue of 3.532 billion yuan for H1 2025, a year-on-year decline of 23.4%, while the net profit attributable to shareholders was 737 million yuan, down 17.3%. In Q2 2025, revenue was 1.741 billion yuan, a decline of 11.5%, but net profit increased by 71.4% to 282 million yuan, aligning with market expectations [7] - Due to the ongoing external consumption environment and unstable market competition, the profit forecasts for 2025 and 2026 have been adjusted downwards, with new forecasts for 2027 introduced. The projected net profits for 2025-2027 are 707 million, 813 million, and 934 million yuan, respectively, reflecting year-on-year growth rates of 8.3%, 15.0%, and 14.9% [7] - The company is focusing on high-quality operations and actively reforming online and offline channels to adapt to external changes. Long-term growth is expected as the population's age structure improves and public health awareness increases [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 6.179 billion yuan, with a year-on-year decline of 9.6%. The gross profit margin is expected to be 67.3% [6] - The company achieved a gross profit margin of 68.4% in Q2 2025, an increase of 1.68 percentage points year-on-year, attributed to improved product structure from high-value new products [7] - The net profit margin for Q2 2025 reached 17.1%, up 8.86 percentage points year-on-year, driven by effective cost control [7] Revenue Breakdown - The main brand and "Jianli Duo" benefited from effective operational adjustments, with Q2 revenue for the main brand at 905 million yuan, down 17.0% year-on-year, and "Jianli Duo" at 210 million yuan, down 3.67% [7] - Online channel revenue was 918 million yuan, a decline of 12.07%, while offline channel revenue was 810 million yuan, down 10.69% [7] Price Performance Catalyst - Key catalysts for stock price performance include better-than-expected growth in major products and accelerated online channel development [7]

金融界消息 截至2025年8月14日收盘，汤臣倍健（300146）报收于12.22元，下跌1.21%，换手率 2.15%，成交量24.30万手，成交金额2.98亿元。 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4157条，专利信息686条，此外企业还拥有行政许可849个。 来源：金融界 资金流向方面，今日主力资金净流出2276.56万元，占比成交额7.63%。其中，超大单净流出1386.19万 元、占成交额4.64%，大单净流出890.37万元、占成交额2.98%，中单净流出流入1150.18万元、占成交 额3.85%，小单净流入1126.39万元、占成交额3.77%。 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 ...

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，同比减少16.59%，流动比率3.337、速动比率 3.077、资产负债率17.09%。 金融界消息 截至2025年8月13日收盘，汤臣倍健（300146）报收于12.37元，下跌0.32%，换手率 2.31%，成交量26.15万手，成交金额3.24亿元。 资金流向方面，今日主力资金净流出1098.37万元，占比成交额3.39%。其中，超大单净流出505.37万 元、占成交额1.56%，大单净流出593.00万元、占成交额1.83%，中单净流出流入1320.88万元、占成交 额4.07%，小单净流出222.51万元、占成交额0.69%。 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685条，此外企业还拥有行政许可849个。 来源：金融界 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 ...

Core Viewpoint - The company acknowledges significant fluctuations in quarterly sales and profits, attributing these variations to market demand, sales policies, promotional activities, and expenditure timing [1] Group 1 - The company received an inquiry regarding the substantial differences in sales and profits from the first quarter to the fourth quarter [1] - The company indicated that the majority of sales occur in the first quarter, raising questions about the sales challenges in other quarters [1] - The company expressed gratitude for the investor's interest and provided insights into the factors influencing quarterly revenue and profit fluctuations [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 001215 | 千味央厨 | 29.42 | 1.38% | 4.90万 | 1.44亿 | | 002840 | 华统股份 | 10.72 | 0.85% | 11.63万 | 1.25亿 | | 603237 | 五芳斋 | 17.70 | 0.11% | 1.98万 | 3497.58万 | | 300791 | 仙乐健康 | 23.50 | 0.04% | 2.37万 | 5581.44万 | | 000639 | 西壬食品 | 3.27 | 0.00% | 26.68万 | 8686.88万 | | 000895 | 双汇发展 | 24.88 | -0.20% | 9.27万 | 2.31亿 | | 000529 | 广弘控股 | 6.32 | -0.32% | 4.65万 | 2947.67万 | | 603345 | 安井食品 | 73.43 | -0.34% | 5.62万 | 4.14亿 | | 002726 | 龙大美食 | ...

Core Viewpoint - The report from Huaxin Securities indicates that Tongchen Beijian has narrowed its revenue decline in Q2, optimizing resource allocation dynamically, leading to improved profitability [1] Revenue Performance - In H1 2025, the revenue for the main brand, Jianliduo, Lifespace domestic products, and overseas LSG was down by 28%, 30%, 34%, and up by 13% respectively, amounting to 1.888 billion, 0.411 billion, 0.138 billion, and 0.534 billion yuan [1] Sales Channels - Revenue from offline and online channels in H1 2025 decreased by 32% and 14% respectively, reaching 1.798 billion and 1.684 billion yuan [1] - The online channel is currently undergoing strategic adjustments, including the establishment of a self-broadcasting team to reduce expenses [1] - The offline channel focuses on cost reduction and efficiency improvement, optimizing the distribution system, with a net reduction of 147 distributors to 640 by the end of H1 2025 [1] Future Strategies - The company plans to stabilize its business through multiple strategies, including enriching SKU, lowering price points, and a distributor awakening plan [1] - The internal adjustments are ongoing, with significant improvement in profitability quarter-on-quarter, and expectations for a further narrowing of revenue decline and an increase in profit margins for the full year [1]

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, indicating potential for improvement in the latter half of the year [3][4]. Financial Performance - In 25H1, 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%. In 25Q2, revenue was 1.74 billion yuan, a decline of 11.5%, while net profit increased by 71.4% to 280 million yuan [3]. - The gross profit margin for 25H1 was 68.55%, slightly down from the previous year, while the net profit margin improved significantly due to better cost control [5]. Brand and Channel Performance - The main brand "汤臣倍健" saw a revenue drop of 28.32% to 1.888 billion yuan in 25H1. The joint care brand "健力多" experienced a 30.35% decline, while "Life-Space" had mixed results with domestic revenue down 34.43% but overseas revenue up 13.46% [4]. - Sales through offline channels fell by 31.63% to 1.798 billion yuan, while online sales decreased by 13.78% to 1.684 billion yuan, reflecting a challenging market environment [4]. Cost Management and Profitability - The company managed to reduce its sales expense ratio to 34.9% in 25H1, down 4.59 percentage points year-on-year, contributing to improved net profit margins [5]. - The management expense ratio increased slightly due to revenue decline, but overall profitability metrics showed improvement in the second quarter [5]. Future Outlook - The company anticipates a single-digit decline in revenue for the full year 2025, with expectations of narrowing the decline compared to the first half [6]. - Initiatives for performance recovery include product innovation and a comprehensive channel reform strategy aimed at enhancing sales and customer engagement [6].

Revenue and Profit - The total operating revenue for the company in the first half of 2025 was 3.532 billion yuan, a year-on-year decrease of 23.43% [2] - The net profit attributable to shareholders was 737 million yuan, down 17.34% year-on-year, while the net profit excluding non-recurring items was 693 million yuan, a decrease of 16.59% [2] - In Q2, the operating revenue was 1.741 billion yuan, a decline of 11.51% year-on-year, but the net profit attributable to shareholders increased to 282 million yuan, up 71.44% year-on-year, and the net profit excluding non-recurring items was 285 million yuan, an increase of 133.45% [2] Key Financial Indicators - Accounts receivable stood at 504 million yuan, representing 77.24% of the latest annual net profit, with a year-on-year increase of 9.51% [4] - Interest-bearing liabilities surged to 843 million yuan, reflecting a year-on-year increase of 6320.54% [4] - Gross margin was 68.55%, a slight decrease of 0.01% year-on-year, while net margin increased by 13.29% to 21.61% [9] Cash Flow - The net cash flow from operating activities was 0.38 yuan per share, an increase of 118.12% year-on-year, primarily due to reduced procurement and period expense payments [6] - The net cash flow from investing activities saw a change of 84.68%, mainly due to decreased expenditures on large time deposits and financial products [7] Business Composition - The revenue breakdown by product includes: Other products at 1.343 billion yuan (38.02% of total revenue, gross margin 61.24%), Capsules at 983 million yuan (27.84%, gross margin 68.33%), Tablets at 720 million yuan (20.38%, gross margin 78.23%), and Powders at 486 million yuan (13.76%, gross margin 74.84%) [10] - Revenue from domestic sales was 2.843 billion yuan, accounting for 80.50% of total revenue, with a gross margin of 69.46%, while overseas sales were 689 million yuan, making up 19.50% of total revenue, with a gross margin of 64.80% [10] Industry Outlook - The dietary supplement industry in China presents significant growth potential, and the company is enhancing its technological competitiveness through a "scientific nutrition" strategy while developing an omnichannel sales system [8] - Despite the decline in revenue and profit in the first half of 2025, the company has made positive progress in technological innovation, brand building, and omnichannel business development [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a narrowing decline in revenue, with improved profitability driven by cost control measures [5][7] - The second quarter showed a significant recovery in net profit, with a year-on-year increase of 71% [4][5] - The company is focusing on optimizing its resource allocation and enhancing its operational efficiency [5][6] Financial Performance Summary - For the first half of 2025, total revenue was 3.532 billion yuan, a decrease of 23% year-on-year, while net profit attributable to shareholders was 737 million yuan, down 17% [4] - In Q2 2025, total revenue was 1.741 billion yuan, a decrease of 12% year-on-year, but net profit increased by 71% [4] - The gross margin for H1 2025 was 68.55%, with a slight decrease of 0.01 percentage points, while Q2 2025 saw an increase of 2 percentage points to 68.43% [5] - The company reduced its sales expense ratio by 5 percentage points in H1 and 11 percentage points in Q2, indicating effective cost control [5] Revenue and Profit Forecast - The company expects a further narrowing of revenue decline and an increase in profit margins for the full year 2025 [7] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 0.46, 0.52, and 0.60 yuan respectively, with corresponding price-to-earnings (PE) ratios of 27, 24, and 21 times [7][10]