Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The hyaluronic acid food market is experiencing significant growth driven by increasing health awareness and regulatory support, with the market size projected to grow from 6.8 billion to 18.8 billion from 2019 to 2023, and expected to reach 34.6 billion by 2028 [7][8] - The industry is characterized by a fragmented market structure with a few leading brands, and the demand for hyaluronic acid products is rapidly increasing due to consumer interest in health and beauty [15][16] Market Background - Hyaluronic acid is a natural component found in the human body, and its application in food products is a new segment within health foods. The domestic brands are well-positioned in the market due to technological breakthroughs and capacity releases in upstream production [4][5] - The market for food-grade hyaluronic acid is expanding, with significant regulatory milestones achieved, allowing its use in ordinary food products [6] Market Status - The market size for hyaluronic acid food products in China has grown significantly, with a compound annual growth rate (CAGR) of 42.05% from 2019 to 2023 in the number of approved products, indicating a strong upward trend in consumer demand [8][10] - The supply side is bolstered by advancements in production technology, particularly microbial fermentation, which has improved production efficiency and reduced costs [9] Market Competition - The competitive landscape is divided into three tiers, with leading companies like Tongrentang and Xianle Health in the second tier, and brands like Yanruyu in the third tier [15][16] - The report highlights ten recommended brands, including Huaxi Biological, which is a global leader in the hyaluronic acid sector, and Tongrentang, known for integrating traditional medicine with modern health products [16][17][20] Development Trends - The industry is witnessing a trend of upstream and downstream integration, with leading producers focusing on technological innovations to enhance product quality and reduce costs [27] - Consumer demand is becoming increasingly segmented, with products tailored for different demographics, such as beauty drinks for younger consumers and joint health supplements for the elderly [28] - Cross-industry collaborations and brand partnerships are emerging as a significant trend, allowing brands to leverage each other's market presence and expand their product offerings [29][30]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The hyaluronic acid food market is a burgeoning sector within functional foods, driven by the aging population and increasing health consciousness among consumers [4][6] - The market for food-grade hyaluronic acid products in China is expected to grow significantly, with projections indicating an increase from 2.23 billion to 3.46 billion from 2024 to 2028 [7][8] - The approval of hyaluronic acid sodium as a new food ingredient marks a significant milestone, allowing its incorporation into regular food products [6] Market Background - Hyaluronic acid is a natural component found in the human body, and its application in food products is a new frontier in health foods [4] - The market has evolved from initial safety approvals in Japan to significant domestic production capabilities in China, particularly through microbial fermentation technology [6] Market Status - The market size for hyaluronic acid foods in China grew from 680 million to 1.88 billion from 2019 to 2023, with a projected growth to 2.23 billion by 2024 [7] - The number of approved health food products containing hyaluronic acid increased from 14 to 57 between 2019 and 2023, reflecting a compound annual growth rate (CAGR) of 42.05% [8] - The supply side has seen improvements in production efficiency and cost reduction, allowing more companies to enter the market [9] Market Competition - The competitive landscape is fragmented, with leading companies like Tongrentang and Xianle Health in the first and second tiers, respectively [15] - The evaluation of companies in this sector is based on R&D capabilities, market penetration, and the breadth of health food offerings [12][13][14] - The top ten recommended brands include Huaxi Biological, Tongrentang, and Xianle Health, each with unique strengths in R&D and market presence [16][17][19] Development Trends - The integration of the supply chain is a key trend, with upstream companies focusing on innovation to improve production processes [27] - Consumer demand is becoming increasingly segmented, with products tailored for different demographics, such as young consumers and the elderly [28] - Cross-industry collaborations and brand partnerships are emerging as a strategy to enhance market reach and product offerings [29][30]

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。 汤臣倍健股份有限公司（以下简称"公司"）分别于 2024 年 8 月 4 日、8 月 21 日、2025 年 2 月 25 日召开第六届董事会第十次会议、2024 年第二次临时股 东大会及第六届董事会第十四次会议，审议通过了《关于回购公司股份方案的议 案》《关于调整回购股份资金来源的议案》，同意公司使用自有资金及自筹资金以 集中竞价交易方式回购股份，用于注销并减少注册资本。本次回购资金总额不低 于人民币 10,000 万元（含），不超过人民币 20,000 万元（含），回购价格不超过 人民币 20 元/股（含），回购期限为自股东大会审议通过回购股份方案之日起不 超过 12 个月。具体内容详见公司分别于 2024 年 8 月 6 日、2025 年 2 月 26 日刊 登在巨潮资讯网的《关于回购股份方案的公告》《关于取得金融机构股票回购贷 款承诺函的公告》。 一、回购股份进展情况 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司现将回购股份进展情况公告如下： 证 ...

金融界4月29日消息，上证指数低开震荡，中证食品主题指数 (食品主题，931728)报1013.94点。 从中证食品主题指数持仓样本的行业来看，调味品与食用油占比41.76%、其他食品占比31.62%、休闲 食品占比16.80%、肉制品占比9.82%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 从指数持仓来看，中证食品主题指数十大权重分别为：海天味业（14.08%）、双汇发展（9.82%）、安 琪酵母（7.63%）、金龙鱼（6.52%）、新诺威（5.88%）、安井食品（5.57%）、中炬高新（4.36%）、 莲花控股（4.29%）、汤臣倍健（3.95%）、涪陵榨菜（3.77%）。 从中证食品主题指数持仓的市场板块来看，上海证券交易所占比51.83%、深圳证券交易所占比 48.17%。 数据统计显示，中 ...

Q2 新品陆续上市，基数压力走低+改革成效兑现经营或逐季向好。产品端来看，25Q2 开始公司或将在 不同渠道推出各主要品类的新品，年内预计将推出健力多OTC 产品匹配药店渠道需求，期待新品上市 对收入增长的拉动。渠道端来看，公司线下渠道实施经销商及终端唤醒计划，加强中小药店网点覆盖、 提高团队服务能力，通过"零风险上新计划"打开新品增长空间等；线上渠道提升运营效率，优化费投模 型实现高质量增长。2025年公司整体定调稳盘，主要预算目标为全年同比保持稳定；利润端公司持续推 进费用精细管控、资源分配优化，利润表现或优于收入。分季度来看，我们认为25Q2 起公司基数压力 逐步走低，随着需求修复、新品上市、渠道改革成效兑现、经营提效，公司业绩有望逐季转好。 毛利率因产品结构及规模效应承压，费用管控效果逐步显现。25Q1 毛利率同比-1.2pct 至68.7%，我们 预计主要因产品结构变化、规模效应下降影响。25Q1 公司销售/管理/研发/财务费用率同 比-0.9pct/+1.0pct/持平/+0.5pct 至30.3%/5.8%/1.2%/0.0%，在收入承压背景下费用率整体水平稳定，公司 费用率优化效果已有呈现。综 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for Q1 2025, attributed to high base effects from the previous year and ongoing challenges in both online and offline sales channels [1][2]. Revenue Performance - In Q1 2025, the company achieved total revenue of 1.792 billion yuan, a year-on-year decrease of 32.29% [1]. - Domestic online and offline sales fell by 15.78% and 42.62% respectively, impacted by a high base from the previous year and reduced foot traffic in pharmacies [2]. - Revenue by brand showed declines for the main brand, Gatorade, and Life-Space, with respective revenues of 983 million, 201 million, and 77 million yuan, down 36.37%, 46.15%, and 36.19% year-on-year [2]. Profitability Metrics - The gross profit margin for Q1 2025 was 68.7%, a decrease of 1.2 percentage points year-on-year, primarily due to changes in product mix and weakened scale effects from declining revenue [3]. - The net profit margin was 25.4%, down 2.1 percentage points year-on-year, but the decline was less severe compared to previous quarters [3]. Cost Management - The sales expense ratio decreased to 30.3%, down 0.9 percentage points year-on-year, reflecting cost-saving measures and reduced marketing expenditures [3]. - Management expenses decreased in absolute terms, but the management expense ratio increased by 1.0 percentage points to 5.8% due to weakened scale effects [3]. Strategic Adjustments - The company plans to implement more proactive measures in 2025, including consumer incentives and product promotions to drive sales recovery in offline channels [4]. - Online strategies will focus on ensuring profitability through high-quality innovations and targeted marketing efforts, including reduced spending on broad advertising platforms [4]. - The company anticipates gradual improvement in performance as sales efforts intensify and the base effects diminish [4]. Investment Outlook - The company maintains a neutral rating, expecting gradual operational improvement as cost control measures take effect and performance begins to recover in Q2 2025 [4].

Core Viewpoint - The company reported a decline in revenue and net profit for Q1 2025, with revenue at 1.79 billion yuan, down 32.3% year-on-year, and net profit at 455 million yuan, down 37.44%, which aligns with expectations [1]. Revenue Performance - Q1 2025 revenue was 1.79 billion yuan, with major brands experiencing significant declines: main brand down 36.4%,健力多 down 46.2%, and lifespace down 36.2% due to high base effects from the previous year and ongoing challenges in foot traffic at pharmacies [2]. - The company maintained a focus on channel health, reducing inventory compared to the previous year, and expects Q1 revenue to account for a lower proportion of annual revenue than the 38% seen last year [2]. - Online revenue showed a 5.94% increase year-on-year, driven by stable performance in probiotics and cross-border e-commerce [2]. - Offline channel revenue decreased by 43% year-on-year, while online channel revenue decreased by 16%, with the decline rate narrowing [2]. Profitability and Cost Management - The gross margin for Q1 2025 was 68.7%, down 1.2 percentage points year-on-year, primarily due to an increase in low-margin products and the impact of declining revenue on scale effects [2]. - Sales expenses decreased by 34% year-on-year, with the sales expense ratio down by 0.9 percentage points, reflecting strict cost control measures [2]. - Overall profit margin declined by 1.1 percentage points but remained stable [2]. Strategic Initiatives - The company is implementing multiple strategies to drive sales growth, including reshaping the value chain for basic nutrition products and launching new products in collaboration with chain pharmacies [3]. - The introduction of specialized, high-value products and a focus on online channels through high-end product upgrades and brand recognition initiatives are expected to contribute to revenue growth starting in Q2 [3]. - The company anticipates that the most challenging period has passed, with revenue and profit expected to improve quarter by quarter [3]. Earnings Forecast and Valuation - Due to pressure in offline channels, the earnings forecast for 2025 and 2026 has been revised down by 6% to 830 million yuan and 980 million yuan, respectively [4]. - The company is currently trading at 22.5/19.0 times P/E for 2025/2026, with a target price of 12.6 yuan, implying a potential upside of 15.4% [4]. - The long-term potential in the health supplement sector is recognized, maintaining an outperform rating [4].

Core Viewpoint - Company reported a significant decline in Q1 2025 revenue and net profit, attributed to high base effects and weak demand, prompting a need for strategic adjustments in product and channel management [1][2][3] Financial Performance - Q1 2025 revenue reached 1.79 billion yuan, down 32.3% year-on-year; net profit attributable to shareholders was 450 million yuan, down 37.4%; and net profit excluding non-recurring items was 410 million yuan, down 42.4% [1] - The main brand "汤臣倍健" generated 983 million yuan in revenue, a decrease of 36.37% year-on-year; "健力多" revenue was 201 million yuan, down 46.15%; and Life-Space domestic products brought in 77 million yuan, down 36.19% [1] - International business, represented by LSG, achieved revenue of 244 million yuan, up 5.94% year-on-year, indicating relative stability [1] - Offline channel revenue was 988 million yuan, down 42.62%; online channel revenue was 766 million yuan, down 15.78%, with offline sales significantly impacted by reduced foot traffic and high base effects [1] Cost Management - Q1 2025 gross margin was 68.66%, a decrease of 1.24 percentage points, primarily due to a higher proportion of low-margin products and increased fixed costs from declining revenue [2] - Sales expense ratio was 30.29%, down 0.91 percentage points, reflecting effective cost control measures [2] - Management expense ratio increased to 5.77%, up 1.02 percentage points, due to the decline in revenue [2] - Overall, the net profit margin for Q1 2025 was 26.04%, down 1.13 percentage points year-on-year [2] Strategic Initiatives - In Q2, the company plans to launch new products aimed at revitalizing offline channel sales, including new formats for vitamins and probiotics, and targeting essential consumer groups [3] - The company will conduct offline product launch events to enhance brand visibility and consumer engagement [3] - Profit forecasts for 2025-2027 have been revised downwards due to ongoing weak demand, with projected net profits of 791 million yuan, 921 million yuan, and 1.024 billion yuan, representing reductions of 13%, 17%, and 19% respectively [3] - The company maintains a "buy" rating, emphasizing its leadership position in the dietary supplement industry and the sector's growth potential [3]

Investment Rating - The investment rating for the company is "Neutral" with a target price of 13.5 CNY [1][6]. Core Views - The company continues to face revenue pressure, with a year-on-year decline of approximately 32% in Q1 2025. The decline is attributed to high base effects from the previous year and a reduction in foot traffic in offline channels [6][7]. - The net profit margin decline has narrowed, indicating potential operational improvements as cost control measures take effect. The company is expected to gradually recover as sales increase and the base effects diminish [6][7]. Financial Performance Summary - **Revenue Forecasts**: - Total revenue is projected to be 6,838 million CNY in 2024, increasing to 7,172 million CNY in 2025, with a growth rate of 4.9% [2]. - **Net Profit Forecasts**: - The net profit for 2024 is estimated at 653 million CNY, with a significant increase to 866 million CNY in 2025, reflecting a growth rate of 32.7% [2]. - **Earnings Per Share (EPS)**: - EPS is expected to rise from 0.38 CNY in 2024 to 0.51 CNY in 2025 [2]. - **Valuation Ratios**: - The price-to-earnings (P/E) ratio is projected to decrease from 28 in 2024 to 21 in 2025, indicating a more attractive valuation as earnings improve [2]. Operational Insights - **Sales Channels**: - Online sales have shown a slight recovery, while offline sales continue to struggle, with declines of 15.78% and 42.62% respectively in Q1 2025 [6][7]. - **Cost Management**: - The company has managed to reduce its sales expense ratio to 30.3%, down 0.9 percentage points year-on-year, indicating improved efficiency in marketing expenditures [6][7]. - **Product Performance**: - The main brand and other product lines have experienced varying revenue impacts, with the domestic main brand seeing a decline of 36.37% [6][7]. Future Outlook - The company is implementing strategies to attract consumers back to offline channels through promotions and product sampling, while also focusing on maintaining profitability in online sales [6][7]. - The overall expectation is for gradual operational recovery starting from Q2 2025 as the company continues to execute its strategic adjustments [6][7].

Investment Rating - The investment rating for the company is "Neutral" with a target price of 13.5 CNY [1]. Core Views - The company continues to face revenue pressure, with a year-on-year decline of approximately 32% in Q1 2025. The decline is attributed to a high base from the previous year and reduced foot traffic in offline channels [6]. - The net profit margin decline has narrowed, indicating potential operational improvements as cost control measures take effect [6]. - The company is implementing strategies to attract consumer traffic back to offline channels and is focusing on maintaining profitability in online sales [6]. Financial Summary - Total revenue for 2024A is projected at 6,838 million CNY, with a year-on-year growth rate of -27.3%. For 2025E, revenue is expected to increase to 7,172 million CNY, reflecting a growth rate of 4.9% [2]. - The net profit for 2024A is estimated at 653 million CNY, with a significant decline of -62.6%. However, it is expected to recover to 866 million CNY in 2025E, showing a growth rate of 32.7% [2]. - Earnings per share (EPS) is projected to rise from 0.38 CNY in 2024A to 0.51 CNY in 2025E [2]. - The company’s price-to-earnings (P/E) ratio is expected to decrease from 28 in 2024A to 21 in 2025E, indicating a more attractive valuation over time [2]. Operational Insights - In Q1 2025, the company reported a gross margin of 68.7%, a slight decrease of 1.2 percentage points year-on-year, primarily due to changes in product mix and reduced scale effects from declining revenues [6]. - The sales expense ratio improved to 30.3%, down 0.9 percentage points year-on-year, reflecting effective cost management strategies [6]. - The company plans to launch more proactive measures in 2025 to enhance sales performance, particularly through new product introductions and targeted marketing strategies [6].