证券研究报告 | 季报点评 gszqdatemark 2025 04 27 年 月 日 汤臣倍健（300146.SZ） 经营压力释放，期待逐季向好 事件：公司发布 2025 年一季报，25Q1 实现营收 17.9 亿元，同比-32.3%； 实现归母净利润 4.5 亿元，同比-37.4%；实现扣非净利润 4.1 亿元，同比 -42.4%。 高基数及春节错期仍有压力，线下渠道客流量压力更大。25Q1 公司收入 增长仍有承压，我们认为主要受上年同期基数为全年较高、今年春节错期、 消费力偏弱且行业维持较高强度竞争影响。分渠道来看，25Q1 公司线上/ 线下收入同比-15.8%/-42.6%，线下渠道上年同期基数较高，且预计仍受 保健品行业整体线下渠道人流量承压、线上为主要增量渠道影响。分品牌 来看，25Q1 汤臣倍健主品牌/健力多/Life-spacce 国内/LSG 境外收入分别 同比-36.4%/-46.2%/-36.2%/+5.9%，线下占比较高的主品牌、健力多、 Life-spacce 国内收入增长压力较明显，而 LSG 境外表现相对稳健。 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 ...

Summary of the Conference Call for汤臣倍健 Company Overview - **Company**: 汤臣倍健 - **Period**: Q1 2025 Key Points Financial Performance - Q1 2025 revenue decreased by 33% year-on-year to 1.792 billion yuan, primarily due to a decline in foot traffic in offline pharmacies, adjustments in protein powder products, and ongoing online business adjustments [4][2] - Net profit for Q1 2025 was 455 million yuan, a 37% decrease year-on-year, with a net profit margin of approximately 25.4%, down by two percentage points [2][4] - The company is currently in an adjustment phase, impacted by channel differentiation and competition from foreign brands [4][2] Business Strategies - The company plans to continue its offline channel strategy in Q2, including new product launches and terminal awakening plans to boost sales conversion [2][7] - A successful pilot for calcium and vitamin D products exceeded expectations, leading to plans for more new specifications and differentiated services to drive sales [2][6] - The EQ initiative has shown initial success, with the盖 DK product achieving over 1 million boxes in monthly sales within three months of launch, with expectations for sales to double this year [2][9] Online Channel Developments - Online channels showed a double-digit decline in Q1 but improved sequentially. The company aims to drive positive growth through product innovation and enhanced performance in basic nutrients [2][10] - New high-priced products, such as premium protein powders and glucosamine, are set to launch, alongside efforts to build a presence on Douyin (TikTok) through live streaming [2][10] Cost Management - The decline in revenue led to a reduction in sales and management expense ratios, with a one percentage point decrease in sales expense ratio, indicating effective cost control [2][11] - The company anticipates that the profit margin for 2025 will remain stable compared to 2024, with a slight decrease in expense ratios expected [12][11] Market Outlook - The competitive landscape in the food and beverage industry is expected to remain consistent with 2024, with Douyin continuing to gain market share over traditional e-commerce platforms [15][16] - Demand growth is projected to be low single digits, with an increase in brand entries, including unbranded and cross-border brands, but lacking significant catalysts for growth [16][15] Product Iteration and Channel Strategy - The iteration of健力多 and protein powder products has been completed, but sales have not met expectations due to declining foot traffic in pharmacies and consumer purchasing power issues [5][13] - The company is adopting independent operational strategies for online and offline channels to avoid vicious competition, with plans to expand market share on Douyin [14][5] Future Projections - The company expects seasonal fluctuations in revenue to be smaller in 2025 compared to 2024, with a focus on terminal sales and new product launches [6][12] - The overall business strategy for Q2 will include continued focus on offline channels and product trials, with an emphasis on enhancing customer engagement and sales conversion [7][6] Regulatory Impact - The implementation of medical insurance policies in pharmacies is becoming stricter, affecting the company's product categories, which do not qualify for insurance payments [18][12] Conclusion 汤臣倍健 is navigating a challenging market environment with strategic adjustments in both offline and online channels, focusing on product innovation and cost management to stabilize revenue and profit margins in 2025. The company is also preparing for a competitive landscape in the food and beverage industry while addressing regulatory challenges in the pharmacy sector.

Group 1: Financial Outlook - The company aims to maintain stable revenue targets for 2025 based on 2024's comparable figures, considering uncertainties in the consumer environment and strategic adjustments [1] - The company follows a dynamic management principle for overall expenses, ensuring budget alignment with revenue [2] Group 2: Business Strategy - Continuous optimization of business strategies, with plans to enrich SKU across major product categories and launch new products in Q2 [1] - The company is implementing a dealer and terminal awakening plan to enhance offline channel performance through product launch events [2] Group 3: E-commerce and Marketing - The company emphasizes a quality-centric approach to e-commerce investments, focusing on product innovation to create high-priced products and enhance sales on platforms like Douyin [2] - Strategies include operational efficiency improvements and increasing exclusive products to boost sales in shelf e-commerce [2] Group 4: Product Development and Market Trends - Iteration work on key products like protein powder and Jianli Duo was completed by the end of last year, but new product sales have not yet met expectations [2] - The dietary supplement industry has significant growth potential, driven by factors such as per capita consumption, overall penetration rates, and an aging population [2]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company continues to face pressure on performance, with a significant decline in revenue and net profit in Q1 2025. Revenue decreased by 32.3% year-on-year to 1.79 billion yuan, and net profit fell by 37.4% to 450 million yuan [1][4]. - The company is focusing on new product launches in Q2 to stimulate sales and improve performance, particularly in the offline channel [4]. Summary by Sections Financial Performance - In Q1 2025, the main brand "汤臣倍健" generated revenue of 983 million yuan, down 36.37% year-on-year. The "健力多" brand saw a revenue drop of 46.15% to 201 million yuan, while Life-Space's domestic products generated 77 million yuan, a decrease of 36.19% [2]. - The company's gross margin for Q1 2025 was 68.66%, a decline of 1.24 percentage points year-on-year, attributed to a higher proportion of low-margin products and increased fixed costs due to lower revenue [3]. - The sales expense ratio was 30.29%, down 0.91 percentage points year-on-year, reflecting effective cost control measures [3]. Future Outlook - The company plans to launch new products in Q2, targeting essential consumer needs and enhancing offline channel performance through promotional activities [4]. - The profit forecasts for 2025-2027 have been revised downwards to 791 million yuan, 921 million yuan, and 1.024 billion yuan, respectively, reflecting a cautious outlook due to ongoing weak demand [4]. Valuation Metrics - The current stock price corresponds to a PE ratio of 23x for 2025, 20x for 2026, and 18x for 2027, indicating the company's position as a leader in the dietary supplement industry with growth potential [4].

关于本报告 本报告系汤臣倍健股份有限公司（以下简称"公司""汤臣倍健""公司"）向社会公开发布的第 二份环境、社会及公司治理报告（ESG 报告）。本报告详细披露了公司 2024 年度在实现自身发 展的同时，在环境资源保护、社会责任承担以及公司治理等领域的工作成果和绩效表现。 组织范围 本报告的组织范围为汤臣倍健股份有限公司及其子公司。 时间范围 整性，部分内容会有适当延展。 数据来源 特别标注外，数据均为公司合并数据。 编制依据 本报告系依据《深圳证券交易所上市公司自律监管指引第 17 号――可持续发展报告（试行）》及《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（2023 年 12 月修订）》； 同时参考《深圳证券交易所创业板上市公司自律监管指南第 3 号――可持续发展报告编制》、全球报 告倡议组织《可持续发展报告标准（GRI Standards）》，并结合公司的实际情况编制。报告内容 索引载于"指标索引"章节。 报告获取 本报告可在深圳证券交易所指定信息披露网站巨潮资讯网（http://www.cninfo.com.cn）或汤臣倍 健股份有限公司网站（https://www.b ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2025-028 汤臣倍健股份有限公司 关于参与投资产业基金的进展公告 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、投资情况概述 同时，丹麓三期基金全体合伙人签署《广州科创丹麓三期创业投资基金合伙 企业（有限合伙）合伙协议》，合伙人广州科技成果产业化引导基金合伙企业（有 限合伙）、赣州丹麓及广州南沙区科工创业投资基金有限公司减少认缴出资额， 本次减资前后丹麓三期基金各合伙人认缴出资及认缴比例如下： | 合伙人名称 | 类型 | 变更前 | | 变更后 | | | --- | --- | --- | --- | --- | --- | | | | 认缴出资 | 认缴出资 | 认缴出资 | 认缴出资 | | | | （万元） | 比例 | （万元） | 比例 | | 广州丹麓股权投资管理有限公司 | 普通合伙人 | 1,000 | 1.6667% | 1,000 | 3.1857% | | 广州科技成果产业化引导基金合 伙企业（有限合伙） | 有限合伙人 | 20,000 | 33.3333% | 10 ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2025-024 汤臣倍健股份有限公司 第六届监事会第十一次会议决议公告 本公司及监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、监事会会议召开情况 汤臣倍健股份有限公司（以下简称"公司"）第六届监事会第十一次会议于 2025年4月25日11:00在广州市黄埔区鱼珠街道黄埔大道东916号公司会议室以现 场表决方式召开。会议通知已于2025年4月22日以电子邮件方式送达全体监事。 本次会议应参加监事3人，实际参加监事3人。本次会议由公司监事会主席吴卓艺 女士召集和主持，董事会秘书唐金银女士列席本次会议。本次会议的召集、召开 符合《中华人民共和国公司法》《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》及《公司章程》《监事会议事规则》等的有关规 定，会议合法有效。 二、监事会会议审议情况 经与会监事认真审议，本次会议以表决票表决的方式形成以下决议： 1.审议通过了《2025 年第一季度报告》 经审核，监事会认为：董事会编制和审核公司《2025 年第一季度报告》的程 序符合法律法规、中国证监会和 ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2025-023 汤臣倍健股份有限公司 第六届董事会第十六次会议决议公告 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、 董事会会议召开情况 具体内容详见同日刊登在巨潮资讯网的《2024 汤臣倍健 ESG 报告》。 表决结果：同意 7 票；反对 0 票；弃权 0 票。 3.审议通过了《关于调整2024年限制性股票激励计划授予价格的议案》 鉴于公司 2025 年 4 月 22 日实施完成 2024 年度权益分派（每 10 股派发现金 红利 3.60 元含税），根据公司《2024 年限制性股票激励计划》的规定及 2024 年 第一次临时股东大会的授权，公司 2024 年限制性股票激励计划首次授予价格由 汤臣倍健股份有限公司（以下简称"公司"）第六届董事会第十六次会议于 2025年4月25日10:00在广州市黄埔区鱼珠街道黄埔大道东916号公司会议室以现 场结合通讯表决方式召开。会议通知已于2025年4月22日以电子邮件方式送达全 体董事。本次会议应参加董事7人，实际参加董事7人，其中董事梁水生先生和汤 晖 ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2025-026 汤臣倍健股份有限公司 关于调整2024年限制性股票激励计划授予价格的公告 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、公司 2024 年限制性股票激励计划简述及已履行的审批程序 汤臣倍健股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日实施完成 2024 年度权益分派（每 10 股派发现金红利 3.60 元含税）。根据公司《2024 年限 制性股票激励计划》（以下简称"《激励计划》"或"本激励计划"）的规定及 2024 年第一次临时股东大会的授权，公司于 2025 年 4 月 25 日召开第六届董事会第十 六次会议和第六届监事会第十一次会议，审议通过了《关于调整 2024 年限制性 股票激励计划授予价格的议案》，首次授予价格由 7.70 元/股调整为 7.34 元/股。 现将具体情况公告如下： 1.2024 年 1 月 2 日，公司第六届董事会第五次会议和第六届监事会第三次会 议审议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议 案》等议案， ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2025-027 汤臣倍健股份有限公司 汤臣倍健股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日召开第六 届董事会第十六次会议和第六届监事会第十一次会议，审议通过了《关于作废 2024年限制性股票激励计划部分已授予但尚未归属的第二类限制性股票的议案》， 根据公司《2024 年限制性股票激励计划》（以下简称"《激励计划》"或"本激励 计划"）的规定及 2024 年第一次临时股东大会的授权，董事会同意作废部分已授 予但尚未归属的第二类限制性股票共计 615 万股。具体情况如下： 一、公司 2024 年限制性股票激励计划简述及已履行的审批程序 1.2024 年 1 月 2 日，公司第六届董事会第五次会议和第六届监事会第三次会 议审议通过了《关于公司<2024 年限制性股票激励计划（草案）>及其摘要的议 案》等议案，公司拟向激励对象授予 1,680 万股限制性股票，其中首次授予 1,490 万股，预留授予 190 万股，授予价格为 8.60 元/股。公司监事会对本激励计划首 次授予的激励对象名单出具了核查意见。 2.2024 年 1 月 5 日至 ...