北 京 上 海 深 圳 杭 州 广 州 昆 明 天 津 成 都 宁 波 福 州 西 安 南 京 南 宁 济 南 重 庆 苏 州 长 沙 太 原 武 汉 贵 阳 乌 鲁 木 齐 郑 州 石家庄 合 肥 海 南 青 岛 南 昌 大 连 银 川 拉 孜 香 港 巴 黎 马 德 里 斯 德 哥 尔 摩 纽 约 马 来 西 亚 柬 埔 寨 广州市天河区华夏路 32 号太平洋金融大厦 19 楼 邮编：510620 国浩律师(广州)事务所 关于汤臣倍健股份有限公司 2024 年限制性股票激励计划作废部分限制性股票 的法律意见 汤臣倍健股份有限公司： (引 言) 为出具本法律意见，本所律师及本所声明如下： (一)本所接受汤臣倍健股份有限公司(以下简称"汤臣倍健"、"公司") 的委托，作为汤臣倍健 2024 年限制性股票激励计划(以下简称"本激励计划") 的专项法律顾问，指派钟成龙、林嘉豪律师为汤臣倍健本激励计划有关事项出具 法律意见。 (二)为出具本法律意见，本所律师审阅了汤臣倍健相关会议文件、《汤臣倍 健股份有限公司 2024 年限制性股票激励计划》(以下简称"《股权激励计划》") 以及本所律师认为需要审查的其他文件，对相 ...

北 京 上 海 深 圳 杭 州 广 州 昆 明 天 津 成 都 宁 波 福 州 西 安 南 京 南 宁 济 南 重 庆 苏 州 长 沙 太 原 武 汉 贵 阳 乌 鲁 木 齐 郑 州 石家庄 合 肥 海 南 青 岛 南 昌 大 连 银 川 拉 孜 香 港 巴 黎 马 德 里 斯 德 哥 尔 摩 纽 约 马 来 西 亚 柬 埔 寨 广州市天河区华夏路 32 号太平洋金融大厦 19 楼 邮编：510620 国浩律师(广州)事务所 关于汤臣倍健股份有限公司 调整 2024 年限制性股票激励计划授予价格 汤臣倍健股份有限公司： (引 言) 为出具本法律意见，本所及本所律师声明如下： 一、本所接受汤臣倍健股份有限公司(以下简称"汤臣倍健"、"公司") 的委托，作为汤臣倍健 2024 年限制性股票激励计划(以下简称"本激励计划") 的专项法律顾问，指派钟成龙、林嘉豪律师为汤臣倍健调整本激励计划授予价格 (以下简称"本次调整")所涉及的相关事项出具法律意见。 二、为出具本法律意见，本所律师审阅了汤臣倍健相关会议文件、《汤臣倍 健股份有限公司 2024 年限制性股票激励计划》(以下简称"《股权激励计划》") 以及本所律师认为 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,791,668,420.41, a decrease of 32.29% compared to ¥2,646,096,290.74 in the same period last year[5] - Net profit attributable to shareholders was ¥454,532,555.26, down 37.44% from ¥726,556,175.48 year-on-year[5] - The total operating revenue for Q1 2025 was ¥1,791,668,420.41, a decrease of approximately 32.3% compared to ¥2,646,096,290.74 in the same period last year[35] - The net profit for the current period is CNY 466,605,072.83, a decrease of 35.1% compared to CNY 718,954,041.77 in the previous period[36] - Operating profit for the current period is CNY 592,062,895.03, down 33.5% from CNY 890,074,030.88 in the previous period[36] - Total revenue from operating activities is CNY 1,503,834,321.72, compared to CNY 1,910,972,503.80 in the previous period, reflecting a decline of 21.4%[39] - The total comprehensive income attributable to the parent company is CNY 461,693,233.81, compared to CNY 635,069,874.78 in the previous period, a decrease of 27.3%[37] Cash Flow and Assets - The net cash flow from operating activities increased by 142.40% to ¥362,171,910.84, compared to ¥149,410,014.22 in the previous year[5] - The net cash flow from investment activities was 66.27 million RMB, a significant improvement of 139.32% compared to a net outflow of 168.55 million RMB in the previous period[18] - The cash flow from operating activities shows a net increase of CNY 362,171,910.84, significantly up from CNY 149,410,014.22 in the previous period[40] - Investment activities generated a net cash flow of CNY 66,270,226.91, recovering from a negative cash flow of CNY -168,546,498.60 in the previous period[40] - The total assets at the end of the reporting period were ¥14,014,558,492.86, a decrease of 1.86% from ¥14,279,753,758.79 at the end of the previous year[5] - The total current assets were ¥7,415,981,956.92, down from ¥7,614,632,771.01 at the beginning of the period, representing a decrease of about 2.6%[27] - The company’s cash and cash equivalents were ¥2,457,987,212.24, down from ¥2,596,956,308.44, which is a decline of approximately 5.4%[27] Expenses and Costs - The total operating costs for Q1 2025 amounted to ¥1,250,081,454.05, down from ¥1,778,396,686.70 in the previous year, reflecting a reduction of about 29.5%[35] - The operating cost specifically for goods sold was ¥561,428,005.84, which decreased from ¥796,403,183.64, indicating a decline of approximately 29.6%[35] - The company incurred sales expenses of CNY 542,703,011.84, a decrease of 34.3% from CNY 825,583,947.02 in the previous period[36] - Research and development expenses decreased by 30.49% to ¥21,827,831.69, attributed to adjustments in project timelines[14] - The research and development expenses amounted to CNY 21,827,831.69, down from CNY 31,402,437.53, indicating a reduction of 30.6%[36] Shareholder Information - The company repurchased a total of 888,000 shares, accounting for 0.0522% of the total share capital, with a total payment of approximately 9.99 million RMB[23] - The total number of ordinary shareholders at the end of the reporting period was 74,920, with the largest shareholder holding 41.78% of the shares[19] - The company has invalidated 1.9 million shares of reserved restricted stock due to not meeting performance targets and employee departures[24] - The initial grant price for the 2024 restricted stock incentive plan was adjusted from ¥7.70 to ¥7.34 per share[24] Brand Performance - The main brand "汤臣倍健" generated revenue of 983 million RMB, a decline of 36.37% year-over-year[22] - The "健力多" brand saw revenue drop to 201 million RMB, a decrease of 46.15% year-over-year[22] - Online channel revenue was 766 million RMB, down 15.78% year-over-year, while offline channel revenue fell to 988 million RMB, a decline of 42.62%[22] Future Outlook - The company aims to enhance operational quality and focus on core product innovation and digital transformation in 2025[21]

2024年，中国膳食营养补充剂（VDS）行业经历剧烈震荡，医保政策调整、直播电商冲击叠加消费需求 疲软，行业龙头汤臣倍健交出了一份"营收净利双降"的成绩单：全年营收68.38亿元，同比下滑27.3%； 归母净利润6.53亿元，同比暴跌62.62%。尽管市场份额居行业前列，但这份财报暴露出传统模式失效、 产品迭代迟缓和渠道变革滞后的多重危机。本文从财务数据与战略调整双重视角，解析汤臣倍健的困境 与破局之道。 业绩双降：核心单品拖累营收、线下药店渠道"失血"严重 除此之外，值得关注的是，公司销售费用依旧高企，但却未换来业绩提升。2024年，汤臣倍健的销售费 用超30亿元，销售费用率更是创下新高，达44%。 主品牌全线溃退，产品矩阵青黄不接。核心主品牌"汤臣倍健"收入37.37亿元，同比下降30.8%；氨糖类 明星产品"健力多"收入8.08亿元，降幅达31.5%。两大支柱产品收入合计占比从2021年的62%降至2024 年的45%，但替代性新品未能补位，导致整体营收断崖式下滑。除此之外，"lifespace"国内产品实现收 入 3.14 亿元，同比下降 29.38%，境外 LSG 实现收入 8.72 亿元，同比下降 ...

我国保健食品行业"长坡厚雪"，稳健成长 东吴证券发布研报称，新消费浪潮下，关注保健品板块估值切换的可能。传统大类保健食品奠基，新消 费贡献增量，传统的审美体系及估值视角不再适配新周期的研究。重审保健食品行业，建议关注板块估 值切换的可能、以及适配渠道转型、迎合新圈层、发力新品类的优质公司。 东吴证券主要观点如下： 保健食品是一门强品牌、重渠道和高毛利的生意 保健食品从定义而言，介于食品与药品之间，适用于特定人群食用，能调节人体的机能，但不以治疗疾 病为目的。保健食品毛利率较其他细分赛道更高(品牌端毛利率维持在60%-70%)，该行认为归因于其2C 的强品牌属性，以及相对分散的上下游格局。通过正文的分析，该行认为构建品牌及渠道优势是关键， 具备品类优势、品牌价值，把握渠道风向的企业方能源远流长。 (1)新渠道：我国保健食品销售向线上转型已成大势，2010-2024年线上电商零售额占比由3.1%提升至 58%。其中，兴趣电商、跨境电商及私域逐步成为重要的增量渠道：2022/2023/2024年抖音渠道保健品 销售额同比增速分别达227.47%/87.11%/52.54%;2018-2023年保健品进口额CAGR达 ...

| 证券代码 | 证券简称 | 每10股派现（元） | 每10股送转（股） | 最新收盘价（元） | 近5日涨跌幅（%） | | --- | --- | --- | --- | --- | --- | | 000823 | 超声电子 | 2.000 | - | 9.57 | 7.41 | | 002852 | 道道全 | 1.280 | - | 9.45 | 2.94 | | 300146 | 汤臣倍健 | 3.600 | - | 11.36 | 1.79 | | 002911 | 佛燃能源 | 2.300 | - | 10.92 | 1.58 | | 300750 | 宁德时代 | 45.530 | - | 225.46 | 0.65 | | 600211 | 西藏药业 | 7.280 | - | 36.85 | -0.11 | | 301389 | 隆扬电子 | 2.500 | - | 17.39 | -4.24 | 对于关注分红的投资者而言，在分红方案密集实施季，上市公司分红有两个比较重要的日期，即股权登 记日和除权除息日。以除权除息日计算，目前有30家公司分配方案已经实施，未来一段时间需要关注的 就是 ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2025-022 汤臣倍健股份有限公司 2024年年度权益分派实施公告 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。 特别提示： 1.汤臣倍健股份有限公司（以下简称"公司"）回购专用证券账户中的股份 17,406,187 股不参与本次权益分派。公司 2024 年年度权益分派方案为：以公司 现有总股本剔除已回购股份 17,406,187 股后的 1,683,439,244 股为基数，向全体 股东每 10 股派 3.60 元人民币，根据分红比例不变的原则，实际派发现金分红总 额=1,683,439,244 股×3.60 元/10 股=606,038,127.84 元（含税）。 2.本次权益分派实施后计算除权除息价格时，按总股本（含回购股份）折算 的每 10 股现金红利（含税）=现金分红总额/总股本*10=606,038,127.84 元 /1,700,845,431 股*10=3.563158 元（保留六位小数，最后一位直接截取，不四舍 五入）。本次权益分派实施后除权除息参考价=除权除息日前一日收盘价-按总股 ...

Group 1: Company Strategy and Market Adaptation - The company aims to optimize its operational strategies to counteract uncertainties in the external environment and industry policies [1] - There is a focus on diversifying product SKUs to meet changing consumer habits and demands, particularly through differentiated formulas, contents, and packaging [1] - The company faces challenges in monetizing its presence on platforms like Douyin, which is a significant growth channel for the industry [1] Group 2: Sales and Marketing Insights - Sales expenses reached a record high last year, with room for improvement in advertising efficiency; a significant portion of expenses is allocated to brand building rather than direct sales conversion [3] - The company plans to leverage live streaming and collaborations to enhance sales on Douyin, while also improving operational efficiency in traditional e-commerce channels [4] Group 3: Product Development and Innovation - The company will introduce a wider range of product forms and innovative OTC products, focusing on appealing to younger consumers while maintaining brand loyalty among older demographics [5] - There are no new major products planned for this year, with a focus on four core categories and the introduction of new products tailored for different channels starting in Q2 [6] Group 4: Market Expansion and International Strategy - The company is concentrating on the Southeast Asian market, particularly Indonesia, with a strategy to establish an online presence before expanding offline [8] - The company has not yet entered the Indonesian market due to high entry barriers and is focusing on the Greater Jakarta area for its operations [8] Group 5: Industry Position and Competitive Landscape - The emergence of multiple vertical brands is accelerating industry penetration, with the company positioning itself as a national brand through a comprehensive product lineup [9] - The company recognizes a gap in its ability to deliver innovative products and is considering acquisitions to address this shortcoming [9] Group 6: Organizational Structure and Changes - There have been no major changes to the distribution system, although ongoing optimization of distributors is expected as the company explores new channels and brands [10] - The company has made minor adjustments to its organizational structure, with new talent being integrated into key management positions [9] Group 7: Consumer Education and Support - The company acknowledges the confusion consumers face regarding dietary supplements and emphasizes the importance of consumer education, which is more advanced in Western markets [11] - Consumers can access professional consultation through the company's service hotline and online customer service [11]

关于开立募集资金现金管理产品专用结算账户的公告 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。 汤臣倍健股份有限公司（以下简称"公司"）于 2025 年 3 月 21 日召开第六 届董事会第十五次会议、第六届监事会第十次会议，审议通过了《关于使用闲置 募集资金进行现金管理的议案》，同意公司（含下属企业，下同）使用总额度不 超过 18 亿元人民币的闲置募集资金进行现金管理，上述投资额度的使用期限为 自董事会审议通过之日起 12 个月内。具体内容详见公司于 2025 年 3 月 22 日刊 登在巨潮资讯网的《关于使用闲置募集资金进行现金管理的公告》。 证券代码：300146 证券简称：汤臣倍健 公告编号：2025-021 汤臣倍健股份有限公司 特此公告。 汤臣倍健股份有限公司 董 事 会 二〇二五年四月十一日 1 近日，公司开立了募集资金现金管理产品专用结算账户，现将相关情况公告 如下： | 户名 | 开户机构 | 账号 | | --- | --- | --- | | 汤臣倍健股份有限公司 | 华泰证券股份有限公司广州琶洲大 | 666810096819 | | ...