证券代码：300146 证券简称：汤臣倍健 公告编号：2025-020 汤臣倍健股份有限公司 2024年年度股东会决议公告 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。 特别提示： 1.本次股东会无否决提案的情形。 2.本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 1.汤臣倍健股份有限公司（以下简称"公司"）2024 年年度股东会于 2025 年 4 月 11 日 14:00 在珠海市金湾区三灶科技工业园星汉路 19 号汤臣倍健透明工厂 会议室召开。本次股东会由公司董事会召集，董事长梁允超先生主持。本次会议 的召集、召开与表决程序符合《公司法》《深圳证券交易所创业板股票上市规则》 《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》 等法律、法规、规范性文件以及《公司章程》的有关规定。 2.本次股东会采用现场表决与网络投票相结合的表决方式。参加本次股东会 的股东及股东代理人共 681 人，代表股份 791,217,949 股，占公司有表决权股份 总数的 47.0001%。其中，参加本次股东会的中小股东（除公司董事 ...

Overview - The women's health supplement market in China is projected to reach a market size of 268.28 billion yuan in 2024, driven by increased health awareness and disposable income among women [1][10] - The market is segmented into various categories, with nutritional supplements accounting for approximately 30.5%, beauty and skincare products for 22.2%, and weight loss supplements for 21.2% [1][10] Market Policies - Recent policies such as the "Quality Strong Country Construction Outline" and "Measures to Restore and Expand Consumption" have been implemented to improve market order and support the women's health supplement industry [3][4] Industry Chain - The upstream of the women's health supplement industry includes suppliers of raw materials like herbal medicine, biological agents, and plant extracts, which significantly impact production costs [6] - The downstream consists of various sales channels including pharmacies, supermarkets, specialty stores, and e-commerce platforms [6] Consumer Demographics - In 2024, the female population in China is estimated to be 689.19 million, representing 48.94% of the total population, providing a solid consumer base for the women's health supplement industry [8] Competitive Landscape - The industry features numerous participants, including domestic companies like汤臣倍健 (Tongrentang) and东阿阿胶 (Dong'e Ejiao), as well as international brands like Swisse and Amway [12][14] - Tongrentang has established itself as a leader with a diverse product line and strong nutritional research capabilities, while Dong'e Ejiao focuses on traditional products catering to specific demographic needs [12][14][16] Industry Trends - Future demand for women's health supplements is expected to shift from single-function products to multi-dimensional solutions, focusing on immune support, weight management, and beauty [18] - There is a growing preference for natural ingredients and products that combine traditional Chinese health elements with modern formulations [18]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to face revenue and profit declines in 2024, with projected revenues of 6.84 billion yuan and net profit of 653 million yuan, representing year-on-year decreases of 27.30% and 62.62% respectively [1] - The company anticipates stable budget targets for 2025, with a focus on optimizing expenses and enhancing product innovation in both online and offline channels [3][2] - The company plans to increase support for S-level distributors and introduce more products at affordable price points in the offline market [3] Financial Performance Summary - For 2024, the company's main brands are projected to generate revenues of 3.74 billion yuan for汤臣倍健, 808 million yuan for健力多, 314 million yuan for life-space, and 872 million yuan for境外 LSG, all showing significant year-on-year declines [1] - The gross margin for Q4 2024 is expected to be 60.26%, with a net profit margin of -19.53%, indicating a decrease in profitability [2] - The company’s operating cash flow for Q4 2024 is projected to decline by 51.11% to 345 million yuan [2] Revenue and Profit Forecast - The company forecasts a revenue growth of 3% in 2025, reaching 7.1 billion yuan, and a net profit increase of 34% to 880 million yuan [3] - The projected P/E ratios for 2025, 2026, and 2027 are 23X, 20X, and 17X respectively [3] Market and Channel Insights - Online and offline revenues for 2024 are expected to be 3.36 billion yuan and 3.42 billion yuan respectively, with year-on-year declines of 25.35% and 29.79% [2] - The company aims to enhance its international market operations and introduce new products in the infant and child segment to drive growth [2]

Investment Rating - The investment rating for the company is "Accumulate" [6] Core Views - The company is expected to face revenue and profit declines in 2024, with projected revenues of 6.84 billion yuan and net profit of 0.65 billion yuan, representing year-on-year decreases of 27.30% and 62.62% respectively [1] - The company anticipates stable budget targets for 2025, with a focus on optimizing fee investments and enhancing product innovation in both online and offline channels [3][2] - The company plans to increase support for S-level distributors and introduce more products at popular price points in the offline market [3] Financial Performance Summary - For 2024, the company's revenue is projected to be 6.84 billion yuan, with a year-on-year decline of 27.30%. The main brands' revenues are expected to decline significantly, with the main brand汤臣倍健 projected at 3.74 billion yuan, down 30.79% [1] - The gross profit margin for Q4 2024 is expected to be 60.26%, a decrease of 4.95 percentage points year-on-year, while the net profit margin is projected to be -19.53% [2] - The company forecasts a recovery in revenue growth from 2025 onwards, with expected revenues of 7.05 billion yuan in 2025, reflecting a growth of 3.14% [4] Market and Product Strategy - The company plans to enhance its online product innovation and focus on localized operations in international markets, particularly in the infant and child segment [2] - The revenue from online and offline channels for 2024 is expected to be 3.36 billion yuan and 3.42 billion yuan respectively, with year-on-year declines of 25.35% and 29.79% [2] - The company aims to increase its market share in the international market by launching new products tailored to local preferences [2] Earnings Forecast - The company expects a recovery in net profit starting in 2025, with projected net profits of 0.88 billion yuan, a year-on-year increase of 34% [3] - The earnings per share (EPS) is projected to be 0.51 yuan in 2025, with a price-to-earnings (P/E) ratio of 22.87 [4]

关于回购股份的进展公告 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。 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》。 证券代码：300146 证券简称：汤臣倍健 公告编号：2025-019 汤臣倍健股份有限公司 生之日或者在决策过程中，至依法披露之日内； ...

面对众多平台白牌低质低价的冲击，中国消费品企业集体站在转型的十字路口。是选择"性价比"与白牌混战？还是寄希望"质价比"突围？是每个企业都要思 考的战略选择。 膳食营养补充剂（VDS）行业龙头汤臣倍健2024年业绩下滑背后，同样藏着一个关于"价格战与价值战"的时代命题。 汤臣倍健董事长梁允超在2024年年报的致股东信中写道："流量之殇、低质低价之殇，被撩动的内卷终会让从消费者利益到产业都受到反噬。" 面对低价战的冲击，如何才能稳住当下又着眼未来，持续锻造核心能力？汤臣倍健尝试给出它的答案。 跨越"性价比"内卷，主攻"质价比"价值 梁允超坦言："过去的2024年是众多消费品价值链解构硬着陆的一年，也是汤臣倍健硬着陆的一年。" 事实上，价值链解构的核心是消费品从价格到价值的凌乱。 几乎所有行业都不乏这样的剧本：始于重金买流量，继而不惜降价冲刺GMV，导致利润空间被挤压，倒逼研发投入缩水，最终形成产品竞争力衰退与用户 流失的恶性闭环。 更多人开始意识到，价格战已从正常竞争变成了恶性消耗，到头来造成商家和消费者的双输。 消费者也正在逐渐回归理智。消费者真正想要的不是"极致的性价比"，而是"可以买贵的，但不能买贵了"。 ...

Group 1: Financial Performance and Budgeting - The company aims to maintain stable budget targets for 2025 compared to 2024, focusing on cautious and stable overall financial management [2] - Sales expense ratio guidance for the upcoming year is expected to be controlled effectively, supported by enhanced management capabilities [2] - In 2024, the company invested 750 million in advertising, with plans to refine advertising strategies for better consumer engagement in 2025 [3] Group 2: Product Development and Market Strategy - The company has launched proprietary probiotic strains, specifically LPB27, to enhance product differentiation and cater to niche markets [3] - Lifespace brand development is a priority, with ongoing resource investment to establish it as a preferred brand in the probiotic category [3] - Plans to expand the product matrix and create new application scenarios to strengthen product advantages in the market [4] Group 3: Sales Channels and Competition - The company will implement dealer and terminal activation plans to enhance service capabilities and market coverage in 2025 [4] - Strategies include increasing the quality of e-commerce operations while reducing ineffective business scales, focusing on sustainable growth [4] - The company acknowledges the competitive pressure from online channels and plans to diversify product offerings to meet changing consumer preferences [5] Group 4: Pricing Strategy - Price discrepancies across different sales channels are attributed to channel characteristics and promotional activities [5] - The company aims to establish a differentiated multi-product strategy across channels to address pricing inconsistencies [5]

汤臣倍健连跌8天，易方达基金旗下1只基金位列前十大股东 3月26日，汤臣倍健连续8个交易日下跌，区间累计跌幅-4.41%。汤臣倍健股份有限公司创立于1995年,2002年系统地将膳食营养补充剂(VDS)引入中国非直销 领域,2010年12月15日,汤臣倍健在深圳交易所创业板挂牌上市,并迅速成长为中国膳食营养补充剂领导品牌和标杆企业。 财报显示，易方达基金旗下易方达创业板ETF为汤臣倍健前十大股东，去年四季度减持。今年以来收益率0.20%，同类排名2479(总3440)。 简历显示，刘树荣先生:中国国籍,经济学硕士。现任易方达基金管理有限公司基金经理、基金经理助理。曾任招商银行资产托管部基金会计,易方达基金管理 有限公司核算部基金核算专员、指数与量化投资部运作支持专员。现任易方达基金管理有限公司易方达深证100交易型开放式指数证券投资基金基金经理(自 2017年7月18日起任职)、易方达深证100交易型开放式指数证券投资基金联接基金基金经理(自2017年7月18日起任职)、易方达创业板交易型开放式指数证券 投资基金基金经理(自2017年7月18日起任职)、易方达创业板交易型开放式指数证券投资基金联接基金基金经理 ...

[Table_Main] 公司研究|日常消费|食品、饮料与烟草 证券研究报告 汤臣倍健(300146)公司点评报告 2025 年 03 月 25 日 [Table_Title] 短期承压，蓄势破局 ——汤臣倍健 2024 年年报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年年报。2024 年，公司实现总收入 68.38 亿元（-27.30%）， 归母净利 6.53 亿元（-62.62%），扣非归母净利 6.26 亿元（-60.78%）。 2024Q4，公司实现总收入11.05亿元（-31.99%），归母净利-2.16 亿元（23Q4 为-1.55 亿元），扣非归母净利-1.81 亿元（23Q4 为-2.01 亿元）。公司拟每 股派发 0.36 元（含税）现金红利，现金分红金额为 6.06 亿元，加上本年度 现金回购后现金分红总额为 8.48 亿元。 产品迭代、阶段性经营策略、行业变革等多因素影响，收入有所承压 1）核心产品迭代慢于预期，收入增长有所承压。2024 年，公司汤臣倍健主 品牌、健力多、lifespace 国内、LSG 境外、其他品牌收入分别为 37.37、 8.08 ...

Core Viewpoint - The company reported a significant decline in revenue and net profit for the year 2024, indicating challenges in its operational performance and market conditions [2][3]. Revenue Performance - In 2024, the company achieved revenue of 6.838 billion yuan, a year-on-year decrease of 27.30%, and a net profit attributable to shareholders of 653 million yuan, down 62.62% [2]. - The main brand "汤臣倍健" generated revenue of 3.737 billion yuan, down 30.79%, while the joint care brand "健力多" reported revenue of 808 million yuan, down 31.51% [3]. - The company faced challenges due to a decline in foot traffic at offline pharmacies, product replacement issues, and inventory reduction efforts [3]. Channel Analysis - Revenue from offline channels decreased by 29.79%, with a total of 738 domestic and 49 overseas distributors, a reduction of 200 and 6 respectively compared to the end of 2023 [3]. - Online channel revenue fell by 25.35%, with offline channels experiencing greater pressure due to foot traffic and medical insurance impacts [3]. Cost and Profitability - The gross profit margin for 2024 was 66.69%, down 2.20 percentage points year-on-year, primarily due to intensified competition in online channels [4]. - The sales expense ratio increased to 44.33% for the year, reflecting a decline in sales expenses but a more significant drop in revenue [4]. - The net profit margin for 2024 was 9.47%, down 9.44 percentage points year-on-year, indicating a challenging profitability environment [4]. Strategic Initiatives - The company initiated a promotional campaign focusing on its two core product categories in Q4 2024 and plans to continue a big product strategy in 2025 [5]. - The company aims to launch an OTC version of "健力多" in H2 2025 to meet diverse consumer needs [3][5]. Future Outlook - The company anticipates continued low-price competition in online channels and plans to enhance its core competitiveness while stabilizing offline performance [6]. - Strategies include adjusting expense models, improving product distribution efficiency, and promoting new product iterations [6].