Core Insights - In 2025, the company celebrates its 30th anniversary but faces significant challenges with declining revenue and net profit after a difficult 2024 [2] - The brand struggles to resonate with younger consumers, who prefer newer brands like Swisse, indicating a shift in market dynamics [3][4] - The company's marketing efforts have not translated into sales growth, with a notable increase in sales expenses without corresponding revenue increases [4][5] Financial Performance - In 2023, sales expenses reached 3.859 billion, a 21.77% increase year-on-year, while revenue growth was only 19.66%, indicating diminishing returns on marketing investments [4] - In the first half of 2025, sales expenses were 1.233 billion, down 32.33% from 1.822 billion, but revenue still declined by 23.43%, showing ongoing challenges in sales momentum [5] - The company reported a 62.62% drop in net profit in 2024, marking the most severe decline in years, with continued revenue decreases into 2025 [5][10] Marketing and Sales Strategy - The company has significantly cut marketing expenses, with advertising costs dropping over 50% in the first half of 2025, yet this has not led to improved sales performance [7][11] - Despite reducing costs, the sales expense ratio reached a historical high of 44.33% in 2024, indicating that marketing efficiency is declining [11] - The company has also reduced R&D expenses by 56.45% in the first half of 2025, which may impact long-term innovation and competitiveness [13] Market Position and Consumer Perception - The brand is losing its appeal among younger consumers, who view it as outdated compared to competitors [3][15] - The company has seen a significant decline in its dealer network, with the number of dealers dropping from 1,070 in 2021 to 640 in 2025 [17] - Revenue from key products like "健力多" has decreased significantly, with a drop from over 1 billion in 2022 to 411 million in the first half of 2025 [17] Challenges and Future Outlook - The company faces a dual challenge of declining sales and increasing competition from new brands and online platforms [14][18] - The traditional sales channels are under pressure, with both online and offline revenues declining significantly [16][18] - The future success of the company hinges on its ability to adapt to market changes, engage younger consumers, and innovate its product offerings [18]

Market Overview - On September 2, the food processing sector declined by 0.3% compared to the previous trading day, with Xianle Health leading the decline [1] - The Shanghai Composite Index closed at 3858.13, down 0.45%, while the Shenzhen Component Index closed at 12553.84, down 2.14% [1] Stock Performance - The following stocks in the food processing sector showed notable performance: - ST Chuntian (600381) closed at 5.48, up 4.98% with a trading volume of 242,300 shares and a turnover of 132 million yuan [1] - Gai Shi Food (836826) closed at 14.23, up 4.10% with a trading volume of 157,300 shares and a turnover of 223 million yuan [1] - Huadong Co. (002840) closed at 11.39, up 3.17% with a trading volume of 348,600 shares and a turnover of 395 million yuan [1] - Xianle Health (300791) closed at 24.77, down 2.94% with a trading volume of 49,100 shares and a turnover of 123 million yuan [2] Capital Flow - The food processing sector experienced a net outflow of 77.54 million yuan from institutional funds, while retail investors saw a net inflow of 127 million yuan [2]

证券代码：300146 证券简称：汤臣倍健 公告编号：2025-044 汤臣倍健股份有限公司 关于部分回购股份注销完成暨控股股东持股比例被动增加 触及1%整数倍的公告 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。 特别提示： 1.汤臣倍健股份有限公司（以下简称"公司"）本次注销的回购股份数量为 9,168,400 股，占注销前公司总股本的比例为 0.5390%。本次注销完成后，公司总 股本由 1,700,845,431 股变更为 1,691,677,031 股。经中国证券登记结算有限责任 公司深圳分公司审核确认，公司本次回购股份注销事宜已于 2025 年 8 月 29 日办 理完成。 2.本次回购股份注销完成后，公司控股股东梁允超先生持有公司股份比例由 41.78%被动增加至 42.01%，触及 1%的整数倍。本次权益变动不会导致公司控股 股东及实际控制人发生变化，不会对公司治理结构和持续经营产生影响。 根据《证券法》《上市公司收购管理办法》《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，现就公司 本次部分回 ...

Core Viewpoint - Tongrentang's stock experienced a decline of 2.94% on August 27, with a trading volume of 356 million yuan, indicating a challenging market environment for the company [1]. Financing Summary - On August 27, Tongrentang had a financing buy-in amount of 61.07 million yuan and a financing repayment of 54.58 million yuan, resulting in a net financing buy of 649.04 thousand yuan [1]. - The total financing and securities balance for Tongrentang as of August 27 is 836 million yuan, with the financing balance at 828 million yuan, accounting for 3.99% of the circulating market value, which is below the 50th percentile level over the past year, indicating a low financing position [1]. - In terms of securities lending, Tongrentang repaid 14,200 shares and sold 1,000 shares on August 27, with a selling amount of 12,200 yuan, while the securities lending balance is 794.67 thousand yuan, exceeding the 80th percentile level over the past year, indicating a high position [1]. Business Performance Summary - As of June 30, Tongrentang had 71,200 shareholders, a decrease of 4.96% from the previous period, with an average of 15,869 circulating shares per person, an increase of 5.22% [2]. - For the first half of 2025, Tongrentang reported a revenue of 3.532 billion yuan, a year-on-year decrease of 23.43%, and a net profit attributable to shareholders of 737 million yuan, down 17.34% year-on-year [2]. - Since its A-share listing, Tongrentang has distributed a total of 8.321 billion yuan in dividends, with 2.429 billion yuan distributed over the past three years [2]. Shareholding Structure Summary - As of June 30, 2025, the top ten circulating shareholders of Tongrentang include E Fund's ChiNext ETF, which holds 24.5972 million shares, a decrease of 648,400 shares from the previous period [2]. - Southern CSI 500 ETF ranks as the sixth largest circulating shareholder with 15.172 million shares, an increase of 194,440 shares compared to the previous period [2]. - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder with 12.3742 million shares, a decrease of 214,890 shares from the previous period, while Huatai-PineBridge CSI Major Consumer ETF has exited the top ten circulating shareholders [2].

Market Overview - On August 26, the food processing sector rose by 0.39% compared to the previous trading day, with Huadong Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3868.38, down 0.39%, while the Shenzhen Component Index closed at 12473.17, up 0.26% [1] Stock Performance - Key stocks in the food processing sector showed varied performance, with Huadong Co., Ltd. closing at 11.31, up 3.67% with a trading volume of 354,400 shares and a turnover of 397 million yuan [1] - Other notable performers included Quandawei, which closed at 19.93, up 3.53%, and Guangming Meat Industry, which closed at 7.86, up 2.88% [1] Capital Flow - The food processing sector experienced a net outflow of 11.01 million yuan from institutional investors, while retail investors saw a net inflow of 83.25 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors withdrawing funds while retail investors increased their positions [2] Individual Stock Capital Flow - Huadong Co., Ltd. had a net inflow of 56.99 million yuan from institutional investors, while it faced a net outflow of 41.19 million yuan from retail investors [3] - Other stocks like Jindawei and Tangchen Beijian also saw significant net inflows from institutional investors, indicating strong interest in these companies [3]

汤臣倍健股份有限公司 2025年第一次临时股东会决议公告 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。 证券代码：300146 证券简称：汤臣倍健 公告编号：2025-042 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"） 2025 年第一次临时股东会于 2025 年 8 月 25 日 14:30 在广州市黄埔区鱼珠街道黄埔大道东 916 号公司会议室 召开。本次股东会由公司董事会召集，由半数以上董事推举林志成先生主持。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 591 人，代表股份 769,897,931 股，占公司有表决权股份 总数的 45.9597%。其中，参加本次股东会的中小股 ...

汤臣倍健股份有限公司 关于选举第六届董事会职工董事的公告 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 8 月 25 日召开 2025 年第一次临时股东会，审议通过了《关于修订<公司章程>的议案》。根据新修订 的《公司章程》，公司董事会由 7 名董事组成，其中包含 1 名职工董事。 结合公司治理结构调整实际情况，公司于同日召开职工代表大会，与会职工 代表一致同意选举汤晖先生（简历详见附件）为公司第六届董事会职工董事，任 期自职工代表大会审议通过之日起至公司第六届董事会任期届满之日止。 汤晖先生符合《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》规定的有关职工董 事的任职资格。本次职工董事选举完成后，公司第六届董事会成员构成未发生变 化，兼任公司高级管理人员以及由职工代表担任的董事人数总计未超过公司董事 总数的二分之一。 特此公告。 汤臣倍健股份有限公司 董 事 会 证券代码：300146 证券简称：汤臣倍健 公告编号：2025-043 ...

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 乌 兹 别 克 斯 坦 广州市天河区华夏路 32 号太平洋金融大厦 19 楼 邮编：510620 电话：(+86)(20) 3879 9346 、3879 9348 传真：(+86)(20) 3879 9348-200 国浩律师(广州)事务所 关于汤臣倍健股份有限公司 2025 年第一次临时股东会的法律意见 汤臣倍健股份有限公司： 根据中国证券监督管理委员会发布的《上市公司股东会规则》(以下简称《股 东会规则》)的要求，国浩律师(广州)事务所(以下简称"本所")接受汤臣倍健 股份有限公司(以下简称"汤臣倍健"或"公司")的委托，指派李彩霞、林嘉豪 律师(以下简称"本所律师")出席汤臣倍健 2025 年第一次临时股东会(以下简称 "本次股东会")，对本次股东会的召集与召开程序、出席 ...

Core Viewpoint - The health supplement market in China is experiencing significant challenges, as evidenced by the poor performance of leading companies like汤臣倍健, which has seen substantial declines in revenue and profit, indicating a shift in consumer behavior and market dynamics [2][4][6]. Company Performance -汤臣倍健 reported a revenue of 35.32 billion yuan in the first half of 2025, a year-on-year decrease of 23.43%, with a net profit of 7.37 billion yuan, down 17.34% [2]. - For the entire year of 2024,汤臣倍健's revenue was 68.38 billion yuan, a decline of 27.3%, and net profit fell by 62.62% to 6.53 billion yuan, marking the largest drop since its listing [5][6]. - The company's market capitalization has decreased from a peak of 600 billion yuan to approximately 209 billion yuan, resulting in a loss of nearly 400 billion yuan in value [6]. Market Dynamics - The health supplement industry is not in decline; rather, it is evolving, with younger consumers adopting "punk health" trends, leading to a shift in purchasing behavior [3][9]. - The market for health supplements grew to 604.1 billion yuan in the first half of 2025, reflecting a 16.2% increase, with specific categories like bone health and oral beauty products driving growth [19]. Brand Strategy and Challenges -汤臣倍健's traditional branding and marketing strategies are becoming outdated, as the company struggles to connect with younger consumers [7][11]. - The company has seen a significant reduction in its domestic distributor network, with 597 distributors remaining as of June 2025, down over 340 from the end of 2023 [7]. - Despite launching new products,汤臣倍健 has failed to establish a strong online presence or effectively market to younger demographics, resulting in stagnant sales for its core products [8][11]. Competitive Landscape - Newer brands like诺特兰德, Swisse, and万益蓝 are successfully targeting younger consumers with innovative marketing strategies and product offerings, capturing significant market share [10][11]. - These brands leverage social media and influencer marketing to resonate with younger audiences, contrasting with汤臣倍健's more traditional approach [10][11].

（编辑 楚丽君） 证券日报网讯 8月20日晚间，汤臣倍健发布公告称，截至2025年8月20日，本次回购期限届满，回购方 案已实施完毕。本次实际回购时间区间为2025年2月5日至2025年7月31日。公司累计通过回购专用账户 以集中竞价交易方式回购9，168，400股，占公司总股本的0.5390%。 ...