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].

Investment Rating - The report maintains a "Buy" rating for the company [6][9] Core Views - The company announced its 2024 annual report, showing total revenue of 6.838 billion yuan, a decrease of 27.30%, and a net profit attributable to shareholders of 653 million yuan, down 62.62% [2] - The company's core products are experiencing slower iteration than expected, leading to revenue pressure [3] - The overall sales have declined due to various factors including product iteration, strategic adjustments, and industry changes [3][4] Revenue Performance - In 2024, the company's main brand, including key products, reported revenues of 3.737 billion yuan, 808 million yuan, 314 million yuan, 872 million yuan, and 1.107 billion yuan, with year-on-year declines of 30.79%, 31.51%, 29.38%, 11.80%, and 20.55% respectively [3] - Online and offline sales for 2024 were 3.363 billion yuan and 3.418 billion yuan, reflecting year-on-year declines of 25.35% and 29.79% respectively [3] - The company's domestic and overseas revenues were 5.699 billion yuan and 1.139 billion yuan, with year-on-year declines of 28.16% and 22.72% respectively [4] Profitability Analysis - The company's gross margin for 2024 was 66.69%, down 2.20 percentage points, and the net profit margin was 9.55%, down 9.02 percentage points [5] - In Q4 2024, the gross margin was 60.26%, down 4.95 percentage points, and the net profit margin was -19.53% [5] Future Projections - The company is expected to achieve net profits of 861 million yuan, 1.002 billion yuan, and 1.124 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 31.87%, 16.38%, and 12.19% [6][8]

2025 年 3 月 25 日 公司研究 业绩承压，关注调整进程 ——汤臣倍健（300146.SZ）2024 年年报点评 增持（维持） 当前价：11.97 元 作者 分析师：陈彦彤 执业证书编号：S0930518070002 021-52523689 chenyt@ebscn.com 分析师：汪航宇 执业证书编号：S0930523070002 021-52523174 wanghangyu@ebscn.com 分析师：聂博雅 执业证书编号：S0930522030003 021-52523808 nieboya@ebscn.com | 市场数据 | | | --- | --- | | 总股本(亿股) | 17.01 | | 总市值(亿元)： | 203.59 | | 一年最低/最高(元)： | 10.65/17.77 | | 近 3 月换手率： | 47.35% | 股价相对走势 -33% -20% -7% 6% 19% 03/24 06/24 09/24 12/24 汤臣倍健 沪深300 | 收益表现 | | | | | --- | --- | --- | --- | | % | 1M | 3M | 1Y | ...

汤臣老矣，尚能倍健否 作者丨青橙财经 青沐 汤臣倍健交出了史上最丑的年度成绩单。 3月22日，汤臣倍健发布2024年财报。财报显示，2024年汤臣倍健实现营业收入68.38亿元，较上年同期下降27.30%；归属于上市公司股东的净利润6.53亿 元，较上年同期下降62.62%。其中，2024年第三季度净利润由正转负，亏损2242万元，第四季度亏损更急剧扩大至2.16亿元。 "百亿收入是消费品的一个关卡，我们在这道关卡前来了个急刹车。"汤臣倍健董事长梁允超在年报致股东信中称，"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。" 汤臣倍健2023年营收曾达到94.07亿，距离百亿只差临门一脚。但2023年业绩逐季下滑，2024年的颓势更为迅猛。 这不是一次偶然的业绩波动。想当年，汤臣倍健2021年巅峰时期市值超600亿元，将康宝莱拉下王座，成为全球膳食营养补充剂（VDS）行业市值第一。 但自此之后，汤臣倍健的股价一路下滑。截至2025年3月21日收盘，汤臣倍健的总市值仅剩205亿元左右，已跌去三分之二。 膳食营养补充剂（VDS）是以维生素、矿物质、动植物提取物及其它生物活性物质等为主 ...

Summary of BYHEALTH Conference Call Company Overview - The conference call discusses BYHEALTH (汤臣倍健), a company in the health supplement industry, focusing on its financial performance, product strategy, and market dynamics for 2024 and 2025. Key Points Financial Performance - In Q4 2024, BYHEALTH's revenue decreased by 27% year-on-year to 6.8 billion yuan, with profits declining to 650 million yuan. However, the revenue decline in Q4 showed a significant improvement compared to Q3, and inventory levels dropped to a six to seven-year low of 800 million yuan, setting a solid foundation for 2025 [2][3][4]. - Sales expenses in Q4 2024 were optimized significantly, decreasing from 1.1 billion yuan to 600 million yuan, leading to a relatively stable profit performance [2][3]. Product Strategy - Starting from Q2 2024, BYHEALTH began iterating its key products, Jianli Duo and protein powder, with the iteration process completed by the end of the year. The company plans to launch new versions of these products in 2025 while closely monitoring terminal inventory [2][4][5]. - In 2025, BYHEALTH will differentiate its products through various SKUs, formulations, pricing, and packaging to cater to different consumer needs. The company aims to introduce more affordable products offline and innovative high-priced products online [2][5]. Market Dynamics - The company acknowledges a shift in consumer behavior towards price sensitivity and plans to adjust its brand strategy accordingly. This includes focusing on the international market and infant health products, with specific quantitative targets set for these segments [2][8]. - The online sales channel, which includes direct sales and platform distribution, accounts for over 50% of total sales, with Tmall representing approximately 34% and JD.com around 20% [4][25]. Management and Budgeting - The internal management budget for 2025 will remain stable compared to 2024, reflecting a cautious approach to ensure reasonable control amid market uncertainties. The first quarter's targets are set low due to significant year-on-year pressure [2][6][7]. - The company plans to implement a dealer and terminal awakening plan to redefine the value chain in the offline health supplement industry, aiming to revitalize dealer teams and stimulate sales [4][21][22]. Challenges and Opportunities - The decline in sales gross margin in Q4 2024 is attributed to online price wars and scale effects. The company is adjusting its marketing strategies to address these challenges [2][9]. - BYHEALTH is exploring the OTC product market, with the introduction of new OTC products expected to diversify its offerings and meet consumer demands [4][14][26]. Future Outlook - The company has not provided specific revenue or profit guidance for 2025 but emphasizes a focus on gradual improvement from a low base. The management expresses confidence in achieving stable revenue targets throughout the year [6][21]. - BYHEALTH aims to enhance its international market presence through localized operations and plans to launch new products under its Natural Doctor brand, focusing on the mother and baby segment [16][18]. Additional Insights - The company is cautious about maintaining a high dividend payout ratio, which has been above 70% historically, but future commitments remain uncertain [24]. - The dealer system is expected to undergo minor adjustments, with new dealers being introduced to adapt to evolving market conditions [27]. This summary encapsulates the essential insights from the conference call, highlighting BYHEALTH's strategic direction, financial performance, and market positioning as it navigates a challenging consumer landscape.

投资者关系活动记录表 证券代码：300146 证券简称：汤臣倍健 编号：2025-002 汤臣倍健股份有限公司 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他：2024 年度投资者业绩电话会 参与单位名称及 人员姓名 详见附件 时间 2025 年 3 月 22 日 15:00-16:00 地点 电话会议 上市公司接待人 员姓名 公司董事会秘书唐金银女士 投资者关系活 公司于 2025 年 3 月 22 日披露《2024 年年度报告》，为便于广大投资 者进一步了解公司 2024 年度经营情况及未来发展规划，公司于 2025 年 3 月 22 日举行 2024 年度投资者业绩电话会，以线上会议的形式与投资者进 行互动交流，主要沟通内容如下： Q：2024 年第四季度营收同比下降幅度已较第三季度收窄，两大核心品类 的迭代升级是否已进入尾声 外部消费环境、行业竞争格局和渠道格局的变化及公司的主动调整等 因素为公司 2024 年经营带来较大的压力和影响。公司从 2024 年第二季度 开始推动两大核心产品的迭代升级，到年底基本结束，但消费环境和行业 ...

汤臣倍健股份有限公司 2024年度募集资金存放与使用情况的专项报告 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、募集资金的基本情况 （一）实际募集资金金额、资金到位时间 证券代码：300146 证券简称：汤臣倍健 公告编号：2025-010 汤臣倍健股份有限公司（以下简称"公司"）经中国证券监督管理委员会"证 监许可[2021]864号"文核准，于2021年4月向特定对象发行人民币普通股股票 119,288,209 股 ， 发 行 价 格 为 26.20 元 / 股 ， 共 计 募 集 资 金 总 额 为 人 民 币 3,125,351,075.80元，扣除主承销商发行费用33,128,721.41元（含增值税），扣除 其他不含增值税发行费用共计2,830,279.62元，加上直接从募集资金总额中扣除 的主承销商发行费用增值税进项税1,875,210.65元，公司实际募集资金净额为 3,091,267,285.42元。 北京兴华会计师事务所（特殊普通合伙）对向特定对象发行股票的认购对象 的认购资金缴纳到位情况进行了审验，并于2021年4月30日出具了[ ...

华兴事务所前身系福建华兴会计师事务所，创立于 1981 年，隶属福建省财 政厅。1998 年 12 月，与原主管单位福建省财政厅脱钩，改制为福建华兴有限责 任会计师事务所。2009 年 1 月，更名为福建华兴会计师事务所有限公司。2013 年 12 月，转制为福建华兴会计师事务所（特殊普通合伙）。2019 年 7 月，更名 为华兴会计师事务所（特殊普通合伙）。 华兴事务所为特殊普通合伙企业，注册地址为福建省福州市鼓楼区湖东路 152 号中山大厦 B 座 7-9 楼，首席合伙人为童益恭先生。 汤臣倍健股份有限公司 关于华兴会计师事务所（特殊普通合伙）的履职情况评估报告 汤臣倍健股份有限公司（以下简称"公司"）聘请华兴会计师事务所（特殊 普通合伙）（以下简称"华兴事务所"）作为公司 2024 年度财务报告出具审计报 告的会计师事务所。 根据财政部、国务院国有资产监督管理委员会、中国证券监督管理委员会颁 布的《国有企业、上市公司选聘会计师事务所管理办法》，公司对华兴事务所在 2024 年度的审计工作的履职情况进行了评估。具体情况如下： 一、会计师事务所的情况 1.基本信息 截至 2024 年 12 月 31 日，华 ...