证券代码：300146 证券简称：汤臣倍健 汤臣倍健股份有限公司 投资者关系活动记录表 | --- | --- | --- | |----------------|-----------------------------------|--------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | | | | | □新闻发布会 | □路演活动 | | 类别 | | | | | □现场参观 | | | | 其他 2024 | 年半年度业绩投资者电话会 | | 参与单位名称及 | | | | | 详见附件 | | | 人员姓名 | | | | 时间 | 2024 年 8 月 6 日 | 15:30-16:30 | | 地点 | | 广东省广州市黄埔区鱼珠街道黄埔大道东 916 号 | | 上市公司接待人 | | | | | 公司董事会秘书唐金银女士 | | | 员姓名 | | | | | | 会议采取互动问答形式，主要沟通内容如下： | | ...

证券研究报告 非金融公司 | 公司总评 | 汤屋 倍健（300146） 经营调整, 业绩承压 product 请条必阅读报告未真的重委声明 2024年08月07日 紫研究报告 | 报告委总 汤岳倍钱发布 2024 半年报，2024H1 公司实现收入 46.13 亿元，同比下降 17.56%，实现归非 净利润 8.91 亿元，同比下降 42. 34%。单 202402 公司实现妆入 19. 67 亿元，同比下降 20. 93%: 实现归点冷利润 1. 64 亿元，同比下降 68. 12%。 | 分析师及联系人 刘永瑜 邓浩 SAC: S0590524030005 SAC: S0590524040002 请条必阅读报告未真的重要声明 1/5 非金融公司| 公司总评 2024年08月07日 汤 臣 倍健 (300146) 经营调整，业绩承压 行业：食品饮料/食品加工 买入（유村）投資平級： 12. 06 无影诉价格： 基本数据 必嚴本/流通嚴本 (百万嚴) 1, 700. 85/1, 129. 99 流過 A 眩 李 佳 (百万元) 13, 627. 64 亲庭冷京产(无) 6. 64 票产負債手 (%) 13.5 ...

[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 2024 年 08 月 06 日 [Table_Title] 同期高基数，核心单品迭代升级 ——汤臣倍健 2024 年中报点评 [Table_Summary] 报告要点： 事件 公司公告 2024 年中报。2024H1，公司实现总收入 46.13 亿元（-17.56%），归 母净利 8.91 亿元（-42.34%），扣非归母净利 8.31 亿元（-42.83%）。2024Q2， 公司实现总收入 19.67 亿元（-20.93%），归母净利 1.64 亿元（-68.12%），扣 非归母净利 1.22 亿元（-73.48%）。公司拟通过自有资金集中竞价回购股份资 金总额 1-2 亿元，回购价格不超过 20 元/股。 高基数短期影响收入增速 1）分品牌看：2024H1，公司汤臣倍健、健力多、lifespace、LSG、其他品牌 收入分别为 26.35、5.91、2.10、5.11、6.66 亿元，同比-19.77%、-16.81%、 -24.79%、-4.72%、-15.21%，24Q2 同比-22. ...

证 券 研 究 报 告 汤臣倍健（300146）2024 年中报点评 推荐（维持） 业绩低于预期，观察调整改善 目标价：13.5 元 当前价：12.06 元 事项： 公司发布 2024 年半年报，24 年 H1 公司实现营业总收入 46.13 亿元，同比17.56%；实现归母净利润 8.91 亿元，同比-42.34%；扣非归母净利润为 8.31 亿 元，同比-42.83%；销售净利率 19.08%，同比-8.91pcts。单 Q2 公司实现营业总 收入 19.67 亿元，同比-20.93%；实现归母净利润 1.64 亿元，同比-68.12%；扣 非归母净利润为 1.22 亿元，同比-73.48%；销售净利率 8.19%，同比-12.57pcts。 评论： 需求疲软、竞争加剧叠加同期高基数，收入端表现承压。消费力疲软叠加同期 高基数，24Q2 收入同比下滑 20.93%至 19.67 亿元，结合业绩交流，其中线下 收入同降 15.82%与行业基本同步，线上则下滑 20.54%跑输行业，主要原因系 传统电商表现疲软，叠加公司投放策略更注重品牌曝光且减少抖音等平台超投 引流所致。分品牌看，24Q2 主品牌/健力多/ ...

证券研究报告 | 半年报点评 2024 年 08 月 06 日 汤臣倍健（300146.SZ） 短期业绩承压，中长期战略定力足 事件：公司 24H1 实现营收 46.1 亿元，同比-17.6%；实现归母净利润 8.9 亿元，同比-42.3%；实现扣非归母净利润 8.3 亿元，同比-42.8%。其中 24Q2 实现营收 19.7 亿元，同比-20.9%；实现归母净利润 1.6 亿元，同比-68.1%； 实现扣非归母净利润 1.2 亿元，同比-73.5%。 需求弱复苏，高基数下增长仍承压。分品牌来看，24Q2 汤臣倍健主品牌/ 健力多/Life-spacce 国内/LSG 境外收入分别同比-22.5%/-33.7%/-17.4%/ -4.4%，行业层面需求端弱复苏、且保持较高强度竞争格局，公司层面在高 基数下增长承压。分渠道来看，24H1 线上/线下渠道同比-20.5%/-15.8%， 其中线上渠道基数更高，线下渠道我们预计受药店人流量下降影响；24H1 境内/境外收入同比-16.8%/-21.9%。 行业保持较高强度竞争，净利率短期承压。24Q2 公司毛利率同比-3.6pct 至 66.8%，我们认为 24Q2 ...

2024 年 8 月 6 日 公司研究 费用加大致利润承压，静待 H2 基数压力缓解 ——汤臣倍健（300146.SZ）2024 年半年度业绩点评 要点 事件：公司 24H1 实现营业收入 46.1 亿元，同比-17.6%；归母净利润 8.9 亿元， 同比-42.3%；扣非归母净利润 8.3 亿元，同比-42.8%。其中，24Q2 实现营业收 入 19.7 亿元，同比-20.9%；归母净利润 1.6 亿元，同比-68.1%；扣非归母净利 润 1.2 亿元，同比-73.5%。 需求疲软，主要品牌收入承压。（1）分品牌看：24H1①主品牌"汤臣倍健"实 现收入 26.35 亿元，yoy-19.77%。②关节护理品牌"健力多"实现收入 5.91 亿 元，yoy-16.81%。③"Life-Space"国内实现收入 2.10 亿元，yoy-24.79%； 境外 LSG 实现营业收入 5.11 亿元，yoy-4.72%（按澳元口径为 1.08 亿澳元，同 比-5.37%）。（2）分渠道看：经销模式下 24H1①线下渠道收入为 24.77 亿元， yoy-16.67%。②线上渠道收入为 7.28 亿元，yoy-22.15 ...

证券所充报告 汤 医 倍集 (300146 CH) 牟 养 研究中报点评 2024 年８月０５日 | 中国内地食品 高基教枕劝下妆入有所下滑，食投加大致使利润永压 24H1 登 妆 / 归 苹 净 利 / 杂 非 归 苹 净 利 46.1/8.9/8.3 亿 无 , 图 -17.6%/-42.3%/-42.8%；24Q2 苍妆/归寺寺利/村非归寺寺利 19.7/1.6/1.2 亿元，网比-20.9%/-68.1%/-73.5%。短期业绩矛压主要系： 1）去年网期商 基数影响；2）公司全渠道全品美布局，线上各电商平台分化及各细分品美 表现差异为公司带未经营挑战。公司今年查总发力主品牌秘 Life-Space，通 过打造差异化多货盘、杂發线下深度分销和渠道下沉等方式，巩固线下渠道 壁垒, 阿时强化集团电商整体策略, 赋能全渠道高质量增长。我们预计 24-26 年 EPS 0.70/0.83/0.97 元，参考可比公司 24 年平均 PE 22x（Wind 一致预 期），给予 24 年 22x PE，目标价 15.37 元，"买入"详级。 主力产品收入受消食环境/竞争加利等影响有所下滑，做下渠道壁垒巩固 公司持续提 ...

Financial Performance - Revenue for the reporting period was RMB 4.613 billion, a decrease of 17.56% compared to the same period last year[20] - Net profit attributable to shareholders of the listed company was RMB 891 million, a decrease of 42.34% year-on-year[20] - Operating cash flow decreased by 71.69% to RMB 294.37 million compared to the same period last year[20] - Basic earnings per share decreased by 42.86% to RMB 0.52[20] - Weighted average return on equity decreased by 6.20 percentage points to 7.37%[20] - Total assets decreased by 11.93% to RMB 13.297 billion compared to the end of the previous year[20] - Domestic online revenue decreased by 22.15% to 727.54 million RMB, with a gross margin of 72.26%[32] - Domestic offline revenue decreased by 16.67% to 2.48 billion RMB, with a gross margin of 68.85%[32] - Overseas revenue decreased by 20.28% to 360.59 million RMB, with a gross margin of 56.75%[32] - Tablet product revenue decreased by 37.53% to 733.00 million RMB, with a gross margin of 79.51%[32] - Powder product revenue decreased by 33.00% to 463.56 million RMB, with a gross margin of 75.03%[32] - Capsule product revenue decreased by 13.49% to 684.52 million RMB, with a gross margin of 63.31%[32] - Online direct sales revenue decreased to 1.02 billion RMB, with a gross margin of 72.11%[35] - Main brand "By-Health" revenue was 2.64 billion yuan, down 19.77% year-on-year[61] - "Jianliduo" revenue was 591 million yuan, down 16.81% year-on-year[61] - Domestic "lifespace" product revenue was 210 million yuan, down 24.79% year-on-year[61] - Overseas LSG revenue was 511 million yuan, down 4.72% year-on-year (108 million AUD, down 5.37%)[61] - Offline channel revenue was 2.63 billion yuan, down 15.82% year-on-year[61] - Online channel revenue was 1.95 billion yuan, down 20.54% year-on-year[61] - R&D investment was 69.78 million yuan, down 13.47% year-on-year[66] - Sales expenses totaled 1.82 billion yuan, a decrease of 0.37% year-over-year, with platform fees increasing by 20.48% due to changes in e-commerce platform structure and increased paid traffic[69] - Advertising expenses amounted to 522 million yuan, including 131 million yuan for variety show sponsorships, 204 million yuan for online ads, and 187 million yuan for production and other costs[70] - Investment income reached 41.58 million yuan, accounting for 3.79% of total profit, primarily from large deposits, financial products, and other equity investments[71] - Monetary funds decreased by 3.99% to 2.4 billion yuan, while accounts receivable increased by 84.83% to 460.44 million yuan due to year-end credit clearance[72] - Contract liabilities dropped by 65.57% to 379.29 million yuan as pre-orders from last year were fulfilled[72] - Other payables increased by 39.24% to 660.25 million yuan, mainly due to higher advertising-related payables[73] - Trading financial assets decreased by 51.15% to 671.47 million yuan, primarily due to a reduction in financial products[72] - The company's total investment in financial assets was 1.37 billion yuan, with a cumulative investment income of 161.2 million yuan[79] - Total funds raised through the issuance of shares amounted to RMB 3,125.35 million, with a net amount of RMB 3,091.27 million[80] - Cumulative investment in projects using raised funds reached RMB 1,125.81 million, with a remaining balance of RMB 2,138.64 million[80] - The Zhuhai Production Base Phase V project has an investment progress of 18.13%, with RMB 27.55 million invested out of RMB 151.97 million[81] - The Zhuhai Production Base Phase IV expansion project achieved an investment progress of 17.56%, with RMB 7.68 million invested out of RMB 43.75 million[81] - The digital information system project has an investment progress of 22.98%, with RMB 6.88 million invested out of RMB 29.94 million[82] - The Australia production base project has an investment progress of 65.33%, with RMB 24.47 million invested out of RMB 37.46 million[82] - The company used RMB 17.82 million of raised funds to replace self-raised funds previously invested in the Australia production base project[84] - The company utilized RMB 1.8 billion of idle raised funds for cash management, including bank wealth management products and large-denomination deposits[84] - The company earned RMB 25.13 million from bank wealth management products and large-denomination deposits in the first half of 2024[84] - The company's total investment in entrusted wealth management products using its own funds was RMB 10 million[85] - Total entrusted wealth management funds amount to 824,000.00 million yuan, with 328,000.00 million yuan being newly added[87] - Industrial and Commercial Bank's large-denomination certificates of deposit have a reference annualized yield of 3.28%-3.30%, with an actual profit of 1,985.40 million yuan[88] - China Merchants Bank's structured deposits have a reference annualized yield of 3.00%-3.20%, with an actual profit of 1,225.58 million yuan[88] - Tangshen Beijian Pharmaceutical Co., Ltd., a subsidiary, has a total revenue of 148,759.74 million yuan and a net profit of 18,314.40 million yuan[90] - The company's actual production capacity for tablets in the first half of the year was 6.55 billion tablets, achieving 84% of the designed annual capacity of 7.7915 billion tablets[42] - The actual production capacity for capsules reached 2.695 billion capsules, achieving 90% of the designed annual capacity of 2.995 billion capsules[42] - The company has obtained 427 patents, including 121 invention patents related to raw materials and formulations, and holds 158 health food registration certificates[45] - The company was awarded the "National Intellectual Property Demonstration Enterprise" in 2022, becoming the first VDS industry company to receive this honor[45] - The company's transparent factory was selected as a "2022 Intelligent Manufacturing Demonstration Factory" by the Ministry of Industry and Information Technology, the only dietary supplement factory to receive this recognition[46] - The company has a total of 410 domestic patents as of June 30, 2024, with 29 new patents added during the reporting period[51] - The company's "Scientific Nutrition" strategy aims to transform into a strong technology-driven enterprise within eight years, focusing on scientific research and innovation[44] - The company collaborates with global research institutions such as the Dutch National Institute for Applied Sciences and the Shanghai Institute of Nutrition and Health, Chinese Academy of Sciences, to enhance its R&D capabilities[45] - The company's product quality management system is certified by SGS (ISO 9001:2015) and its laboratory is accredited by CNAS, with multiple indicators passing FAPAS proficiency testing[46] - The company's online sales channels, including platforms like Alibaba and JD.com, are among the top in the industry, with continuous efforts to improve digitalization and operational capabilities[49] - The company holds a total of 17 overseas patents as of June 30, 2024, with 6 new patents added during the reporting period[54] - The company has 158 health food registration certificates and 178 health food filing certificates, with 8 new registration certificates and 20 new filing certificates added during the reporting period[55] - New health food registration certificates include "Tangshen Beijian® Conjugated Linoleic Acid Soybean Peptide Powder" and "Tangshen Beijian® Danshen Pearl Powder Capsule"[56] - New health food filing certificates include "Quanyineng® Fish Oil Soft Capsule" and "Calcium Da® Calcium Vitamin D Vitamin K Chewable Tablets (Lemon Flavor)"[57] - The company published 20 scientific research papers during the reporting period, enhancing its influence in the field of nutritional health research[58] - Research topics include the effects of dietary supplements on gut microbiota and the mechanism of strawberry leaves on advanced glycation end-products formation[59] - The company's fundraising projects face risks from macroeconomic changes, policy shifts, and market demand fluctuations, potentially delaying expected returns[10] - The company does not plan to distribute cash dividends, issue bonus shares, or convert capital reserves into shares[10] - The company's goodwill on the consolidated financial statements is valued at 1,154.66 million yuan, and the intangible assets from acquisitions are valued at 340.39 million yuan, with potential impairment risks if brand performance falls short[9] - The company faces risks from rising raw material prices and potential supply shortages due to increased demand, despite efforts to mitigate through supplier diversification and strategic partnerships[6] - Industry competition is intensifying due to international players entering the Chinese market, cross-border e-commerce, and the rise of new media and channels[7] - The company is actively involved in the formulation and revision of industry regulations and standards to ensure compliance and maintain competitiveness[5] - New brands and business models introduced by the company carry significant uncertainties in terms of profitability and market acceptance[8] - The company emphasizes quality control with eight core principles, prioritizing safety and compliance over efficiency and cost[3] - The company has contingency plans in place to address potential product quality and safety risks, including third-party inspections and enhanced production processes[2] - The company is investing in R&D and collaborating with academic institutions to strengthen its scientific nutrition strategy and maintain market leadership[7] - The company's VDS industry has significant growth potential, with China's per capita consumption of vitamins and dietary supplements reaching USD 23.3 in 2023, an increase of 11.5% year-on-year[25] - The aging population in China is expected to exceed 300 million by the end of the "14th Five-Year Plan" period, providing growth opportunities for the VDS industry[25] - China's population aged 60 and above will exceed 400 million, accounting for over 30% of the total population, entering a stage of severe aging, which will expand the industry[26] - The VDS industry is expected to grow rapidly due to the personalized and diversified demands of the new generation of consumers, with the consumer base expanding across age groups[26] - The company holds a 10.4% market share in China's vitamin and dietary supplement industry, ranking first[28] - The company has developed over 30 customized raw materials and holds 121 patents for raw materials and formulations[28] - The company operates a transparent factory with advanced quality control, including a CNAS-accredited laboratory and over 200 pieces of equipment from more than 15 countries[28] - The company has implemented a multi-brand strategy, including brands like "Jianliduo" for joint health and "Lifespace" for probiotics, acquired in 2018[29] - The company's sales model includes both distribution and direct sales, with products sold through pharmacies, supermarkets, and online platforms like Alibaba and JD.com[30] - The company employs a buyout model for some regional distributors and direct supply retailers, with a cash-on-delivery policy for most transactions[31] - The number of domestic distributors decreased by 130 to 808[33] - The top 5 customers accounted for 16.60% of total sales, with a total sales amount of 765.83 million RMB[34] - The purchase price of fish oil, a key raw material, increased by 172.4% year-on-year[37] - The company conducted multiple investor relations activities, including on-site research and telephone conferences, discussing quarterly performance and future development plans[91][92] - The company has developed over 30 customized raw materials and obtained 427 patents, including 121 invention patents for raw materials and formulations, with 158 health food registration certificates approved as of June 30, 2024[93] - The company has conducted 10 investor relations activities and answered 72 investor questions through the Shenzhen Stock Exchange's interactive platform during the reporting period[95] - The company has repurchased 15,736,987 shares for a total of RMB 249,539,050.78 (excluding transaction fees) as of June 30, 2024, under its share repurchase plan[95] - The company implemented a cash dividend of RMB 1,516,597,600 for the 2023 fiscal year, with cumulative cash dividends reaching RMB 7,715,026,000, accounting for 73.64% of the cumulative net profit attributable to shareholders from 2010 to 2023[95] - The company's 2024 first extraordinary general meeting had a 51.95% investor participation rate, approving the 2024 restricted stock incentive plan and related amendments[96] - The 2023 annual general meeting had a 50.94% investor participation rate, approving the 2023 financial report, 2024 budget, and amendments to various company regulations[96] - The 2019 stock option incentive plan was fully implemented during the reporting period, with 204,868 shares exercised and 187,132 options canceled[99] - The company plans to use between RMB 100 million and RMB 200 million to repurchase shares at a price not exceeding RMB 20 per share, subject to shareholder approval[95] - 54,000 stock options were exercised in 2022, and the remaining unqualified options were canceled with adjustments to the exercise price[101] - In 2023, 150,000 out of 172,800 stock options were exercised in the third vesting period, with the remaining unqualified options canceled and exercise price adjusted[101] - The 2019 second-phase stock option incentive plan was fully implemented during the reporting period[101] - The 2024 restricted stock incentive plan was approved, with 1.49 million shares granted at 8.60 yuan per share to 36 eligible participants[102] - The company is not listed as a key pollutant discharge unit by the Zhuhai Environmental Protection Bureau[104] - The company has passed clean production certification, energy management system certification, and environmental management system certification[104] - The company has established a comprehensive social responsibility organizational structure led by management[106] - The company focuses on scientific nutrition research, including anti-aging and precision nutrition, with collaborations with leading research institutions[108][110] - The company has implemented the "All the Way to C" strategy, emphasizing precision nutrition and consumer value creation[111] - The company has a history of social公益活动, including building 18希望小学 and supporting营养改善 projects for over 6,000 students[114] - Tangshen Bijian donated nutritional products worth over 8 million yuan to support anti-epidemic efforts in Xi'an, Shaanxi, Zhuhai, Guangdong, and Guangzhou, Guangdong in 2022[116] - Tangshen Bijian established the "Scientific Nutrition Special Fund" with the Guangdong Zhong Nanshan Medical Foundation in 2022, focusing on health screening and online science popularization[116] - Tangshen Bijian donated gifts worth approximately 1 million yuan to rural children in 2023, marking the 10th anniversary of its nutrition support program[116] - Tangshen Bijian accumulated donations of 3.05 million yuan to support rural revitalization in Guangdong by the end of 2023[116] - The company fulfilled all equity incentive commitments related to false or misleading information disclosures, with commitments completed by 2024[117] - No non-operational fund occupation by controlling shareholders or related parties was reported during the period[118] - No illegal external guarantees were reported during the period[119] - A lawsuit involving 23.74 million yuan was dismissed in the first instance, with the opposing party appealing, and no final judgment has been made[120] - Other lawsuits with a total amount of 3.1 million yuan (as plaintiff) and 710,600 yuan (as defendant) were reported, with no significant impact on the company[121] - No significant related-party transactions, asset acquisitions, or joint investments were reported during the period[122] - The total approved guarantee amount for subsidiaries during the reporting period is B1, with the actual guarantee amount being B2[126] - The total approved guarantee amount for subsidiaries at the end of the reporting period is B3[126] - LSG and its wholly-owned subsidiaries, including Ultra Mix(Aust.) Pty Ltd, Evolution Health Pty Ltd, and Divico Pty Ltd, have unlimited and indefinite cross-guarantees among them, approved by ASIC[128] - The company's subsidiaries provided guarantees for cross-border e-commerce operations, including guarantees for 麥浪（香港）有限公司, Evolution Health Pty Ltd, LIFE-SPACE HK LIMITED, and 香港佰弘有限公司[129] - The total actual guarantee amount (A4+B4+C4) as a percentage of the company's net assets is not specified[128] - The company's total shares increased by 22,800 shares due to the exercise of stock options under the 2019 stock option incentive plan[133] - The company's limited-sale shares decreased by 525 shares, while the unlimited-sale shares increased by 23,325 shares[133] - The company repurchased a total of 15,736,987 shares at a total cost of RMB 249,539,050.78, with the highest price at RMB 18.07/share and the lowest at RMB 14.19/share[135] - During the reporting period, the company repurchased 14,736,987 shares at a total cost of RMB 231,554,046.78, with the highest price at RMB 16.53/share and the lowest at RMB 14.19/share[135] - The total number of shares increased from 1,700,822,631 to 1,700,845,431 due to the exercise of stock options under the 2019 stock option incentive plans[135] - Liang Yunchao holds 41.78% of the company's shares, totaling 710,611,742 shares, with 532,958,806 shares under lock-up[138] - Sun Huigang holds 3.26% of the company's shares, totaling 55,524,526 shares, all of which are unrestricted[138] - Shanghai Zhongping Guoyu Asset Management Co., Ltd.

证券代码：300146 证券简称：汤臣倍健 汤臣倍健股份有限公司 投资者关系活动记录表 编号：2024-010 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 参与单位名称及 三井住友德思资管 Ivan Jim 人员姓名 时间 2024 年6月19日13:30-14:30 地点 广州市黄埔区科学城科学大道中 99号科汇金谷三街 3号公司会议室 上市公司接待人 公司董事会秘书唐金银女士 员姓名 会议采取互动问答形式，主要沟通内容如下： Q：怎样看待 VDS行业的发展前景 从人均消费额、渗透率、人口老龄化趋势以及大健康的政策背景等方 面来看，国内膳食营养补充剂行业仍有广阔的增长空间。 Q：公司产品是否有做产品升级迭代 ...

证券代码：300146 证券简称：汤臣倍健 汤臣倍健股份有限公司 投资者关系活动记录表 编号：2024-009 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 投资者关系活动 □新闻发布会 □路演活动 类别 □现场参观 □其他 参与单位名称及 海通证券程碧升、万联证券陈雯、万联证券叶柏良 人员姓名 时间 2024 年5月29日11:00-12:00 地点 广州市黄埔区科学城科学大道中 99号科汇金谷三街 3号公司会议室 上市公司接待人 公司董事会秘书唐金银女士 员姓名 会议采取互动问答形式，主要沟通内容如下： Q：公司今年的增长目标 今年公司收入的增长目标是同比去年实现个位数增长。因2023 年增 强免疫力相关品类产品市场需求强，拉高了行业和公司的同期基数，高基 数影响下会对公司今年收入目标实现带来一定压力。 ...