Core Viewpoint - The stock price of Tongrentang has shown a modest increase, with a notable rise in trading volume and a positive net inflow of funds, indicating investor interest in the company [1][2]. Group 1: Stock Performance - As of December 25, Tongrentang's stock price increased by 2.08%, reaching 12.28 CNY per share, with a trading volume of 1.25 billion CNY and a market capitalization of 20.774 billion CNY [1]. - Year-to-date, the stock price has risen by 5.01%, with a 2.68% increase over the last five trading days, a 0.49% increase over the last 20 days, and a 5.05% increase over the last 60 days [2]. Group 2: Financial Performance - For the period from January to September 2025, Tongrentang reported a revenue of 4.915 billion CNY, a year-on-year decrease of 14.27%, while the net profit attributable to shareholders was 907 million CNY, reflecting a year-on-year increase of 4.45% [2]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Tongrentang was 71,100, a slight decrease of 0.14% from the previous period, with an average of 15,762 circulating shares per person, down by 0.67% [2]. - The company has distributed a total of 8.321 billion CNY in dividends since its A-share listing, with 2.429 billion CNY distributed over the last three years [3]. Group 4: Institutional Holdings - As of September 30, 2025, the second-largest circulating shareholder is E Fund's ChiNext ETF, holding 20.851 million shares, a decrease of 3.746 million shares from the previous period [3]. - Hong Kong Central Clearing Limited is the fifth-largest shareholder, increasing its holdings by 2.712 million shares to 15.086 million shares [3].

2025 年 12 月 22 日 行 业 研 究 / 食 品 饮 料 / 证 券 研 究 报 告 【投资要点】 代工环节集中度有望提升，品牌商关注新趋势。2024 年中国营养保健 品代工规模约 34 亿美元，预计 2027 年达 40 亿美元，2024-2027 年 CAGR 达 5.0%。从保健品细分产业链来看，代工环节有望持续受益于 保健品稳定的需求增长、同时在新消费趋势驱动下，新兴初创品牌多 为轻资产运营、自建厂房规模不经济，长尾品牌的持续涌入有望支撑 保健品代工需求增长。2024 年仙乐健康、百合股份代工业务市占率约 为 7%、3%，预计在政策逐步规范、品牌商对代工企业生产及服务能 力要求提升下，代工环节有望进一步向头部企业集中。品牌商目前积 极顺应产品渠道趋势，如企业积极布局美容抗衰等产品，营销、渠道 及品牌打造等品牌运营能力或为企业占领消费者心智从而实现突围的 关键。 挖掘价值 投资成长 食品饮料行业专题研究 保健品行业专题报告：新动向，新成长 -10% -2% 6% 14% 22% 30% 2024/12 2025/6 2025/12 食品饮料 沪深300 强于大市（维持） 东方财富证券研究所 ...

Group 1 - The company,汤臣倍健, emphasizes its commitment to a differentiated strategy in the global market [1] - The company focuses on scientifically selecting high-quality raw materials and developing innovative products with proprietary intellectual property [1] - The company aims to continuously enhance its product technology and maintain a competitive advantage through differentiation [1]

Core Viewpoint - The company reported that its online sales channels are significantly diversified, with Douyin accounting for approximately 20% and Tmall and JD.com together making up about 60% of total online sales [1] Group 1: Revenue Breakdown - The main brand contributes over 50% to the company's total revenue [1] - The revenue from Jianlidu and Lifespace each exceeds 10% [1]

证券日报网12月9日讯汤臣倍健（300146）在12月9日回答调研者提问时表示，公司SKU较多，各产品间 复购率存在差异。今年主品牌线上推出的几大新品在拉动高消费人群增量方面表现较为亮眼。 ...

证券日报网12月9日讯汤臣倍健（300146）在12月9日回答调研者提问时表示，公司经销商数量近年来减 少的原因：主要是因为业务调整、经销商整合优化所致。鉴于公司持续探索新渠道、新品牌和新平台， 未来经销商的持续优化还是会存在。 ...

证券日报网12月9日讯汤臣倍健（300146）在12月9日回答调研者提问时表示，药店渠道的专业服务能力 是其他渠道不可替代的，公司将持续夯实产品力，通过加快药店全链路DDI数字化基建建设、推行新商 业配送模式等持续强化精细化运营能力和服务能力，夯实线下发展优势。 ...

证券日报网12月9日讯汤臣倍健（300146）在12月9日回答调研者提问时表示，山姆近年来增长较好，后 续公司会积极加强与相关高潜力商超连锁的合作，共同拓展线下的增长机会。 ...

（编辑 任世碧） 证券日报网12月9日讯 汤臣倍健在12月9日回答调研者提问时表示，今年，公司持续推动数字化战略项 目落地，强化数字化基建，提升销售管理、数据分析等系统能力；成立30周年专项工作小组，常态化推 动重要经营和管理质量强相关问题的解决及机制落实；持续优化组织架构，提升各业务线条精细化管理 能力，支持公司长期健康发展。 ...

Core Viewpoint - Douyin has become the largest online sales platform in the VDS industry and continues to maintain rapid growth, while Tmall and JD still hold significant market shares [1] Group 1: Company Strategy - The company will continue to optimize its operational strategies and enhance social media penetration [1] - It aims to drive iteration and upgrade of major product categories based on consumer demands and preferences across different channels [1] - The company plans to optimize target demographics and brand assets to continuously improve online operational efficiency [1] Group 2: Market Trends - Cross-border e-commerce is experiencing good growth [1] - The company seeks to find incremental growth opportunities on Douyin and in cross-border markets [1]