证券代码：300146 证券简称：汤臣倍健 公告编号：2024-046 汤臣倍健股份有限公司 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"）于 2023 年 10 月 30 日召开第六 届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 使用自有资金以集中竞价交易方式回购股份，并将回购股份用于公司员工持股计 划或股权激励。本次回购资金总额不低于人民币 15,000 万元（含），不超过人民 币 30,000 万元（含），回购价格不超过人民币 26 元/股（含），本次回购期限为自 董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见公司于 2023 年 10 月 30 日刊登在巨潮资讯网的《关于回购股份方案的公告》。 一、回购股份进展情况 根据《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，公司在回购期间，应于每个月的前三个交易日 内披露截至上月末的回购进展情况。现将回购股份进展情况公告如下： 截至 2024 年 4 月 ...

Investment Rating - The report maintains an "Outperform" rating for the company, indicating a positive outlook for its stock performance relative to the market [6]. Core Views - The company reported a revenue of 2.646 billion yuan for Q1 2024, a year-on-year decline of 14.87%, and a net profit attributable to shareholders of 727 million yuan, down 29.43% year-on-year. These results were in line with market expectations [6]. - The company has completed adjustments to its sales and organizational structure and continues to focus on a multi-brand, single-product strategy, aiming to capture high-potential niche markets in the health sector [6]. Summary by Sections Financial Performance - For Q1 2024, the company achieved a revenue of 2.646 billion yuan, a decrease of 14.87% year-on-year. The net profit attributable to shareholders was 727 million yuan, down 29.43% year-on-year, and the net profit excluding non-recurring items was 709 million yuan, a decline of 28.67% [6][7]. - The company’s gross margin for Q1 2024 was 69.9%, a slight decrease of 0.42 percentage points year-on-year. The increase in expense ratios led to a decline in net profit margin to 27.17%, down 6.61 percentage points year-on-year [7]. Revenue Breakdown - Domestic business revenue for Q1 2024 was 1.722 billion yuan, a decline of 7.55% year-on-year, while online channel revenue fell significantly by 26.53% to 909 million yuan, primarily due to high base effects from the previous year [7]. - The main brand "汤臣倍健" generated 1.545 billion yuan in revenue, down 17.74% year-on-year, while the major product "健力多" saw a smaller decline of 2.06% to 373 million yuan [7]. Future Projections - The report forecasts net profits for the years 2024 to 2026 to be 1.99 billion, 2.25 billion, and 2.50 billion yuan respectively, with year-on-year growth rates of 13.7%, 13.2%, and 11.4% [6][8]. - The earnings per share (EPS) are projected to be 1.17, 1.32, and 1.47 yuan for the years 2024 to 2026, with corresponding price-to-earnings (PE) ratios of 13x, 12x, and 11x based on the latest closing price [6][8].

[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04月26日 [Table高_Tit基le] 数短期扰动，费用投入同比加大 [Table_Inves 买t] 入|维持 ——汤臣倍健 2024 年一季报点评 [报Ta告ble要_S点um：m ary] [ Table_TargetPr ice]  事件 公司公告2024年一季报。2024Q1，公司实现总收入26.46亿元（-14.87%）， [基Ta本bl数e_据Ba se] 归母净利7.27亿元（-29.43%），扣非归母净利7.09亿元（-28.67%）。 52周最高/最低价（元）： 24.34 / 14.84  高基数下收入有所下滑，销售费用投入增加 1）高基数下，一季度收入有所下滑。2024Q1，公司收入同比-14.87%至 A股流通股（百万股）： 1129.99 26.46亿元（2023Q1收入同比+36.30%）。 A股总股本（百万股）： 1700.85 2）销售费用投入有所增加。2024Q1，公司毛利率为69.90%，同比-0.42pct， 流通市值（百万元）： 17 ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's Q1 2024 performance was under pressure due to high base effects and weak demand, with revenue of 2.65 billion yuan, down 14.9% year-on-year, and net profit of 730 million yuan, down 29.4% year-on-year [1] - The decline in revenue was attributed to weak demand across various product lines and channels, with significant drops in online sales [1] - The company plans to launch new products and strengthen its offline channel advantages to meet its annual revenue targets despite the challenges [1] Summary by Sections Financial Performance - Q1 2024 revenue was 2.65 billion yuan, a decrease of 14.9% year-on-year, with net profit at 730 million yuan, down 29.4% year-on-year [1] - The main brand "汤臣倍健" generated 1.545 billion yuan, down 17.74% year-on-year, while the joint care brand "健力多" and Life-Space generated 373 million yuan and 120 million yuan, down 2.06% and 29.48% respectively [1] - The gross margin for Q1 2024 was 69.9%, a slight decrease of 0.42 percentage points year-on-year [1] Expense Analysis - The sales expense ratio increased to 31.2%, up 6.58 percentage points year-on-year, primarily due to increased brand promotion efforts [1] - Management expense ratio rose to 4.75%, up 1.45 percentage points year-on-year [1] - The net profit margin for Q1 2024 was 27.46%, down 5.67 percentage points year-on-year [1] Future Outlook - The company has adjusted its net profit forecasts for 2024-2026 to 1.957 billion yuan, 2.215 billion yuan, and 2.484 billion yuan, reflecting a decrease of 3%, 4%, and 5% respectively [2] - The expected EPS for 2024-2026 is 1.15 yuan, 1.30 yuan, and 1.46 yuan, with corresponding P/E ratios of 13x, 12x, and 11x [2] - The company aims to achieve its annual revenue targets through new product development and enhancing offline distribution channels [1]

证券研究报告 公 2024年04月26日 司 报 告 汤臣倍健(300146) │ 行 业： 食品饮料/食品加工 公 投资评级： 买入（维持） 司 当前价格： 15.56元 季 基数扰动，费投加大 目标价格： 22.79元 报 点 事件： 评 基本数据 公司发布 2024 年第一季度报告，24Q1 公司实现营收 26.46 亿元，同比- 总股本/流通股本(百万股) 1,700.85/1,129.99 14.87%；归母净利润为7.27亿元，同比-29.43%。 流通A股市值(百万元) 17,582.59 ➢ 高基数扰动，收入端承压 每股净资产(元) 7.15 分品牌来看，24Q1公司主品牌“汤臣倍健”实现收入15.45亿元，同比下 资产负债率(%) 18.91 降17.74%；大单品健力多实现收入3.73亿元，同比下滑2.06%；益生菌国 一年内最高/最低(元) 24.58/14.18 内品牌 Life-space实现营收1.20亿元，同比下降29.48%；海外品牌LSG 实现营收2.53亿元，同比下降5.08%（按澳元口径为0.54亿澳元，同比下 股价相对走势 滑4.74%）。分渠道拆分，24Q1公司线下渠 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 20.5 yuan [1]. Core Views - The company experienced a significant decline in performance in Q1 2024, with total revenue of 2.65 billion yuan, down 14.9% year-on-year, and a net profit of 730 million yuan, down 29.4% year-on-year. This decline is attributed to a high base effect from the previous year and increased brand investment [1][2]. - The company is expected to gradually improve its sales performance throughout the year, particularly with the launch of upgraded products in Q2 2024. The long-term strategy focuses on brand differentiation and resource allocation across multiple brands and channels [1][2]. Summary by Sections Financial Performance - In Q1 2024, the company reported total revenue of 2.65 billion yuan, a decrease of 14.9% year-on-year, and a net profit of 730 million yuan, down 29.4% year-on-year. The gross profit margin decreased by 0.4 percentage points to 69.9% [1]. - The main brand,健力多, and Life-Space saw revenue declines of 17.7% and 29.5% respectively, while the overseas business (LSG) experienced a decline of 5.1% [1]. Cost and Expenses - The company increased its brand investment, with sales expenses rising from 765 million yuan to 826 million yuan, leading to a sales expense ratio increase of 6.6 percentage points to 31.2% [1]. - Management and R&D expense ratios also increased, reflecting a focus on maintaining competitive advantages despite short-term revenue pressures [1]. Future Outlook - The company anticipates a gradual recovery in sales as the year progresses, driven by new product launches and a focus on brand strategy. The investment in brand building is expected to yield long-term benefits despite short-term challenges [1][2]. - The EPS forecast for 2024-2026 has been adjusted to 1.03, 1.14, and 1.25 yuan respectively, with corresponding P/E ratios of 15, 14, and 12 [2].

证券研究报告 | 季报点评 2024年04月26日 汤臣倍健（300146.SZ） 高基数下短期承压，战略着眼长远 事件：公司发布2024年一季报，24Q1实现营收26.5亿元，同比-14.9%； 增持（维持） 实现归母净利润7.3亿元，同比-29.4%；实现扣非归母净利润7.1亿元，同 股票信息 比-28.7%。 行业 食品加工 高基数下增长承压，控制信息流投放或影响短期线上表现。分品牌来看， 前次评级 增持 24Q1 主品牌/健力多/Life-Space 国内产品/LSG 境外分别实现营收 4月25日收盘价(元) 15.41 15.5/3.7/1.2/2.5 亿元，同比分别-17.7%/-2.1%/-29.5%/-5.1%，23Q1 因 总市值(百万元) 26,209.68 免疫需求爆发刺激蛋白粉、维生素、益生菌等品类销售，主品牌、Life-Space 总股本(百万股) 1,700.85 基数较高。分渠道来看，24Q1线上/线下渠道分别实现营收9.1/17.2亿元， 其中自由流通股(%) 66.44 同比分别-26.5%/-7.6%，高基数下短期增长承压，且公司调整费用投放策 30日日均成交量(百万股) ...

Financial Performance - The company's revenue for Q1 2024 was ¥2,646,096,290.74, a decrease of 14.87% compared to ¥3,108,119,772.05 in the same period last year[3] - The net profit attributable to shareholders for Q1 2024 was ¥726,556,175.48, down 29.43% from ¥1,029,519,641.37 year-on-year[3] - The basic earnings per share for Q1 2024 was ¥0.43, a decline of 29.51% compared to ¥0.61 in the previous year[3] - The net profit for the current period is approximately ¥718.95 million, a decrease of 31.5% compared to ¥1.05 billion in the previous period[20] - The total comprehensive income attributable to the parent company's owners is approximately ¥635.07 million, down from ¥978.80 million, reflecting a decline of 35.1%[21] - The total profit before tax for the current period is approximately ¥896.23 million, down from ¥1.33 billion, a decrease of 32.7%[20] Assets and Liabilities - The total assets at the end of Q1 2024 were ¥14,675,412,881.22, representing a decrease of 2.80% from ¥15,098,017,428.13 at the end of the previous year[3] - The company’s total assets included cash and cash equivalents of RMB 3.092 billion, down from RMB 3.327 billion at the beginning of the period[15] - Total current assets increased slightly to ¥8,399,348,983.02 from ¥8,312,926,267.55, an increase of approximately 1.0%[18] - Total current liabilities decreased to ¥1,612,772,946.93 from ¥2,463,073,926.72, a reduction of about 34.6%[17] Cash Flow - The net cash flow from operating activities for Q1 2024 was ¥709,494,086.61, a decrease of 28.67% compared to ¥994,652,011.53 in the previous year[3] - Cash flow from operating activities generated a net amount of approximately ¥149.41 million, significantly lower than ¥665.86 million in the previous period, indicating a decrease of 77.6%[22] - The company reported cash inflows from investment activities totaling approximately ¥1.73 billion, compared to ¥2.85 billion in the previous period, a decrease of 39.3%[23] - The cash flow from financing activities resulted in a net outflow of approximately ¥202.42 million, compared to a smaller outflow of ¥6.98 million in the previous period[23] - Total cash and cash equivalents decreased by 231.29 million, a decline of 134.99%, primarily due to reduced collections and increased stock repurchase payments[7] Revenue Breakdown - The main brand "汤臣倍健" generated revenue of RMB 1.545 billion, a decline of 17.74% year-over-year[13] - The online sales channel achieved revenue of RMB 909 million, reflecting a decrease of 26.53% year-over-year[14] - The joint care brand "健力多" reported revenue of RMB 373 million, down 2.06% year-over-year[13] - The overseas brand "lifespace" generated revenue of RMB 253 million, a decrease of 5.08% year-over-year[13] Other Financial Metrics - The weighted average return on equity for Q1 2024 was 5.88%, down 3.33 percentage points from 9.21% in the same period last year[3] - Interest expenses for the current period were 18.64 million, an increase of 1,124.98% compared to the same period last year, mainly due to increased interest expenses on lease liabilities[6] - Other income for the current period was 121.19 million, an increase of 182.31% compared to the same period last year, mainly due to increased VAT deductions[6] - Investment income for the current period was 236.22 million, a decrease of 35.98% compared to the same period last year, mainly due to reduced income from financial products[6] Shareholder Activities - As of March 31, 2024, the company repurchased a total of 13,736,987 shares, accounting for 0.81% of the total share capital[14] - The maximum and minimum repurchase prices were RMB 18.07 and RMB 14.19 per share, respectively, with a total expenditure of RMB 216,755,528.08[14] - The balance of treasury stock at the end of the period was 216.91 million, an increase of 1,105.25% compared to the beginning of the year, mainly due to share repurchases during the reporting period[6] Operational Changes - The company plans to continue its "scientific nutrition" strategy and product innovation in 2024[13] - The company experienced a significant increase in employee compensation payments, totaling approximately ¥366.29 million, compared to ¥286.80 million in the previous period, an increase of 27.7%[22]

证券代码：300146 证券简称：汤臣倍健 公告编号：2024-045 汤臣倍健股份有限公司 关于调整2024年限制性股票激励计划授予价格的公告 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 2024 年 4 月 22 日实施完成 2023 年年度权益分派方案（每 10 股派发现金红利 9.00 元含税）。根据公司《2024 年限制性股票激励计划》（以下简称"《激励计划》"或"本激励计划"）的规定 及 2024 年第一次临时股东大会的授权，公司于 2024 年 4 月 25 日召开第六届董 事会第九次会议和第六届监事会第七次会议，审议通过了《关于调整 2024 年限 制性股票激励计划授予价格的议案》，公司 2024 年限制性股票激励计划首次授予 价格及预留授予价格由 8.60 元/股调整为 7.70 元/股。现将具体情况公告如下： 一、公司 2024 年限制性股票激励计划简述及已履行的审批程序 1.2024 年 1 月 2 日，公司第六届董事会第五次会议和第六届监事会第三次会 议审议通过了《关于公司<2024 年限 ...

具体内容详见同日刊登在巨潮资讯网的《2024年第一季度报告》。 本议案中的相关财务报表已经公司董事会审计委员会审议通过。 证券代码：300146 证券简称：汤臣倍健 公告编号：2024-041 汤臣倍健股份有限公司 第六届董事会第九次会议决议公告 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。 一、 董事会会议召开情况 汤臣倍健股份有限公司（以下简称"公司"）第六届董事会第九次会议于 2024年4月25日14：00在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 司会议室以现场结合通讯表决方式召开。会议通知已于2024年4月22日以电子邮 件方式送达全体董事。本次会议应参加董事7人，实际参加董事7人，除独立董事 胡玉明先生现场参会外，其他董事均以通讯方式参加。本次会议由公司董事长梁 允超先生召集和主持，董事会秘书唐金银女士列席本次会议。本次会议的召集、 召开符合《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》以及《公司章程》《董事会议事规则》的有 关规定，会议合法有效。 二、 董事会会议审议情况 经与会董事 ...