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：2024-003 □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：2023年度投资者业绩电话会 参与单位名称及 详见附件 人员姓名 时间 2024年3 月19 日15:30-16:30 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 员姓名 公司于2024年 3月19日披露《2023年年度报告》，为便于广大投资 者进一步了解公司2023年度经营情况及未来发展规划，公司于2024年3 月19日举行2023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：年报中披露 2024年收入为个位数增长指引的原因，对行业整体增速的 ...

Investment Rating - The report maintains a "Buy" rating for By-Health (300146 SZ) with a target price of 17 22 RMB [1] Core Views - By-Health achieved 9 407 billion RMB in revenue for 2023, a 19 7% YoY increase, with net profit attributable to shareholders reaching 1 746 billion RMB, up 26 01% YoY [1] - The company's main brand "By-Health" generated 5 4 billion RMB in revenue, a 21 48% YoY increase, while the joint care brand "Jianliduo" saw a slight decline of 1 83% YoY to 1 179 billion RMB [1] - Life-Space brand revenue grew 46 84% YoY to 445 million RMB, with overseas LSG revenue reaching 989 million RMB, a 23 03% YoY increase [1] - Online channel revenue increased by 27 53% YoY, with Douyin surpassing JD com to become the second-largest platform, contributing over 100% growth in 2023 [1] - The company's gross margin improved slightly to 68 89% in 2023, with sales expense ratio at 41 02% and management expense ratio at 5 25% [1] Financial Performance - By-Health's 2023 revenue was 9 407 billion RMB, with net profit of 1 746 billion RMB, and EPS of 1 03 RMB [2] - The company's ROE (diluted) increased to 14 35% in 2023 from 12 96% in 2022 [2] - Gross margin improved to 68 9% in 2023 from 68 3% in 2022, with EBITDA margin at 22 5% [3] - The company's net operating cash flow reached 2 051 billion RMB in 2023, a significant increase from 1 379 billion RMB in 2022 [3] Future Projections - Revenue is expected to grow to 10 534 billion RMB in 2024E, 11 574 billion RMB in 2025E, and 12 684 billion RMB in 2026E [2] - Net profit is projected to reach 2 02 billion RMB in 2024E, 2 305 billion RMB in 2025E, and 2 61 billion RMB in 2026E [2] - EPS is forecasted to increase to 1 19 RMB in 2024E, 1 36 RMB in 2025E, and 1 53 RMB in 2026E [2] Valuation Metrics - The company's P/E ratio is expected to decrease from 17x in 2023 to 15x in 2024E, 13x in 2025E, and 11x in 2026E [2] - P/B ratio is projected to decline from 2 4x in 2023 to 2 3x in 2024E, 2 1x in 2025E, and 1 9x in 2026E [2] - EV/EBITDA is forecasted to decrease from 12 7x in 2023 to 11 6x in 2024E, 9 7x in 2025E, and 8 3x in 2026E [3]

Investment Rating - The report maintains an "Accumulate" rating for the company [3] Core Views - The company reported a revenue of 9.407 billion yuan in 2023, a year-on-year increase of 19.66%, and a net profit attributable to shareholders of 1.746 billion yuan, up 26.01% year-on-year [1] - The company is undergoing reforms aimed at enhancing brand strength and market share, with expected gradual realization of reform benefits [2] - The company faces short-term pressure due to high base effects and weak consumer demand, particularly in Q4 2023, where revenue declined by 4.53% year-on-year [1] Financial Performance Summary - Revenue for 2023 was 9,407 million yuan, with a growth rate of 19.7% year-on-year [6] - Net profit attributable to shareholders for 2023 was 1,746 million yuan, reflecting a growth rate of 26.0% year-on-year [6] - The company expects net profit to reach 1,925 million yuan in 2024, representing a year-on-year growth of 10.2% [2][6] Segment Performance Summary - In Q4 2023, the main brand revenue was 8.9 million yuan, down 9.7% year-on-year, while the probiotic category showed strong growth [1] - Domestic revenue for H2 2023 was 31.7 billion yuan, up 4.0% year-on-year, while overseas revenue was 6.4 billion yuan, up 8.1% year-on-year [1] Cost and Expense Summary - The gross margin in Q4 2023 decreased by 1.3 percentage points to 65.2% [1] - Selling and management expense ratios increased, leading to a rise in short-term losses [1]

Financial Performance - In 2023, BYHEALTH achieved a sales revenue of 9.407 billion RMB, a year-on-year increase of 19.66%, and a net profit attributable to shareholders of 1.746 billion RMB, up 26.01%[2]. - The company's operating revenue for 2023 reached ¥9,406,813,736.75, representing a 19.66% increase compared to ¥7,861,411,752.82 in 2022[27]. - The net profit attributable to shareholders for 2023 was ¥1,746,309,643.81, a 26.01% increase from ¥1,385,850,718.02 in the previous year[27]. - The net profit after deducting non-recurring gains and losses was ¥1,596,944,142.86, up 16.09% from ¥1,375,593,143.88 in 2022[27]. - The net cash flow from operating activities increased by 48.77% to ¥2,051,410,047.56, compared to ¥1,378,929,741.88 in 2022[27]. - The total assets of the company at the end of 2023 were ¥15,098,017,428.13, reflecting a 14.75% increase from ¥13,157,665,481.56 in 2022[27]. - The net assets attributable to shareholders increased by 13.78% to ¥12,166,989,799.91 from ¥10,693,280,978.92 in the previous year[27]. - The basic and diluted earnings per share for 2023 were ¥1.03, a 25.61% increase from ¥0.82 in 2022[27]. - The weighted average return on equity rose to 15.34% at the end of 2023, up from 13.46% at the end of 2022, an increase of 1.88 percentage points[27]. - The company reported a net profit of ¥1,029,519,641.37 in Q1 2023, with a significant drop to -¥154,797,308.89 in Q4 2023[29]. Market Overview - The retail market size for vitamins and dietary supplements in China reached 225.3 billion RMB in 2023, with a growth rate of approximately 11.6%, and BYHEALTH's market share increased to 10.4%[2]. - E-commerce channels accounted for an estimated 56% of the dietary supplement market in China, with a growth rate of 30.7% for the year, surpassing 100 billion RMB in transaction value[2]. - The average per capita consumption of vitamins and dietary supplements in China was 23.3 USD, reflecting an increase of 11.5%[2]. - The aging population in China is projected to exceed 300 million by 2035, creating growth opportunities for the dietary supplement industry[35]. - The overall trend in the health supplement industry is positive, supported by government policies promoting health and nutrition[36]. Product Development and Innovation - In 2023, BYHEALTH initiated a product upgrade project focusing on raw materials, formulations, and functions to enhance "scientific nutrition"[5]. - The company submitted a new functional health food registration application aimed at maintaining normal platelet aggregation, with research published in reputable journals[5]. - BYHEALTH published 18 SCI articles in 2023, emphasizing its commitment to research in areas like cardiovascular health and anti-aging[5]. - The company developed over 30 customized raw materials and obtained 113 invention patents related to raw materials and formulations by the end of the reporting period[38]. - The company is committed to technological innovation and has implemented a "scientific nutrition" strategy to enhance its product offerings[38]. - The company launched several new health products, including "Jianli Duo® Glucosamine Chondroitin Vitamin D Calcium Tablets" and "Mei Ri Mei Jia® Collagen Peptide Soy Peptide Sodium Hyaluronate Powder" in August 2023[63]. - The company has expanded its product offerings with new health supplements, including "Shu Ba Ning® Nattokinase Red Yeast Ginkgo Leaf Capsules" and "Tang Chen Bei Jian® Monkey Head Mushroom Sea Buckthorn Seed Soft Capsules" launched in November and December 2023[63]. - The company is actively engaged in research and development, with multiple new patents related to probiotics and their applications filed in 2023, including "Bifidobacterium 207-1" and "Lactobacillus 207-27"[61]. Strategic Initiatives - The company plans to implement a "无人化" (unmanned) strategy as part of its long-term vision, focusing on smart and digital transformation[7]. - The key focus for 2024 is "兑现" (fulfillment), aiming to translate strategic transformations into tangible business results[8]. - The company aims to enhance its research and development capabilities through collaborations with academic institutions and research organizations to drive product innovation[14]. - The company is exploring new brands and business models in the consumer health sector, which may involve uncertainties in execution and profitability[15]. - The company plans to strengthen its governance structure and enhance risk management capabilities to protect minority shareholders' rights[140]. Quality Control and Compliance - The company emphasizes quality control as a core value, with eight principles guiding its quality management to ensure product safety and reliability[11]. - The company has established a transparent factory management system, recognized as the first in the world for dietary supplements, enhancing quality control and production transparency[39]. - The company has received the National Quality Benchmark Award for its quality control efforts and implemented a comprehensive quality management system[71]. - The company is actively participating in the formulation and revision of industry regulations to strengthen its core competitiveness and innovation capabilities in response to increasing regulatory pressures[12]. Financial Management and Investments - The company plans to distribute a cash dividend of 9.00 yuan per 10 shares (including tax) to all shareholders, with no stock bonus or capital reserve conversion[18]. - The company reported a total cash dividend amount, including other methods, reached RMB 1,536,382,603.60, representing 100% of the total distributable profit of RMB 3,531,311,524.10[176]. - The company has established a comprehensive and effective internal control system, ensuring compliance, asset security, and the integrity of financial reporting, with 92.90% of total assets and 86.53% of total revenue included in the evaluation scope[186]. - The company has not encountered any issues during the integration of subsidiaries, indicating effective management control[185]. Human Resources and Governance - The company has established a comprehensive talent training system, including leadership training and online learning platforms, to enhance employee capabilities[173]. - The total number of employees at the end of the reporting period is 3,745, with 1,452 in the parent company and 2,293 in major subsidiaries[170]. - The company has established a remuneration decision-making process for directors and senior management based on performance and responsibilities[158]. - The company has a dedicated team for investor relations, ensuring timely responses to inquiries and maintaining good relationships[146]. Future Outlook - In 2024, the company plans to achieve a single-digit revenue growth year-on-year, subject to uncertainties in the future operating environment[125]. - The company aims to focus on the development of new raw materials and products, particularly probiotics and natural extracts, to create differentiated competitive advantages[126]. - A digital committee will be established in 2024 to implement a digital strategy over the next three to five years, focusing on cost control and enhancing overall collaboration through digital transformation[129].

审 计 报 告 华兴审字[2024]23010920010号 汤臣倍健股份有限公司全体股东： 一、审计意见 我们审计了汤臣倍健股份有限公司（以下简称"汤臣倍健"）财务报表， 包括2023年12月31日的合并及母公司资产负债表，2023年度的合并及母公司 利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关 财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编 制，公允反映了汤臣倍健2023年12月31日的合并及母公司财务状况以及2023 年度的合并及母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的 "注册会计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下 的责任。按照中国注册会计师职业道德守则，我们独立于汤臣倍健，并履行 了职业道德方面的其他责任。我们相信，我们获取的审计证据是充分、适当 的，为发表审计意见提供了基础。 三、关键审计事项 1 关键审计事项是我们根据职业判断，认为对本期财务报表审计最为重要 的事项。这些事项的应对以对财务报表整体进行审计并形成审计意见为背 景，我们不对这些事项单独发 ...

独立董事邓传远先生 2023 年度述职报告 汤臣倍健股份有限公司 各位股东及股东代理人： 本人作为汤臣倍健股份有限公司（以下简称"公司"）第五届、第六届董事会独立 董事，根据《公司法》《上市公司独立董事管理办法》《上市公司治理准则》等法律法规 以及《公司章程》《独立董事工作制度》等的有关规定，2023 年度，定期了解检查公司 经营情况，认真履行独立董事的职责，恪尽职守，勤勉尽责。作为法律背景的独立董事， 本人密切关注公司的公司治理、内部控制和规范运作，积极出席相关会议，认真仔细审 阅会议议案及相关材料，参与议题讨论并提出合理建议，对董事会的相关事项发表事前 认可意见和独立意见，充分发挥独立董事作用，维护公司和全体股东特别是中小股东的 合法权益。现将 2023 年度本人履行独立董事职责情况报告如下： 一、年度履职重点关注事项 1．定期报告相关事项 报告期内，公司严格依照《公司法》《证券法》《上市公司信息披露管理办法》和《深 圳证券交易所股票上市规则》等相关法律法规及规范性文件的要求，按时编制并披露了 《2022 年年度报告》《2023 年第一季度报告》《2023 年半年度报告》《2023 年第三季度 报告》。上 ...

汤臣倍健股份有限公司2023年度 内部控制审计报告 华兴审字[2024]23010920030号 汤臣倍健股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求， 我们审计了汤臣倍健股份有限公司（以下简称"汤臣倍健"）2023 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》《企业内部控制应用指引》《企业内部控 制评价指引》的规定，建立健全和有效实施内部控制，并评价其有效性是汤臣 倍健董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性 发表审计意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由 于情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程 1 度降低，根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，汤臣倍健于 2023 年 12 月 31 日按照《企业内部控制基本规 范》和相关规定在所有重大方面保持了有 ...

汤臣倍健股份有限公司 2023 年度董事会工作报告 2023 年（以下统称"报告期内"），汤臣倍健股份有限公司（以下简称"公司"） 董事会依照《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理准则》 《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》等法律法规以及《公司章程》《董事会议事规则》等的 有关规定，认真履行董事会的各项职责及权利，并积极推进股东大会、董事会等管理程 序的规范、实施与落实。现将 2023 年度董事会工作情况报告如下： 一、报告期内董事会的工作情况 1．董事会召开情况 报告期内，公司董事会共召开了 7 次会议，会议的召开与表决程序均符合有关法律 法规和规范性文件的规定，全体董事参加了全部会议并审议通过了以下议案，不存在反 对、弃权的情况。 | 会议届次 | 召开日期 | 会议决议 | 1.审议通过了《2022 | 年度总经理工作报告》； | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2.审议通过了《2022 | ...

汤臣倍健股份有限公司 董事会议事规则 第一章 总 则 第一条 为进一步规范汤臣倍健股份有限公司（以下简称"公司"）董事会 会议的议事方式和决策程序，确保董事会的规范运作和科学决策，根据《中华人 民共和国公司法》（以下简称"《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》、《深圳证券交易所创业板股 票上市规则》和《汤臣倍健股份有限公司章程》（以下简称"《公司章程》"） 等的有关规定，制订本规则。 第二条 董事会下设董事会秘书办公室，处理董事会日常事务。董事会秘书 任董事会秘书办公室负责人，保管董事会印章。 第二章 董事会职权 第三条 董事会行使以下职权： （一）召集股东大会，并向股东大会报告工作； （六）制订公司增加或者减少注册资本、发行债券或其他证券及上市方 案； （七）拟订公司重大收购、因《公司法》第一百四十二条第一款第（一） 项、第（二）项规定的情形回购本公司股票或者合并、分立、解散及变更公司 形式的方案； （八）决定公司因《公司法》第一百四十二条第一款第（三）项、第 （五）项、第（六）项规定的情形回购本公司股票； （九）决定公司内部管理机构的设置； （十）聘任 ...

中信证券股份有限公司 关于汤臣倍健股份有限公司2023年度募集资金 存放与实际使用情况的专项核查意见 根据《证券发行上市保荐业务管理办法》《上市公司监管指引第2号——上 市公司募集资金管理和使用的监管要求》《深圳证券交易所上市公司保荐工作 指引》《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》等有关法律法规的要求，中信 证券股份有限公司（以下简称"中信证券"、"保荐机构"）作为汤臣倍健股份有 限公司（以下简称"汤臣倍健"、"公司"）2020年向特定对象发行股票的保荐机 构，对汤臣倍健2023年度募集资金存放和使用情况进行了专项核查，核查的具 体情况如下： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意汤臣倍 健股份有限公司向特定对象发行股票注册的批复》（证监许可[2021]864号）批 复，公司以向特定对象发行股票的方式发行人民币普通股股票119,288,209股， 发行价格为每股26.20元，募集资金总额为3,125,351,075.80元，扣除主承销商发 行费用33,128 ...