Core Viewpoint - The company experienced a decline in revenue in the first half of 2025, but showed signs of recovery in the second quarter, with a significant increase in net profit compared to the previous year [1][2][10] Financial Performance - In the first half of 2025, the company achieved revenue of 3.53 billion yuan, a year-on-year decrease of 23.4%, and a net profit of 740 million yuan, down 17.3% [1] - In the second quarter of 2025, revenue was 1.74 billion yuan, a year-on-year decline of 11.5%, while net profit rose to 280 million yuan, an increase of 71.4% [1] Revenue Breakdown - For the first half of 2025, domestic and overseas revenues were 2.84 billion yuan and 690 million yuan, respectively, representing a year-on-year decline of 28.2% and an increase of 5.3% [3] - Major brands in the domestic market, including汤臣倍健,健力多, and Life-Space, reported revenues of 1.89 billion yuan, 410 million yuan, and 140 million yuan, with declines of 28.3%, 30.4%, and 34.4% respectively [3][4] Channel Performance - In the first half of 2025, offline and online channels generated revenues of 1.80 billion yuan and 1.68 billion yuan, reflecting year-on-year declines of 31.6% and 13.8% [4] - The second quarter of 2025 saw revenues from offline and online channels at 810 million yuan and 920 million yuan, with declines of 10.7% and 12.1% respectively [7] Profitability Metrics - The gross margin for the first half of 2025 was 68.6%, unchanged from the previous year, while the net margin improved to 21.6%, an increase of 2.5 percentage points [8] - In the second quarter of 2025, the gross margin was 68.4%, up 1.7 percentage points year-on-year, and the net margin rose to 17.1%, an increase of 8.9 percentage points [8] Future Outlook - The company plans to launch new products in the second and third quarters of 2025 and will strategically allocate marketing resources to enhance offline distribution [9] - Revenue projections for 2025 to 2027 are 6.29 billion yuan, 6.64 billion yuan, and 7.01 billion yuan, with net profits expected to be 800 million yuan, 930 million yuan, and 1.06 billion yuan respectively [10]

Investment Rating - The investment rating for the company is maintained as "Buy" [6] Core Views - The company experienced a narrowing decline in revenue in Q2 2025, with a year-on-year decrease of 11.5% [2] - The company is expected to stabilize and improve in the second half of 2025, driven by product launches and optimized marketing strategies [12] Revenue Breakdown - In H1 2025, the company achieved total revenue of 35.3 billion yuan, a year-on-year decrease of 23.4%, with a net profit of 7.4 billion yuan, down 17.3% [1] - For Q2 2025, the company reported revenue of 17.4 billion yuan, with a net profit of 2.8 billion yuan, reflecting a significant increase of 71.4% year-on-year [1][5] - Domestic and international revenue for H1 2025 was 28.4 billion yuan and 6.9 billion yuan, respectively, showing a decline of 28.2% and an increase of 5.3% year-on-year [3] Brand Performance - The main brands,汤臣倍健 and LSG, contributed significantly to revenue, with汤臣倍健 generating 18.9 billion yuan in H1 2025, down 28.3% year-on-year [4] - LSG brand revenue in H1 2025 was 5.3 billion yuan, up 4.5% year-on-year, indicating strong performance in cross-border e-commerce and local markets [3][5] Channel Analysis - Revenue from offline and online channels in H1 2025 was 18.0 billion yuan and 16.8 billion yuan, respectively, with declines of 31.6% and 13.8% year-on-year [4] - In Q2 2025, offline and online channels generated 8.1 billion yuan and 9.2 billion yuan, with year-on-year declines of 10.7% and 12.1% [11] Profitability Metrics - The gross margin for H1 2025 was 68.6%, remaining stable year-on-year, while the net margin improved to 21.6%, up 2.5 percentage points [11] - For Q2 2025, the gross margin was 68.4%, an increase of 1.7 percentage points year-on-year, and the net margin rose to 17.1%, up 8.9 percentage points [11] Future Outlook - The company is projected to achieve revenues of 62.9 billion yuan, 66.4 billion yuan, and 70.1 billion yuan for 2025, 2026, and 2027, respectively, with expected growth rates of -8.1%, +5.6%, and +5.5% [12] - Net profit forecasts for the same period are 8.0 billion yuan, 9.3 billion yuan, and 10.6 billion yuan, with growth rates of +22.0%, +16.5%, and +14.6% [12]

Group 1 - The stock price of Tongchen Beijian reached 12.36 yuan as of August 15, 2025, with an increase of 0.14 yuan, representing a rise of 1.15% [1] - The trading volume on that day was 239,820 hands, with a total transaction amount of 296 million yuan [1] - Tongchen Beijian operates in the food and beverage industry, specializing in the research, production, and sales of dietary nutritional supplements, including protein powder, vitamins, and minerals [1] Group 2 - On the evening of August 15, Tongchen Beijian announced that neither the company nor its subsidiaries provided guarantees to companies or individuals outside the consolidated financial statements, confirming no violations or overdue guarantees or litigation related to guarantees [1] - On August 15, the net inflow of main funds into Tongchen Beijian was 13.2831 million yuan, accounting for 0.1% of the circulating market value [1] - Over the past five trading days, the cumulative net outflow of main funds was 60.1373 million yuan, representing 0.43% of the circulating market value [1]

Core Viewpoint - Tongrentang Baijian (300146) announced that as of the date of the announcement, the company and its subsidiaries have not provided guarantees to any companies or individuals outside the consolidated financial statements, indicating no violations of external guarantee behavior, no overdue guarantees, or guarantees involved in litigation [1] Summary by Relevant Categories - Company Guarantees - The company and its subsidiaries have not provided any guarantees outside the consolidated financial statements [1] - There are no violations related to external guarantees [1] - There are no overdue guarantees or guarantees involved in any litigation [1]

关于子公司间相互担保的公告 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。 一、担保情况概述 证券代码：300146 证券简称：汤臣倍健 公告编号：2025-040 汤臣倍健股份有限公司 近年来，汤臣倍健股份有限公司（以下简称"公司"）积极拓展线上业务及 线下新零售业务，公司通过下属相关业务运营主体在各电商平台进行产品销售或 开展相关推广、投流等事宜。根据各电商平台相关政策要求，入驻运营主体需为 其在相应平台的经营业务相互承担连带保证责任。 根据《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》等的有关规定，上述事项属于公司合并报表范围内子公司之间担保，仅 需履行子公司内部审议程序，无需提交公司董事会及股东会审议。 1 公司名称 注册日期 企业类型 注册地址 与公司的关系 是否失信 被执行人 广州麦优网络 科技有限公司 2011 年 5 月 10 日 其他有限责任公司 广州市黄埔区黄埔大道东 916 号 101 房（701 房、702 房、703 房、704 房、801 房、802 房-1、901 房、902 房、903 房-1）（仅 ...

Core Viewpoint - Despite facing challenges, Tongrentang's recent financial performance shows signs of recovery, with various positive indicators emerging [3][5][13]. Financial Performance - In the first half of 2025, Tongrentang reported total revenue of 3.532 billion, a year-on-year decline of 23.43%, and a net profit of 736 million, down 17.34% [3][5]. - The company experienced a significant revenue drop in the second half of 2024, with two consecutive quarters of approximately 1.1 billion, marking a 36-month low [3][5]. - However, in 2025, the first quarter saw a 62% quarter-on-quarter revenue growth, returning to levels seen in early 2024, and the second quarter maintained this scale [5][11]. Inventory and Product Performance - Despite a decline in sales for major brands, the overseas brand LSG showed a rebound with a 13.46% year-on-year revenue increase [9]. - The company maintained healthy inventory levels, with a reported inventory of 551 million at the end of the second quarter, indicating a bottoming out of stock [11]. - The sales volume of capsules increased by 12.23%, while the production of powder products rose by 38.57% [12]. Industry Context - The VDS (Vitamin and Dietary Supplements) industry in China has seen significant growth, with a retail market size increasing from 63.642 billion in 2009 to 232.3 billion in 2024, reflecting a compound annual growth rate of 9.7% [15]. - The aging population in China, with 31 million people aged 60 and above by the end of 2024, is expected to drive demand for nutritional health products [15][17]. - The industry is undergoing structural changes, with regulatory shifts encouraging innovation while maintaining strict standards [16][17]. Competitive Landscape - Tongrentang remains a market leader with a 9.3% market share in 2024, supported by a comprehensive product matrix catering to various demographics [22]. - The company has invested over 10 billion in marketing and product development since its IPO in 2010, establishing a strong brand presence [26][27]. - The competitive advantage of self-owned brands is evident, as Tongrentang consistently leads in gross margin compared to peers [23][24]. Future Outlook - The company has a solid financial cushion with 2.87 billion in cash and minimal short-term debt, providing a buffer against short-term challenges [35]. - The ongoing recovery signals and the potential for industry growth suggest that Tongrentang may be well-positioned for future opportunities [13][15].

资金流向方面，今日主力资金净流入1328.31万元，占比成交额4.49%。其中，超大单净流入1805.44万 元、占成交额6.11%，大单净流出477.13万元、占成交额1.61%，中单净流出流入1415.25万元、占成交 额4.79%，小单净流出2743.56万元、占成交额9.28%。 天眼查商业履历信息显示，汤臣倍健股份有限公司，成立于2005年，位于珠海市，是一家以从事食品制 造业为主的企业。企业注册资本170084.5431万人民币，实缴资本170084.5431万人民币。公司法定代表 人为林志成。 通过天眼查大数据分析，汤臣倍健股份有限公司共对外投资了39家企业，参与招投标项目46次，知识产 权方面有商标信息4356条，专利信息686条，此外企业还拥有行政许可849个。 金融界消息 截至2025年8月15日收盘，汤臣倍健（300146）报收于12.36元，上涨1.15%，换手率 2.12%，成交量23.98万手，成交金额2.96亿元。 汤臣倍健最新一期业绩显示，截至2025中报，公司营业总收入35.32亿元、同比减少23.43%，归属净利 润7.37亿元，同比减少17.34%，扣非净利润6.93亿元 ...

Market Overview - On August 15, the food processing sector rose by 0.84%, led by *ST Chuntian [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] Stock Performance - The top-performing stocks in the food processing sector included: - *ST Chuntian: Closed at 4.20, up 2.19% with a trading volume of 83,500 shares and a turnover of 34.68 million yuan [1] - Jindawei: Closed at 19.01, up 1.77% with a trading volume of 67,300 shares and a turnover of 127 million yuan [1] - Jiyuan Group: Closed at 30.32, up 1.27% with a trading volume of 30,900 shares and a turnover of 93.08 million yuan [1] - Other notable stocks included: - Xianle Health: Closed at 23.22, up 1.26% [1] - Kangbiter: Closed at 21.81, up 1.25% [1] Capital Flow - The food processing sector saw a net inflow of 51.53 million yuan from institutional investors, while retail investors experienced a net outflow of 91.07 million yuan [2] - The main capital inflows were observed in: - Shuanghui Development: Net inflow of 21.84 million yuan from institutional investors [3] - Jindawei: Net inflow of 16.96 million yuan from institutional investors [3] - Tangchen Beijian: Net inflow of 13.28 million yuan from institutional investors [3]

Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a total revenue of 3.532 billion yuan for H1 2025, a year-on-year decline of 23.4%, while the net profit attributable to shareholders was 737 million yuan, down 17.3%. In Q2 2025, revenue was 1.741 billion yuan, a decline of 11.5%, but net profit increased by 71.4% to 282 million yuan, aligning with market expectations [7] - Due to the ongoing external consumption environment and unstable market competition, the profit forecasts for 2025 and 2026 have been adjusted downwards, with new forecasts for 2027 introduced. The projected net profits for 2025-2027 are 707 million, 813 million, and 934 million yuan, respectively, reflecting year-on-year growth rates of 8.3%, 15.0%, and 14.9% [7] - The company is focusing on high-quality operations and actively reforming online and offline channels to adapt to external changes. Long-term growth is expected as the population's age structure improves and public health awareness increases [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 6.179 billion yuan, with a year-on-year decline of 9.6%. The gross profit margin is expected to be 67.3% [6] - The company achieved a gross profit margin of 68.4% in Q2 2025, an increase of 1.68 percentage points year-on-year, attributed to improved product structure from high-value new products [7] - The net profit margin for Q2 2025 reached 17.1%, up 8.86 percentage points year-on-year, driven by effective cost control [7] Revenue Breakdown - The main brand and "Jianli Duo" benefited from effective operational adjustments, with Q2 revenue for the main brand at 905 million yuan, down 17.0% year-on-year, and "Jianli Duo" at 210 million yuan, down 3.67% [7] - Online channel revenue was 918 million yuan, a decline of 12.07%, while offline channel revenue was 810 million yuan, down 10.69% [7] Price Performance Catalyst - Key catalysts for stock price performance include better-than-expected growth in major products and accelerated online channel development [7]

金融界消息 截至2025年8月14日收盘，汤臣倍健（300146）报收于12.22元，下跌1.21%，换手率 2.15%，成交量24.30万手，成交金额2.98亿元。 天眼查商业履历信息显示，汤臣倍健股份有限公司，成立于2005年，位于珠海市，是一家以从事食品制 造业为主的企业。企业注册资本170084.5431万人民币，实缴资本170084.5431万人民币。公司法定代表 人为林志成。 通过天眼查大数据分析，汤臣倍健股份有限公司共对外投资了39家企业，参与招投标项目46次，知识产 权方面有商标信息4157条，专利信息686条，此外企业还拥有行政许可849个。 来源：金融界 资金流向方面，今日主力资金净流出2276.56万元，占比成交额7.63%。其中，超大单净流出1386.19万 元、占成交额4.64%，大单净流出890.37万元、占成交额2.98%，中单净流出流入1150.18万元、占成交 额3.85%，小单净流入1126.39万元、占成交额3.77%。 汤臣倍健最新一期业绩显示，截至2025中报，公司营业总收入35.32亿元、同比减少23.43%，归属净利 润7.37亿元，同比减少17.34%，扣非净利 ...