证券代码：300146 证券简称：汤臣倍健 公告编号：2025-048 汤臣倍健股份有限公司 关于诉讼事项的进展公告 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。 重要内容提示： 1.案件所处的诉讼阶段：二审裁定发回一审法院重审阶段。 2.上市公司所处的当事人地位：原审被告之一，被上诉人之一。 3.涉案金额：股权转让现金对价 191,250,000 元及相应利息（暂计至 2022 年 5 月 31 日利息合计 46,172,796.88 元）和本案诉讼的诉讼费、财产保全费等。 4.对上市公司损益产生的影响：本案二审裁定发回一审法院重审，诉讼最 终结果存在不确定性，尚无法判断本次诉讼对公司利润的影响。 一、本次诉讼的基本情况 宜通世纪不服一审判决，依据法律规定的相关程序提起上诉。 2024 年 11 月，公司收到广东省高级人民法院（以下简称"广东省高院"） 送达的案号为（2023）粤民终 5131 号《传票》。宜通世纪请求撤销一审关于 "驳回原告宜通世纪的全部诉讼请求"的判决，改判为支持其全部诉讼请求， 并请求本案诉讼费、财产保全费等由被上诉人承担等。具体情况 ...

Core Insights - The core viewpoint of the article emphasizes that the operational data of companies, particularly in the dietary supplement industry, serves as a true measure of performance amidst changing consumer dynamics [2][4][13] Company Performance - Tongrentang reported a recovery in its Q3 2025 financial results, with revenue increasing by 23.45% year-on-year, and a restoration of profit growth in the first three quarters [2][5] - The company launched 71 new products in the first three quarters of 2025, holding 487 domestic and international patents, and 156 product approvals [5][11] Industry Context - The VDS (Vitamins, Dietary Supplements) industry is experiencing a slowdown, with a projected growth of 3.7% in 2024, surpassing the 1.7% growth of the fast-moving consumer goods market [5][10] - The traditional offline pharmacy sector is facing challenges due to policy impacts and declining foot traffic, while online channels are struggling with price wars and product homogeneity [4][5] Strategic Transformation - Tongrentang's reform is a continuation of its long-term strategy, focusing on user value and breaking away from past dependencies to find new growth anchors [5][10] - The company is committed to a "strong technology transformation" and has emphasized the importance of restructuring its value chain with a user-centric approach [5][10] Product and Channel Innovation - The company is building a dual-engine product matrix of "basic products + specialized functional products" to cater to both mass and niche markets [10][11] - Tongrentang is enhancing its channel strategy by moving from a traditional distribution model to a collaborative approach that benefits both the company and pharmacies [11][12] Brand Positioning - The company is strengthening its brand image through partnerships in scientific exploration and health initiatives, enhancing consumer trust [11][12] - The strategic shift towards a user-centric value chain aims to respond to the rationalization of consumer demand and the industry's transition from scale expansion to value cultivation [11][14]

Core Insights - The core viewpoint of the article emphasizes that the operational data of companies serves as a true measure of their performance amidst changing consumer dynamics, with Tongrentang's (汤臣倍健) recent financial results showcasing a recovery in revenue and net profit [1][12] Group 1: Company Performance - Tongrentang reported a 23.45% year-on-year increase in revenue for Q3 2025, with profits also showing recovery in the first three quarters [1][12] - The company launched 71 new products in the first three quarters of 2025 and holds 487 domestic and international patents, indicating a strong focus on innovation [4][12] Group 2: Strategic Transformation - The company's reform is a continuation of its long-term strategy rather than a temporary response to declining performance, focusing on user value and breaking away from past dependencies [3][12] - Tongrentang's "strong technology transformation" strategy aims to enhance product strength and technological competitiveness, with a commitment to user needs as the core of its growth path [3][4] Group 3: Market Dynamics - The VDS industry is experiencing a slowdown, with traditional offline pharmacies facing challenges from policy changes and reduced foot traffic, while online channels are struggling with price wars and homogenization [3][6] - Despite these challenges, the VDS market is projected to grow by 3.7% in 2024, outpacing the 1.7% growth of the fast-moving consumer goods market [3] Group 4: Product and Channel Strategy - Tongrentang is building a dual-engine product matrix of "basic mass products + segmented functional products" to address both general market needs and specialized high-value areas [9][10] - The company is shifting its channel strategy from a focus on quantity to a model of empowerment and profit-sharing, enhancing collaboration with pharmacies and leveraging digital tools for efficient operations [10][11] Group 5: Brand Positioning - Tongrentang is enhancing its brand image through partnerships in scientific exploration and health initiatives, reinforcing its trust and credibility in the market [11][12] - The company aims to create a complete value chain centered on user health, integrating R&D, branding, and channels to meet real consumer needs [12][13]

Summary of Industry and Company Insights from Conference Call Records Industry: Baijiu (Chinese Liquor) Key Points: - The overall performance of the baijiu industry in Q3 was under pressure, with most companies experiencing a decline in net profit, particularly those with significant revenue drops. [1][7] - Moutai maintained a stable performance with a 7% revenue increase, despite a drop in batch prices from 1,760 RMB to around 1,670 RMB, reflecting a more than 20% year-on-year decline. [1][10] - Wuliangye saw a significant revenue decline of 52% and a profit drop of 65%, indicating substantial pressure on its performance. [1][4] - Luzhou Laojiao performed better than expected, with effective strategies in place, although external environmental factors need to be monitored. [1][6] - The second-tier brand Fenjiu showed stable performance, with the Qinghua series growing by 9-10%, while Qinghua 30 experienced a decline of 20-30%. [1][5] - The overall baijiu sector is expected to continue adjustments in Q4 in preparation for the Spring Festival, which is a critical sales period. [1][8] Industry: Dairy Products Key Points: - The dairy sector faced weak terminal demand in Q3, with Yili's liquid milk revenue declining by 8.8%, while New Dairy achieved double-digit growth. [1][12] - The outlook for Q4 remains challenging, with expectations of continued pressure on liquid milk demand due to weak consumer confidence. [1][13] - New Dairy and Miaokelando are expected to maintain good growth through product innovation and market expansion. [1][13][14] Industry: Soft Drinks Key Points: - The soft drink industry showed stable performance in Q3, driven by strong travel demand and the introduction of new products. [1][15] - Dongpeng Beverage reported a 30.4% revenue increase, benefiting from new product launches, while competitors like Master Kong and Uni-President experienced revenue declines. [1][15][16] - Long-term growth prospects for Dongpeng and Nongfu Spring are viewed positively, while Master Kong and Uni-President are considered defensive dividend investment options. [1][18] Industry: Frozen Foods Key Points: - The frozen food sector is showing signs of stabilization, with demand not expected to worsen significantly. [1][20] - Leading companies are reducing expenditure, leading to some profit recovery, although growth rates remain modest. [1][20] - The industry is at a bottom turning point, with expectations for improvement in restaurant demand. [1][20] Industry: Snacks Key Points: - The snack sector saw slight revenue growth but at a slower pace, with rapid growth in bulk snack channels. [1][21] - New retail channels like Sam's Club are contributing significantly to revenue growth, despite some short-term impacts from public sentiment. [1][21] - The performance of key brands like Yanjin and Youyou has improved, indicating better operational efficiency and profitability. [1][25] Industry: Meat Products Key Points: - The meat product sector is considered a defensive dividend segment, with companies like Shuanghui Development and WH Group showing stable performance. [1][22] - Shuanghui's meat product sales remained steady, with a target of 30% growth in new channels for the upcoming year. [1][23] - WH Group's U.S. market performance was stable, with expectations for relatively stable pork prices in 2026. [1][24] Overall Market Performance Key Points: - The food and beverage sector has underperformed compared to the CSI 300 index, with a 5.5% decline as of October 31, 2025. [1][9] - The baijiu sector's valuation has decreased, with a forecasted P/E ratio of 18.9 times, lower than historical averages. [1][9] - Fund holdings in the baijiu sector have decreased, indicating potential for future capital inflow if demand improves. [1][9]

Core Insights - The company reported a significant improvement in its financial performance for Q3 2025, with a notable increase in both revenue and net profit compared to the previous quarters [1][2] - The overall revenue for the first three quarters of 2025 decreased by 14.27% year-on-year, but Q3 alone showed a 23.45% increase, indicating a recovery trend [1][2] Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 4.915 billion yuan, with a net profit of 907 million yuan, and a non-recurring net profit of 827 million yuan [1] - In Q3 2025, the company reported revenue of 1.383 billion yuan, a year-on-year increase of 23.45%, and a net profit of 171 million yuan, reflecting a substantial year-on-year increase of 861.91% [1] - The gross margin and net margin for Q3 2025 were 68.56% and 13.07%, respectively, showing improvements of 3.25 percentage points and 14.68 percentage points year-on-year [2] Brand Performance - The main brand,汤臣倍健, generated revenue of 2.676 billion yuan in the first three quarters of 2025, down 16% year-on-year, while健力多 saw a revenue of 574 million yuan, down 18% year-on-year [1] - The overseas brand LSG achieved revenue of 720 million yuan, marking a 14% year-on-year increase [1] Operational Efficiency - The company has been actively enhancing its operational efficiency both online and offline, leading to quality growth across various channels [2] - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 43.98%, 10.54%, 1.80%, and -0.32%, respectively, with significant reductions in sales and management expense ratios [2] Future Outlook - The company aims to adopt a "re-entrepreneurial" mindset in 2026, focusing on product innovation and global market expansion [2] - Projections indicate that the company could achieve net profits of 784 million yuan, 889 million yuan, and 999 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20%, 13%, and 12% [2]

Group 1: Online Channel Development - The e-commerce channel has been a significant driver of industry growth, with Douyin being the largest platform for online sales in the VDS sector [2] - Traditional e-commerce platforms like Tmall and JD.com maintain a high market share, and the company is committed to a multi-channel strategy [2] - Continuous optimization in product and operations will enhance social media penetration and adapt to consumer preferences [2] Group 2: Organizational Structure and Future Plans - No major adjustments to the organizational structure are anticipated in the coming year, following two years of optimization focused on brand business units [2][4] - The company aims to create independent closed loops around brands, covering the entire value chain from product development to sales [2] Group 3: Offline Channel Strategy - The pharmacy channel is undergoing structural adjustments after rapid expansion, but its specialized service capabilities remain irreplaceable [3] - The company plans to accelerate the digital infrastructure for pharmacies and explore new delivery models to create additional value for consumers and partners [3] Group 4: Product Innovation and Market Strategy - The company recognizes the increasing demand for diversified and personalized products, leading to regular upgrades of core product categories [4] - A focus on product innovation and a "re-entrepreneurial" mindset will guide the company's strategy for 2026, emphasizing brand investment and global market expansion [5]

Core Viewpoint - The leading dietary supplement company, Tongrentang, reported significant growth in Q3 2023, with revenue reaching 1.383 billion yuan, a year-on-year increase of 23.45%, and net profit attributable to shareholders at 170 million yuan, up 861.91% [1] Financial Performance - In Q3 2023, Tongrentang achieved a revenue of 1.383 billion yuan, marking a 23.45% increase year-on-year - The net profit attributable to shareholders was 170 million yuan, reflecting an 861.91% increase year-on-year - The non-recurring net profit was approximately 133 million yuan, showing a 652.64% year-on-year growth - For the first nine months of 2023, the net profit attributable to shareholders increased by 4.45% compared to the same period last year, while the non-recurring net profit rose by 2.44% [1] Product Innovation - Tongrentang launched 71 new products in the first three quarters of 2023, with new product sales accounting for over 20% for the first time - The company is focusing on user needs, with 68% of consumers under 35 preferring products based on "scenario-based functions" rather than brand alone [3] - The new "multi-layer tablet" product achieved sales of over 10 million yuan within 45 days of launch, showcasing effective market positioning [3] - The company is adapting to industry innovation trends, shifting from merely adding new ingredients to ensuring scientific validation and scenario relevance [4] Channel Reconstruction - Tongrentang is addressing the common industry issue of online and offline channel conflicts by implementing separate inventory strategies for each channel - The offline strategy targets the mass market with high cost-performance products, while the online strategy focuses on professional, niche, and high-end products [7] - The company is enhancing channel service by training pharmacy staff to become "health consultants," improving both user experience and store revenue [8] Industry Insights - The dietary supplement (VDS) industry is experiencing a "Matthew Effect," where leading brands are gaining market share through R&D and channel strategies, while smaller brands struggle with price competition [9] - The market share of the top five brands in the VDS industry is projected to increase to 38% by 2025, up 6 percentage points from 2023 [10] - Tongrentang's international business has become a new growth point, with overseas revenue reaching 720 million yuan, a year-on-year increase of 13.64% [10] Future Outlook - The company plans to adopt a "re-entrepreneurial" mindset over the next five years, focusing on long-term brand investment despite short-term profit sacrifices [11] - Tongrentang emphasizes the importance of responding quickly to user needs and maintaining operational quality to sustain growth in a challenging market [13]

Core Insights - The company reported a revenue of 4.92 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.3%, while the net profit attributable to shareholders was 910 million yuan, an increase of 4.5% [1] - In Q3 2025, the company achieved a revenue of 1.38 billion yuan, a year-on-year increase of 23.5%, and a net profit of 170 million yuan, a significant increase of 861.9% [1] - The company expects continued high revenue growth in Q4 2025, driven by new product launches and improved operational efficiency [2] Revenue Performance - For the first three quarters of 2025, the company reported a revenue of 4.92 billion yuan, down 14.3% year-on-year, while the net profit attributable to shareholders was 910 million yuan, up 4.5% [1] - In Q3 2025, the revenue was 1.38 billion yuan, reflecting a 23.5% year-on-year increase, with the net profit reaching 170 million yuan, marking an 861.9% increase [1] - The revenue breakdown for Q3 2025 showed online and offline channels generating 700 million yuan and 670 million yuan, respectively, with year-on-year growth of 11.2% and 39.4% [1] Profitability and Cost Management - The gross margin improved by 3.2 percentage points to 68.6% in Q3 2025, attributed to high-quality development and changes in product structure [2] - The company reduced its sales, management, R&D, and financial expense ratios, leading to a net profit margin increase of 14.7 percentage points to 13.1% [2] - The company is focusing on product innovation and enhancing user asset management to drive sales conversion and revenue growth in the upcoming quarters [2] Future Outlook - The company anticipates maintaining high revenue growth in Q4 2025, supported by a low base and ongoing product innovation [2] - In 2026, the company plans to adopt a "re-entrepreneurship" mindset, focusing on product innovation and global market expansion [2] - The profit forecast for 2025-2027 has been slightly adjusted, with expected net profits of 790 million yuan, 920 million yuan, and 1.03 billion yuan, reflecting year-on-year growth of 20.4%, 16.9%, and 11.7% respectively [3]

Investment Rating - The investment rating for the company is "Neutral" [1] Core Views - The company reported a revenue of 4.915 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.27%, while the net profit attributable to shareholders was 907 million yuan, an increase of 4.45% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.383 billion yuan, a year-on-year increase of 23.45%, and a net profit of 171 million yuan, compared to a loss of 22 million yuan in the same period last year [1] - The company has successfully turned a profit in Q3 due to improved gross margin and optimized expense ratios, with a gross margin of 68.56%, up 3.25 percentage points year-on-year [5] - The company is expected to continue its revenue growth into Q4, aiming for a single-digit decline in revenue for the year [5] - The report emphasizes the importance of new product launches and channel management for future growth [5] Financial Summary - For 2024A, total revenue is projected at 6.838 billion yuan, with a year-on-year growth rate of -27.3% [1] - The net profit for 2024A is estimated at 653 million yuan, with a year-on-year growth rate of -62.6% [1] - The earnings per share (EPS) for 2024A is projected to be 0.39 yuan, with a price-to-earnings (P/E) ratio of 33 [1] - The company’s total assets are expected to be 14.28 billion yuan in 2024A, with a debt-to-equity ratio of 15.7% [11]

Key Insights - The report highlights significant changes in fund allocation during Q3 2025, with a notable increase in equity positions and a shift towards AI and new energy sectors, while consumer sectors faced reductions [8][9][10] - The performance of various industries shows a mixed trend, with coal and machinery sectors experiencing fluctuations in revenue and profit margins, while technology and communication sectors demonstrate robust growth [24][26][29][35][40] Fund Allocation Insights - Fund sizes increased significantly, with a 20% rise in active fund products, driven by a strong A-share market performance, particularly a 20% increase in the CSI 800 index [8] - There is a reinforced trend of reducing mainboard allocations while increasing investments in emerging sectors, with the STAR Market allocations reaching new highs [9] - AI and new energy sectors are leading the allocation trends, while consumer sectors like home appliances and automobiles are seeing widespread reductions [9][10] Industry Performance Insights - The coal industry is facing challenges, with companies like Pingmei and Lu'an reporting significant declines in revenue and profit due to structural changes in sales, although Q4 is expected to see recovery due to rising coal prices [35][44] - The machinery sector, represented by companies like Rongzhi Rixin, is experiencing substantial growth, with a 13.9% increase in revenue and an impressive 890% rise in net profit year-on-year [26] - The communication sector, particularly companies like New Yisheng, reported a 152.5% year-on-year revenue increase, driven by strong demand for optical communication products [24] Company-Specific Insights - Bull Group's revenue decline is narrowing, with healthy cash flow, and the company is expected to maintain a "buy" rating based on future profit projections [20] - Hikvision is showing signs of recovery with stable profits and cash flow, supported by advancements in AI technology [47] - Huabao New Energy is facing short-term profit pressure due to tariffs but maintains strong growth potential with a projected increase in net profit over the next few years [29]