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"）分别于 2024 年 8 月 4 日、8 月 21 日召开第六届董事会第十次会议及 2024 年第二次临时股东大会，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，用于注销并减少注册资本。本次回购资金总额不低于人民币 10,000 万 元（含），不超过人民币 20,000 万元（含），回购价格不超过人民币 20 元/股（含）， 回购期限为自股东大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 2024 年 8 月 6 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 11 月 30 日，公司尚未实施本次回购。 证券代码：300146 证券简称：汤臣倍健 公告编号： ...

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：本案一审判决结果为驳回原告诉讼请求， 二审尚未开庭审理，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 证券代码：300146 证券简称：汤臣倍健 公告编号：2024-072 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（尚未开庭）。 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。 四、本次诉讼对公司本期利润或期后利润的可能影响 截至本公告披露日，本案二审尚未开庭审理，诉讼最终结果存在不确定性， 对公司本期利润及期后利润的影响具有不确定性。公司将根据诉讼的后续进展 情况，及时履行信息披露义务，敬请广大投资者注意投资风险。 2022 年 10 月，汤臣倍健股份有限公司（以下简称"公司"或"汤臣倍健"） 收 ...

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：2024-016 | --- | --- | --- | --- | --- | |-------------------------|----------------------------|-------------------------------------------------|---------------------------------------------------------------------------------------------------------------------|------------------------------------| | | 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 | | | | | 参与单位名称及 人员姓名 | 详见附件 | | | | | 时间 | 年 月 ...

[Table_MainInfo] 公司研究/医药与健康护理/医疗保健设备与用品 证券研究报告 汤臣倍健（300146）公司季报点评 2024 年 11 月 05 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-----------------------------------------------------------------|-------------| | | | | 股票数据 | | | 11 [ Table_StockInfo 月 05 日收盘价（元） ] | 13.26 | | 52 周股价波动（元） | 10.65-18.55 | | 总股本 / 流通 A 股（百万股） | 1701/1130 | | 总市值 / 流通市值（百万元） | 22553/14984 | | 相关研究 | | | [Table_ReportInfo] 《 23Q4 基数较高导致收入承压，品牌建设费 | | | 用投入较大》 2024.03.21 | | 市场表现 [Table_QuoteInfo] -37.81% -29.81% -21.81% -13.81% ...

Investment Rating - The report has downgraded the investment rating to "Accumulate" [5][7] Core Views - The company reported a revenue of 5.734 billion yuan for the first three quarters of 2024, a year-on-year decrease of 26.33%, and a net profit attributable to shareholders of 869 million yuan, down 54.31% year-on-year [1] - The company is undergoing product adjustments, with the core products' iteration and upgrade process slower than planned, impacting short-term performance [2][5] - The company aims to enhance operational quality by focusing on core brands, channels, and categories amidst a changing consumer environment and intensified competition [2][3] Financial Performance Summary - For Q3 2024, the company achieved a revenue of 1.120 billion yuan, a year-on-year decline of 48.76%, with a net profit of -22 million yuan, down 106.30% year-on-year [1] - The main brand "汤臣倍健" generated revenue of 3.194 billion yuan, down 29.20% year-on-year, while "健力多" and "lifespace" also saw significant declines [2] - The gross margin for the first three quarters of 2024 was 67.93%, a decrease of 1.73 percentage points year-on-year, primarily due to price wars in online channels and cost pressures [4] Revenue and Profit Forecast - The revenue forecast for 2024-2026 has been adjusted to 7.161 billion, 7.715 billion, and 8.472 billion yuan, respectively, with net profit estimates of 739 million, 1.100 billion, and 1.370 billion yuan [5][6] - The company is expected to experience a significant decline in net profit in 2024, with a year-on-year decrease of 57.70% [5] Market Position and Strategy - The company has established a strong competitive barrier in offline pharmacy channels, holding over 30% market share, while facing intense competition in online channels [3] - Future strategies include activating the distributor team, enhancing service capabilities, and optimizing expenditure models to maintain healthy growth in a competitive environment [3]

证券代码：300146 证券简称：汤臣倍健 公告编号：2024-071 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"）分别于 2024 年 8 月 4 日、8 月 21 日召开第六届董事会第十次会议及 2024 年第二次临时股东大会，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，用于注销并减少注册资本。本次回购资金总额不低于人民币 10,000 万 元（含），不超过人民币 20,000 万元（含），回购价格不超过人民币 20 元/股（含）， 回购期限为自股东大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 2024 年 8 月 6 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： ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2024-070 汤臣倍健股份有限公司 关于股份回购实施结果暨股份变动公告 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，用于公司员工持股计划或股权激励。 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），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》。 截至本公告披露日，公司本次回购股份方案已实施完毕，根据《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，回购期限届满或 者回购股份已实施完毕的，应当在两个交易日内披露回购结果暨股份变动公告。 现将公司回购股份的具体情况公告如下： 一、回 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported a total revenue of 57.34 billion yuan for the first three quarters of 2024, representing a decline of 26.33% year-on-year. The net profit attributable to shareholders was 8.69 billion yuan, down 54.31% year-on-year [2][3]. - In Q3 2024, the company achieved total revenue of 11.20 billion yuan, a significant decrease of 48.76% year-on-year, with a net profit of -0.22 billion yuan, marking a decline of 106.30% [2][3]. - The revenue decline in Q3 was attributed to the transition of old and new products in the protein powder and Jianli Duo offline channels, as well as the company's proactive adjustment of less profitable products [3]. Revenue Breakdown - For the first three quarters of 2024, revenue from the main brand, Jianli Duo, Lifespace domestic, overseas LSG, and other brands were 31.94 billion yuan, 6.98 billion yuan, 2.71 billion yuan, 6.84 billion yuan, and 8.87 billion yuan, respectively, with year-on-year declines of -29.20%, -29.90%, -29.55%, -11.66%, and -20.65% [3]. - In Q3 2024, the revenue from these brands showed even steeper declines, with year-on-year changes of -54.43%, -62.53%, -41.78%, -27.21%, and -33.54% [3]. Profitability Analysis - The company's gross margin for the first three quarters of 2024 was 67.93%, down 1.73 percentage points year-on-year, while the net profit margin was 15.15%, down 9.28 percentage points year-on-year [4]. - In Q3 2024, the gross margin was 65.31%, a decrease of 2.64 percentage points year-on-year, and the net profit margin was -2.00%, down 18.27 percentage points year-on-year [4]. Financial Projections - The company is expected to achieve net profits of 7.44 billion yuan, 11.43 billion yuan, and 14.42 billion yuan for the years 2024, 2025, and 2026, respectively, with growth rates of -57.39%, 53.61%, and 26.17% [5]. - The corresponding price-to-earnings ratios (PE) for these years are projected to be 30, 19, and 15 times, respectively, with a market capitalization of 222 billion yuan [5].

Investment Rating - The report suggests a "Hold" rating for the company, indicating a neutral stance on its stock performance relative to the market index [9]. Core Insights - The company reported a revenue of 5.734 billion yuan for the first three quarters of 2024, a decrease of 26.33% year-on-year, and a net profit attributable to shareholders of 869 million yuan, down 54.31% year-on-year. In Q3 2024 alone, revenue was 1.120 billion yuan, reflecting a significant decline of 48.76% year-on-year, with a net profit turning negative at -22 million yuan [2][6]. - The operational challenges are attributed to brand performance, with major brands experiencing substantial revenue declines due to base effects, reduced offline channel traffic, product transitions, and inventory adjustments. The report anticipates improvements post-transition [6]. - The company is undergoing strategic adjustments, focusing on core products and channels, which may lead to better performance in 2025 as base effects ease [6]. Financial Summary - For 2024, the company is projected to generate revenues of 7.189 billion yuan, a year-on-year decline of 23.57%, with net profits expected to be 815 million yuan, down 53.30%. The earnings per share (EPS) is forecasted at 0.48 yuan [6][8]. - The gross margin for Q3 2024 decreased by 2.64 percentage points to 65.31%, influenced by product transitions and reduced scale effects. The sales and management expense ratios increased significantly, leading to a gross profit margin decline [6]. - The company’s total assets are projected to be 14.929 billion yuan in 2024, with a debt ratio of 15.67% [8]. Brand and Channel Performance - In Q3 2024, the main brand, Jianli Duo, Lifespace, and overseas LSG brands reported revenues of 559 million, 107 million, 61 million, and 173 million yuan respectively, with year-on-year declines of 54.44%, 62.59%, 41.90%, and 27.31% [6]. - Revenue from offline and online channels in Q3 2024 was 480 million and 633 million yuan respectively, indicating a strategic shift towards focusing on sustainable products and profitable channels [6]. Future Outlook - The company is expected to benefit from the aging population trend, despite the current operational pressures and strategic transition pains. Revenue forecasts for 2025 and 2026 are 7.760 billion and 8.269 billion yuan respectively, with net profits projected to recover to 1.110 billion and 1.340 billion yuan [6][8].

Investment Rating - The report assigns a "Neutral" rating to the company, with a target price of 13.5 yuan, down from previous estimates [1]. Core Views - The company faces increasing operational pressure, with significant declines in revenue and profit margins. The report anticipates a need for adjustments and optimization in strategy moving forward [1][2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 5.734 billion yuan, a year-on-year decrease of 26.3%. The net profit attributable to shareholders was 869 million yuan, down 54.3% year-on-year. In Q3 alone, revenue was 1.12 billion yuan, reflecting a 48.8% decline year-on-year, with a net loss of 22 million yuan [1][2]. - The gross margin for Q3 was 65.3%, a decrease of 2.6 percentage points compared to the previous year. The report highlights that the company's operating expenses have increased relative to revenue, leading to a significant drop in the net profit margin [1][2]. Business Dynamics - The report identifies two main product iterations and adjustments in online strategy as key factors contributing to the revenue decline. The offline demand remains weak, with a reported 20% drop in the pharmacy channel since the beginning of the year. Additionally, competition in online channels has intensified, impacting sales performance [1][2]. - The company is focusing on enhancing its core competitiveness and optimizing its product offerings. Plans include a promotional campaign to boost sales of major products and a strategic shift to decouple pricing strategies between online and offline channels [1][2]. Future Outlook - The report suggests that while the immediate operational pressures are expected to continue, there is potential for stabilization in revenue starting from Q2 2025 as the company completes its product iterations and adjusts its strategies [1][2]. - EPS forecasts for 2024-2026 have been revised down to 0.44, 0.67, and 0.76 yuan respectively, with corresponding PE ratios of 30, 20, and 18 times [1][2].