Core Insights - The food processing sector experienced a slight decline of 0.16% on September 24, with Weizhi Xiang leading the drop [1][2] - The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1] Stock Performance - Notable gainers in the food processing sector included: - Baba Foods (605338) with a closing price of 23.57, up 4.90% [1] - Guangming Meat (600073) at 7.05, up 2.47% [1] - ST Chuntian (600381) at 5.19, up 2.37% [1] - Conversely, Weizhi Xiang (605089) closed at 28.11, down 1.54% [2] - The sector saw a total trading volume of 5.67 billion yuan in net outflow from major funds, while retail investors contributed a net inflow of 2.49 billion yuan [2][3] Fund Flow Analysis - Major funds showed a net outflow of 5.67 billion yuan, while speculative funds had a net inflow of 3.18 billion yuan [2] - Retail investors contributed a net inflow of 2.49 billion yuan [2] - Specific stock fund flows included: - Guangming Meat (600073) with a net inflow of 17.05 million yuan from major funds [3] - Jindawi (002626) with a net inflow of 11.20 million yuan from major funds [3] - Xianle Health (300791) had a net inflow of 2.03 million yuan from retail investors [3]

Company Overview - Tongrentang's stock price decreased by 2.01% on September 23, trading at 11.70 CNY per share with a market capitalization of 19.793 billion CNY [1] - The company specializes in the research, production, and sales of dietary nutritional supplements, with revenue composition as follows: Others 38.02%, Capsules 27.84%, Tablets 20.38%, Powders 13.76% [1] Financial Performance - For the first half of 2025, Tongrentang reported a revenue of 3.532 billion CNY, a year-on-year decrease of 23.43%, and a net profit attributable to shareholders of 737 million CNY, down 17.34% year-on-year [2] - Cumulative cash dividends since the A-share listing amount to 8.321 billion CNY, with 2.429 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders decreased by 4.96% to 71,200, while the average circulating shares per person increased by 5.22% to 15,869 shares [2] - Major shareholders include E Fund's ChiNext ETF, holding 24.5972 million shares, a decrease of 648,400 shares from the previous period [3]

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：2025-010 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 其他 2025 广东辖区上市公司投资者网上集体接待日暨中报业绩说明会 活动 参与单位名称及 人员姓名 通过网络平台参加公司 2025 年投资者网上集体接待日暨中报业绩说明会 活动的投资者 时间 2025 年 9 月 19 日 15:30-17:00 地点 广东省广州市黄埔区鱼珠街道黄埔大道东 916 号 上市公司接待人 员姓名 公司董事会秘书唐金银女士 投资者关系活动 主要内容介绍 会议采取互动问答形式，主要沟通内容如下： Q：请问，接下来汤臣倍健有没有新品发布计划？今年三季度各产品线有没 有销售亮点？——可不可以具体介绍一下？接下来对四季度及 2026 年一 季度营销铺排有没有新增安排？ 公司旗下各品牌会根据市场需求、技术创新等适时推出新品，并在营销 资源上有针对性地匹配投入，进一步扩大新品铺货率。今年公司各主要品牌 均有新品推出，其中通过技术创新实现维矿分层技术，有效提升营养成分的 ...

Market Overview - On September 18, the food processing sector declined by 0.83%, with Delisi leading the drop [1] - The Shanghai Composite Index closed at 3831.66, down 1.15%, while the Shenzhen Component Index closed at 13075.66, down 1.06% [1] Stock Performance - Notable gainers in the food processing sector included: - Weizhi Xiang (605089) with a closing price of 30.09, up 10.02% [1] - Jiaoda Anli (600530) at 7.70, up 4.76% [1] - Wufangzhai (603237) at 18.73, up 2.52% [1] - Major decliners included: - Delisi (002330) at 5.14, down 4.64% [2] - Huifa Food (603536) at 10.40, down 3.79% [2] - Jinzi Ham (002515) at 7.33, down 3.43% [2] Trading Volume and Capital Flow - The food processing sector experienced a net outflow of 141 million yuan from institutional investors, while retail investors saw a net inflow of 91.52 million yuan [2] - The total trading volume for the sector was significant, with Weizhi Xiang recording a trading volume of 78,200 hands and a transaction amount of 223 million yuan [1] Individual Stock Capital Flow - Weizhi Xiang had a net outflow of 50.67 million yuan from institutional investors, while retail investors contributed a net inflow of 26.51 million yuan [3] - Tangchen Beijian (300146) saw a net inflow of 25.10 million yuan from institutional investors, but a net outflow of 33.94 million yuan from retail investors [3] - Other stocks like Jiaoda Anli (600530) and Qianwei Yangchu (001215) also showed mixed capital flows, indicating varied investor sentiment [3]

Core Viewpoint - The stock price of Tongchen Beijian has shown fluctuations, with a recent increase of 2.08% to 12.29 CNY per share, while the company faces a decline in revenue and net profit for the first half of 2025 compared to the previous year [1][2]. Group 1: Stock Performance - As of September 18, Tongchen Beijian's stock price increased by 2.08%, reaching 12.29 CNY per share, with a trading volume of 96.62 million CNY and a turnover rate of 0.71% [1]. - The company has experienced a 5.10% increase in stock price year-to-date, a 0.33% increase over the last five trading days, a 1.29% decrease over the last 20 days, and a 9.63% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Tongchen Beijian reported a revenue of 3.532 billion CNY, a year-on-year decrease of 23.43%, and a net profit attributable to shareholders of 737 million CNY, down 17.34% year-on-year [2]. - The company has distributed a total of 8.321 billion CNY in dividends since its A-share listing, with 2.429 billion CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Tongchen Beijian was 71,200, a decrease of 4.96% from the previous period, with an average of 15,869 circulating shares per shareholder, an increase of 5.22% [2]. - The top ten circulating shareholders include notable ETFs, with E Fund's ChiNext ETF holding 24.5972 million shares, a decrease of 648,400 shares from the previous period [3].

Group 1 - The core viewpoint of the report is that the functional food industry in China is undergoing a significant transformation driven by rising health awareness and changing consumer demands, leading to accelerated market penetration across all age groups [1][2][11]. - The functional food market in China has experienced a compound annual growth rate (CAGR) of 6.3% over the past five years, significantly outpacing the growth of other basic consumer goods, with the market size expected to exceed 260 billion yuan in 2024 and potentially double to around 450 billion yuan in the next decade [2][22][20]. - The demand for functional foods is shifting from a focus on basic health benefits to a broader appeal that includes emotional satisfaction and lifestyle enhancement, with a diverse range of products catering to various demographics, including women, youth, and even pets [3][27][28]. Group 2 - The growth of the functional food industry is supported by multiple factors, including economic stability, rising disposable income, and an aging population, which has led to increased health consciousness among consumers [2][20][11]. - The online sales channel for functional foods has surged, accounting for over 55% of total sales, with platforms like Douyin (TikTok) and cross-border e-commerce showing remarkable growth, indicating a shift towards digital and diversified sales strategies [5][11][12]. - The industry is characterized by a dual structure of established leading brands maintaining stable market shares while new, agile brands rapidly emerge by capturing niche demands, resulting in a long-tail market trend [6][12][11]. Group 3 - Innovations in product forms and consumer experiences are crucial, with a rise in "snack-like" products such as gummies and beverages that appeal to younger consumers, enhancing the overall consumption experience [4][33][38]. - Marketing strategies are evolving to emphasize emotional resonance and lifestyle alignment, with brands focusing on customized nutrition solutions and appealing packaging to attract younger demographics [4][38][39]. - The report highlights the importance of understanding the changing dynamics in both consumer preferences and distribution channels, suggesting that brands must adapt to these trends to thrive in the competitive landscape [5][12][11].

Industry Overview - The collagen protein food industry in China is experiencing significant growth, with a retail market size projected to reach 30.1 billion yuan in 2024, reflecting a year-on-year increase of 13.37% [1][6] - The demand for collagen protein foods is driven by consumer interest in skin care, bone health, and anti-aging, particularly among younger generations who prefer dietary sources for health and beauty [1][6] Industry Chain - The upstream of the collagen protein food industry includes raw materials such as skins, tendons, and bones from terrestrial livestock (cattle, pigs) and aquatic sources (fish skins, scales) [4][5] - The midstream involves the production and manufacturing of collagen protein foods, while the downstream focuses on the food sector [4][5] Market Size - The global retail market for collagen protein foods is expected to reach USD 20.48 billion in 2024, with a year-on-year growth of 1.79% [6] - The abundant supply of raw materials in China, due to large-scale livestock and fish production, supports the growth of the collagen protein food sector [6] Key Companies Performance - Tongrentang has made significant strides in the collagen protein food sector, launching products with innovative formulations and high-quality ingredients, such as collagen peptides derived from cod skin [7][8] - Kangnabei has also achieved notable success, offering high-content collagen peptide drinks and protein powders, with a focus on safety and quality standards [8] Industry Development Trends 1. Technological advancements are driving product innovation and industry upgrades, with breakthroughs in recombinant collagen technology leading to cost reductions and enhanced bioactivity [9] 2. Market demand is diversifying, with a growing interest in functional skincare products among younger consumers and increased demand for joint health solutions among older adults [10] 3. The rise of online sales channels and social media marketing is becoming crucial for industry growth, with companies leveraging e-commerce platforms for product promotion and consumer engagement [11][12]

Core Viewpoint - The company is focusing on high-quality development and adapting its strategies to different sales channels, particularly in the context of rising competition and changing market dynamics [2][3][4]. Group 1: Company Performance - In the first half of 2025, the company's main revenue was 3.532 billion yuan, a year-on-year decrease of 23.43% [4]. - The net profit attributable to shareholders was 737 million yuan, down 17.34% year-on-year, while the net profit after deducting non-recurring gains and losses was 693 million yuan, a decrease of 16.59% [4]. - In Q2 2025, the company reported a single-quarter main revenue of 1.741 billion yuan, a decline of 11.51% year-on-year, but the net profit attributable to shareholders increased by 71.44% to 282 million yuan [5]. Group 2: Market Strategy - The company is developing differentiated strategies for various platforms, with a focus on Douyin as a key growth area despite its lower profitability [2]. - In response to the low profit margins in online channels, the company is innovating products to create higher price tiers and enhance user engagement [3]. - The company is strategically expanding into Southeast Asia, particularly focusing on Indonesia, while acknowledging the initial stage of its operations in the region [3]. Group 3: Financial Management - The company is optimizing its advertising and marketing expenses to balance short-term operational efficiency with long-term brand value [3]. - A cautious approach is being taken towards fixed asset investments, with plans to adjust strategies based on market changes and company development needs [3]. Group 4: Product Innovation - The company is committed to monitoring industry innovation trends and aligning its product offerings with market demands and regulatory policies [3].

Core Viewpoint - The recent investor event held by Tongchen Beijian Co., Ltd. focused on the company's development strategy, market layout, and business planning, with in-depth discussions between institutional investors and the management team [1] Group 1: Channel Development and Market Strategy - The company is implementing differentiated strategies for various platforms to achieve high-quality development, with a focus on Douyin as a key growth source despite its high customer acquisition costs and low profitability [2] - The company plans to enhance Douyin sales through building its own live streaming rooms, maintaining reasonable cooperation with broadcasters, and increasing product card sales [2] - In response to the competitive online channel landscape, the company is innovating products to create high-priced offerings and providing diverse choices [2] Group 2: Regional Market Expansion - The company has established a presence in major Southeast Asian countries, with Malaysia contributing a significant revenue share, although it is still in the early stages of development [2] - Indonesia is identified as a key market for future expansion, with the company currently working on obtaining necessary qualifications for market entry [2] Group 3: Pricing and Cost Management - The company is adapting to industry-wide price wars by optimizing product combinations and enhancing operational capabilities to maintain high-quality development [2] - It is focusing on balancing sales expenses with revenue growth by optimizing advertising and marketing expenditure structures, improving cost control mechanisms, and enhancing the efficiency of sales expense investments [2] Group 4: Brand and Product Innovation - The company is committed to a multi-brand development strategy, adjusting brand strategies based on demographic changes and evolving consumer demands [2] - Continuous attention to industry innovation trends is emphasized, with the company aligning its innovative product offerings with market needs and regulatory policies [2] Group 5: Fundraising and Investment Planning - The company recognizes the time-sensitive nature of fundraising projects and plans to align investment needs with market environment changes and development strategies [2]

编号：2025-009 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | 详见附件 | | 人员姓名 | | | 时间 | 2025 年 9 月 10 日 15:00-16:00 | | 地点 | 广东省广州市黄埔区鱼珠街道黄埔大道东 号 916 | | 上市公司接待人 | 公司董事会秘书唐金银女士 | | 员姓名 | | | | 会议采取互动问答形式，主要沟通内容如下： | | | Q：公司在抖音渠道目前的发展情况，未来对于传统电商和兴趣电商规划 | | | 如何 | | | 公司围绕高质量发展的核心目标，根据不同平台特性制定差异化的发 | | | 展策略。抖音费比较高，盈利性较弱，但从行业整体来看，抖音作为行业 | | | 主要增量来源，亦为后续发力的重点平台，公司将通过搭建自主可控直播 | | 投资者关系活动 | 间，维持合理比例的达播合作，增加商品卡销售等提升抖音销售规模。针 | | 主要内容介绍 | 对货架电商，公司 ...