维生素价格普遍回暖 天新药业2024年营收净利双增长

Core Viewpoint - Jiangxi Tianxin Pharmaceutical Co., Ltd. reported a revenue of 2.209 billion yuan for 2024, a year-on-year increase of 17.35%, and a net profit of 651 million yuan, up 36.85% [1] Industry Recovery - The vitamin industry is experiencing a mild recovery due to demand resurgence and reduced competitive pressure, with overall market demand expected to grow due to population increase and rising health awareness [2] - China has become a major producer and exporter of vitamins, with domestic companies holding competitive advantages in production capabilities and costs [2] Company Performance - The revenue from B vitamins reached 1.731 billion yuan in 2024, reflecting a 4.9% year-on-year growth, with a gross margin of 49.61%, an increase of 7.7 percentage points [3] Competitive Advantage Development - Tianxin Pharmaceutical is enhancing its competitive edge through product diversification, technological advancements, and supply chain improvements, including the establishment of a production base in Ningxia [4] - The company plans to expand its product offerings with new products like vitamin B5 and vitamin A, aiming to strengthen its market position [4][5] Future Outlook - The vitamin prices are expected to remain stable or slightly increase in 2025, which may further enhance industry profitability [6] - The growing consumer demand for health foods, particularly for B vitamins as nutritional enhancers, is anticipated to drive market demand [6]