Ge Long Hui A P P·2025-08-19 06:24Core Insights - The report from Zheshang Securities indicates that Tongchen Baijian's revenue decline has narrowed in Q2 2025, with expectations for stabilization and improvement in the second half of the year [1] Industry Overview - In the first half of 2025, market concentration has further decreased, and the industry shows continued differentiation across various channels [1] - Offline, the overall market remains sluggish, with a decline in foot traffic at pharmacies and a decrease in sales of dietary supplements [1] - Online, the industry continues to experience intense competition, with a rapid increase in the share of interest e-commerce, posing ongoing challenges to the overall market landscape [1] Company Strategy - In Q2, the company has been adjusting and optimizing its business strategies across various channels, resulting in a narrowing year-on-year revenue decline [1] - Looking ahead to the second half of the year, the company plans to launch new products in Q2 and Q3, and will strategically allocate marketing resources to further increase the distribution rate of new products offline [1] - Online, the company aims to enhance its overall e-commerce strategy, increase investment in upgraded core product categories, and explore sustainable operational models for interest e-commerce channels [1] - The adjustments in product and channel strategies are expected to lead to a potential revenue upturn in the second half of the year [1]