By-health(SZ:300146) Zheng Quan Ri Bao Wang·2025-10-29 11:46Core Insights - Tongrentang's Q3 2025 report shows a revenue of 1.383 billion yuan, a year-on-year increase of 23.45%, with a net profit of 170 million yuan for the quarter and a total revenue of 4.915 billion yuan and net profit of 907 million yuan for the first three quarters [1][2] Group 1: Product Innovation and Strategy - Since 2025, the company has focused on product innovation, launching 71 new products in the first three quarters, with a dual strategy of upgrading basic nutrients and breaking into professional functional categories [1][2] - The company has extended its product line into high-barrier functional categories, launching its first OTC glucosamine product offline and a special medical purpose formula food online in September [1] Group 2: Channel Strategy and Market Performance - Tongrentang has implemented a differentiated product strategy for online and offline channels, optimizing the channel value chain, with improvements in operational quality [2] - The company has seen significant performance in e-commerce, with new products like multi-layer tablets and adult calcium series driving market share growth [2] Group 3: R&D and Compliance - Under the "Scientific Nutrition" strategy, the company has advanced R&D in new materials, functions, and technologies, holding 487 patents and numerous health food certifications, indicating strong technical reserves and compliance capabilities [2] - Systematic adjustments across products, channels, R&D, and branding since 2024 have shown quick reform results, demonstrating the company's operational resilience [2]