汤臣倍健站在转型十字路口：传统模式承压与内部增长挑战

Core Insights - The company is facing a deep transformation from channels to products due to rapid changes in consumer habits and industry dynamics [1][6] - As an industry leader, the company is striving to find a balance between maintaining its core business and undergoing necessary transformations [6] Group 1: Challenges in Traditional Business Model - The company's early success was largely built on a business model focused on offline pharmacy channels, utilizing a "specialty counter + nutrition consultant" approach to establish a reliable image [2][7] - This model is being undermined by deepening healthcare cost control policies, which have altered the usage of personal healthcare accounts, significantly impacting sales of health products through pharmacies [7] - Consumer purchasing preferences have fundamentally shifted towards online channels, creating challenges for the company's online expansion efforts while traditional offline channels continue to contract [8] Group 2: Internal Growth Challenges - The company is experiencing growth pressure at the product level, with core brand growth slowing and some product upgrades not progressing as planned [3][9] - The market is becoming increasingly competitive, with emerging brands leveraging new channels and international brands expanding through cross-border e-commerce, often being more agile in utilizing new media and marketing strategies [9] - The company is adjusting its marketing resource allocation and seeking to optimize internal operational efficiency, with potential for improvement in future sales expense ratios [9]