By-health(SZ:300146) Zhong Jin Zai Xian·2024-04-19 01:33Core Insights - The core viewpoint of the article highlights the strong performance of the leading Chinese VDS company,汤臣倍健, which achieved record revenue and profit in 2023, while also acknowledging the challenges and opportunities in the evolving VDS industry landscape [1][4]. Group 1: Company Performance -汤臣倍健 reported a revenue of 9.407 billion yuan in 2023, representing a year-on-year growth of 19.66%, and a net profit of 1.746 billion yuan, up 26.01%, both reaching historical highs [1]. - The company's market share slightly increased to 10.4%, maintaining its position as the market leader for several consecutive years [1]. - The main brand, "汤臣倍健," generated 5.4 billion yuan in revenue, a 21.48% increase, while the "lifespace" brand saw a 46.84% growth, reaching 445 million yuan [2][3]. Group 2: Industry Trends - The global VDS market was valued at $176.17 billion in 2022 and is projected to approach $200 billion by 2025, with China being the second-largest market [1]. - E-commerce channels accounted for approximately 56% of the domestic market, with a growth rate exceeding 46% in the first two quarters of 2023, leading to a total e-commerce transaction volume in the VDS sector surpassing 100 billion yuan, a 30.7% increase [1][2]. - The changing consumer demographics, with younger consumers focusing on health and older adults emphasizing risk management, are driving the demand for personalized nutrition products [1]. Group 3: Strategic Direction -汤臣倍健 is focusing on a multi-brand strategy, emphasizing product innovation and maintaining market share as key performance indicators in the new industry cycle [3][4]. - The company aims to enhance its product strength through scientific nutrition and technological advancements, with recent innovations including anti-aging ingredients and proprietary strains for health products [4][5]. - The company is committed to a strong brand strategy that integrates product quality and brand recognition, aiming for sustainable growth in the VDS sector [5].