汤臣倍健分析师会议-2025-03-27

Report Summary 1. Report Industry Investment Rating No information provided. 2. Core Viewpoints - The company expects its main budget targets in 2025 to remain stable on a comparable basis to 2024, with controllable costs due to a cautious and stable overall tone and improved refined management [23]. - The company is optimistic about the probiotic category and the development of the Lifespace brand, and will continue to invest resources in it, aiming to build it as the "preferred probiotic brand" [23]. - In 2025, the company will deepen the implementation of the strong - brand strategy, focusing on building product power and brand awareness, and upgrading brand management across all touchpoints [23][24]. - The company will take measures to improve the competitiveness of both online and offline sales channels in 2025, aiming to increase market share and operating efficiency [24]. - The company will address the issue of price differences across channels by creating a differentiated product portfolio for all channels and strengthening product differentiation among different channels [25]. 3. Summary by Directory 3.1. Research Basic Situation - The research object is BY - HEALTH, belonging to the food and beverage industry. The reception time was March 27, 2025. The company's directors, general manager, independent directors, board secretary, and financial director received the investors [16]. 3.2. Detailed Research Institutions - BY - HEALTH's 2024 annual performance briefing was conducted remotely online, targeting all investors [19]. 3.3. Research Institution Proportion No information provided. 3.4. Main Content Data - Sales Expense Ratio: The company expects its main budget targets in 2025 to remain stable on a comparable basis to 2024, and will improve refined management to ensure reasonable cost investment [23]. - Probiotic Competitiveness: The company is optimistic about the probiotic category and the Lifespace brand, and will continue to invest resources, apply patented strains, build a differentiated product matrix, and expand global channels [23]. - Advertising Strategy: In 2025, the company will deepen the strong - brand strategy, build product power and brand awareness, and optimize brand resource allocation [23][24]. - Online and Offline Channels: The company will take measures to activate dealers and terminals, enhance core chain promotion, expand product categories, and carry out terminal activities offline; online, it will invest in high - quality e - commerce, optimize strategies, and improve operational efficiency [24]. - Market Competition and Product Pricing: The company will address market competition by differentiating products across channels and price bands; it will also solve the problem of price differences by creating a differentiated product portfolio for all channels [25].