By-health(SZ:300146) 光大证券研究·2025-08-11 23:05Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, indicating potential for improvement in the latter half of the year [3][4]. Financial Performance - In 25H1, the company achieved revenue of 3.53 billion yuan, a year-on-year decrease of 23.4%, and a net profit of 740 million yuan, down 17.3%. In 25Q2, revenue was 1.74 billion yuan, a decline of 11.5%, while net profit increased by 71.4% to 280 million yuan [3]. - The gross profit margin for 25H1 was 68.55%, slightly down from the previous year, while the net profit margin improved significantly due to better cost control [5]. Brand and Channel Performance - The main brand "汤臣倍健" saw a revenue drop of 28.32% to 1.888 billion yuan in 25H1. The joint care brand "健力多" experienced a 30.35% decline, while "Life-Space" had mixed results with domestic revenue down 34.43% but overseas revenue up 13.46% [4]. - Sales through offline channels fell by 31.63% to 1.798 billion yuan, while online sales decreased by 13.78% to 1.684 billion yuan, reflecting a challenging market environment [4]. Cost Management and Profitability - The company managed to reduce its sales expense ratio to 34.9% in 25H1, down 4.59 percentage points year-on-year, contributing to improved net profit margins [5]. - The management expense ratio increased slightly due to revenue decline, but overall profitability metrics showed improvement in the second quarter [5]. Future Outlook - The company anticipates a single-digit decline in revenue for the full year 2025, with expectations of narrowing the decline compared to the first half [6]. - Initiatives for performance recovery include product innovation and a comprehensive channel reform strategy aimed at enhancing sales and customer engagement [6].