汤臣倍健蒸发400亿：年轻人不怕老，不怕死，只怕穷？

Core Viewpoint - The health supplement market in China is experiencing significant challenges, as evidenced by the poor performance of leading companies like汤臣倍健, which has seen substantial declines in revenue and profit. However, the overall market is still growing, driven by younger consumers seeking health products, indicating a shift in consumer behavior and preferences [3][4][32]. Group 1: Company Performance -汤臣倍健 reported a revenue of 35.32 billion yuan in the first half of 2025, a year-on-year decline of 23.43%, with a net profit of 7.37 billion yuan, down 17.34% [3]. - For the entire year of 2024,汤臣倍健's revenue was 68.38 billion yuan, a decrease of 27.3%, and net profit fell by 62.62%, marking the largest decline since its listing [3][9]. - The company's market capitalization has dropped from a peak of 600 billion yuan to approximately 209 billion yuan, resulting in a loss of nearly 400 billion yuan in value [3][9]. Group 2: Market Trends - The health supplement industry is not in decline; rather, it is evolving, with younger consumers engaging in "punk health" practices, leading to increased spending on health products [5][14]. - Data from 2023 indicates a 255% increase in consumption of uric acid monitoring products among consumers born in the 1990s, with 30% of their spending on immune-boosting supplements [15]. - Brands targeting younger demographics, such as诺特兰德 and Swisse, are thriving by employing innovative marketing strategies and product offerings [16][19]. Group 3: Challenges and Strategies -汤臣倍健's traditional marketing and distribution strategies have become outdated, leading to a significant drop in sales across its product lines [10][11]. - The company has reduced its advertising and marketing expenses, which has further contributed to declining revenues and profits [11]. - Despite launching new products,汤臣倍健 has struggled to capture the younger market, missing out on the e-commerce boom and innovative marketing tactics that competitors have successfully utilized [12][17]. Group 4: Historical Context - The Chinese health supplement market has evolved over nearly 40 years, with discussions around "intelligence tax" continuing as long as consumers fear aging, death, and loss of beauty [21][32]. - The market saw significant growth in the 1990s, but regulatory changes led to a downturn, from which汤臣倍健 and other second-generation companies emerged to dominate the market [31][32]. - Recent data shows that the health supplement market generated sales of 604.1 billion yuan in the first half of 2025, reflecting a growth of 16.2%, with specific categories like sleep management products growing by 53.1% [32].