2025三季度财报发布，膳食营养补充剂（VDS）龙头企业汤臣倍健交出复苏答卷：营收、净利润同比双增，第三 季度营收同比增长23.45%，且前三季度利润同比恢复增长，经营能力逐季改善。 汤臣倍健董事长梁允超在30周年庆典上说道："不在'品牌和产品创新'的餐桌上，就在'渠道'的菜单上。"业绩修复 的背后，是一场以用户价值为核心、贯穿研发、品牌、渠道全链路的价值链深度变革，更是汤臣倍健从行业变局 中探索新增长路径的必然结果。 行业重构期，锚定用户价值打破迷局 面对消费变局，不同行业都在求突围，但唯有企业经营数据才是见真章的"试金石"。 汤臣倍健的改革，不是为了应对业绩下跌的临时之举，而是长期主义战略的延续和深化。 VDS行业增速放缓，线下药店作为传统基本盘，一边受医保政策影响，一边面临客流下滑，品牌和渠道不再紧密 合作，反而变成利益博弈；线上渠道则陷入低价、同质化混战，企业盈利空间被挤压。 与此同时，消费需求在升级。普通消费者看重"同价位里品质最好"的质价比，高端用户则愿意为"实打实的科学功 能"和专业价值买单。过去那种"一刀切"的产品供给，跟不上市场需求的分化节奏。 危中有机，行业结构性机会依然清晰。2024年中 ...

Core Insights - The core viewpoint of the article emphasizes that the operational data of companies serves as a true measure of their performance amidst changing consumer dynamics, with Tongrentang's (汤臣倍健) recent financial results showcasing a recovery in revenue and net profit [1][12] Group 1: Company Performance - Tongrentang reported a 23.45% year-on-year increase in revenue for Q3 2025, with profits also showing recovery in the first three quarters [1][12] - The company launched 71 new products in the first three quarters of 2025 and holds 487 domestic and international patents, indicating a strong focus on innovation [4][12] Group 2: Strategic Transformation - The company's reform is a continuation of its long-term strategy rather than a temporary response to declining performance, focusing on user value and breaking away from past dependencies [3][12] - Tongrentang's "strong technology transformation" strategy aims to enhance product strength and technological competitiveness, with a commitment to user needs as the core of its growth path [3][4] Group 3: Market Dynamics - The VDS industry is experiencing a slowdown, with traditional offline pharmacies facing challenges from policy changes and reduced foot traffic, while online channels are struggling with price wars and homogenization [3][6] - Despite these challenges, the VDS market is projected to grow by 3.7% in 2024, outpacing the 1.7% growth of the fast-moving consumer goods market [3] Group 4: Product and Channel Strategy - Tongrentang is building a dual-engine product matrix of "basic mass products + segmented functional products" to address both general market needs and specialized high-value areas [9][10] - The company is shifting its channel strategy from a focus on quantity to a model of empowerment and profit-sharing, enhancing collaboration with pharmacies and leveraging digital tools for efficient operations [10][11] Group 5: Brand Positioning - Tongrentang is enhancing its brand image through partnerships in scientific exploration and health initiatives, reinforcing its trust and credibility in the market [11][12] - The company aims to create a complete value chain centered on user health, integrating R&D, branding, and channels to meet real consumer needs [12][13]