今天分享的是：从2025上半年宏观经济及酒类景气指数看酒类发展趋势报告 报告共计：24页 2025上半年酒类市场趋势：线上增长亮眼，消费场景转向个人独酌 2025年上半年，宏观经济与消费市场的变化正深刻影响着酒类行业的发展轨迹。尼尔森IQ最新发布的中国酒类市场景气指数报告显示，在经济政策调控与 消费需求转变的双重作用下，酒类市场呈现出渠道分化、场景转移、价格带两极化等鲜明特征，为行业未来发展提供了清晰的方向指引。 从宏观经济背景来看，2025年上半年中国GDP实现5.3%的增长，虽保持一定韧性，但消费意愿提振仍面临挑战。过去十年，中国消费品需求整体呈震荡走 低趋势，2025年上半年促消费政策的落地在一定程度上助力市场回暖，四轮补贴合计近3700亿，重点投向新生儿、学生、低收入人群等群体，同时在体育娱 乐用品等领域拉动效果显著。不过，国外地缘政治对出口的影响、国内房地产行业恢复缓慢，以及企业面临的增长压力与降本增效需求，仍在一定程度上拖 累消费力提升。 消费者层面，"精打细算"成为主流消费心态。数据显示，72%的中国消费者在积极寻求主要工作以外的额外收入来源，这一比例高于亚太地区的69%和全球 的64%；47% ...

Summary of the Conference Call for汤臣倍健 Company Overview - **Company**: 汤臣倍健 - **Period**: Q1 2025 Key Points Financial Performance - Q1 2025 revenue decreased by 33% year-on-year to 1.792 billion yuan, primarily due to a decline in foot traffic in offline pharmacies, adjustments in protein powder products, and ongoing online business adjustments [4][2] - Net profit for Q1 2025 was 455 million yuan, a 37% decrease year-on-year, with a net profit margin of approximately 25.4%, down by two percentage points [2][4] - The company is currently in an adjustment phase, impacted by channel differentiation and competition from foreign brands [4][2] Business Strategies - The company plans to continue its offline channel strategy in Q2, including new product launches and terminal awakening plans to boost sales conversion [2][7] - A successful pilot for calcium and vitamin D products exceeded expectations, leading to plans for more new specifications and differentiated services to drive sales [2][6] - The EQ initiative has shown initial success, with the盖 DK product achieving over 1 million boxes in monthly sales within three months of launch, with expectations for sales to double this year [2][9] Online Channel Developments - Online channels showed a double-digit decline in Q1 but improved sequentially. The company aims to drive positive growth through product innovation and enhanced performance in basic nutrients [2][10] - New high-priced products, such as premium protein powders and glucosamine, are set to launch, alongside efforts to build a presence on Douyin (TikTok) through live streaming [2][10] Cost Management - The decline in revenue led to a reduction in sales and management expense ratios, with a one percentage point decrease in sales expense ratio, indicating effective cost control [2][11] - The company anticipates that the profit margin for 2025 will remain stable compared to 2024, with a slight decrease in expense ratios expected [12][11] Market Outlook - The competitive landscape in the food and beverage industry is expected to remain consistent with 2024, with Douyin continuing to gain market share over traditional e-commerce platforms [15][16] - Demand growth is projected to be low single digits, with an increase in brand entries, including unbranded and cross-border brands, but lacking significant catalysts for growth [16][15] Product Iteration and Channel Strategy - The iteration of健力多 and protein powder products has been completed, but sales have not met expectations due to declining foot traffic in pharmacies and consumer purchasing power issues [5][13] - The company is adopting independent operational strategies for online and offline channels to avoid vicious competition, with plans to expand market share on Douyin [14][5] Future Projections - The company expects seasonal fluctuations in revenue to be smaller in 2025 compared to 2024, with a focus on terminal sales and new product launches [6][12] - The overall business strategy for Q2 will include continued focus on offline channels and product trials, with an emphasis on enhancing customer engagement and sales conversion [7][6] Regulatory Impact - The implementation of medical insurance policies in pharmacies is becoming stricter, affecting the company's product categories, which do not qualify for insurance payments [18][12] Conclusion 汤臣倍健 is navigating a challenging market environment with strategic adjustments in both offline and online channels, focusing on product innovation and cost management to stabilize revenue and profit margins in 2025. The company is also preparing for a competitive landscape in the food and beverage industry while addressing regulatory challenges in the pharmacy sector.