国盛证券研报指出，汤臣倍健优化销售费用投放，盈利能力大幅改善。25Q2公司营收降幅缩窄，除基 数走低外，一方面受益于公司强化用户运营、提升销售转化，另一方面受益于公司加速推新，线上推出 高价格带产品，线下完善大众价格带布局。展望下半年，24H2公司收入端在消费力承压、大单品新老 品替换去库存、行业竞争加剧等影响下形成极低基数，25Q2-Q3公司新品陆续上市，并将针对性匹配营 销资源投入，预计25H2在极低基数、新品支撑下收入增速或迎转正，其中主品牌和LSG仍有望成为拉 动营收增长的主要驱动。利润端来看，公司将持续完善电商投放策略，加大对核心品类升级品的投资， 在抖音等兴趣电商或增加自播投入尝试，费投有望持续优化，贡献利润弹性，盈利能力有望持续向好。 ...

Summary of the Conference Call for汤臣倍健 Company Overview - **Company**:汤臣倍健 - **Industry**: Health Supplements Key Points and Arguments Financial Performance - In Q2 2025, the company reported a non-GAAP net profit growth of 133% year-on-year, indicating a significant recovery in profitability. However, the overall net profit for the first half of the year declined by 17.3% year-on-year [2][3] - Revenue for the first half of 2025 was 3.5 billion yuan, a year-on-year decrease of 23.4%. The decline in revenue narrowed to 11.5% in Q2 [3] - The company expects a single-digit decline in annual revenue, with the specific extent depending on Q3 performance [2][4] Product and Marketing Strategy - The company has been actively reforming its product, operations, and marketing strategies, achieving the highest product launch frequency in history during Q2 [2][3] - There is a focus on differentiating products between online and offline channels, with offline efforts centered on basic nutritional products and online on high-priced innovative products [2][3] - The main brand and Life Space Group (LSG) are expected to drive revenue growth in the second half of the year, with LSG showing particularly strong performance [7][8] Gross Margin and Cost Management - The gross margin for the first half of 2025 remained stable compared to the previous year, with a notable increase of 1.6 percentage points in Q2. Online gross margin improved significantly due to higher sales of high-margin products on platforms like JD.com [5][21] - The company has managed to control inventory and accounts receivable risks effectively, with proactive measures in place to mitigate potential issues [17] Brand Performance and Challenges - The健力多 brand faces uncertainties due to changes in leadership, new regulatory approvals, and product matrix optimization. Its online performance is better than offline, but conversion rates need continuous improvement [6][9] - The number of distributors decreased by approximately 140 in the first half of the year due to business adjustments and underperformance of new ventures [9] Market Trends and Competitive Landscape - The online sales environment remains competitive, with only JD.com showing growth among major platforms. Future efforts will focus on all key platforms, especially Douyin [13][24] - The company anticipates that online sales will outperform offline sales in the second half of the year, as online channels represent a growth market [15] New Product Development - New products such as盖 DK and high-concentration fish oil have performed well, contributing positively to sales and attracting new customers [18][26] - The company plans to continue optimizing new product promotions and expand production lines to meet diverse market demands [19] Future Outlook - The company aims for a revenue growth target of approximately 50% in the second half of the year, driven by marketing activities and new product launches [29] - Overall, the company expects net profit margins to improve slightly compared to the previous year, with management expenses remaining stable [32] Risks and Considerations - The rising price of whey protein (up 50% year-on-year) has limited impact on overall gross margins due to proactive supplier management [21] - The rapid growth of live-streaming e-commerce presents both opportunities and regulatory challenges, necessitating ongoing operational optimization [27] Additional Important Information - The company is focusing on the oral beauty segment targeted at young women, despite some underperformance in specific brands due to strategic choices [20] - The overall inventory situation among distributors has remained stable, with no significant trends in inventory reduction or accumulation [28]

Core Insights - The company reported a decline in revenue and net profit for the first half of 2025, with a revenue of 3.532 billion yuan, down 23.43% year-on-year, and a net profit of 737 million yuan, down 17.34% year-on-year [1] - However, the second quarter of 2025 showed signs of recovery, with revenue of 1.741 billion yuan, a decrease of only 11.51% year-on-year, and a significant increase in net profit by 71.44% year-on-year [1][2] Revenue Performance - The overall revenue performance in the first half of 2025 was under pressure, but the decline in the second quarter was significantly narrowed compared to the first quarter [2] - In Q1 2025, the company achieved revenue of 1.792 billion yuan, down 32.29% year-on-year, while Q2 revenue was 1.741 billion yuan, down 11.51% year-on-year [2] - The main brand "汤臣倍健" generated revenue of 905 million yuan in Q2, down 17.0% year-on-year, while the international brand LSG saw a revenue increase of 12.4% year-on-year [2] Profitability and Cost Management - The gross margin improved in Q2 2025, with a gross margin of 68.43%, up 1.68 percentage points year-on-year [3] - The company significantly reduced its sales expense ratio in Q2 2025 to 39.65%, down 10.99 percentage points year-on-year, by optimizing its expense allocation and reducing advertising spending [3] - Advertising expenses for the first half of 2025 were 243 million yuan, down 53.49% year-on-year, contributing to the improved profitability [3] Business Development - The company made progress in its international and infant nutrition segments, expanding its presence in Southeast Asia and enhancing its brand "天然博士" for infant nutrition [4] - The company is focusing on brand upgrades and increasing its market influence while launching new products to create additional growth opportunities [4] Future Outlook - The company aims to enhance operational quality and optimize sales strategies in the second half of 2025, with new products expected to contribute positively to revenue [4] - Projections for net profit from 2025 to 2027 are 784 million yuan, 889 million yuan, and 1 billion yuan, representing year-on-year growth of 20%, 14%, and 12% respectively [4]

保健品销售的核心在于客户数据获取，只有掌握精准的用户数据，才能实现针对性营销。 过去常见的营销方式，比如通过报纸广告吸引老年人电话咨询，或是在医院、菜市场、街头派发宣传单，诱导顾客到店听课并推销高价保健品，在如今国 家对保健食品行业严格监管的背景下，已经逐渐失去生存空间。此外，国家正大力整治保健品"欺诈老年人"行为，这使得传统营销模式面临巨大挑战。 一些不法分子利用老年人对健康的迫切需求，以疾病预防、养生保健为幌子，通过低价旅游、讲座学习、免费送礼品等形式，诱导老年人高价 购买药品、保健品，严重损害了老年人的合法权益。 近日，市场监管总局在全国部署开展老年人药品、保健品虚假宣传专项整治工作，向社会传递守护老年人生命健康与财产安全的决心。 公众号：产品可靠性报告 "坑老"保健品要不得，市场监管总局出手了 实际上，这些所谓的社会组织大多是由企业主导成立的。通过企查查等信息可发现，其办公地点往往与企业总部相同，组织内部的会长、副会长等主要成 员也多为该企业人员。 借助社会组织的身份来举办活动，比直接以公司名义办活动更能赢得公众信任，同时还能吸引政府资源加持，使活动看起来更权威、更正式。 | 分钟 科普一分钟 科硕摄 ...

Core Viewpoint - The recent financial report of Tongchen Beijian (300146) indicates a decline in revenue and net profit for the first half of 2025, with significant changes in various financial metrics compared to the previous year [1] Financial Performance - Total revenue for the first half of 2025 was 3.532 billion yuan, a decrease of 23.43% year-on-year [1] - Net profit attributable to shareholders was 737 million yuan, down 17.34% year-on-year [1] - In Q2 2025, total revenue was 1.741 billion yuan, a decline of 11.51% year-on-year, while net profit for the quarter increased by 71.44% to 282 million yuan [1] - Gross margin stood at 68.55%, a slight decrease of 0.01% year-on-year, while net margin increased by 13.29% to 21.61% [1] - Total operating expenses were 1.448 billion yuan, accounting for 40.98% of revenue, a decrease of 7.78% year-on-year [1] - Earnings per share (EPS) was 0.43 yuan, down 17.31% year-on-year, while operating cash flow per share increased by 118.12% to 0.38 yuan [1] Accounts Receivable and Liabilities - Accounts receivable amounted to 504 million yuan, representing 77.24% of the latest annual net profit [1] - Interest-bearing liabilities surged by 6320.54% to 84.3 million yuan [1] Market and Business Model - The company's return on invested capital (ROIC) was 4.81% last year, indicating weak capital returns, with a historical median ROIC of 14% over the past decade [1] - The business model relies heavily on marketing-driven performance, necessitating further investigation into the underlying drivers of this approach [1] Analyst Expectations - Analysts project a net profit of 781 million yuan for 2025, with an average EPS estimate of 0.46 yuan [2] Fund Holdings - The largest fund holding Tongchen Beijian is the Manulife Consumer Dividend Index A, with 2.1437 million shares and a total size of 576 million yuan [3][4] - The fund has seen a 12.47% increase in value over the past year [4] Southeast Asia Market Focus - The company is currently focusing on the Southeast Asian market, particularly Indonesia, where it is in the process of obtaining market access [5]

Group 1 - The core viewpoint of the news is that Tongchen Beijian (300146.SZ) reported its semi-annual results for 2025, revealing a total of 1.07 billion shares held by institutional investors, accounting for 6.27% of the company's total equity [1] - As of August 8, 2025, there are 9 institutional investors holding shares in Tongchen Beijian, with a slight decrease of 0.09 percentage points in institutional holding compared to the previous quarter [1] - The institutional investors include various funds such as E Fund's ChiNext ETF and Hong Kong Central Clearing Limited, indicating a diverse investment base [1] Group 2 - In the public fund sector, 4 funds increased their holdings, with a total increase of 0.12% compared to the previous period [2] - One public fund, E Fund's ChiNext ETF, reported a slight decrease in holdings, while one fund, Huatai-PineBridge's major consumption ETF, did not disclose holdings this period [2] - Foreign investment sentiment showed a decrease in holdings from Hong Kong Central Clearing Limited, with a reduction of 0.13% compared to the previous quarter [2]

Core Viewpoint - The company reported a revenue of 3.532 billion yuan and a net profit of 737 million yuan for the first half of 2025, driven by innovative products and operational improvements [1] Group 1: Financial Performance - The company achieved a revenue of 3.532 billion yuan and a net profit of 737 million yuan during the reporting period [1] - The performance reflects the impact of innovative product offerings and enhanced operational efficiency [1] Group 2: Product Strategy - The company focused on basic nutrient categories that are widely consumed and frequently purchased, aiming to provide high cost-performance products [1] - New products such as protein powder, calcium DK, glucosamine, and probiotics have contributed to a rebound in market share [1] - The calcium DK product, in particular, showed significant customer acquisition effects during initial trials [1] Group 3: Market Positioning - The company's main brand products, including premium protein powder and liquid calcium, performed well, ranking in the top 10 of new products on Tmall during the "618" shopping festival [1] - Data from JD platform indicates a breakthrough in product features, enhancing competitive positioning [1] Group 4: Research and Development - The company is advancing the application of research outcomes in product development, focusing on areas such as anti-aging and precision nutrition [1] - A study on natural anti-aging conducted in collaboration with institutions was published in the international journal "Aging Cell" [1] Group 5: International Expansion - The company is accelerating its overseas market expansion and actively exploring new growth opportunities abroad [1]

Core Viewpoint - Tongrentang Baijian announced a significant decline in both revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance [1] Financial Performance - The company reported a revenue of 3,532,312,427.79 yuan for the first half of 2025, representing a year-on-year decrease of 23.43% [1] - The net profit attributable to shareholders was 736,513,235.60 yuan, which is a year-on-year decline of 17.34% [1]

（编辑 李家琪） 证券日报网讯 8月8日晚间，汤臣倍健发布公告称，公司全资下属企业珠海健进签署承诺函，其将作为 Evolution Health的关联公司，对Evolution Health在拼多多平台开展的"lifespace"品牌跨境电商相关业务 承担连带责任。Evolution Health为公司全资下属企业。 ...

Core Viewpoint - The "silver economy" in China, while significant in terms of population size and potential market value, is fundamentally limited by the low consumption capacity and economic power of the elderly population, leading to a market characterized by low-end products and services rather than high-quality offerings [6][10][24]. Group 1: Overview of the Silver Economy - Since the millennium, China's aging population has increased, with the elderly population expected to reach 310 million by 2024, accounting for 22.1% of the total population [7]. - The annual output value of China's silver economy is approximately 7 trillion yuan, representing only 5% of GDP and 12.5% of total consumption, indicating a low consumption capacity compared to other age groups [7][10]. - The consumption focus of the elderly is primarily on basic needs such as healthcare and social leisure, with limited options compared to younger demographics [7][8]. Group 2: Economic Conditions of the Elderly - The average annual income for elderly individuals in China was 32,027.4 yuan in 2021, with significant disparities between urban (47,270.8 yuan) and rural (14,105.4 yuan) populations [12][14]. - The income distribution among urban elderly is highly unequal, with a small percentage of wealthy individuals and a majority living below the average income level, limiting their consumption potential [14]. - The average savings for individuals over 50 is 186,000 yuan, but these savings are often reserved for emergencies rather than discretionary spending [14]. Group 3: Consumption Behavior and Market Dynamics - Many elderly individuals exhibit high price sensitivity, leading them to favor low-cost travel packages and products, often at the expense of quality [18][19]. - The prevalence of low-priced travel groups highlights a market that caters to the elderly's limited economic power and consumption habits, resulting in a cycle of low-quality offerings [16][21]. - Elderly consumers often rationalize their spending on low-quality products due to ingrained consumption habits from times of scarcity, leading to a disconnect between their economic reality and market offerings [22][24]. Group 4: Implications for the Silver Economy - The structural issues within the silver economy, including low-quality services and products, suggest that it cannot effectively address broader economic challenges related to domestic demand [24]. - The focus should shift from high-income elderly individuals to addressing the needs of low-income seniors who lack the economic knowledge and resources to navigate the market effectively [24].