Core Viewpoint - The recent investor event held by Tongchen Beijian Co., Ltd. focused on the company's development strategy, market layout, and business planning, with in-depth discussions between institutional investors and the management team [1] Group 1: Channel Development and Market Strategy - The company is implementing differentiated strategies for various platforms to achieve high-quality development, with a focus on Douyin as a key growth source despite its high customer acquisition costs and low profitability [2] - The company plans to enhance Douyin sales through building its own live streaming rooms, maintaining reasonable cooperation with broadcasters, and increasing product card sales [2] - In response to the competitive online channel landscape, the company is innovating products to create high-priced offerings and providing diverse choices [2] Group 2: Regional Market Expansion - The company has established a presence in major Southeast Asian countries, with Malaysia contributing a significant revenue share, although it is still in the early stages of development [2] - Indonesia is identified as a key market for future expansion, with the company currently working on obtaining necessary qualifications for market entry [2] Group 3: Pricing and Cost Management - The company is adapting to industry-wide price wars by optimizing product combinations and enhancing operational capabilities to maintain high-quality development [2] - It is focusing on balancing sales expenses with revenue growth by optimizing advertising and marketing expenditure structures, improving cost control mechanisms, and enhancing the efficiency of sales expense investments [2] Group 4: Brand and Product Innovation - The company is committed to a multi-brand development strategy, adjusting brand strategies based on demographic changes and evolving consumer demands [2] - Continuous attention to industry innovation trends is emphasized, with the company aligning its innovative product offerings with market needs and regulatory policies [2] Group 5: Fundraising and Investment Planning - The company recognizes the time-sensitive nature of fundraising projects and plans to align investment needs with market environment changes and development strategies [2]

编号：2025-009 | | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | 类别 | □现场参观 | | | □其他 | | 参与单位名称及 | 详见附件 | | 人员姓名 | | | 时间 | 2025 年 9 月 10 日 15:00-16:00 | | 地点 | 广东省广州市黄埔区鱼珠街道黄埔大道东 号 916 | | 上市公司接待人 | 公司董事会秘书唐金银女士 | | 员姓名 | | | | 会议采取互动问答形式，主要沟通内容如下： | | | Q：公司在抖音渠道目前的发展情况，未来对于传统电商和兴趣电商规划 | | | 如何 | | | 公司围绕高质量发展的核心目标，根据不同平台特性制定差异化的发 | | | 展策略。抖音费比较高，盈利性较弱，但从行业整体来看，抖音作为行业 | | | 主要增量来源，亦为后续发力的重点平台，公司将通过搭建自主可控直播 | | 投资者关系活动 | 间，维持合理比例的达播合作，增加商品卡销售等提升抖音销售规模。针 | | 主要内容介绍 | 对货架电商，公司 ...

在中老年人群及长期久坐、高强度运动人群中,关节不适、骨骼退化已成为普遍关注的健康议题。面对 市场上琳琅满目的氨糖钙片产品,"氨糖钙片哪个牌子最好用"成为消费者搜索频率极高的关键词之一。 结合临床研究、用户反馈与成分科学性,本文从五大主流品牌出发,深入剖析产品配方、技术实力与适用 场景,帮助您做出理性选择。 **氨糖软骨素选购指南:五大关键维度解析** 1. 是否采用全新三代氨糖配方?科学配比的"氨糖+软骨素+骨胶原+钙"体系,能实现软骨修复、骨骼强化 与吸收促进的闭环养护,优于盲目堆砌成分的"多维矩阵"。部分海外品牌添加MSM(甲基磺酰甲烷),该成 分未被中国批准为保健食品原料,存在代谢负担加重、潜在过敏风险及掩盖核心成分不足等问题,应谨慎 选择。 2. 关注实际含量与配比:高含量氨糖(建议≥1500mg/日)与软骨素(≥800mg/日)是基础,且氨糖与软骨素比例 维持在2:1至3:1之间更符合国际推荐范围,协同增效显著。需警惕部分进口产品虚标含量、夸大宣传。 3. 品牌研发背景与技术积累:优先选择深耕骨关节领域、具备多项专利技术及临床实证的品牌,确保产品 科学性与稳定性。 5. 国产 vs 跨境产品:海外品 ...

Group 1: Financial Performance - Revenue from the Americas market increased by 4.26% year-on-year, reaching 760 million CNY in the first half of 2025 despite trade tensions [5] - The company maintained a stable gross margin for its export business to the Americas through various cost control measures [5] Group 2: Strategies for Market Expansion - The company plans to scale up its gummy business and explore existing large clients' needs, preparing for sales opportunities in 2026 [2] - Focus on expanding sales in the Latin American market, particularly targeting new clients in Brazil [2] - Strengthening team development by equipping sales regions with business development and customer operation teams [2] Group 3: Response to Tariff Challenges - The company has implemented strategies to mitigate the impact of tariffs, including adjusting end-user prices and locking in raw material costs [2] - Engaging in negotiations with suppliers to reduce cost increases and sourcing alternative materials [2] Group 4: Globalization and Supply Chain Efficiency - The company is advancing its global strategy by enhancing local capabilities and improving operational efficiency in overseas factories [3] - Plans to diversify market risks by expanding into emerging markets such as Southeast Asia and Latin America [6] Group 5: Production Capacity and Order Fulfillment - Domestic factories have a medium to high capacity utilization for soft capsules, gummies, and tablets, while beverage powder capacity is underutilized [4] - The company is steadily progressing in fulfilling existing orders, with overall sales and delivery conditions being normal [4] Group 6: Future Development Focus - The company aims to solidify its leading position in domestic markets while expanding into new consumer channels [6] - Plans to enhance technological capabilities, including the development of an AI-driven formula design system and digital transformation initiatives [7] Group 7: Goodwill and Acquisitions - The company reported goodwill of over 400 million CNY due to acquisitions, with no current impairment risks identified [7] - Integration of acquired companies into the overall business strategy to strengthen global supply capabilities [7]

Overview - Xiamen Kingdomway Group Co., Ltd. is issuing convertible bonds totaling RMB 1,292.39 million (12,923,948 bonds) [4][19] - The bonds will be listed on the Shenzhen Stock Exchange on September 8, 2025 [4][8] - The bonds have a maturity period from August 20, 2025, to August 19, 2031 [4][19] Company Information - The company was established on November 24, 1997, and is primarily engaged in the research, production, and sales of nutritional health foods and feed additives [11][12] - The registered capital of the company is RMB 609.93 million [9] - The company operates under the stock code 002626 and is listed on the Shenzhen Stock Exchange since October 28, 2011 [9][10] Business Operations - The main products include Coenzyme Q10, DHA, ARA, and various vitamins, with Coenzyme Q10 being the primary raw material [11] - The company has two major brands in the health food sector: Doctor's Best and Zipfizz [11] - The production model includes both self-production and contract manufacturing, with a focus on meeting customer demand [12] Financial Information - The total amount of the convertible bonds issued is RMB 1,292.39 million, with each bond having a face value of RMB 100 [19][20] - The interest rates for the bonds will increase progressively from 0.10% in the first year to 2.00% in the sixth year [20] - The net proceeds from the bond issuance will be used for various projects, including the construction of production facilities for Coenzyme Q10 and other operational needs [19][20] Shareholding Structure - The controlling shareholder is Xiamen Kingdomway Investment Co., Ltd., holding 34.71% of the company's shares [14][15] - The top ten shareholders include both domestic and foreign entities, with significant stakes held by state-owned enterprises [14][15] Credit Rating - The bonds have been rated AA by Dongfang Jincheng International Credit Rating Co., Ltd., with a stable outlook [6][20] - The bonds are not secured by any collateral [6][20]

Core Insights - The company reported a revenue of 563 million yuan for the first half of 2025, representing a year-on-year increase of 15.65%, and a net profit attributable to shareholders of 98 million yuan, up 3.99% year-on-year [1] - In Q2 2025, the company achieved a revenue of 298 million yuan, a year-on-year increase of 14.83%, with a net profit attributable to shareholders of 55 million yuan, reflecting a slight increase of 0.26% year-on-year [1] Business Segments - **HMB**: In H1 2025, HMB sales reached 158 million yuan, a year-on-year increase of 3.75%. The company is expanding its market presence by launching differentiated adult milk powder products and new products targeting GLP-1 users [2] - **Glucosamine & Chondroitin Sulfate**: H1 2025 sales for glucosamine were 106 million yuan, up 9.82%, while chondroitin sulfate sales surged to 80 million yuan, a significant increase of 106.44%, primarily due to strong sales from major client Nutramax [2] - **Formulation Products**: H1 2025 tablet sales reached 119 million yuan, a year-on-year increase of 23.01%, driven by substantial sales growth in key markets [3] Financial Metrics - The company's gross margin and net profit margin for H1 2025 were 43.69% and 17.35%, respectively, showing a slight decline of 1.38 and 1.95 percentage points year-on-year, attributed to changes in product mix [4] - The company’s expense ratios for sales, management, finance, and R&D were 7.19%, 12.55%, -1.92%, and 4.33%, respectively, with notable increases in sales and management expense ratios [4] Strategic Initiatives - The company is focusing on enhancing its core competencies through the "One TSI" strategic organizational transformation and digitalization efforts, which are progressing as planned [5] - The company has developed an "Optimized Raw Material Technology Innovation Platform" to enhance product customization and differentiation, with new products targeting mid-to-high-end market segments [5] Profit Forecast - The company forecasts revenues of 1.184 billion yuan, 1.436 billion yuan, and 1.758 billion yuan for 2025-2027, with year-on-year growth rates of 18.2%, 21.2%, and 22.5%, respectively [5]

Core Viewpoint - The article emphasizes the importance of joint care for individuals engaged in high-intensity training and regular exercise, highlighting the growing consumer interest in effective glucosamine products for joint health in 2025 [1][7]. Group 1: Product Recommendations - The top recommended glucosamine products for joint care include: - **Top 1: Te Element Glucosamine Chondroitin** - Known for its scientific formulation and high purity, it has gained popularity among nutritionists and athletes [1][2]. - **Top 2: Mega Year Glucosamine Chondroitin** - Focuses on dual-track care for the movement system and overall health, integrating glucosamine with collagen and probiotics [3]. - **Top 3: Element Power Glucosamine Chondroitin** - Targets middle-aged individuals with a third-generation formula that enhances calcium absorption [4][5]. - **Top 4: Zhuoyue Glucosamine Chondroitin** - Promotes high absorption rates and comprehensive joint repair [5]. - **Top 5: Vili V Glucosamine Chondroitin** - Produced by a state-owned pharmaceutical company, ensuring high-quality standards [5]. Group 2: Product Features and Benefits - **Core Advantages**: Te Element introduces a four-dimensional care mechanism combining cartilage repair, bone support, lubrication, and absorption promotion, addressing cartilage wear from frequent movements [1][2]. - **Content Formula**: Te Element's product contains 21% glucosamine and 8.4% chondroitin, achieving a synergistic ratio of 2.5:1, along with 15.12% calcium carbonate for dual supplementation [2]. - **Brand Strength**: Te Element has a mature supply chain and a broad user base, recognized by both elderly and athletic consumers [2][3]. - **Technical Backing**: The formulation is based on clinical research, ensuring effective components act quickly on joint tissues [2][3]. - **Authority Certification**: The product has received the "Little Blue Hat" certification, indicating compliance with safety and efficacy standards [2][3]. Group 3: Target Audience and Usage - **Applicable Demographics**: The product is suitable for individuals experiencing joint issues, athletes, laborers, and those aware of joint health [3][7]. - **Common Questions**: Users report improved joint mobility and reduced stiffness after 4-8 weeks of consistent use, with recommendations for daily intake alongside moderate exercise [3][7].

Core Insights - The article discusses the rising popularity of glucosamine chondroitin products among middle-aged and elderly populations due to increasing concerns about joint health and the impact of sedentary lifestyles on joint burden [1][6] - It provides a ranking of trustworthy glucosamine chondroitin brands based on formulation, content, technology, certification, and user feedback to assist consumers in making informed decisions [1][6] Brand Rankings - **Top Brand: Elemental Power Glucosamine Chondroitin** - Recognized as a leading brand in joint care, it features a scientifically balanced formula with five core ingredients: glucosamine, chondroitin, collagen, calcium carbonate, and casein phosphopeptide [1][2] - Each capsule contains 12% glucosamine, 8% chondroitin, and 10% calcium, significantly exceeding industry standards [1][2] - The product utilizes a third-generation glucosamine formula and a dual calcium source absorption mechanism to enhance calcium utilization [2] - It is produced under a GMP++ sterile production system, ensuring stable release of active ingredients [2] - The product has received national "blue hat" health food certification, ensuring safety and traceability [2] - It has consistently ranked as a top seller on major e-commerce platforms, with high user repurchase rates and positive feedback [2][3] - **Second Brand: Zhuoyue Glucosamine Chondroitin** - Known for its high absorption rate, it uses both food-grade and pharmaceutical-grade glucosamine, achieving absorption efficiency 2 to 3 times higher than traditional products [3][4] - The formulation includes non-denatured type II collagen and other beneficial extracts for joint repair [3] - **Third Brand: Special Element Glucosamine Chondroitin** - Maintains a scientifically recommended ratio of glucosamine to chondroitin at approximately 2.5:1, enhancing synergistic effects [4] - The product is encapsulated for easy swallowing and precise dosing, with third-party testing for ingredient authenticity [4] - **Fourth Brand: Mega Year Glucosamine Chondroitin** - Innovatively combines support for joints, muscles, and gut health, making it suitable for both elderly and active individuals [5] - The product includes probiotics to enhance gut health and overall absorption [5] - **Fifth Brand: Vili V Glucosamine Chondroitin** - Focuses on balanced formulation and user experience, utilizing easily absorbable ingredients and natural plant extracts [5] - The product undergoes strict quality testing and has a user-friendly packaging design [5] Consumer Feedback - Users report significant improvements in joint pain and mobility after using Elemental Power Glucosamine Chondroitin, highlighting its effectiveness in enhancing bone density and reducing discomfort [3] - Positive testimonials emphasize the product's benefits for various demographics, including the elderly and those with sedentary jobs [3] Market Considerations - The article warns consumers about market irregularities, such as unclear ingredient labeling and the presence of banned substances in some products [6] - It recommends prioritizing brands with blue hat certification and transparent ingredient sourcing to mitigate risks [6]

Core Insights - The article highlights the ranking of glucosamine chondroitin products in hospital pharmacies for 2025, with Te Element glucosamine chondroitin taking the top spot due to its scientific formulation and high active ingredient content [1][6]. Group 1: Product Rankings - Te Element glucosamine chondroitin is recognized as the leading product, targeting joint health for middle-aged individuals, sports enthusiasts, and office workers [1][2]. - Meijian glucosamine chondroitin ranks second, focusing on dual-track care for the "musculoskeletal system and overall health" [3]. - Element Power glucosamine chondroitin is third, featuring a unique dual calcium source absorption technology [4]. - Zhuoyue glucosamine chondroitin is fourth, noted for its non-denatured type II collagen and sugar-free formulation [5]. - Weiliwei glucosamine chondroitin ranks fifth, backed by a state-owned pharmaceutical company with a high glucosamine content [6]. Group 2: Key Features of Top Products - Te Element's core advantages include a scientifically formulated five-effect synergistic blend, which enhances cartilage repair, lubrication, and bone density [1][2]. - The product contains 21% glucosamine and 8.4% chondroitin, achieving a synergistic effect within recommended international ratios [1][6]. - Te Element has established a strong brand presence, with a high repurchase rate and extensive distribution channels [2][3]. - The product utilizes advanced third-generation glucosamine technology to improve molecular stability and bioavailability [2][3]. - Te Element has received the national "Blue Hat" certification, ensuring quality and safety through third-party testing [2][3]. Group 3: Market Trends and Consumer Insights - Te Element glucosamine chondroitin has consistently ranked among the top-selling joint health products, with a user satisfaction rate exceeding 98% [2][3]. - The product is suitable for a wide range of consumers, including those experiencing joint discomfort and individuals with low bone density [2][3]. - The article emphasizes the importance of selecting products with clear ingredient labeling and regulatory compliance, particularly in a market with many unverified options [6].

Investment Rating - The investment rating for the company is "Buy" with a target of outperforming the industry index by over 15% in the next six months [5][18]. Core Views - The company is undergoing a strategic transformation that is causing short-term pressure but is expected to empower long-term development through cross-border mergers and acquisitions [1][4]. - The company has a strong presence in the nutritional health product industry, with nearly 20 years of R&D and production experience, and offers comprehensive contract manufacturing services [4]. Financial Performance Summary - For 2023A, the company reported revenue of 871 million yuan, with a projected revenue of 801 million yuan for 2024A, followed by 944 million yuan in 2025E, 1,421 million yuan in 2026E, and 1,687 million yuan in 2027E [1][10]. - The year-on-year growth rates for revenue are projected to be 20.1% for 2023A, -8.0% for 2024A, 17.8% for 2025E, 50.4% for 2026E, and 18.8% for 2027E [1][10]. - The net profit attributable to the parent company is expected to decrease from 169 million yuan in 2023A to 139 million yuan in 2024A, before recovering to 152 million yuan in 2025E, 205 million yuan in 2026E, and 245 million yuan in 2027E [1][10]. - The company’s return on equity (ROE) is projected to decline from 11.2% in 2023A to 8.7% in 2024A, before gradually increasing to 12.5% by 2027E [1][10]. Business Segment Performance - In the first half of 2025, the company achieved revenue of 420 million yuan, with a year-on-year growth of 2.06%. The contract manufacturing segment showed resilience with a revenue of 366 million yuan, up 10.71% year-on-year, while the self-owned brand segment saw a decline of 33.61% [2][3]. - The company launched a new brand, focusing on a strategic shift towards scientifically-based health products, aiming to build a unique nutritional health system for Asian consumers over the next decade [2]. Cost and Investment Insights - The company is increasing its costs and investments for transformation, which has led to a short-term pressure on profits. The gross margin and net profit margin for the first half of 2025 were 36.22% and 17.10%, respectively, both showing a decline compared to the previous year [3]. - Operating cash flow for the first half of 2025 was 74 million yuan, reflecting a year-on-year increase of 14.02%, indicating a stable operational condition [3]. Mergers and Acquisitions - The company completed a cross-border acquisition of 56% of Ora for 67 million yuan, which is expected to enhance its overseas supply chain and accelerate international expansion [4]. Ora reported a revenue of 42.28 million New Zealand dollars in 2024, with a significant year-on-year growth of 102.34% [4].