各级市场监管部门将对收集掌握的问题线索及时研判处置，坚决查处问题反映集中、扰乱市场秩序 的重大典型案件，及时曝光案例，形成震慑效应。深挖个案反映的问题根源，举一反三、见微知著，完 善长效机制。强化部门协作，广泛宣传倡导，采取多种方式凝聚社会共识，营造打击虚假宣传、守护老 年人健康安全的社会氛围，不断增强老年人的获得感、幸福感、安全感。 各地市场监管部门专项整治聚焦老年人药品、保健品领域，要综合运用《中华人民共和国反不正当 竞争法》《中华人民共和国价格法》《中华人民共和国广告法》《中华人民共和国食品安全法》《中华 人民共和国产品质量法》《中华人民共和国消费者权益保护法》等法律法规，依法查处虚假宣传、价格 欺诈、违法广告、非法添加等侵害老年人合法权益、破坏市场竞争秩序的行为。通过开展"你拍我查"活 动，鼓励群众拍摄涉嫌违法行为，及时收集和掌握违法问题线索，公正高效查处，切实维护老年人合法 权益，促进市场竞争环境不断优化。 【纠错】 【责任编辑:吴京泽】 近日，市场监管总局按照深化群众身边不正之风和腐败问题集中整治要求，部署在全国开展老年人 药品、保健品虚假宣传专项整治工作，有效打击药品、保健品市场"坑老""骗老" ...

Core Viewpoint - The company reported a decline in revenue and net profit for the first half of 2025, but showed signs of recovery in the second quarter, indicating potential for improvement in the latter half of the year [3][4]. Financial Performance - In 25H1, the company achieved revenue of 3.53 billion yuan, a year-on-year decrease of 23.4%, and a net profit of 740 million yuan, down 17.3%. In 25Q2, revenue was 1.74 billion yuan, a decline of 11.5%, while net profit increased by 71.4% to 280 million yuan [3]. - The gross profit margin for 25H1 was 68.55%, slightly down from the previous year, while the net profit margin improved significantly due to better cost control [5]. Brand and Channel Performance - The main brand "汤臣倍健" saw a revenue drop of 28.32% to 1.888 billion yuan in 25H1. The joint care brand "健力多" experienced a 30.35% decline, while "Life-Space" had mixed results with domestic revenue down 34.43% but overseas revenue up 13.46% [4]. - Sales through offline channels fell by 31.63% to 1.798 billion yuan, while online sales decreased by 13.78% to 1.684 billion yuan, reflecting a challenging market environment [4]. Cost Management and Profitability - The company managed to reduce its sales expense ratio to 34.9% in 25H1, down 4.59 percentage points year-on-year, contributing to improved net profit margins [5]. - The management expense ratio increased slightly due to revenue decline, but overall profitability metrics showed improvement in the second quarter [5]. Future Outlook - The company anticipates a single-digit decline in revenue for the full year 2025, with expectations of narrowing the decline compared to the first half [6]. - Initiatives for performance recovery include product innovation and a comprehensive channel reform strategy aimed at enhancing sales and customer engagement [6].

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 今 日 聚 焦 【高端制造】7月工程机械销量表现亮眼，雅下水电工程有望带动需求提升——工程机械行业2025年7月月报 2025年7月我国挖掘机（含出口）销量17138台，同比增长25.2%；其中内销7306台，同比增长 17.2%。2025年1-7月我国挖掘机（含出口）销量137658台，同比增长17.8%；其中内销72943台，同 比增长22.3%。 常青科技主要从事高分子新材料特种单体及专用助剂的研发、生产和销售业务，得益于公司核心生产技术的突 破优化与产能的扩充，2019-2024年公司营收、现金流稳步提升，2024年公司实现营业收入10.80亿元，同比增 长6.0%，实现归母净利润2.04亿元，同比-3.9%，实现经营现金流净额 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a narrowing decline in revenue, with improved profitability driven by cost control measures [5][7] - The second quarter showed a significant recovery in net profit, with a year-on-year increase of 71% [4][5] - The company is focusing on optimizing its resource allocation and enhancing its operational efficiency [5][6] Financial Performance Summary - For the first half of 2025, total revenue was 3.532 billion yuan, a decrease of 23% year-on-year, while net profit attributable to shareholders was 737 million yuan, down 17% [4] - In Q2 2025, total revenue was 1.741 billion yuan, a decrease of 12% year-on-year, but net profit increased by 71% [4] - The gross margin for H1 2025 was 68.55%, with a slight decrease of 0.01 percentage points, while Q2 2025 saw an increase of 2 percentage points to 68.43% [5] - The company reduced its sales expense ratio by 5 percentage points in H1 and 11 percentage points in Q2, indicating effective cost control [5] Revenue and Profit Forecast - The company expects a further narrowing of revenue decline and an increase in profit margins for the full year 2025 [7] - The adjusted earnings per share (EPS) forecasts for 2025-2027 are 0.46, 0.52, and 0.60 yuan respectively, with corresponding price-to-earnings (PE) ratios of 27, 24, and 21 times [7][10]

证券代码：603102 证券简称：百合股份 公告编号：2025-030 威海百合生物技术股份有限公司 关于首次公开发行部分限售股上市流通的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 本次股票上市类型为 首发 股份；股票认购方式为 网下 ，上市股数为 本次股票上市流通总数为28,135,545股。 ? 本次股票上市流通日期为2025 年 8 月 15 日。 一、本次限售股上市类型 威海百合生物技术股份有限公司（以下简称"公司"）经中国证券监督管理 委员会（以下简称"中国证监会"）《关于核准威海百合生物技术股份有限公司 首次公开发行股票的批复》（证监许可〔2022〕36 号）核准，向社会公开发行人 民币普通股（A 股）16,000,000 股，并于 2022 年 1 月 25 日在上海证券交易所主板 上市。 公司首次公 开发行前总股本为 48,000,000 股，首次公 开发行后总股本为 股，占公司总股本的 43.96%，共涉及 2 名股东，限售股锁定期为自公司股票上市 之日起 36 个月，由于公 ...

格隆汇8月11日｜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。 ...

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 ...