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汤臣倍健上半年营收净利双降,市值蒸发近400亿
Sou Hu Cai Jing· 2025-08-21 03:13
Core Viewpoint - The health supplement market in China is experiencing significant challenges, as evidenced by the poor performance of leading companies like汤臣倍健, which has seen substantial declines in revenue and profit, indicating a shift in consumer behavior and market dynamics [2][4][6]. Company Performance -汤臣倍健 reported a revenue of 35.32 billion yuan in the first half of 2025, a year-on-year decrease of 23.43%, with a net profit of 7.37 billion yuan, down 17.34% [2]. - For the entire year of 2024,汤臣倍健's revenue was 68.38 billion yuan, a decline of 27.3%, and net profit fell by 62.62% to 6.53 billion yuan, marking the largest drop since its listing [5][6]. - The company's market capitalization has decreased from a peak of 600 billion yuan to approximately 209 billion yuan, resulting in a loss of nearly 400 billion yuan in value [6]. Market Dynamics - The health supplement industry is not in decline; rather, it is evolving, with younger consumers adopting "punk health" trends, leading to a shift in purchasing behavior [3][9]. - The market for health supplements grew to 604.1 billion yuan in the first half of 2025, reflecting a 16.2% increase, with specific categories like bone health and oral beauty products driving growth [19]. Brand Strategy and Challenges -汤臣倍健's traditional branding and marketing strategies are becoming outdated, as the company struggles to connect with younger consumers [7][11]. - The company has seen a significant reduction in its domestic distributor network, with 597 distributors remaining as of June 2025, down over 340 from the end of 2023 [7]. - Despite launching new products,汤臣倍健 has failed to establish a strong online presence or effectively market to younger demographics, resulting in stagnant sales for its core products [8][11]. Competitive Landscape - Newer brands like诺特兰德, Swisse, and万益蓝 are successfully targeting younger consumers with innovative marketing strategies and product offerings, capturing significant market share [10][11]. - These brands leverage social media and influencer marketing to resonate with younger audiences, contrasting with汤臣倍健's more traditional approach [10][11].
汤臣倍健(300146):25Q2收入降幅收窄 期待下半年企稳向好
Xin Lang Cai Jing· 2025-08-18 08:33
Core Viewpoint - The company experienced a decline in revenue in the first half of 2025, but showed signs of recovery in the second quarter, with a significant increase in net profit compared to the previous year [1][2][10] Financial Performance - In the first half of 2025, 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% [1] - In the second quarter of 2025, revenue was 1.74 billion yuan, a year-on-year decline of 11.5%, while net profit rose to 280 million yuan, an increase of 71.4% [1] Revenue Breakdown - For the first half of 2025, domestic and overseas revenues were 2.84 billion yuan and 690 million yuan, respectively, representing a year-on-year decline of 28.2% and an increase of 5.3% [3] - Major brands in the domestic market, including汤臣倍健,健力多, and Life-Space, reported revenues of 1.89 billion yuan, 410 million yuan, and 140 million yuan, with declines of 28.3%, 30.4%, and 34.4% respectively [3][4] Channel Performance - In the first half of 2025, offline and online channels generated revenues of 1.80 billion yuan and 1.68 billion yuan, reflecting year-on-year declines of 31.6% and 13.8% [4] - The second quarter of 2025 saw revenues from offline and online channels at 810 million yuan and 920 million yuan, with declines of 10.7% and 12.1% respectively [7] Profitability Metrics - The gross margin for the first half of 2025 was 68.6%, unchanged from the previous year, while the net margin improved to 21.6%, an increase of 2.5 percentage points [8] - In the second quarter of 2025, the gross margin was 68.4%, up 1.7 percentage points year-on-year, and the net margin rose to 17.1%, an increase of 8.9 percentage points [8] Future Outlook - The company plans to launch new products in the second and third quarters of 2025 and will strategically allocate marketing resources to enhance offline distribution [9] - Revenue projections for 2025 to 2027 are 6.29 billion yuan, 6.64 billion yuan, and 7.01 billion yuan, with net profits expected to be 800 million yuan, 930 million yuan, and 1.06 billion yuan respectively [10]
汤臣倍健(300146):25Q2收入降幅收窄,控费得当盈利改善
Investment Rating - The report maintains an "Outperform" rating for the company [2] Core Insights - The company reported a total revenue of 3.532 billion yuan for H1 2025, a year-on-year decline of 23.4%, while the net profit attributable to shareholders was 737 million yuan, down 17.3%. In Q2 2025, revenue was 1.741 billion yuan, a decline of 11.5%, but net profit increased by 71.4% to 282 million yuan, aligning with market expectations [7] - Due to the ongoing external consumption environment and unstable market competition, the profit forecasts for 2025 and 2026 have been adjusted downwards, with new forecasts for 2027 introduced. The projected net profits for 2025-2027 are 707 million, 813 million, and 934 million yuan, respectively, reflecting year-on-year growth rates of 8.3%, 15.0%, and 14.9% [7] - The company is focusing on high-quality operations and actively reforming online and offline channels to adapt to external changes. Long-term growth is expected as the population's age structure improves and public health awareness increases [7] Financial Data and Profit Forecast - Total revenue projections for 2025 are set at 6.179 billion yuan, with a year-on-year decline of 9.6%. The gross profit margin is expected to be 67.3% [6] - The company achieved a gross profit margin of 68.4% in Q2 2025, an increase of 1.68 percentage points year-on-year, attributed to improved product structure from high-value new products [7] - The net profit margin for Q2 2025 reached 17.1%, up 8.86 percentage points year-on-year, driven by effective cost control [7] Revenue Breakdown - The main brand and "Jianli Duo" benefited from effective operational adjustments, with Q2 revenue for the main brand at 905 million yuan, down 17.0% year-on-year, and "Jianli Duo" at 210 million yuan, down 3.67% [7] - Online channel revenue was 918 million yuan, a decline of 12.07%, while offline channel revenue was 810 million yuan, down 10.69% [7] Price Performance Catalyst - Key catalysts for stock price performance include better-than-expected growth in major products and accelerated online channel development [7]
研报掘金丨华鑫证券:维持汤臣倍健“买入”评级,预计全年营收降幅进一步收窄
Ge Long Hui A P P· 2025-08-12 07:34
Core Viewpoint - The report from Huaxin Securities indicates that Tongchen Beijian has narrowed its revenue decline in Q2, optimizing resource allocation dynamically, leading to improved profitability [1] Revenue Performance - In H1 2025, the revenue for the main brand, Jianliduo, Lifespace domestic products, and overseas LSG was down by 28%, 30%, 34%, and up by 13% respectively, amounting to 1.888 billion, 0.411 billion, 0.138 billion, and 0.534 billion yuan [1] Sales Channels - Revenue from offline and online channels in H1 2025 decreased by 32% and 14% respectively, reaching 1.798 billion and 1.684 billion yuan [1] - The online channel is currently undergoing strategic adjustments, including the establishment of a self-broadcasting team to reduce expenses [1] - The offline channel focuses on cost reduction and efficiency improvement, optimizing the distribution system, with a net reduction of 147 distributors to 640 by the end of H1 2025 [1] Future Strategies - The company plans to stabilize its business through multiple strategies, including enriching SKU, lowering price points, and a distributor awakening plan [1] - The internal adjustments are ongoing, with significant improvement in profitability quarter-on-quarter, and expectations for a further narrowing of revenue decline and an increase in profit margins for the full year [1]
【汤臣倍健(300146.SZ)】收入继续承压,控费带动Q2利润同比改善——2025年半年度业绩点评(陈彦彤/汪航宇/聂博雅)
光大证券研究· 2025-08-11 23:05
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].
汤臣倍健(300146):收入降幅收窄,优化费投带动盈利改善
Huaxin Securities· 2025-08-11 14:36
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]
汤臣倍健(300146):收入继续承压,控费带动Q2利润同比改善
EBSCN· 2025-08-11 05:11
Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [6]. Core Views - The company experienced a significant decline in revenue, with a 23.4% year-on-year decrease in H1 2025, amounting to 3.53 billion yuan, while net profit decreased by 17.3% to 740 million yuan. However, Q2 2025 showed signs of recovery with a 71.4% increase in net profit compared to the previous year [1][4]. - The company is expected to narrow the revenue decline for the full year 2025, projecting a single-digit percentage decrease compared to H1 2025 [4]. Summary by Sections Financial Performance - In H1 2025, the main brand "汤臣倍健" generated 1.888 billion yuan in revenue, down 28.32% year-on-year. The "健力多" brand saw a 30.35% decline, generating 411 million yuan, while "Life-Space" domestic revenue fell by 34.43% to 138 million yuan. However, the overseas revenue for LSG increased by 13.46% to 534 million yuan [2]. - The company's gross margin for H1 2025 was 68.55%, slightly down from the previous year, while the net profit margin improved significantly to 21.61% due to effective cost control measures [3]. Cost Management - The sales expense ratio decreased by 4.59 percentage points in H1 2025, reflecting the company's efforts to control costs and reduce advertising expenditures. Management expenses increased slightly due to revenue decline, but overall profitability improved [3]. Future Outlook - The company plans to implement several initiatives to drive performance recovery, including product innovation and channel reform. New products are set to be launched in the second and third quarters of 2025, and the company aims to enhance its online sales and user engagement [4]. - Profit forecasts for 2025-2027 are set at 791 million, 921 million, and 1.024 billion yuan, respectively, with corresponding EPS of 0.46, 0.54, and 0.60 yuan, indicating a positive growth trajectory in the coming years [4].
汤臣倍健(300146):优化销售费用投放,盈利能力大幅改善
GOLDEN SUN SECURITIES· 2025-08-10 13:36
Investment Rating - The investment rating for the company is "Maintain Buy" [6] Core Views - The company reported a significant improvement in profitability due to optimized sales expense allocation, with a notable recovery in net profit margins in Q2 2025 [2][3] - The revenue decline has narrowed, supported by enhanced user operations and new product launches, particularly in the high-price segment online and improved pricing strategies offline [1][2] - The company is expected to see revenue growth turn positive in H2 2025, driven by low base effects and contributions from new products [2][3] Financial Performance Summary - For H1 2025, the company achieved revenue of 3.53 billion yuan, a year-on-year decline of 23.4%, and a net profit of 740 million yuan, down 17.3% [1] - In Q2 2025, revenue was 1.74 billion yuan, a year-on-year decline of 11.5%, but net profit increased by 71.4% to 280 million yuan [1] - The gross margin for Q2 2025 improved by 1.7 percentage points to 68.4%, while the sales expense ratio decreased by 11.0 percentage points to 39.6% [2] - The net profit margin for Q2 2025 rose by 8.9 percentage points to 17.1%, indicating a significant improvement in profitability [2] Future Outlook - The company anticipates that the revenue growth will turn positive in H2 2025, supported by new product launches and strategic marketing resource allocation [2] - The forecast for net profit for 2025-2027 has been slightly adjusted to 830 million, 970 million, and 1.09 billion yuan respectively, reflecting a year-on-year growth of 26.7%, 17.5%, and 12.1% [3]
汤臣倍健(300146):25Q2费用收缩盈利能力改善 期待下半年经营层面企稳向好
Xin Lang Cai Jing· 2025-08-10 12:37
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]
汤臣倍健2025年上半年实现净利润7.37亿元
Bei Jing Shang Bao· 2025-08-08 10:46
Core Insights - The core viewpoint of the article is the financial performance of Tongchen Beijian in the first half of 2025, highlighting significant revenue and profit figures [1] Financial Performance - In the first half of 2025, Tongchen Beijian achieved a revenue of approximately 3.532 billion yuan and a net profit attributable to the parent company of about 737 million yuan [1] - The net cash flow generated from operating activities was around 642 million yuan [1] Brand Performance - The main brand "Tongchen Beijian" generated a revenue of 1.888 billion yuan [1] - The brand "Jianliduo" achieved a revenue of 411 million yuan [1] - The domestic products of "Lifespace" contributed 138 million yuan in revenue, while the overseas LSG brand generated 534 million yuan [1] Channel Performance - Offline channels accounted for a revenue of 1.798 billion yuan [1] - Online channels generated a revenue of 1.684 billion yuan [1]