证券日报网12月9日讯汤臣倍健（300146）在12月9日回答调研者提问时表示，线上渠道中抖音平台约占 两成，天猫和京东合计约占六成。主品牌收入占比超五成，健力多、lifespace收入占比均超过10%。 ...

| 猫和京东仍占有较高市场份额；跨境电商保持较好增长。公司后续将持续 | | --- | | 优化运营策略，加强社媒渗透，根据不同渠道的消费者需求和偏好推动主 | | 要品类迭代升级，优化策略人群和品牌资产，持续提升线上运营效率，在 | | 抖音及跨境寻求增量。 | | Q：公司线上分平台的收入占比、公司旗下各品牌收入占比 | | 线上渠道中抖音平台约占两成，天猫和京东合计约占六成。主品牌收 | | 入占比超五成，健力多、lifespace 收入占比均超过 10%。 | | Q：今年消费者复购的情况如何 | | 公司 较多，各产品间复购率存在差异。今年主品牌线上推出的几 SKU | | 大新品在拉动高消费人群增量方面表现较为亮眼。 | | Q：公司经销商数量近年来减少的原因 | | 主要是因为业务调整、经销商整合优化所致。鉴于公司持续探索新渠 | | 道、新品牌和新平台，未来经销商的持续优化还是会存在。 | | Q：公司在市值管理上有何措施 | | 公司聚焦主业，致力于推动公司长期有质量发展，同时通过实施积极、 | | 持续、稳定的分红政策及回购等措施增强投资者回报。上市以来公司累计 | | 现金分红金额占累 ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 14.56 per share based on a 28x PE for 2026 [4][8]. Core Insights - The company is expected to achieve steady growth due to consumer recovery, increased product volume, and benefits from channel reforms [4][8]. - In the first three quarters of 2025, the company reported a revenue of RMB 4.92 billion, a year-on-year decrease of 14.27%, while the net profit attributable to shareholders was RMB 907 million, showing a year-on-year increase of 4.45% [9][12]. - The third quarter of 2025 saw a revenue of RMB 1.38 billion, a year-on-year increase of 23.45%, and a net profit of RMB 171 million, marking a return to profitability [9][12]. Financial Summary - Total revenue for 2023 was RMB 9,407 million, with projections of RMB 6,838 million for 2024 and RMB 6,291 million for 2025, reflecting a year-on-year decrease of 27.3% [3]. - Net profit attributable to shareholders for 2023 was RMB 1,746 million, with projections of RMB 653 million for 2024 and RMB 785 million for 2025, indicating a significant decline in 2024 [3]. - The gross profit margin for Q3 2025 increased by 3.25 percentage points to 68.56%, attributed to a higher proportion of high-margin products [11]. Product and Operations Optimization - The company has implemented product and operational optimizations, resulting in revenue and profit growth in Q3 2025, partly due to a low base effect [10]. - The main brand's online and offline channels are differentiated, achieving a 70% separation, and approximately 20% of revenue in 2025 is contributed by new products [10]. Profitability Improvement - The company has seen a significant improvement in profitability, with a recurring net profit margin of 9.65% in Q3 2025, an increase of 11.81 percentage points year-on-year [11]. - The expense ratios for sales, management, R&D, and finance have decreased significantly, contributing to improved profitability [11]. Main Brand Growth - In Q3 2025, offline revenue reached RMB 669 million, a year-on-year increase of 39.38%, while online revenue was RMB 704 million, up 11.22% year-on-year [12]. - Revenue from the main brand and other products showed significant growth, with the main brand revenue increasing by 40.97% year-on-year [12].

体能赛和越野跑令人血脉偾张，但相比完赛的坚持，大部分人对「关节健康」的重视程度显然不足。 要知道，在运动过程中，大部分的冲击实际是被关节所消化吸收。比如跑步时，膝关节所承担的压力是自身体重的4倍；深蹲或跪姿时，膝盖所承担的压 力达到了体重的8倍。 另一方面，2021年我国骨关节炎患病人数已超过1.5亿[1]。 在关节健康恶化的当下，运动康复领域更快嗅到了商机，疼痛按摩椅、艾草热敷、穴位按摩，甚至部分健身房也开始推出关节舒缓课程。 而在对国内针对关节炎患者的消费品的梳理中，比如汤臣倍健针对骨骼健康的护关节品牌健力多在5年内实现了营业收入从1亿到10亿的突破[2]。 而关节按摩仪淘宝2020年的平均月销售额达到2318万，产品适用部位包括手腕、脚踝、膝盖等全身关节，针对膝关节的按摩产品数量占绝对优势[2]。 2020年10月淘宝关节按摩仪销售数据，图源：Ageclub 其实相比这些被动治疗，积极运动对于关节健康的提升有着更大的效益。 与刻板印象不同，适当的运动不会加重关节磨损，反而能够维持骨骼强度、强健关节周围肌肉，甚至一部分关节疼痛和僵硬，都与缺乏运动有关。 不仅如此，通过运动每减重一磅，能够减少膝关节压力4磅 ...

Group 1: Organizational Structure and Strategy - The company has made a series of adjustments to its organizational structure over the past two years, establishing a brand division that manages the entire cycle from product development to market promotion and sales [2] - Future organizational optimizations will focus more on business empowerment, with no major changes expected overall [2] Group 2: Online and Offline Development Strategies - Online, Douyin is the largest platform for VDS industry sales, maintaining rapid growth, while Tmall and JD.com together account for approximately 60% of the market share [2][3] - The company plans to optimize operational strategies and enhance social media penetration, focusing on consumer needs across different channels to drive product iteration and brand asset optimization [2] - Offline, the company aims to strengthen product capabilities through digital infrastructure in pharmacies and new commercial delivery models, enhancing operational and service capabilities [2] Group 3: Revenue Structure and Market Insights - Currently, Douyin accounts for about 20% of online channel revenue, while Tmall and JD.com together account for approximately 60% [3] - The cross-border market constitutes about 70% of the company's revenue, with the domestic market making up the remaining 30% [3] - The company will focus on product research and innovation to meet the increasingly diverse consumer demands, particularly in the top ten stable product categories [3] Group 4: Sales Expenses and Market Growth - Sales expenses are categorized into two types: A-class expenses for brand building across all channels and B-class expenses for sales conversion support, with a short-term decrease in sales expense ratio being challenging [3] - The industry still has growth potential in China due to increasing penetration rates and the expansion of new consumer groups [3] Group 5: Brand Matrix and Positioning - The company adheres to a multi-brand, full-category strategy, with the main brand "汤臣倍健" targeting the entire population [3] - The brands "健力多" and "lifespace" have shown good development, each accounting for over 10% of the company's revenue [3]

Core Insights - The company reported a significant improvement in its financial performance for Q3 2025, with a notable increase in both revenue and net profit compared to the previous quarters [1][2] - The overall revenue for the first three quarters of 2025 decreased by 14.27% year-on-year, but Q3 alone showed a 23.45% increase, indicating a recovery trend [1][2] Financial Performance - For Q1-Q3 2025, the company achieved a total revenue of 4.915 billion yuan, with a net profit of 907 million yuan, and a non-recurring net profit of 827 million yuan [1] - In Q3 2025, the company reported revenue of 1.383 billion yuan, a year-on-year increase of 23.45%, and a net profit of 171 million yuan, reflecting a substantial year-on-year increase of 861.91% [1] - The gross margin and net margin for Q3 2025 were 68.56% and 13.07%, respectively, showing improvements of 3.25 percentage points and 14.68 percentage points year-on-year [2] Brand Performance - The main brand,汤臣倍健, generated revenue of 2.676 billion yuan in the first three quarters of 2025, down 16% year-on-year, while健力多 saw a revenue of 574 million yuan, down 18% year-on-year [1] - The overseas brand LSG achieved revenue of 720 million yuan, marking a 14% year-on-year increase [1] Operational Efficiency - The company has been actively enhancing its operational efficiency both online and offline, leading to quality growth across various channels [2] - The expense ratios for sales, management, R&D, and financial costs in Q3 2025 were 43.98%, 10.54%, 1.80%, and -0.32%, respectively, with significant reductions in sales and management expense ratios [2] Future Outlook - The company aims to adopt a "re-entrepreneurial" mindset in 2026, focusing on product innovation and global market expansion [2] - Projections indicate that the company could achieve net profits of 784 million yuan, 889 million yuan, and 999 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20%, 13%, and 12% [2]

Core Insights - The company reported a revenue of 4.92 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.3%, while the net profit attributable to shareholders was 910 million yuan, an increase of 4.5% [1] - In Q3 2025, the company achieved a revenue of 1.38 billion yuan, a year-on-year increase of 23.5%, and a net profit of 170 million yuan, a significant increase of 861.9% [1] - The company expects continued high revenue growth in Q4 2025, driven by new product launches and improved operational efficiency [2] Revenue Performance - For the first three quarters of 2025, the company reported a revenue of 4.92 billion yuan, down 14.3% year-on-year, while the net profit attributable to shareholders was 910 million yuan, up 4.5% [1] - In Q3 2025, the revenue was 1.38 billion yuan, reflecting a 23.5% year-on-year increase, with the net profit reaching 170 million yuan, marking an 861.9% increase [1] - The revenue breakdown for Q3 2025 showed online and offline channels generating 700 million yuan and 670 million yuan, respectively, with year-on-year growth of 11.2% and 39.4% [1] Profitability and Cost Management - The gross margin improved by 3.2 percentage points to 68.6% in Q3 2025, attributed to high-quality development and changes in product structure [2] - The company reduced its sales, management, R&D, and financial expense ratios, leading to a net profit margin increase of 14.7 percentage points to 13.1% [2] - The company is focusing on product innovation and enhancing user asset management to drive sales conversion and revenue growth in the upcoming quarters [2] Future Outlook - The company anticipates maintaining high revenue growth in Q4 2025, supported by a low base and ongoing product innovation [2] - In 2026, the company plans to adopt a "re-entrepreneurship" mindset, focusing on product innovation and global market expansion [2] - The profit forecast for 2025-2027 has been slightly adjusted, with expected net profits of 790 million yuan, 920 million yuan, and 1.03 billion yuan, reflecting year-on-year growth of 20.4%, 16.9%, and 11.7% respectively [3]

Investment Rating - The investment rating for the company is "Neutral" [1] Core Views - The company reported a revenue of 4.915 billion yuan for the first three quarters of 2025, a year-on-year decrease of 14.27%, while the net profit attributable to shareholders was 907 million yuan, an increase of 4.45% year-on-year [1] - In Q3 alone, the company achieved a revenue of 1.383 billion yuan, a year-on-year increase of 23.45%, and a net profit of 171 million yuan, compared to a loss of 22 million yuan in the same period last year [1] - The company has successfully turned a profit in Q3 due to improved gross margin and optimized expense ratios, with a gross margin of 68.56%, up 3.25 percentage points year-on-year [5] - The company is expected to continue its revenue growth into Q4, aiming for a single-digit decline in revenue for the year [5] - The report emphasizes the importance of new product launches and channel management for future growth [5] Financial Summary - For 2024A, total revenue is projected at 6.838 billion yuan, with a year-on-year growth rate of -27.3% [1] - The net profit for 2024A is estimated at 653 million yuan, with a year-on-year growth rate of -62.6% [1] - The earnings per share (EPS) for 2024A is projected to be 0.39 yuan, with a price-to-earnings (P/E) ratio of 33 [1] - The company’s total assets are expected to be 14.28 billion yuan in 2024A, with a debt-to-equity ratio of 15.7% [11]

Core Insights - The company reported a significant increase in revenue and net profit for Q3 2025, with revenue reaching 1.383 billion yuan, a year-on-year growth of 23.45%, and net profit of 170 million yuan, marking a remarkable year-on-year increase of 861.91% [2] Financial Performance - For the first three quarters of 2025, the company achieved a total revenue of 4.915 billion yuan and a net profit of 907 million yuan, indicating a recovery in profitability and operational capability [2] - The company has shown consistent improvement in its financial metrics, with both revenue and profit increasing year-on-year [2] Product Innovation and Strategy - The company has focused on product innovation as a key strategy, launching 71 new products in the first three quarters of 2025 [2] - The product strategy includes a dual approach of upgrading basic nutrients and breaking into specialized functional categories, which strengthens its presence in the mass consumer market while also targeting professional sectors [2][3] Market Demand and Consumer Engagement - The company has effectively driven category growth in the basic nutrient sector by promoting high cost-performance products, which has broadened its customer base [3] - New products such as the adult calcium series with high vitamin K2 content have led to a 48% growth in the liquid calcium category on e-commerce platforms [3] Channel Strategy - The company has implemented a differentiated inventory strategy to optimize the value chain across online and offline channels, with positive results beginning to show [4] - In offline channels, the company has improved its market share in the protein powder category by 3.3 percentage points year-on-year, driven by products like calcium vitamin E protein powder [4] Research and Development - The company has made significant advancements in R&D, holding 487 patents and numerous certifications for health food products, positioning itself at the forefront of the industry [5] - The company has also established partnerships for scientific exploration, enhancing its brand image and credibility in the market [5] Future Outlook - Following a period of adjustment, the company is expected to stabilize and recover, laying a solid foundation for long-term growth as new products continue to be released and operational efficiency improves [6]

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].