Core Viewpoint - The partnership between Tongchen Baijian and the Everest climbing team highlights the company's commitment to providing bone health nutrition products, establishing a "Bone Strength Reserve Station" at Everest Base Camp to support climbers in their pursuit of reaching the summit [1][4]. Group 1: Partnership and Initiatives - Tongchen Baijian has become the exclusive bone nutrition partner for the Everest climbing team, providing various bone health products to support their climbing efforts [1][4]. - The establishment of the Bone Strength Reserve Station at Everest Base Camp aims to ensure the bone health of climbers facing extreme conditions [4]. Group 2: Product Development and Innovation - The company has launched a series of high-content vitamin K2 liquid calcium products targeting specific demographics, including women (pregnant and nursing), children, and individuals over 45 [3][6]. - The new 70 micrograms vitamin K2 liquid calcium product is designed to enhance calcium absorption and is backed by extensive research, including over 4,000 authoritative studies from 15 countries [5][6]. Group 3: Scientific Approach and Consumer Trust - Tongchen Baijian emphasizes a scientific evidence-based approach in product development, ensuring that formulations meet the nutritional needs of different consumer groups [6]. - The company has initiated a large-scale real-world study in the field of bone and joint health to validate the efficacy of its products [6].

Core Insights - In 2025, the company celebrates its 30th anniversary but faces significant challenges with declining revenue and net profit after a difficult 2024 [2] - The brand struggles to resonate with younger consumers, who prefer newer brands like Swisse, indicating a shift in market dynamics [3][4] - The company's marketing efforts have not translated into sales growth, with a notable increase in sales expenses without corresponding revenue increases [4][5] Financial Performance - In 2023, sales expenses reached 3.859 billion, a 21.77% increase year-on-year, while revenue growth was only 19.66%, indicating diminishing returns on marketing investments [4] - In the first half of 2025, sales expenses were 1.233 billion, down 32.33% from 1.822 billion, but revenue still declined by 23.43%, showing ongoing challenges in sales momentum [5] - The company reported a 62.62% drop in net profit in 2024, marking the most severe decline in years, with continued revenue decreases into 2025 [5][10] Marketing and Sales Strategy - The company has significantly cut marketing expenses, with advertising costs dropping over 50% in the first half of 2025, yet this has not led to improved sales performance [7][11] - Despite reducing costs, the sales expense ratio reached a historical high of 44.33% in 2024, indicating that marketing efficiency is declining [11] - The company has also reduced R&D expenses by 56.45% in the first half of 2025, which may impact long-term innovation and competitiveness [13] Market Position and Consumer Perception - The brand is losing its appeal among younger consumers, who view it as outdated compared to competitors [3][15] - The company has seen a significant decline in its dealer network, with the number of dealers dropping from 1,070 in 2021 to 640 in 2025 [17] - Revenue from key products like "健力多" has decreased significantly, with a drop from over 1 billion in 2022 to 411 million in the first half of 2025 [17] Challenges and Future Outlook - The company faces a dual challenge of declining sales and increasing competition from new brands and online platforms [14][18] - The traditional sales channels are under pressure, with both online and offline revenues declining significantly [16][18] - The future success of the company hinges on its ability to adapt to market changes, engage younger consumers, and innovate its product offerings [18]