华鑫证券研报指出，汤臣倍健二季度收入降幅收窄，公司动态优化资源分配，实现盈利改善。产品端来 看，公司2025H1主品牌/健力多/lifespace国内产品/境外LSG收入分别同比-28%/-30%/-34%/+13%至 18.88/4.11/1.38/5.34亿元。境内产品销售下滑主要系受医保控费与消费萎靡影响，药店终端对高客单价 产品接受度下滑，境外LSG主要受益于跨境电商发展取得高速增长。渠道端来看，公司2025H1线下/线 上渠道收入分别同减32%/14%至17.98/16.84亿元。线上渠道目前仍处于策略调整过程中，通过组建自播 团队缩减费投。线下渠道聚焦降本增效、优化整合经销体系，截至2025H1末经销商较年初净减少147家 至640家，后续将通过丰富SKU、下探价格带、经销商唤醒计划等多策略并行驱动业务企稳。公司内部 调改持续推进，二季度盈利能力环比明显改善，随着强费控延续、差异化新品上市以及全渠道优化落 地，预计全年营收降幅进一步收窄，利润率同比提升。维持"买入"投资评级。 ...

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]