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 Brand Strategy and Challenges -汤臣倍健's traditional branding and marketing strategies are becoming outdated, as the company struggles to connect with younger consumers [7][11].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].

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]

Group 1: Financial Performance - The company's revenue decline in Q2 narrowed, and net profit increased year-on-year due to effective strategies in product and operations [1] - The gross margin remained stable compared to the same period last year, with a slight increase in Q2 due to changes in product and platform structure [1] - Online sales improved quarter-on-quarter in Q2, reflecting a stable pricing environment [5] Group 2: Market Trends and Competition - Market concentration is decreasing, with ongoing challenges from a sluggish offline market and intense online competition, particularly from interest e-commerce [2] - The company plans to enhance marketing resource allocation to expand offline product distribution in the second half of the year [2] Group 3: Brand and Product Development - The main brand and LSG are the primary contributors to revenue, with both showing good performance in product innovation and market expansion [3] - LSG's cross-border e-commerce accounts for approximately 70% of its sales, indicating its significance as a growth channel [4] - The company launched its first OTC product, "Jianliduo Sulfate Amino Glucosamine Capsules," in July, with plans for more products based on consumer demand [6] Group 4: Strategic Initiatives - The company aims to explore and optimize the business model for the Yep brand, focusing on attracting younger consumers online [7] - The company is adjusting its procurement strategies to mitigate the impact of raw material price fluctuations [9] - The decision to change the fundraising investment to a liquid bar production line is driven by the rapid growth of liquid beverage products [9]

Group 1 - The core announcement is that the company,汤臣倍健, has signed a commitment letter through its wholly-owned subsidiary, 珠海健进, to take joint responsibility for the cross-border e-commerce business of the "lifespace" brand on the Pinduoduo platform [1] - Evolution Health, which is a wholly-owned subsidiary of the company, is involved in this agreement [1]

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]

Group 1: Business Development Strategies - The company plans to enhance offline business through a distributor awakening program, multiple new product launches, and a diverse product SKU range [2] - For international expansion, the focus is on Southeast Asia, particularly the Indian market, leveraging the lifespace brand with localized operations [2] - The production model primarily relies on in-house manufacturing, with some new formulations using contract manufacturing [3] Group 2: Product Innovation and Launch - New product development involves market research, investment modeling, and management approval, with ongoing updates across major product categories [3] - The company is exploring the introduction of ergothioneine-related products based on market demand and business growth [3] - There is a commitment to high-quality product innovation in online channels, aiming for premium pricing and sustainable e-commerce models [3] Group 3: Sales Performance and Market Challenges - In Q1 of this year, sales for the products "健力多" and protein powder saw a significant decline compared to the previous year, attributed to changing consumer environments and industry dynamics [3] - Continuous strategy optimization is necessary to improve sales performance for these categories [3] Group 4: Regulatory and M&A Considerations - The company is monitoring online regulatory trends, which are expected to create favorable conditions for compliant businesses [3] - There is a cautious approach towards potential mergers and acquisitions, aligning with market conditions and strategic planning [3]

Group 1: Financial Performance and Budgeting - The company aims to maintain stable budget targets for 2025 compared to 2024, focusing on cautious and stable overall financial management [2] - Sales expense ratio guidance for the upcoming year is expected to be controlled effectively, supported by enhanced management capabilities [2] - In 2024, the company invested 750 million in advertising, with plans to refine advertising strategies for better consumer engagement in 2025 [3] Group 2: Product Development and Market Strategy - The company has launched proprietary probiotic strains, specifically LPB27, to enhance product differentiation and cater to niche markets [3] - Lifespace brand development is a priority, with ongoing resource investment to establish it as a preferred brand in the probiotic category [3] - Plans to expand the product matrix and create new application scenarios to strengthen product advantages in the market [4] Group 3: Sales Channels and Competition - The company will implement dealer and terminal activation plans to enhance service capabilities and market coverage in 2025 [4] - Strategies include increasing the quality of e-commerce operations while reducing ineffective business scales, focusing on sustainable growth [4] - The company acknowledges the competitive pressure from online channels and plans to diversify product offerings to meet changing consumer preferences [5] Group 4: Pricing Strategy - Price discrepancies across different sales channels are attributed to channel characteristics and promotional activities [5] - The company aims to establish a differentiated multi-product strategy across channels to address pricing inconsistencies [5]

汤臣老矣，尚能倍健否 作者丨青橙财经 青沐 汤臣倍健交出了史上最丑的年度成绩单。 3月22日，汤臣倍健发布2024年财报。财报显示，2024年汤臣倍健实现营业收入68.38亿元，较上年同期下降27.30%；归属于上市公司股东的净利润6.53亿 元，较上年同期下降62.62%。其中，2024年第三季度净利润由正转负，亏损2242万元，第四季度亏损更急剧扩大至2.16亿元。 "百亿收入是消费品的一个关卡，我们在这道关卡前来了个急刹车。"汤臣倍健董事长梁允超在年报致股东信中称，"过去的2024年是众多消费品价值链解 构硬着陆的一年，也是汤臣倍健硬着陆的一年。" 汤臣倍健2023年营收曾达到94.07亿，距离百亿只差临门一脚。但2023年业绩逐季下滑，2024年的颓势更为迅猛。 这不是一次偶然的业绩波动。想当年，汤臣倍健2021年巅峰时期市值超600亿元，将康宝莱拉下王座，成为全球膳食营养补充剂（VDS）行业市值第一。 但自此之后，汤臣倍健的股价一路下滑。截至2025年3月21日收盘，汤臣倍健的总市值仅剩205亿元左右，已跌去三分之二。 膳食营养补充剂（VDS）是以维生素、矿物质、动植物提取物及其它生物活性物质等为主 ...