汤臣倍健(300146) - 2024年5月16日投资者关系活动记录表

Group 1: Market Challenges and Compliance - The challenges of decentralized traffic, diversified channels, and online regulatory environments still exist, but industry standardization is the overarching trend. The company adheres to compliant operations and long-term business planning, which will improve as relevant regulations are refined [2] - The tightening of medical insurance management has become a norm, indicating a significant trend in policy changes affecting pharmacy channels [2] Group 2: Growth Potential in Pharmacy Channels - The domestic dietary supplement industry has vast growth potential, driven by factors such as per capita consumption, penetration rates, and an aging population. The pharmacy channel will continue to exist and has growth potential due to trends like prescription outflow [2] - The company, being one of the first to establish a presence in the pharmacy channel with its VDS brand, plans to drive growth through category expansion and enhanced brand empowerment [2] Group 3: Brand Strategy and Market Positioning - Given the complexity of the Chinese market and significant urban development disparities, achieving single-brand coverage for the entire population is challenging. The company maintains a multi-brand strategy focused on large single products across all channels to achieve market share growth and maintain its leading position [3] - The company emphasizes brand building, with a shift in media investment towards mid-to-long-term resources, adjusting internal cost structures to increase brand-building expenses while reducing sales conversion costs [3] Group 4: Revenue Growth and Marketing Efficiency - The revenue growth target for the current year is a single-digit increase year-on-year, facing pressure due to high base effects from the previous year. The sales expense ratio will be controlled at levels similar to the past two years [3] - Marketing efficiency is influenced by the multi-brand strategy and diverse consumer demands, with the company aiming for personalized marketing despite uncertainties in the relationship between investment and sales conversion [3]