By-health(SZ:300146)2023-11-06 12:36Group 1: Company Performance - The company's revenue from the main brands, including vitamins, has shown good performance in the first three quarters [2] - Revenue growth in the first three quarters for products other than protein powder has been positive [2] - The company's revenue growth on the Douyin platform has exceeded 100% in the first three quarters [2] Group 2: Sales Channels and Strategies - Domestic online channels account for over 30% of the company's revenue, while overall online channels account for over 40% [2] - The company has implemented measures in distribution contracts to prevent unauthorized sales and has tracking codes for product flow control [2] - The company has launched online exclusive products that differ in categories, dosage forms, and packaging based on the customer base of online and offline channels [3] Group 3: Market Outlook and Industry Trends - The domestic dietary supplement industry has significant growth potential due to factors such as per capita consumption, overall penetration rates, aging population trends, and health policies [3] - The company aims for long-term development by enhancing product strength, brand power, channel strength, and service capabilities [3] - The recent policy changes allowing new health food function applications will accelerate innovation in the industry [3] Group 4: Financial Management - The company anticipates that the sales expense ratio could transition to 35%-40% in the next 3-5 years as operational capabilities improve [3] - The company has not identified any goodwill impairment risks as of September 2023 [3] - The company maintains a profit distribution policy while considering financial costs and risks when issuing shares for fundraising [3] Group 5: International Business - The company's overseas business includes local operations in Australia and expansion through the Lifespace brand, although the scale remains relatively small [3]