和跨境的品的表现由于大冒产品了这一些其实都是我们在整个这个线上渠道的这个一些竞争的这个格局里面能看到的一些这种趋势啊那针对这一些这个一些趋势变化呢公司在今年我们也是以这个提升整个经营质量为核心对我们的线上的一些业务 也是做了一定的调整调整的核心主要是将一些不可持续的品种还有盈利性甚至其实就是不盈利的一些平台和渠道进行了一些这种业务调整把更多的资源要聚集在我们的核心品种和核心渠道上面这个的话对我们的线上的收入其实是产生了比较大的影响 因为今年大家可以看虽然电商整个电商线上我们还有双位数的增长但是其实主要的增量来源都是来自于抖音像阿里和京东的话其实基本上都是中个位数的增长主要的来源在抖音的话整个行业还是有超过50%以上的增长 所以这样的一个渠道但本身对于我们这种可能品牌自播占比又比较小的这一类它还是一个比较高度依赖这个超投以及这种费用啊信息流的这种模式的话它其实比较难去做这个盈利的一些这个形成盈利的这种模式吧所以我们其实在这一块的投入和这个布局都是会更加的 谨慎和相应的资源也是做了一定的控制所以这个也就导致了我们比较难在增量最大的市场里面去获取更多的市场份额所以这是我们线上这一块的这些举措 那线上的这些表现,那针 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 13.47 CNY [4]. Core Insights - The company reported a significant decline in revenue and profit for Q3 2024, with total revenue of 11.2 billion CNY, down 48.8% year-on-year, and a net profit of -0.2 billion CNY, indicating a shift from profit to loss [1][2]. - The company is facing increased competition and slower-than-expected progress in upgrading its core products, leading to greater revenue declines across its brands [1]. - The gross margin has been declining, with Q3 2024 gross margin at 65.31%, down 2.64 percentage points year-on-year, and the overall net profit margin is under pressure due to rising sales and management expenses [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 57.3 billion CNY, down 26.3% year-on-year, and a net profit of 8.7 billion CNY, down 54.3% year-on-year [1]. - The main brand "汤臣倍健" generated 31.94 billion CNY in revenue, down 29.20% year-on-year, while the joint care brand "健力多" saw a revenue of 6.98 billion CNY, down 29.9% year-on-year [1]. - The company’s online channel revenue decreased by 23.36% year-on-year, while offline channel revenue fell by 29.08% year-on-year, indicating a broader industry trend of declining sales [1]. Profitability and Cost Structure - The gross margin for the first three quarters of 2024 was 67.93%, with a projected decline for the full year due to expected lower performance in Q4 [2]. - The sales expense ratio increased to 42.33% for the first three quarters, reflecting higher costs associated with maintaining market presence amid declining revenues [2]. - The net profit margin for Q3 2024 was -1.6%, a significant drop of 18.22 percentage points year-on-year, indicating severe profitability challenges [2]. Earnings Forecast and Valuation - The profit forecasts for 2024 to 2026 have been revised downwards to 7.68 billion CNY, 10.60 billion CNY, and 12.44 billion CNY, representing reductions of 38%, 26%, and 21% respectively [2]. - The current price-to-earnings (P/E) ratios are projected at 30x for 2024, 22x for 2025, and 18x for 2026, reflecting the company's position as a leader in the dietary supplement industry despite current challenges [2].

Investment Rating - The investment rating for the company is maintained at "Accumulate" [2][4]. Core Views - The company reported a revenue of 5.73 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 26.3%. However, the net profit attributable to shareholders decreased by 54.3% to 870 million yuan, and the net profit after deducting non-recurring gains and losses fell by 55.1% to 810 million yuan. In Q3 2024, the revenue was 1.12 billion yuan, down 48.8% year-on-year, with a net profit of -20 million yuan, a decline of 106.3% [1][2]. - The decline in revenue is attributed to weak consumer demand, intensified price competition, and the need to digest old inventory of key products. The main brand and Lifespace experienced significant revenue declines of 54.4% and 62.6% respectively in Q3 2024 [1]. - The gross margin in Q3 2024 decreased by 2.6 percentage points to 65.3%, primarily due to increased price competition and rising raw material costs. The company’s selling, administrative, R&D, and financial expense ratios increased year-on-year, reflecting the impact of declining revenue [1]. - Looking ahead to Q4 2024, the company expects reduced revenue growth pressure as old inventory is digested, and new product launches may help clarify the profit chain across channels. The company is also focusing on optimizing its expense allocation model to improve efficiency [1]. Financial Summary - For the years 2024 to 2026, the company is projected to achieve net profits of 810 million yuan, 1.21 billion yuan, and 1.40 billion yuan respectively, with year-on-year changes of -53.6%, +48.9%, and +15.7% [2][3]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.48 yuan, 0.71 yuan, and 0.82 yuan respectively [3][4]. - The company’s price-to-earnings (P/E) ratios for 2024, 2025, and 2026 are estimated at 28, 19, and 16 times respectively [2][3].

证券代码：300146 证券简称：汤臣倍健 汤臣倍健股份有限公司 投资者关系活动记录表 编号：2024-015 | --- | --- | --- | |-----------------------|-------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □特定对象调研 | □分析师会议 | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 | □新闻发布会 | □路演活动 | | 类别 | □现场参观 | | | | 其他 2024 | 年三季度业绩投资者电话会 | | 参与单位名称及 | 详见附件 | | | 人员姓 ...

Financial Performance - Revenue for the reporting period was RMB 1.12 billion, a decrease of 48.76% year-over-year[3] - Net profit attributable to shareholders of the listed company was RMB -22.42 million, a decrease of 106.30% year-over-year[3] - Basic earnings per share were RMB -0.01, a decrease of 104.76% year-over-year[3] - Weighted average return on equity was -0.19%, a decrease of 3.22 percentage points year-over-year[3] - The company achieved revenue of 5.734 billion yuan in the first three quarters of 2024, a year-on-year decrease of 26.33%, and net profit attributable to shareholders of 869 million yuan, a year-on-year decrease of 54.31%[12] - Total revenue for the period was 5.73 billion RMB, a decrease from 7.78 billion RMB in the previous period[18] - Net profit attributable to the parent company was 2.92 billion RMB, compared to 3.57 billion RMB in the previous period[17] - Net profit attributable to parent company shareholders was 868,614,585.23, a decrease compared to the previous period's 1,901,106,952.70[19] - Total comprehensive income was 859,413,572.00, down from 1,874,578,385.67 in the previous period[20] - Basic earnings per share were 0.51, compared to 1.12 in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were RMB 13.55 billion, a decrease of 10.24% compared to the end of the previous year[3] - Equity attributable to shareholders of the listed company was RMB 11.33 billion, a decrease of 6.92% compared to the end of the previous year[3] - Trading financial assets at the end of the period were RMB 925.03 million, a decrease of 32.70% compared to the beginning of the year, mainly due to a reduction in financial products[6] - Notes receivable financing at the end of the period were RMB 28.40 million, a decrease of 75.73% compared to the beginning of the year, mainly due to an increase in bank acceptance bill transfers[6] - Inventory balance at the end of the period decreased by 32.79% to 664.78 million yuan, mainly due to sales of goods prepared at the end of last year[7] - Fixed assets balance at the end of the period increased by 111.27% to 1.91 billion yuan, mainly due to the new office building reaching the usable state[7] - Construction in progress balance at the end of the period decreased by 69.24% to 436.57 million yuan, mainly due to the new office building reaching the usable state[7] - Short-term loans balance at the end of the period increased by 100.00% to 550.00 million yuan, mainly due to discounted bills not yet due[7] - Accounts payable balance at the end of the period decreased by 66.04% to 144.88 million yuan, mainly due to reduced procurement and use of acceptance bills[7] - Contract liabilities balance at the end of the period decreased by 67.36% to 359.56 million yuan, mainly due to shipments of goods pre-ordered by customers at the end of last year[7] - Total assets decreased to 13.55 billion RMB from 15.10 billion RMB at the beginning of the period[15] - Total liabilities decreased to 2.18 billion RMB from 2.86 billion RMB at the beginning of the period[16] - Cash and cash equivalents decreased to 2.38 billion RMB from 3.33 billion RMB at the beginning of the period[15] - Trade receivables increased to 318.84 million RMB from 249.12 million RMB at the beginning of the period[15] - Inventory decreased to 664.78 million RMB from 989.07 million RMB at the beginning of the period[15] - Fixed assets increased to 1.91 billion RMB from 905.55 million RMB at the beginning of the period[15] - Total equity attributable to the parent company decreased to 11.33 billion RMB from 12.17 billion RMB at the beginning of the period[17] Cash Flow - Net cash flow from operating activities for the period was RMB 341.03 million, a decrease of 74.66% year-over-year[3] - Operating cash inflow decreased by 31.30% to 5.29 billion yuan, mainly due to reduced sales collections and government subsidies[7] - Net cash flow from operating activities decreased by 74.66% to 341.03 million yuan, mainly due to reduced sales collections[8] - Net cash flow from financing activities changed by 262.88% to -1.24 billion yuan, mainly due to increased dividend payments and stock repurchases[8] - Net increase in cash and cash equivalents changed by 72.80% to -942.85 million yuan, mainly due to reduced sales collections and increased dividend payments[8] - Cash flow from operating activities was 341,030,743.31, a significant decrease from 1,345,960,359.98 in the previous period[21] - Cash flow from investing activities was -42,009,600.52, an improvement from -1,562,647,037.52 in the previous period[22] - Cash flow from financing activities was -1,238,897,431.40, a larger outflow compared to -341,405,836.44 in the previous period[22] - Cash and cash equivalents at the end of the period were 2,380,868,570.36, down from 3,323,717,490.49 at the beginning of the period[22] Revenue Breakdown - The main brand "By-Health" generated revenue of 3.194 billion yuan, down 29.20% year-on-year, while "Jianliduo" revenue was 698 million yuan, down 29.90% year-on-year[12] - Lifespace domestic products revenue was 271 million yuan, down 29.55% year-on-year, and overseas LSG revenue was 684 million yuan, down 11.66% year-on-year (145 million AUD, down 12.42%)[12] - Offline channel revenue was 3.109 billion yuan, down 29.08% year-on-year, and online channel revenue was 2.586 billion yuan, down 23.36% year-on-year[12] - Sales revenue from goods and services was 5,183,722,722.01, down from 7,529,845,205.48 in the previous period[21] Operating Costs and Expenses - Operating costs amounted to 4.80 billion RMB, down from 5.60 billion RMB in the prior period[18] - Payments for goods and services were 1,442,219,038.73, down from 2,224,123,131.27 in the previous period[21] - Payments to employees were 875,638,349.17, an increase from 783,356,624.18 in the previous period[21] Shareholder and Stock Information - The company repurchased 15,736,987 shares, accounting for 0.9252% of total shares, with a total payment of 249.54 million yuan[14] - The company's total share capital increased to 1,700,845,431 shares after 536,668 stock options were exercised[14] - The company granted 14.9 million restricted shares to 36 incentive recipients at a price of 8.60 yuan per share, later adjusted to 7.70 yuan per share[14] - The company holds 15,736,987 shares in its repurchase account, accounting for 0.93% of total shares[9] - The top 10 shareholders include Hong Kong Securities Clearing Company with 30,125,638 shares and E Fund ChiNext ETF with 29,618,018 shares[9] - The CSI 500 ETF held 18,683,367 shares, accounting for 1.10% of total shares, with 1,649,800 shares lent out through securities lending[10] Non-Recurring Items - Non-recurring gains and losses for the reporting period amounted to RMB 1.74 million, primarily due to VAT deductions and financial income[4]

证券代码：300146 证券简称：汤臣倍健 公告编号：2024-068 汤臣倍健股份有限公司 关于回购股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 汤臣倍健股份有限公司（以下简称"公司"）于 2023 年 10 月 30 日召开第六 届董事会第三次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 使用自有资金以集中竞价交易方式回购股份，用于公司员工持股计划或股权激励 （以下简称"第一期回购"）。第一期回购资金总额不低于人民币 15,000 万元（含）， 不超过人民币 30,000 万元（含），回购价格不超过人民币 26 元/股（含），回购期 限为自董事会审议通过回购股份方案之日起不超过 12 个月。具体内容详见公司 于 2023 年 10 月 30 日刊登在巨潮资讯网的《关于回购股份方案的公告》。 ①自可能对本公司证券及其衍生品种交易价格产生重大影响的重大事项发 生之日或者在决策过程中，至依法披露之日内； ②中国证监会和深圳证券交易所规定的其他情形。 一、回购股份进展情况 截至 2024 年 9 月 30 日，公司第一期回购已通过回购 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, with a target price of 16.7 yuan and a target market capitalization of 28.36 billion yuan [3][5] Core Views - The company is a leading brand in China's VDS (Vitamin and Dietary Supplements) industry, with a strong product portfolio and a dominant position in both online and offline channels [1][2] - The VDS market in China is expected to grow from 225.34 billion yuan in 2023 to 293.15 billion yuan by 2028, driven by increasing health awareness, aging population, and changing consumer behavior among the younger generation [1] - The company's core competitiveness lies in its diversified product matrix, strong R&D capabilities, and a well-established offline pharmacy channel, complemented by a rapidly growing online presence [2][3] Market Overview - The Chinese VDS market is expanding, with a CAGR of 8.47% from 2013 to 2023, and is expected to grow further due to rising health consciousness and an aging population [1][28] - Online channels now account for over 50% of VDS sales in China, surpassing traditional pharmacy and direct sales channels, with e-commerce platforms becoming a key focus for companies [1][32] - The market is highly fragmented, with the top 5 companies holding only 30% of the market share in 2023, indicating significant room for consolidation and growth for leading players [1][36] Company Strengths - The company has a comprehensive product portfolio, including flagship brands like "By-Health" and "Life-Space," and has successfully implemented a "big single product" strategy to dominate niche markets [2][44] - It has a strong offline presence, with over 50% of its revenue coming from offline channels, particularly pharmacies, where it has a competitive edge due to its extensive distribution network and professional sales support [2][52] - The company is aggressively expanding its online channels, with a focus on e-commerce platforms like Tmall and JD, as well as emerging platforms like Douyin and Kuaishou, achieving significant sales growth during key shopping festivals like Double 11 [2][3] Future Growth Drivers - The company plans to establish a digital marketing center in 2024 to further enhance its online capabilities and deepen its penetration in lower-tier markets [3] - It is actively expanding into Southeast Asia, leveraging its "Life-Space" brand to tap into the growing demand for health supplements in the region [3][37] - The company is investing heavily in R&D, with a focus on product innovation, new functional claims, and proprietary ingredients, which will help differentiate its offerings in a highly competitive market [42][43] Financial Projections - The company is expected to achieve revenues of 9.39 billion yuan, 10.47 billion yuan, and 11.73 billion yuan in 2024, 2025, and 2026, respectively, with net profits of 1.42 billion yuan, 1.69 billion yuan, and 1.98 billion yuan during the same period [3][4]

证券代码：300146 证券简称：汤臣倍健 汤臣倍健股份有限公司 投资者关系活动记录表 编号：2024-014 | --- | --- | --- | --- | --- | |-------------------------|------------------------------|------------------------------------------------------------------|--------------------------------------------|--------------| | | 特定对象调研 | □分析师会议 | | | | | □媒体采访 | □业绩说明会 | | | | 投资者关系活动 | □新闻发布会 | □路演活动 | | | | 类别 | □现场参观 | | | | | | □其他 | | | | | 参与单位名称及 人员姓名 | 详见附件 | | | | | | | | | | | 时间 地点 | 2024 年 9 月 19 日 | 10:00-11:00 广东省广州市黄埔区鱼珠街道黄埔大道东 916 号 | | | | 上市 ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2024-067 关于购置办公楼的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、交易情况概述 汤臣倍健股份有限公司（以下简称"公司"）于 2023 年 4 月 26 日召开第五 届董事会第二十三次会议，审议通过了《关于购置办公楼的议案》，公司拟通过 购买不动产权及收购股权的形式购置广州市黄埔大道东 916 号商业办公楼（以下 简称"项目物业"）及其相应土地使用权。本次交易分两步实施，第一阶段公司 向物业持有方广州广报盈龙置业有限责任公司（以下简称"广报盈龙"）购买项目 物业第 18 层（不包含 1804 单元）至 22 层、第 24 层至第 32 层共计 51 套房产单 元（以下简称"可售物业"）；第二阶段购买广报盈龙 100%股权，进一步持有项目 物业剩余房产单元。 2023 年 6 月，可售物业交付，本次交易第一阶段已完成。具体内容详见公 司于 2023 年 4 月 27 日、2023 年 6 月 30 日刊登在巨潮资讯网的《关于购置办公 楼的公告》《关于购置办公楼的进展公告》。 二、进 ...

证券代码：300146 证券简称：汤臣倍健 公告编号：2024-066 汤臣倍健股份有限公司 第六届董事会第十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 一、董事会会议召开情况 汤臣倍健股份有限公司（以下简称"公司"）第六届董事会第十一次会议于 2024 年 9 月 13 日 18:00 在广州市黄埔区鱼珠街道黄埔大道东 916 号公司会议室 以现场结合通讯表决方式召开。会议通知已于 2024 年 9 月 11 日以电子邮件方式 送达全体董事。本次会议应参加董事 7 人，实际参加董事 7 人，除董事林志成先 生现场参会外，其他董事均以通讯方式参加。本次会议由公司董事长梁允超先生 召集和主持，董事会秘书唐金银女士列席本次会议。本次会议的召集、召开符合 《中华人民共和国公司法》《深圳证券交易所上市公司自律监管指引第 2 号—— 创业板上市公司规范运作》以及《公司章程》《董事会议事规则》的有关规定， 会议合法有效。 二、董事会会议审议情况 经与会董事认真审议，本次会议以表决票表决的方式形成以下决议： 审议通过了《关于调整购置办公楼交易价格的议案 ...