汤臣倍健Q3净利润暴增861% 前三季度销售、研发费用均下降

作者：亿邦动力文章来源：亿邦动力

2025-11-13 16:50

作者：亿邦动力文章来源：亿邦动力

2025-11-13 16:50

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汤臣倍健财报重要变化和实用要点

1. 2025年第三季度公司净利润同比暴增861.91%至1.71亿元，但前三季度累计营收同比下降14.27%至49.15亿元，显示短期亮眼但整体收入萎缩。

2. 各主要品牌收入下滑：“汤臣倍健”品牌前三季度收入同比下降16.22%至26.76亿元，“健力多”降17.76%至5.74亿元，“lifespace”国内降34.38%，而lifespace境外业务逆势增长13.64%至7.20亿元，提示国际市场机会。

3. 渠道表现差异：前三季度线下渠道收入同比下降20.62%，线上降幅较小为7.67%，电商渠道相对稳健。

4. 产品创新成果：累计推出71款新品，包括基础营养素和专业功能品类，其中钙维生素E蛋白粉系列在电商吸引新客占比85%，高含量维生素K2钙系列表现良好，可借鉴其创新策略。

5. 财务健康改善：前三季度经营活动现金流净额同比大增170.13%至9.21亿元，显示资金状况优化。

公司未来发展计划

1. 2026年起推进全面转型，重点提升收入增长质量。

2. 深化线上线下渠道融合以提高效率，优化产品结构，继续创新布局。

汤臣倍健品牌相关关键信息

1. 品牌营销和渠道建设：主品牌“汤臣倍健”前三季度收入降16.22%，健力多降17.76%，显示品牌整体下滑压力；但lifespace境外增长13.64%，渠道中线上收入降幅较小，仅为7.67%线下大降20.62%，公司计划深化线上线下融合，启示渠道策略优化。

2. 产品研发和市场趋势：前三季度推出71款新品，涵盖营养素和功能品类，钙系列在电商渠道新客占比85%，高含量维生素K2产品热销，反映消费需求多元化和细分市场机会。

3. 品牌定价和用户行为：境内外品牌表现分化，lifespace国内大降34.38%而境外增，表明消费者行为差异；公司转型注重提升收入质量，暗示需调整产品结构应对需求。

市场机会、风险和应对策略

1. 风险提示与影响：前三季度累计营收同比下降14.27%，所有主要品牌收入下滑，线下渠道大降20.62%，显示整体市场挑战；但三季度单季净利润大增861.91%，提示短期反弹潜力。

2. 增长市场与机会：lifespace境外业务增长13.64%且收入7.20亿元，为亮点机会点；产品创新如71款新品中钙维生素E蛋白粉系列电商新客占比85%，示增长细分需求。

3. 消费需求变化和商业模式：行业变革期，需求多元化渠道演进；公司推出新品策略，计划2026年转型提升增长质量，深化线上线下融合，可学习其效率优化模式。

4. 扶持政策和合作启示：虽未直接提政策，但公司现金流改善170%，转型计划强调渠道合作和产品结构优化，为合作方式提供范本。

产品生产和商业机会要点

1. 产品设计需求和生产机会：推出71款新品包括基础营养素和专业功能品类，钙维生素E蛋白粉高含量维生素K2系列在电商渠道表现良好，新客占比85%，显示特定营养品设计市场热需，可复制类似新品开发。

2. 商业机会和增长领域：lifespace境外业务同比增长13.64%至7.20亿元，提示国际出口机会；新产品覆盖多样品类，为工厂创造订单潜力。

3. 推进数字化和电商启示：线上渠道收入降幅仅7.67%远小于线下大降，公司计划深化线上线下融合，启示工厂关注电商销售和数字化供应链管理以提升效率。

行业痛点、趋势和解决方案

1. 行业发展趋势与客户痛点：保健品行业快速变革，消费者需求多元化渠道演进；汤臣倍健面临品牌全面下滑、线下渠道收入大降20.62%、整体收入下降14.27%等痛点，为服务商识别市场痛源。

2. 技术和解决方案启示：公司前三季度推出71款新品并优化结构，钙系列产品创新成功，新客占比高；计划深化线上线下渠道融合提升效率，这些提供可服务点如创新支持工具、渠道整合方案。

3. 痛点解决导向：现金流改善170%显示公司优化财务；转型策略强调提升增长质量，服务商可参考帮助客户实施类似效率提升和结构调整。

平台需求和运营管理重点

1. 商业对平台需求和问题：线上渠道收入前三季度同比下降7.67%至23.88亿元，虽优于线下大降20.62%，但仍显示电商平台有增长放缓挑战；lifespace国内产品降34.38%而钙系列在电商表现好，反映平台招商需差异化品牌。

2. 平台最新做法和运营启示：汤臣倍健计划2026年起推进转型，深化线上线下融合提升效率，优化产品结构；71款新品中电商表现突出，如钙维生素E蛋白粉新客占比85%，平台可借鉴吸引新客户和运营管理。

3. 风险规避和招商机会：整体营收下滑和品牌下降可能影响平台销售；但lifespace境外增长13.64%，提示平台可拓展国际合作机会以规避风险。

产业动向和新问题启示

1. 产业新动向和政策启示：汤臣倍健从2023年高点营收94.07亿元降至2024年68.38亿元降27.30%，2025年整体继续降但三季度单季净利润暴增861%，显示行业波动大；公司计划2026年转型提升增长质量，政策建议可关注企业创新支持。

2. 新问题和商业模式观察：所有主要品牌收入下降，但lifespace境外增13.64%而国内大降，渠道线上优于线下，体现需求多元化和渠道演进问题；产品创新如71款新品成功吸引新客，研究其商业模式整合线上线下和结构优化。

3. 法规建议和行业启示：现金流改善170%反映优化措施；行业处于变革期，研究者可探索企业如何在消费多元化背景下平衡风险和机会。

声明：快读内容全程由AI生成，请注意甄别信息。如您发现问题，请发送邮件至 run@ebrun.com 。

我是品牌商卖家工厂服务商平台商研究者帮我再读一遍。

Quick Summary

Key Changes and Practical Takeaways from By-health's Financial Report

1. Q3 2025 net profit surged 861.91% year-on-year to RMB 171 million, but cumulative revenue for the first three quarters fell 14.27% to RMB 4.915 billion, indicating a strong short-term performance amid overall revenue contraction.

2. Revenue declines across major brands: "By-health" brand revenue dropped 16.22% to RMB 2.676 billion, "Jianliduo" fell 17.76% to RMB 574 million, and "lifespace" domestic sales plunged 34.38%, while lifespace overseas business grew 13.64% to RMB 720 million, highlighting international market opportunities.

3. Channel performance divergence: Offline channel revenue decreased 20.62%, while online channels saw a smaller decline of 7.67%, indicating relative resilience in e-commerce.

4. Product innovation results: 71 new products launched, including basic nutrients and specialized functional categories. The calcium-vitamin E protein powder series attracted 85% new customers via e-commerce, and the high-content vitamin K2 calcium series performed well, showcasing effective innovation strategies.

5. Improved financial health: Operating cash flow surged 170.13% to RMB 921 million, reflecting better liquidity.

Future Development Plans

1. Comprehensive transformation starting 2026, focusing on improving revenue growth quality.

2. Deepen online-offline channel integration for efficiency, optimize product structure, and continue innovation efforts.

Key Information Related to By-health Brands

1. Brand marketing and channel development: Main brand "By-health" revenue fell 16.22%, "Jianliduo" dropped 17.76%, indicating overall brand pressure. However, lifespace overseas grew 13.64%, and online channels declined only 7.67% versus offline's 20.62% drop. The company plans deeper online-offline integration, suggesting channel strategy optimization opportunities.

2. Product R&D and market trends: 71 new products launched across nutrient and functional categories. Calcium series attracted 85% new e-commerce customers, and high-content vitamin K2 products sold well, reflecting diversified consumer demand and niche market opportunities.

3. Brand pricing and consumer behavior: Divergent performance between domestic (lifespace down 34.38%) and international markets (lifespace up) indicates varying consumer behaviors. The transformation focus on revenue quality suggests need for product structure adjustments to meet demand.

Market Opportunities, Risks and Response Strategies

1. Risk alerts and impact: Cumulative revenue down 14.27% with all major brands declining; offline channels plunged 20.62%, indicating market challenges. However, Q3 net profit surged 861.91%, suggesting short-term rebound potential.

2. Growth markets and opportunities: lifespace overseas business grew 13.64% to RMB 720 million as a bright spot; product innovations like calcium-vitamin E protein powder attracted 85% new e-commerce customers, revealing niche demand growth.

3. Consumer demand shifts and business models: Industry transformation period with diversified demand and channel evolution. The company's new product strategy and 2026 transformation plan focusing on growth quality and online-offline integration offer learnable efficiency optimization models.

4. Support policies and partnership insights: While no direct policy mentions, 170% cash flow improvement and transformation emphasis on channel cooperation/product optimization provide partnership templates.

Product Manufacturing and Business Opportunity Highlights

1. Product design needs and production opportunities: 71 new products across basic nutrients and specialized functional categories. Calcium-vitamin E protein powder and high-content vitamin K2 series performed well with 85% new e-commerce customers, showing market demand for specific nutrient designs that can be replicated.

2. Business opportunities and growth areas: lifespace overseas business grew 13.64% to RMB 720 million, suggesting international export opportunities; diverse new product categories create order potential for factories.

3. Digital and e-commerce insights: Online channel decline of 7.67% was far smaller than offline's 20.62% drop. The company's online-offline integration plan suggests factories should focus on e-commerce sales and digital supply chain management for efficiency.

Industry Pain Points, Trends and Solutions

1. Industry trends and client pain points: Health supplements industry rapidly changing with diversified consumer demand and channel evolution. By-health faces brand declines, 20.62% offline channel drop, and 14.27% overall revenue decrease, helping service providers identify pain sources.

2. Technology and solution insights: 71 new products launched with optimized structure; successful calcium series innovations with high new customer rates; online-offline channel integration for efficiency - these provide service opportunities like innovation support tools and channel integration solutions.

3. Pain point resolution direction: 170% cash flow improvement shows financial optimization; transformation strategy emphasizes growth quality, providing reference for helping clients implement similar efficiency improvements and structural adjustments.

Platform Needs and Operational Management Focus

1. Merchant demands and platform issues: Online channel revenue fell 7.67% to RMB 2.388 billion, better than offline's 20.62% drop but still showing e-commerce growth slowdown. lifespace domestic products down 34.38% while calcium series performed well on e-commerce, indicating need for differentiated brand selection.

2. Latest practices and operational insights: By-health's 2026 transformation plan focuses on online-offline integration and product structure optimization. Among 71 new products, e-commerce performers like calcium-vitamin E protein powder attracted 85% new customers, providing reference for platform customer acquisition and management.

3. Risk avoidance and merchant opportunities: Overall revenue decline and brand drops may affect platform sales; but lifespace overseas growth of 13.64% suggests international cooperation opportunities to mitigate risks.

Industry Movements and New Problem Insights

1. Industry trends and policy implications: By-health's revenue dropped 27.30% from 2023 peak of RMB 9.407 billion to 2024's RMB 6.838 billion, continuing decline in 2025 but with 861% Q3 profit surge, indicating high volatility. The 2026 transformation focusing on growth quality suggests policy attention to enterprise innovation support.

2. New problems and business model observations: All major brands declined but lifespace overseas grew 13.64% while domestic plunged; online channels outperformed offline, reflecting demand diversification and channel evolution issues. Successful product innovations attracting new customers warrant study of integrated online-offline business models and structural optimization.

3. Regulatory suggestions and industry insights: 170% cash flow improvement reflects optimization measures; industry in transformation period invites research on balancing risks and opportunities amid consumer diversification.

Disclaimer: The "Quick Summary" content is entirely generated by AI. Please exercise discretion when interpreting the information. For issues or corrections, please email run@ebrun.com .

I am a Brand Seller Factory Service Provider Marketplace Seller Researcher Read it again.

【亿邦原创】日前，汤臣倍健发布2025年第三季度财报，其第三季度单季实现营业收入13.83亿元，同比增长23.45%；归属于上市公司股东的净利润1.71亿元，同比增幅达861.91%。然而，从前三季度的累计数据来看，汤臣倍健营收49.15亿元，较去年同期下降14.27%。

从历史数据观察，汤臣倍健在2023年达到高点，实现营收94.07亿元，归母净利润17.46亿元，同比增长26.01%。不过，汤臣倍健在2024年遭遇业绩调整，营收降至68.38亿元，同比下降27.30%；归母净利润6.53亿元，同比下降62.62%。这一调整趋势在2025年上半年仍在延续，营收同比减少23.43%至35.32亿元。

具体来看本次财报，从品牌表现来看，2025年前三季度汤臣倍健各主要品牌呈下降趋势。主品牌“汤臣倍健”实现收入26.76亿元，同比下降16.22%；“健力多”品牌收入5.74亿元，同比下降17.76%。“lifespace”国内产品收入1.78亿元，同比下降34.38%。相比之下，“lifespace”的境外业务成为亮点，实现收入7.20亿元，同比增长13.64%。

从渠道维度看，前三季度，线下渠道收入24.67亿元，同比下降20.62%；线上渠道收入23.88亿元，同比下降7.67%。

产品创新方面，汤臣倍健前三季度累计推出71款新品，在基础营养素和专业功能品类均有布局。其中，高含量维生素K2的成人钙系列产品在电商渠道表现良好，钙维生素E蛋白粉的新客占比达到85%。

财务数据显示，汤臣倍健现金流状况持续改善。前三季度经营活动现金流量净额9.21亿元，同比增长170.13%。

值得关注的是，第三季度净利润大涨861.91%，公告并未明确披露原因。但数据显示，公司销售费用大幅下降：年初至报告期末销售费用为18.41亿元，同比减少约24.1%。研发费用下降：前三季度研发费用同比减少52.44%，主要因外包研发未达预期并收到退款，冲减了研发支出。

此外，汤臣倍健第三季度非经常性损益项目合计约3730万元，主要包括：政府补助约2395万元，金融资产公允价值变动收益约1473万元；资产处置收益：主要因处置原广州总部办公大楼，带来约3000万元收益（体现在年初至本期末）；

根据业绩表现，汤臣倍健计划从2026年开始推进全面转型战略，重点提升收入增长质量。在渠道策略上，汤臣倍健将深化线上线下融合，提升渠道效率。产品方面，汤臣倍健将继续推进产品创新，优化产品结构。

从行业环境看，保健品行业正处于快速变革期，消费者需求日益多元化，渠道格局持续演进。作为行业龙头企业。汤臣倍健正站在新的十字路口。

亿邦持续追踪报道该情报，如想了解更多与本文相关信息，请扫码关注作者微信。

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FAQ回顾

汤臣倍健2025年第三季度净利润为何大幅增长861%？

汤臣倍健第三季度净利润同比暴增861.91%至1.71亿元，主要原因是销售费用同比减少约24.1%，以及非经常性损益项目贡献约3730万元，包括政府补助和处置广州总部大楼收益。

汤臣倍健2025年前三季度各品牌营收表现如何？

前三季度主品牌“汤臣倍健”收入26.76亿元（降16.22%），“健力多”收入5.74亿元（降17.76%），“lifespace”国内产品收入1.78亿元（降34.38%），但境外业务收入7.20亿元（增13.64%）。

汤臣倍健2026年有哪些转型计划？

汤臣倍健计划从2026年起推进全面转型，重点提升收入增长质量，深化线上线下渠道融合，并继续通过推出新品优化产品结构。

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2025-11-13 15:32:09