① Tomson Beijian's revenue and net profit returned to double-digit growth in 2023; ② In response to changes in performance, the company said it had benefited from increased market demand for various product categories brought about by increased public health awareness and achieved relatively rapid revenue growth.
Financial Services Association, March 18 (Reporter Lu Tingting) Thanks to the upward trend in the industry, dietary nutritional supplement (VDS) company Tomson Beijian (300146.SZ)'s performance returned to double-digit growth last year. Among them, domestic online channels increased significantly.
Tonight, Tomson Beijian revealed its 2023 annual report, achieving operating income and net profit of 9.407 billion yuan and 1,746 billion yuan respectively, up 19.66% and 26% year-on-year. In the same period last year, the company's revenue increased 5.79% year on year to 7.861 billion yuan; net profit fell 20.99% year on year to 1,386 billion yuan.
The market in which it is located has grown significantly, becoming an important reason for Tomson Beijian's performance growth. According to iResearch data, China's dietary supplements market reached 59.2 billion yuan in 2023, an increase of 18.6% over the previous year. It is expected to reach 90 billion yuan by 2025, with a compound annual growth rate of 17.8%.
When talking about changes in 2023 performance, Tomson Beijian mentioned, “Benefiting from the increase in market demand for various categories of products brought about by the increase in public health awareness, the company's revenue has grown rapidly.”
By product, in terms of domestic business, in 2023, the company's main brand “Tomson Beijian” achieved annual revenue of 5.40 billion yuan, an increase of 21.48%; the joint care brand “Jianli Duo” achieved revenue of 1,179 million yuan, a year-on-year decrease of 2.52%; “lifespace” domestic products achieved revenue of 445 million yuan, an increase of 46.84% year on year; and LSG's overseas business revenue was 989 million yuan, up 23.03% year on year.
By channel, the company's offline channel revenue accounted for about 58.10% of domestic revenue in 2023, up 12.39% year on year; domestic online channel revenue increased 27.53% year on year, with a growth rate of 13.00% for the same period in 2022.
Tomson Beijian revealed in January that judging from the revenue share of various online platforms, Ali and JD together account for more than 60%, while Douyin accounts for about 20% of revenue. A Financial Services Association reporter also learned from the company today that Douyin's e-commerce sector is growing at a rate of 172%, and among the top 10 core e-commerce sales categories, 6 categories under Tomson Beijian are among the top three brands.
However, the increase in the share of online channel revenue has also led to an increase in sales expenses. In 2023, Tomson Beijian's sales expenses increased 21.77% year over year to 3.859 billion yuan, accounting for 41.02% of revenue.
“The level of sales expenses is related to the company's industry circuit and stage of industry development.” Tomson Beijian said that with the gradual improvement of the company's operating capacity, there is still room for optimization of sales expenses, and it is hoped that the sales expense ratio will transition to 35% to 40% within the next 3 to 5 years.