Tomson Bianjian Co., Ltd. was established in June1995+1October 65438. In 2002, dietary supplements were systematically introduced into China's non-direct selling field, and rapidly grew into a leading brand and benchmark enterprise of dietary supplements in China. On August 20 10, Yao Ming, an international basketball superstar, signed a contract to become the image spokesperson of Tomson Bianjian. On February 15 of the same year, Tomson Bianjian was listed on the Growth Enterprise Market of Shenzhen Stock Exchange. In 20 16, the Hong Kong joint venture company Jianzhibao (Hong Kong) was successfully established with NBTY.

The company's brands include Tomson Bianjian, Unlimited Energy, Nutrilite, Daily Premium, Nutrilite, Treasure of Nature, Melis and so on. The main products are protein powder, multivitamins, bone collagen high calcium tablets, glucosamine chondroitin calcium tablets, donkey-hide gelatin, Radix Astragali and Radix Codonopsis iron tablets. In 2065 438+2008 65438+ 10, Tomson Bianjian announced that it planned to acquire the Australian probiotic brand Life-Space for no more than A $690 million. 20 18 In May, Tomson Bianjian acquired Penta-vite, a children's nutritional supplement brand owned by Bayer with a history of more than 70 years.

Up to now, Tomson Bianjian raw materials are produced in 23 countries around the world, bringing together the nutritional essences from all over the world to create a nutrition United Nations that is one in a hundred.

Adhering to the strategic core of "all the way to C", Tomson Bianjian is implementing a strategic upgrade from product marketing to value marketing, and gradually upgrading from a single product provider to a comprehensive solution provider for health intervention, creating healthy value for users. 20 18 Create a brand-new visual image: "Nutrition in 23 countries, for 1 better you. "In line with the company's global layout.

The company's main business: production and sales of dietary supplements, of which tablets account for 49.8 1%, and powders, capsules and others account for 50. 19%.

Ownership structure of the company: As of the first half of the year, Liang Yunchao, the chairman of the company, held shares in Tomson Bianjian Co., Ltd., accounting for 48.37% of the total share capital, and the shareholding ratio of the top ten shareholders was below 2%. Huijin, the top ten tradable shareholders, holds 2.07% and Social Security holds 0.76%. The number of fund positions soared from 23 in the first quarter to 149 in the first half of the year, accounting for 3.57% of the outstanding shares from 0.6 1%.

The dividends paid in 13- 17 have accumulated to RMB19.96 million, accounting for 77.8%, 72.43%, 68.73%, 7 1.43% and 68.23% of the net profit of that year respectively. 20 15 issued 70 million shares at a price of 26.65 yuan, and raised funds of186.55 million yuan.

Second, the company's performance reversal inspiration

Due to the weak offline growth, unclear brand positioning and fierce competition from foreign brands, the company's operating income in 20 16 increased slightly, and its non-net profit decreased by 2 1.84% year-on-year. The company's share price even dropped from 15 in 28 yuan to 17 in 0 yuan. In 20 16, the company's strategic planning was adjusted to focus on brand development, cultivate new profit growth points, and vigorously develop the explosive single product Jianli Polyamine. The new brand is positioned as a global nutritional product, and the best is selected.

In 20 17, the business plan of "adjustment and recovery" was put forward, focusing on the four major goals of income, profit, online sales and new product sales to ensure double-digit growth of income and profit. It takes 20 17 years to complete business integration and structural adjustment.

The main methods are:

Continue to make the big product of Nutrilite.

Establishing e-commerce channels and providing exclusive online QS products is the first time that Tomson Bianjian attaches importance to online marketing and brand building.

Jianzhibao business: develop cross-border e-commerce, and Treasure of Nature and Murray use the advantages of company channels and approvals to occupy pharmacies and supermarkets.

All these practices revolve around a strategic goal, that is, upgrading from a single product provider to a comprehensive solution provider for health intervention.

We can see that the growth of net operating cash flow is three quarters ahead of the bottom of income and profit. The growth of net operating cash flow is the lowest in the two quarters of 20 16 and 1, and then it gradually picks up slowly. The growth of revenue and deduction of non-net profit also bottomed out in the fourth quarter of 16, thanks to the company's correct strategic layout and bold business adjustment.

It must be said that the difference between a good company and an ordinary company lies in the intangible soft power such as strong brand, excellent management and company execution. It took only one year for Tomson Bianjian's performance to return to high growth, and the recovery of net operating cash flow is the best indication of investing in this "flashing waist" white horse.

Third, the main business indicators analysis

1, inventory and accounts receivable

One of the * * * characteristics of high-quality consumer enterprises is the continuous growth of business, the steady growth of inventory, the high accounts receivable before and then low, the highest in the first quarter, and then decreasing quarter by quarter, and the constant payment. The net operating cash flow is low before and then high, the lowest in the first quarter, then rising quarter by quarter, and cash flows in and out again and again.

2. Interest-bearing debt ratio and asset-liability ratio

16 has a short-term loan of 265 million yuan, resulting in interest-bearing liabilities, and the interest-bearing liabilities in these two years are zero. The asset-liability ratio is still low. In the whole A-share market, few companies can maintain such perfect liabilities. Typical low-debt and high-growth enterprises.

3. Period expenses and asset impairment losses

Since Tomson Bianjian's interest-bearing liabilities are zero and most of the financial expenses are interest, I will focus on the sales expenses and management expenses. An interesting phenomenon is that the rapid growth of sales expenses is mainly for the needs of brand promotion, but the growth of management expenses runs counter to the growth of sales expenses, reflecting the company's desire to control the period expenses.

Asset impairment losses increased rapidly, but the total amount was not large. Considering that the company's product quality and industry prospects are in a benign development, the probability of inventory backlog and a large number of bad debts receivable is low, so it is safe for the time being. However, the book value of available-for-sale financial assets is nearly 900 million, mainly in 12 minimally invasive enterprises, and the risk is unknown.

4. Three expense rates, gross profit margin and net interest rate.

The growth of gross profit margin is slow, especially in the last three quarters, inventory is declining and gross profit margin is rising, which means that it is not the backlog of inventory to reduce operating costs and increase gross profit margin, but the promotion effect brought by the real brand premium. The three expense rates increased with the sharp increase in sales expenses, and the net interest rate decreased for four consecutive quarters.

5. Income, deduction of non-net profit and weighted return on equity

Benefiting from the increase of sales expenses and gross profit margin, the growth of revenue and non-net profit began a new growth cycle after the year-on-year decline at the end of the fourth quarter of 16. The weighted ROE is maintained at an excellent level. In the case of low net interest rate and low financial leverage, it shows that the company has accelerated the turnover of total assets, which also reflects the achievements of the company in building a global brand.

Fourth, the company's strategic analysis

In 20 16, the company's performance development suffered from waterloo, and then the strategy of branding large single products and e-commerce was put forward, which seemed to be successful afterwards. So it took only one year, and Tomson Bianjian's performance returned to high growth. From the perspective of industry development, the market scale of health care products in China has reached 270 billion yuan. At present, the prevalence rate of dietary supplements in the United States has exceeded 60%, while that in China is only 20%. China is in the explosive period of American health care industry in 1990s.

From the single product strategy, in the semi-annual report of 16, the company proposed to develop Jianli multi-single products, and the annual growth of 17 exceeded 160%, which continued to maintain a high growth trend. According to the seller's research report, the sales of Jianliduo 20 18 increased by more than 300% in the first half of the year, accounting for nearly 4 10/00000.

From the perspective of e-commerce branding strategy, 16 annual report proposes e-commerce branding to provide online QS products for e-commerce channels. /kloc-put forward e-commerce brand 2.0 in 0/8, devoted to YEP series online, enabled young and avant-garde spokespersons, and established a segmented and personalized brand image online. In the first half of 20 18, Tomson Bianjian surpassed Swisse to become the leader of health food industry on several e-commerce platforms, with sales reaching 582 million (+60%) and brand share increasing to 6.3%.

The company upgraded from a single product provider to a comprehensive solution provider of health intervention, and its business layout expanded from dietary supplements to big health industry. Channels have expanded from offline pharmacies to multi-channels, and e-commerce channels have exploded.

At the same time, Tomson Bianjian implemented a multi-brand strategy through outreach acquisition, effectively supplementing categories. After the acquisition of Australian probiotic brand Life-Space and Bayer children's nutritional supplement brand Penta-vite, the company will enter the children's dietary supplement and probiotic market, and may achieve the third performance take-off.