Dietary supplement leader Thomson BeeJian can be reborn with a bath fire.

original title: Dietary supplement leader Thomson Bijian can be reborntwo horses by the investment gardenknow that Townsend Bijian is very many years ago, two horse friends because of holding Thomson, and catch up with its high-speed development period, made a lot of money. So can Mr. Townsend, who has suffered a net profit loss in 2019, be reborn again in adversity? Two horses said their own views.. The dietary supplement industryChina's dietary supplement industry after 10 years of rapid development from 2005 to 2015, since 2016, the growth rate has dropped to single digits, of which in the more special 2019, the industry growth rate is down to less than 2%. At present, the industry has developed into a bottleneck period.the amount of dietary supplements we consume per capita is about $17, about five times the gap between the U.S. and Japan and other developed countries overseas. This is also a basic match with China and the United States and Japan's GDP per capita. In other words, the opportunity for future industry growth lies in the growth of China's GDP and national income.the 41.5 percent concentration of CR8 in 2019, which is not high, but not low.2, Thomson's annual resultsfrom 2016 to 2019, The compound growth rate of Thomson's revenue, 2016-2018 net profit growth rate of 17%, 2019 net profit encountered Waterloo.we mentioned earlier that the industry growth rate in 2016-2019 was less than 10%, and that Mr. Tang's data is a lot ahead of the industry.we have a brief analysis of Townsend's 2019 earnings and see why Townsend met Waterloo in 2019.
we see a match between cash flow and revenue growth from Thomson's operating activities, which are normal in 2019. Cash flow from investment activity has risen sharply compared to 2018, mainly as Mr Thomson's acquisition of Australia's LSG in 2018 and no significant investment moves in 2019. Cash flow from financing activities has been significantly reduced, mainly due to debt repayments for 2018.two horse comments:from the cash flow point of view, Tangchen Bijian's business activities are normal, investment, financing activities cash flow have a reasonable explanation. There is no obvious problem here.two horses took a look at the inventory, there is no abnormal.'s assets impairment slashed as much as $1.7 billion in 2019,of which 1 billion were goodwill impairments from LSG mergers and acquisitions, $560 million in intangible assets and $100 million in long-term equity investments. impairment of $560 million in intangible assets, the company did not see specific details in its 2019 annual report, and did not rule out the possibility of breaking the can in 2019 and taking a one-time financial bath. Tangchen Bijian has just completed overseas mergers and acquisitions in 2018, and in 2019 there will be significant asset impairments, and overseas mergers and acquisitions are not a good path. , the main reason soriented impact on the 2019 performance health insurance control fees, tightening the policy of pharmacy using health insurance accounts to pay health care products, has a greater impact on the sale of health care --- products in pharmacies; 's comments: on the industrial policy in 2019, for The town of Thompson health benefits and disadvantages, regardless of the new e-commerce law, the impact on Thomson is more beneficial than harmful. Considering the new e-commerce law, the blow to Townsend is relatively large. Ivy, Thomson Peran's products and channel strategy product end: Tomson-Thompson positioning as a dietary supplement, not a health care product. Go big single-product strategy. . A, continue to strengthen the main product "Jianli do" promotion; B, "Health Vision Jia" to expand sales pilot provinces, C, strengthen Life-Space domestic promotion channel end: Tangchen Bean's channel sales strategy and its product positioning is related, his product positioning as dietary supplement, rather than health care products, so that it goes non-direct sales channels, through online and drugstore sales, easy to expand the scale. This may also be a key reason for the slowdown in the industry, but the steady rise in the market share of Mr. Thomson. Five, The future development of Thomson Beijian personal people think that Thomson Bee Jian's product positioning is very accurate, relative to the unknown efficacy, need to rely on direct sales / offline promotion of health care products, Thomson BeeJian positioning himself as a dietary supplement. This is different from most health care companies. The target is the GNC of the United States (though I heard that gnc c went bankrupt in this outbreak, the majority shareholder was actually harpharma). The positioning of Mr. Tangchen and the current trend of online sales are consistent, I think this is also the reason why The development rate of Mr. Thompson's development is higher than that of the industry. at present, The market share of Thomson Beejian is about 10%, has been the first in the industry. Although the development of the industry has slowed down, but Thetowner BeeJian because of its own product positioning, brand advantages. There is room to continue to increase the occupancy. it should be said that Townsend Bijian has passed the period of high growth, the next five years to achieve a compound growth rate of 10%-15% is expected. In addition, the current overall valuation of Tangchen Bijian is not high, if this round of bull market end, you can consider the configuration of the machine.
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