Heart health impact: Owner of Doctor’s Best breaks record sales for co-enzyme Q10 in FY23

By Tingmin Koe

- Last updated on GMT

Co-enzyme Q10 was one of the best-performing supplement categories for Xiamen Kingdomway last year. ©Getty Images
Co-enzyme Q10 was one of the best-performing supplement categories for Xiamen Kingdomway last year. ©Getty Images

Related tags Xiamen Kingdomway Coenzyme q10 Vitamin a Coq10 doctor's best

Co-enzyme Q10 was one of the best-performing supplement categories for Xiamen Kingdomway, breaking new sales record last year, said the parent company of Doctor’s Best in its FY23 financial results.

The Shenzhen stock exchange listed company announced its financial performance​ for year 2023. One of the highlights was a new sales record for its co-enzyme Q10 supplement business, with revenue reaching RMB$733.67 million (US$101.35m) last year.

The company said that this was because demand was higher than supply. At the same time, capital cost had also gone down slightly.

Co-enzyme Q10 is a core business for the firm and demand was driven by consumers’ desire​ to prevent the occurrence of myocarditis – the inflammation of heart muscle – post COVID-19 recovery.

Other companies, such as ingredient supplier firm Kaneka, had also reported a strong uptake in China for ubiquinol​, as consumers sought after supplements that could support heart health while recovering from COVID-19.

Aside from co-enzyme Q10, Xiamen Kingdomway said that there was a “big increase”​ of 16.82 per cent in the sales revenue of its other nutritional products to RMB$1.89bn (US$261.75m).  

Revenue of Doctor’s Best, on the other hand, had also surged 28.56 per cent to RMB$956.35m (US$132.11m).

In February this year, Doctor’s Best Inc also bought over 100 per cent shares of America’s Activ Nutritional LLC from Guardion Health Sciences Inc.  Activ Nutritional LLC is behind the brand supplement Viactiv.

A rapidly ageing population and the development of e-commerce were cited as the key growth factors.  

“The company had boosted [the number of] short videos posted on new social media platforms for brand promotion, as well as livestreaming activities, building new communities, and stabilised user traffic on the mini applications, in turn raising brand awareness in the China market,” ​it said.

In total, operating revenue was Xiamen Kingdomway climbed 3.10 per cent yoy last year to RMB$ 3,102,580,918.31.

Net profit attributable to shareholders was up 7.50 per cent yoy to RMB$276,711,481.05.

Dip in vitamin A sales

One category stood out last year for its lacklustre performance – vitamin A, which hit a record low revenue of RMB$214.44m (US$29.62m).

Due to excess supply and low demand, prices of vitamin A had dropped drastically.

Some finished products companies have also resorted to gaining market shares by slashing retail prices, in turn aggravating the imbalance in market supply and demand for vitamin A.

“This had resulted in a record low in retail prices and gross margin,”​ said Xiamen Kingdomway, adding that it had borne the majority of the operating costs.

Plans for 2024: Ramping up NPD and Doctor’s Best 

Xiamen Kingdomway had identified two key strategies concerning its new product development pipeline for this year.

First, it will focus on new technology, new product development, and in speeding up the production of new SKUs.

For instance, there are already several new products across immunity-strengthening, anti-oxidation, regulating blood sugar, protecting cardiovascular and brain health, liver, and nervous system related products ready for commercial production.

Second, it plans to beef up the influence of Doctor’s Best within China’s health supplement market.  

For example, it will tap on its advantage as an international brand to boost the brand-leading image of its co-enzyme Q10 and NAD+ (nicotinamide adenine dinucleotide) supplement series.

It also plans to drum up sales of SKUs with good growth potential, such as products for improving immunity, bone health, eye care, liver care, and the basic nutritional products.

During the process, it will be increasing its presence on Douyin (China’s version of TikTok), Kuaishou, Xiao Hong Shu (Little Red Book) and other new social media platforms, as well as Wechat public account, video account, and mini applications.

Another strategy for new product development is to formulate new trendy and efficacious products, such as combining co-enzyme Q10 with pyrroloquinoline quinone (PQQ).

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