Operating revenue also dropped 48.76 per cent to RMB$1. 12bn (US$157.67m) in Q3.
The company said that upgrades for two of its core products were slower than planned in Q3, which was one of the reasons affecting the company’s sales.
Year 2024 is also the first year that BYHEALTH is starting on a new three-year strategy plan.
This will see the development of new products that are based on scientifically proven nutrition and consumer health value at the core.
“This year, as consumption environment continues to change and industry competition intensifies, the company has set upgrading our operating quality as a core aim, where we will focus on the core brands, core channels, and core categories, and adjust the operating strategies and resources given to some of our brands.
“In Q3, the company’s push for upgrades for two of our core products was slower than planned. The above factors have brought greater pressure and effects to the company’s sales,” said the company.
The company has been working on research and innovation in areas such as liver and skin concerns that women face, as well as the benefits of water-soluble tomato concentrate for cardiovascular health.
Including the first two quarters, BYHEALTH’s operating revenue in the first nine months of 2024 shrunk 26.33 per cent to RMB$5.73bn (US$806.95m), while net profit was down 54.31 per cent to RMB$868.61m (US$122.25m).
The company has been seeing weak performance from the start of this year.
In its half-year results, it reported a decline of 18 per cent in its revenue. The decrease came from its online, offline, and overseas business.
This trend has persisted, dragging its company’s offline revenue for January to September to RMB$3.11bn (US$437.57m) – a decline of 29.08 per cent.
While e-commerce sales have climbed for competitors such as Haleon, BYHEALTH’s e-commerce revenue fell 23.36 per cent to RMB$2.59bn (US$363.96m).
Decline in revenue was also seen in all of BYHEALTH’s main products.
Revenue from its eponymous protein powder brand dropped 29.20 per cent in the first nine months of 2024 to RMB$3.19bn (US$449,53m).
Joint health supplement brand Keylid similarly fell 29.20 per cent in revenue to RMB$698m (US$98.24m).
Probiotics brand Life-Space delivered a revenue of RMB$271m (US$38.14m) in the domestic China market, down 29.55 per cent.
Overseas, its revenue similarly dropped 11.66 per cent to RMB$684m (US$96.27m).
