Investment Rating - The report maintains a "Recommended" investment rating for the company Bawei Co., Ltd. (837023.BJ) [1] Core Views - The company's revenue continues to grow rapidly due to the effectiveness of its major customer and single product strategy, achieving a revenue of 695 million yuan in 2024, a year-on-year increase of 48.24% [3][4] - The net profit attributable to shareholders for 2024 is projected to be 45.73 million yuan, reflecting a year-on-year growth of 11.11% [4] - The company is focusing on optimizing its customer and product structure to improve its gross margin, which has been affected by changes in its client base [3] - The cosmetics contract manufacturing industry is expanding, and the company is well-positioned to increase its market share by leveraging its strong R&D capabilities and supply chain management [3] Financial Performance Summary - **Revenue Forecast**: - 2024: 695 million yuan (up 48.24%) - 2025: 861 million yuan (up 23.97%) - 2026: 988 million yuan (up 14.67%) [4][7] - **Net Profit Forecast**: - 2024: 45.73 million yuan (up 11.11%) - 2025: 60.25 million yuan (up 31.74%) - 2026: 74.55 million yuan (up 23.74%) [4][7] - **Earnings Per Share (EPS)**: - 2024: 0.53 yuan - 2025: 0.70 yuan - 2026: 0.87 yuan [4][7] - **Price-to-Earnings (P/E) Ratio**: - 2024: 32.59 - 2025: 24.74 - 2026: 19.99 [4][7] Industry Outlook - The cosmetics industry is experiencing rapid growth driven by increasing consumer spending power, and the contract manufacturing segment is expected to see higher concentration as companies focus on maximizing profits [3] - The company aims to expand its production capacity and enhance its competitive edge through a comprehensive quality control system and a robust supply chain [3]

Investment Rating - The report maintains a "Buy" rating for the company [2][8] Core Insights - The company reported a 48.2% year-on-year increase in revenue for 2024, reaching 695 million yuan, with a net profit of 45.73 million yuan, reflecting an 11.1% increase [5][8] - The company is focusing on functional skincare products, leveraging strong operational capabilities and partnerships with major brands, resulting in over 1,155 brand clients served by the end of 2024 [8] - The company is expanding its global presence, having established a factory in Indonesia and partnered with over 50 overseas brands, exporting more than 1,000 SKUs to 29 countries [8] - The company has made significant innovations, publishing 10 papers and applying for 29 patents in 2024, with a total of over 130 patents obtained [8] - The company is implementing an AI system based on DeepSeek to enhance supply chain efficiency and overall business intelligence [8] - The profit forecast for 2024 has been slightly adjusted upwards, with expected net profits of 46 million yuan for 2024, 80 million yuan for 2025, and 95 million yuan for 2026 [8] Financial Data and Profit Forecast - The total revenue is projected to grow from 469 million yuan in 2023 to 1,146 million yuan by 2026, with a compound annual growth rate of 13.6% [7][10] - The net profit is expected to increase from 41 million yuan in 2023 to 95 million yuan in 2026, with a significant growth rate of 18.7% in 2026 [7][10] - The company's gross margin is expected to improve from 28.2% in 2024 to 31.1% in 2026 [7]

芭薇股份（837023.BJ） 2025 年 02 月 28 日 投资评级：增持（维持） 北交所信息更新 坚持大客户+大单品战略，2024 年扣非净利润同比+15%突围美妆国货浪潮 ——北交所信息更新 | 日期 | 2025/2/28 | | --- | --- | | 当前股价(元) | 17.37 | | 一年最高最低(元) | 23.69/8.39 | | 总市值(亿元) | 14.90 | | 流通市值(亿元) | 5.95 | | 总股本(亿股) | 0.86 | | 流通股本(亿股) | 0.34 | | 近 3 个月换手率(%) | 614.41 | 北交所研究团队 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 年业绩快报：营收 6.95 亿元、归母净利润 4572.68 万元 公司发布 2024 年业绩快报，实现营收 6.95 亿元，同比增长 48.24%；归母净利润 4572.68 万元，同比增长 11.10%；扣非净利润 4168.57 万元，同比增长 15.10%。 看好公司护肤品 ODM 领域细分龙头地位，检测能力优势与业绩增 ...

北交所信息更新 zhuhaibin@kysec.cn 证书编号：S0790522080007 2024 年业绩快报：营收 6.95 亿元、归母净利润 4572.68 万元 坚持大客户+大单品战略，2024 年扣非净利润同比+15%突围美妆国货浪潮 ——北交所信息更新 芭薇股份（837023.BJ） 2025 年 02 月 28 日 投资评级：增持（维持） | 日期 | 2025/2/28 | | --- | --- | | 当前股价(元) | 17.37 | | 一年最高最低(元) | 23.69/8.39 | | 总市值(亿元) | 14.90 | | 流通市值(亿元) | 5.95 | | 总股本(亿股) | 0.86 | | 流通股本(亿股) | 0.34 | | 近 3 个月换手率(%) | 614.41 | 北交所研究团队 诸海滨（分析师） 公司发布 2024 年业绩快报，实现营收 6.95 亿元，同比增长 48.24%；归母净利润 4572.68 万元，同比增长 11.10%；扣非净利润 4168.57 万元，同比增长 15.10%。 看好公司护肤品 ODM 领域细分龙头地位，检测能力优势与业绩增 ...

Financial Performance - The company achieved operating revenue of 694,746,074.26 yuan, representing a year-on-year increase of 48.24%[4] - Net profit attributable to shareholders was 45,726,795.81 yuan, up 11.10% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 41,685,694.92 yuan, reflecting a growth of 15.10%[4] - Basic earnings per share decreased by 1.85% to 0.53 yuan[4] - Total assets at the end of the reporting period were 837,184,219.24 yuan, an increase of 26.24% year-on-year[4] - Shareholders' equity attributable to the company was 400,260,417.46 yuan, up 22.33% from the previous year[4] Strategic Focus - The company's strategy focused on deepening research and development in cosmetics and expanding both domestic and international markets, contributing to revenue growth[6] - The decline in net profit growth compared to revenue growth was primarily due to changes in customer and product structure, leading to a decrease in gross margin[6] - The company plans to continue investing in smart manufacturing to support rapid order fulfillment and maintain a focus on major clients and products[6] Outlook and Guidance - The company's earnings guidance indicates a cautious outlook due to the preliminary nature of the financial data, which has not yet been audited[7]

开 源 证 券 证 券 研 究 报 告 隐证券 北交所首次覆盖报告 芭薇股份（837023.BJ） 2024 年 12 月 05 日 护肤化妆 ODM 龙头专业检测为利基，合作众多知名品牌 ——北交所首次覆盖报告 投资评级：增持（首次） 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 | --- | --- | |-------------------------|------------| | 日期 | 2024/12/5 | | 当前股价 ( 元 ) | 17.55 | | 一年最高最低 ( 元 ) | 20.30/8.39 | | 总市值 ( 亿元 ) | 15.06 | | 流通市值 ( 亿元 ) | 6.01 | | 总股本 ( 亿股 ) | 0.86 | | 流通股本 ( 亿股 ) | 0.34 | | 近 3 个月换手率 (%) | 663.28 | 北交所研究团队 公司：护肤品 ODM 领域细分龙头企业，积极引入 5G 智能应用及智能化设备 芭薇股份成立于 2006 年，近二十年来从研发技术、智能制造、产品质量认证等 多维度提升化妆品代工实力，已 ...

Financial Performance - Operating revenue for the first nine months of 2024 reached ¥471,201,911.76, a 49.50% increase year-on-year[4] - Revenue for Q3 2024 was ¥205,066,659.35, representing a 101.09% increase compared to Q3 2023[4] - Net profit attributable to shareholders for Q3 2024 increased by 57.52% to ¥14,311,195.11[4] - The company reported a basic earnings per share of ¥0.34 for the first nine months, down 15.81% from the previous year[4] - Total revenue for the first nine months of 2024 reached ¥471,201,911.76, a significant increase from ¥315,175,735.49 in the same period of 2023, representing a growth of approximately 49.5%[24] - Net profit for the first nine months of 2024 was ¥28,764,558.92, compared to ¥30,329,206.28 in 2023, reflecting a decrease of approximately 5.2%[25] - The net profit for the first nine months of 2024 was ¥28,048,676.41, compared to ¥30,136,952.95 in the same period of 2023, indicating a decrease of about 6.9%[26] - The company's total comprehensive income for the first nine months of 2024 was ¥28,022,688.49, down from ¥30,173,428.13 in the same period of 2023, indicating a decrease of approximately 7.1%[27] Cash Flow - Cash flow from operating activities showed a significant decline of 335.58%, resulting in a net outflow of ¥66,266,923.81[4] - The net cash flow from operating activities was -¥66,266,923.81, a decrease of 336% year-over-year, primarily due to an increase in accounts receivable by ¥87.62 million[9] - The net cash flow from operating activities for the first nine months of 2024 was -48,323,658.98, compared to 28,976,060.03 in the same period of 2023, indicating a significant decline[30] - Cash inflow from operating activities totaled ¥443,007,335.59 for the first nine months of 2024, compared to ¥357,853,571.36 in the same period of 2023, representing an increase of about 23.7%[28] - Cash outflow from operating activities increased to ¥484,666,499.86, compared to ¥323,197,323.59 in the prior year, representing a rise of about 50%[30] - The net cash flow from investing activities improved to ¥47,208,971.79, compared to -28,859,797.06 in the same period last year, showing a positive turnaround[30] - Total cash inflow from financing activities was ¥58,084,000.00, compared to ¥15,000,000.00 in the previous year, marking a substantial increase[30] Assets and Liabilities - Total assets increased by 19.51% to ¥792,538,874.54 compared to the end of last year[4] - Total assets increased to CNY 792.54 million as of September 30, 2024, up from CNY 663.18 million on December 31, 2023, representing a growth of approximately 19.5%[20] - Total liabilities increased to CNY 406.47 million from CNY 332.99 million, reflecting a growth of about 22.0%[20] - Total liabilities rose to ¥315,422,499.12, up from ¥274,676,664.07, which is an increase of approximately 14.8%[23] - Shareholders' equity rose to CNY 386.07 million, up from CNY 330.19 million, indicating an increase of approximately 16.9%[20] - The company's equity increased to ¥370,655,485.39 from ¥315,678,571.20, representing a growth of about 17.4%[23] Accounts Receivable and Inventory - Accounts receivable rose by 149% to ¥146,513,980.31, driven by a significant increase in sales[6] - Inventory increased by 93% to ¥99,576,842.05, reflecting higher raw material and finished goods levels due to revenue growth[7] Borrowings and Financial Position - Short-term borrowings surged by 169% to ¥26,964,890.16, indicating increased working capital needs[7] - Long-term borrowings increased to CNY 130.94 million from CNY 105.24 million, representing a growth of about 24.5%[20] - The company reported a decrease in intangible assets to CNY 33.72 million from CNY 35.12 million, a decline of approximately 4.0%[19] Expenses - Operating costs increased to ¥345,549,791.88, reflecting a 67% rise year-over-year, with an increase of ¥139 million[8] - Sales expenses rose to ¥34,110,431.28, a 51% increase from the previous year, with advertising expenses contributing an additional ¥9.39 million[8] - Research and development expenses for the first nine months of 2024 were ¥20,687,231.09, compared to ¥17,868,752.96 in 2023, an increase of approximately 15.5%[24] - The company's financial expenses decreased to ¥2,375,776.79 in the first nine months of 2024, compared to ¥2,987,635.36 in the same period of 2023, reflecting a reduction of about 20.5%[26] - The company reported a decrease in credit impairment losses to ¥-2,736,978.63 from ¥-309,146.78, indicating improved asset quality[25] Shareholder Information - The total number of ordinary shares at the end of the period was 85,800,000, with 32,666,410 shares being freely tradable[11] - The total shareholding of the top ten shareholders accounts for 72.45%, with a total of 62,157,000 shares held[13] - The company has no pledged or judicially frozen shares among the top ten shareholders[14] Future Outlook - Future outlook includes continued focus on market expansion and potential new product development, although specific figures were not disclosed in the call[24] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[26]

Group 1: Investor Relations Activity Overview - The investor relations activity was held on September 12, 2024, via a network platform, focusing on enhancing investor communication [2] - Participants included the company's chairman, general manager, board secretary, and financial director [2] Group 2: Company Development and Brand Promotion - The company aims to capitalize on the expanding cosmetics market, particularly in emerging markets, by enhancing its core competitiveness and expanding production capacity [3] - The promotion of the company's own brand is supported by strong R&D, testing, and delivery capabilities, with a focus on foreign trade [3] Group 3: Financial Performance and Response to Challenges - In the first half of 2024, the company achieved a revenue of ¥266,135,252.41, representing a year-on-year increase of 24.83% [4] - The net profit for the same period was ¥14,458,026.23, reflecting a decline of 32.62% compared to the previous year [4] - The company plans to adjust its business strategies, increase R&D investment, optimize talent structure, control costs, and enhance market promotion to mitigate performance fluctuations [4]

| 芭薇 芭薇股份 837023 Guangdong Bawei Biotechnology Corporation 2024年半年度报告 SEMI-ANNUAL REPORT FOR 2024 广东芭薇主物 科技股份有限公司 公司半年度大事记 报告期内，芭薇股份成功在北京证券交易所上 市，印证公司硬核综合实力，开启了企业发展的新篇 章！ 报告期内，芭薇股份成功完成特色植物新原料— —"二氢槲皮素"的备案（国妆原备字 20240039），标志着公司在原料研发与创新领域取得 了又一项重大突破。 报告期内，芭薇股份成功通过中国海关 AEO 高 级认证，荣获"AEO 高级认证企业"证书，标志着 芭薇股份正式加入 AEO 高级认证企业队伍，取得全 球贸易"绿色通行证"。 报告期内，芭薇股份作为行业内科研创新典范， 同时也是 IFSCC 银级会员单位，参与第三届 IFSCC 国际化妆品技术交流日，并携多项科研成果精彩亮 相。 报告期内，芭薇股份多次参与公益活动、环境保 护等行动，践行大爱无疆的奉献精神，助力乡村振 兴，荣获"2023 年乡村振兴突出贡献单位"称号。 报告期内，芭薇股份以"芭薇美妆，质创未来" 为特色的主 ...

Group 1: Financial Performance - The company's gross profit margin increased by 2.72 percentage points in 2023 due to improved production efficiency and reduced costs [2] - The profit distribution plan for 2023 proposes a cash dividend of 2 CNY per 10 shares, subject to shareholder approval [4] - R&D expenditure in 2023 was 27.43 million CNY, accounting for 5.85% of total revenue [5] Group 2: Revenue Composition - Revenue breakdown by product category: - Skincare (excluding masks) 89.19% - Masks 5.22% - Hair care 2.66% - Makeup and others 2.15% - Testing services 0.6% - Other business income 0.18% [3] Group 3: Intellectual Property - The company holds a total of 134 authorized patents, including 117 invention patents, primarily related to raw materials, formulations, and manufacturing processes [3] Group 4: Strategic Goals - Future plans focus on enhancing core competitiveness through investments in market expansion, digital operations, technological upgrades, R&D, and talent acquisition [3] - The company aims to improve its market presence and brand recognition both domestically and internationally [6] Group 5: Competitive Advantages - Key competitive advantages include: - Strong R&D capabilities with a dedicated team of 117 personnel, representing 13.76% of total staff [5] - Advanced product testing capabilities with over 200 sets of testing equipment [5] - Implementation of smart manufacturing systems to enhance operational efficiency [5] Group 6: Market Trends - Industry trends indicate rapid growth in demand driven by consumer upgrades, diversification of sales channels, and increasing competitiveness of domestic brands [5]