Core Viewpoint - After returning to profitability in the third quarter, Betaini announced a share reduction by its second-largest shareholder, Sequoia Capital, which sold 8.43 million shares, accounting for 2% of the total share capital, raising 368 million yuan [1][2][3] Shareholder Actions - Sequoia Capital's share reduction was executed through a block trade, reducing its holding to 7.66% [2] - Since the lifting of the share lock-up in 2022, Sequoia has completed five rounds of reductions, cashing out nearly 6 billion yuan [2][4] - Other shareholders, including the controlling family of the actual controller, have also been reducing their stakes, indicating a broader trend of capital exit [4][5] Financial Performance - In Q3, Betaini reported a net profit of 252 million yuan, a year-on-year increase of 136.55%, but this was largely driven by investment income rather than core business improvement [3][8] - For the first three quarters, the company experienced a revenue decline of 13.78% to 3.464 billion yuan and a net profit drop of 34.45% to 272 million yuan, marking the first time in six years that both revenue and net profit declined [8][6] Market Challenges - The company's reliance on e-commerce and key opinion leaders (KOLs) for sales has become unsustainable, leading to a decline in profitability [3][11] - Betaini's core brand, Winona, contributed 82.17% of revenue in the first half of 2025, facing increasing competition and declining growth rates [17][18] Strategic Adjustments - The company is focusing on optimizing its multi-channel strategy and expanding its overseas business, particularly in Thailand and other international markets [12][16] - Betaini has implemented cost-cutting measures, reducing sales and management expenses while maintaining a stable R&D investment rate [13][15] Future Outlook - Investors are closely monitoring Betaini's ability to diversify its brand portfolio and reduce dependence on Winona to establish sustainable growth [18]

Market Overview - The cosmetics sector experienced a decline of 0.58% on October 31, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers included: - Qingsong Co., Ltd. (300132) with a closing price of 7.23, up 5.39% [1] - Lafang Jiahua (603630) at 22.74, up 3.04% [1] - Shuiyang Co., Ltd. (300740) at 20.43, up 2.82% [1] - Jiaheng Jiahua (300955) saw a significant decline, closing at 35.66, down 5.01% [2] - Marubi Biotechnology (603983) also fell, closing at 34.53, down 4.16% [2] Trading Volume and Capital Flow - The cosmetics sector had a net outflow of 131 million yuan from main funds, while retail investors saw a net inflow of 214 million yuan [2] - The trading volume for Qingsong Co., Ltd. was 329,200 shares, with a transaction value of 23.5 million yuan [1] - Jiaheng Jiahua had a trading volume of 50,300 shares, with a transaction value of 183 million yuan [2] Capital Flow Analysis - Shanghai Jahwa (600315) had a net inflow of 11.76 million yuan from main funds, but a net outflow of 23.52 million yuan from retail investors [3] - Other companies like Lafang Jiahua and Qingsong Co., Ltd. also experienced mixed capital flows, with retail investors showing some interest despite overall outflows from main and speculative funds [3]

Core Insights - The difficulty in selecting female celebrities as brand ambassadors is highlighted, with brands finding it easier to choose male stars who can deliver strong sales and high cost-effectiveness [1][12] - The marketing landscape for apparel and beauty brands has intensified as they prepare for the Double Eleven shopping festival, with a significant increase in the number of celebrity endorsements [3][29] - The emergence of new celebrities, including athletes and actors from popular dramas, is reshaping the endorsement market, leading to a focus on short-term collaborations aimed at immediate sales conversion [7][12] Group 1 - The number of announced celebrity endorsements reached 290 in the last 30 days leading up to October 26, averaging nearly 10 new endorsements per day [3] - Brands are increasingly prioritizing endorsements that can drive direct sales and enhance visibility during the critical Double Eleven period [7][12] - The trend of short-term collaborations emphasizes the need for brands to create buzz and drive traffic quickly, with a focus on event-driven marketing [7][12] Group 2 - The endorsement strategies for Double Eleven differ from regular campaigns, with brands seeking to maximize sales conversion and brand visibility through targeted celebrity partnerships [11][12] - Successful case studies, such as the collaboration between Duck Duck and celebrity Ziyu, demonstrate the effectiveness of quick and strategic partnerships in achieving high sales volumes [8][40] - Brands are increasingly looking for ambassadors who not only have strong fan engagement but also align with the brand's image and values, as seen in the partnerships with high-profile celebrities like Yang Mi and Di Li Re Ba [14][48] Group 3 - The apparel and beauty sectors dominate the endorsement market, accounting for over half of the total endorsements, driven by the high consumer demand during Double Eleven [29][31] - Brands are leveraging the popularity of emerging celebrities to enhance brand recognition and drive sales, particularly in the competitive apparel market [31][42] - The integration of celebrity endorsements with platform-specific marketing strategies is becoming essential, as brands seek to optimize their reach and engagement during major sales events [34][36]

Investment Rating - The report upgrades the investment rating of the company to "Recommended" with a target price of 48.92 CNY [2][8]. Core Insights - The company has turned profitable, showing signs of operational improvement with a focus on cash flow enhancement. For the first three quarters of 2025, total revenue was 3.464 billion CNY, down 14% year-on-year, while net profit attributable to shareholders was 272 million CNY, a decrease of 34% year-on-year. The gross margin improved to 74.3% [2][8]. - The company is actively adjusting its product and channel strategies to enhance profitability, focusing on core products and optimizing channel operations [2][8]. - The sub-brand Aikeman is expanding through multiple channels, targeting high-end consumers and leveraging the company's R&D capabilities to strengthen its market position [2][8]. Financial Performance Summary - For 2025, the company is projected to have total revenue of 5.406 billion CNY, a decrease of 5.8% year-on-year, with a net profit of 412 million CNY, down 18% year-on-year. The earnings per share (EPS) is expected to be 0.97 CNY [4][5]. - The company’s gross margin is expected to improve slightly to 74.9% in 2025, with a net margin of 7.6% [4][5]. - The company’s cash flow from operating activities is projected to be 416 million CNY in 2025, indicating a significant improvement in cash flow management [9].

Group 1 - The QFII system has become a significant channel for foreign capital to enter the A-share market since its introduction in 2002, with distinct stock selection preferences and investment styles compared to domestic funds [1][8] - In the third quarter, at least 121 stocks were increased in holdings by QFII, with the most significant increases not in the semiconductor sector but in electrical equipment, machinery, hardware, and chemicals [2][3] - Major QFII institutions like Morgan Stanley and Abu Dhabi Investment Authority have continued to increase their positions in A-shares, with a focus on a diversified portfolio of stocks [1][2] Group 2 - The top five industries with the most significant QFII increases in holdings in the third quarter were machinery, hardware equipment, electrical equipment, semiconductors, and chemicals [2] - Notably, only one stock from the banking sector, Nanjing Bank, was among the top 20 stocks increased by QFII, with a significant increase of 124 million shares by BNP Paribas [4] - Abu Dhabi Investment Authority has a concentrated investment style, holding only 22 stocks, and has made selective increases and decreases in its holdings, including a notable reduction in its stake in Zijin Mining [5][6] Group 3 - The GATES FOUNDATION TRUST has a concentrated portfolio with a preference for small-cap stocks, holding only two stocks at the end of the third quarter [6] - The Macau Monetary Authority has been active in increasing its holdings, particularly in the non-ferrous metals, food and beverage, and automotive sectors [7] - The QFII system is expected to expand further, with over 900 qualified foreign investors and ongoing reforms aimed at making it easier for foreign investors to participate in the Chinese market [8]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [5] Core Views - The company is focusing on high-quality growth for its main brand, with a strategic reduction in promotional activities and a streamlined product line [2] - The company has made significant investments in new projects and technologies to expand its product offerings and enhance its market channels [2] - The company has achieved a breakthrough in core product technology, enhancing the performance of its flagship products [3] Financial Performance Summary - For the first three quarters of 2025, the company reported revenue of 3.464 billion yuan, a year-on-year decrease of 13.78%, and a net profit attributable to the parent company of 272 million yuan, down 34.45% [1] - In Q3 2025, revenue was 1.092 billion yuan, a year-on-year decrease of 9.95%, while net profit attributable to the parent company increased by 136.55% to 25 million yuan [1] - The gross margin for the first three quarters of 2025 was 74.34%, slightly up by 0.62 percentage points year-on-year, while the net profit margin was 7.85%, down by 2.48 percentage points [1] Sales and Expense Ratios - The sales expense ratio for the first three quarters of 2025 was 53.06%, an increase of 3.04 percentage points year-on-year, while the management expense ratio was 9.44%, up by 0.98 percentage points [1] - In Q3 2025, the sales expense ratio decreased to 50.64%, down by 9.79 percentage points year-on-year, indicating improved cost management [1] Revenue and Profit Forecast - The revenue forecast for 2025, 2026, and 2027 is adjusted to 5.679 billion, 6.190 billion, and 6.809 billion yuan respectively, reflecting a downward revision due to increased industry competition [4] - The net profit forecast for the same years is adjusted to 465 million, 608 million, and 668 million yuan respectively, with corresponding price-to-earnings ratios of 41.49, 31.76, and 28.89 times [4]

Core Viewpoint - The stock of Betaini has experienced a decline, with a current price of 44.91 yuan per share, reflecting a decrease of 2.01% on October 30. The company has seen a net outflow of funds and a decrease in stock price over various time frames, indicating potential challenges in the market [1]. Company Overview - Betaini, established on May 13, 2010, and listed on March 25, 2021, is based in Kunming, Yunnan Province. The company focuses on skincare products under the "Winona" brand, utilizing natural plant active ingredients to cater to sensitive skin. Its revenue composition includes skincare products (84.36%), makeup (10.07%), medical devices (4.88%), and other services (0.70%) [1]. Financial Performance - For the period from January to September 2025, Betaini reported a revenue of 3.464 billion yuan, a year-on-year decrease of 13.78%. The net profit attributable to the parent company was 272 million yuan, down 34.45% compared to the previous year [2]. - Since its A-share listing, Betaini has distributed a total of 1.289 billion yuan in dividends, with 844 million yuan distributed over the past three years [3]. Shareholder Information - As of September 30, 2025, the number of shareholders for Betaini increased to 38,200, with an average of 11,102 circulating shares per person, a decrease of 1.21% from the previous period. The top ten circulating shareholders include significant institutional investors, with notable changes in holdings [2][3].

持股5%以上的股东天津红杉聚业股权投资合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 证券代码：300957 证券简称：贝泰妮 公告编号：2025-041 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2025年7月 24日发布《关于持股5%以上股东减持股份的预披露公告》（公告编号：2025- 031，以下简称"减持公告"），披露了公司持股5%以上股东天津红杉聚业股 权投资合伙企业（有限合伙）（以下简称"红杉聚业"）的股份减持计划。 红杉聚业已于2022年2月27日通过中国证券投资基金业协会的政策备案申请， 符合《上市公司创业投资基金股东减持股份的特别规定》《深圳证券交易所上 市公司创业投资基金股东减持股份实施细则》中的减持规定，具体如下：截至 首次公开发行上市日，投资期限已满60个月的，创业投资基金通过集中竞价、 大宗交易方式减持其持有的首次公开发行前股份的，减持股份总数不受比例限 制。 公司于近日收到红杉聚业出具的《关于贝泰妮股份减持计划实施完毕暨权 益变动情况的告知函》 ...

Market Overview - The cosmetics sector increased by 0.77% on October 29, with Marubi Biological leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Marubi Biological (603983) closed at 36.66, up 3.74% with a trading volume of 41,500 shares and a turnover of 150 million yuan [1] - Babi Co. (920123) closed at 18.06, up 3.56% with a trading volume of 23,700 shares and a turnover of 41.72 million yuan [1] - Shanghai Jahwa (600315) closed at 25.46, up 2.74% with a trading volume of 154,500 shares and a turnover of 392 million yuan [1] - Betaini (300957) closed at 45.83, up 0.57% with a trading volume of 33,400 shares and a turnover of 152 million yuan [1] - Other notable performances include Proya (603605) at 76.87, up 0.18%, and Water Sheep Co. (300740) at 22.14, up 0.09% [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 89.37 million yuan from institutional investors and 51.47 million yuan from retail investors, while individual investors saw a net inflow of 141 million yuan [2] - The detailed fund flow for individual stocks shows that Shanghai Jahwa had a net outflow of 32.36 million yuan from institutional investors [3] - Marubi Biological had a net inflow of 4.95 million yuan from institutional investors, but a net outflow of 8.77 million yuan from retail investors [3]

Core Insights - The report highlights concerns regarding the independence of the Federal Reserve, particularly in light of political pressures, which may impact the macroeconomic narrative and the valuation of the US dollar [2] - The report provides a detailed analysis of various companies, focusing on their financial performance and strategic initiatives [3][4][5][6][7][8][10][11][12][17][19][20][22][24][25][26][27][28][30][31] Company Summaries - **Lihigh Food (300973 CH, Buy)**: The company reported revenue of 3.14 billion and net profit of 250 million for the first three quarters of 2025, showing year-on-year growth of 15.7% and 22.0% respectively. Despite pressure on gross margins due to rising palm oil prices, effective cost control has helped maintain profitability [3] - **Red Flag Chain (002697 CH, Accumulate)**: The company achieved revenue of 7.11 billion in the first three quarters of 2025, a year-on-year decrease of 8.5%. The net profit was 383 million, down 1.9% year-on-year. The company is focusing on internal management and cost reduction to improve profitability [4] - **Kanglong Chemical (300759 CH, Buy)**: The company reported revenue of 10.086 billion and adjusted net profit of 1.227 billion for the first three quarters of 2025, reflecting year-on-year growth of 14.4% and 10.8% respectively. The company has raised its revenue growth guidance for 2025 from 10-15% to 12-16% [5] - **Zhou Dasheng (002867 CH, Buy)**: The company reported revenue of 6.772 billion for the first three quarters of 2025, a decline of 37.3% year-on-year, while net profit increased by 3.1%. The growth in net profit is attributed to a higher proportion of high-margin products [6] - **Aimeike (300896 CH, Buy)**: The company reported revenue of 566 million in Q3 2025, down 21.3% year-on-year, with a net profit of 304 million, down 34.6%. The company is focusing on expanding its product pipeline and international market presence [7] - **Leixin Technology (688018 CH, Accumulate)**: The company achieved revenue of 1.912 billion in the first three quarters of 2025, a year-on-year increase of 30.97%. Despite a slight decline in Q3 revenue, the company is expanding its market presence in high-performance SoC [8] - **Zhongke Chuangda (300496 CH, Buy)**: The company reported revenue of 5.148 billion for the first three quarters of 2025, reflecting a year-on-year increase of 39.34%. The growth is driven by the AIOT sector [9] - **Yihua (301029 CH, Buy)**: The company reported revenue of 736 million in Q3 2025, up 17.52% year-on-year, with a net profit of 136 million, up 28.59%. The growth is attributed to the continued demand in lithium battery and automotive sectors [10] - **Huazhi Technology (688281 CH, Buy)**: The company reported revenue of 285 million in Q3 2025, a year-on-year increase of 12.85%. The company is focusing on its leading position in stealth materials [11] - **Chengdu Bank (601838 CH, Buy)**: The bank reported a net profit of 5.0% and revenue growth of 3.0% for the first nine months of 2025, indicating stable performance despite non-interest income fluctuations [12] - **Yun Tianhua (600096 CH, Buy)**: The company reported revenue of 12.6 billion in Q3 2025, a year-on-year decrease of 14%, but net profit increased by 24%. The company benefits from strong export demand for phosphate products [13] - **Funi Co., Ltd. (600483 CH, Buy)**: The company reported revenue of 3.666 billion in Q3 2025, down 4.04% year-on-year, but net profit increased by 11.53%. The company is focusing on its project reserves and renewable energy contributions [14] - **Hongcheng Environment (600461 CH, Buy)**: The company reported revenue of 1.738 billion in Q3 2025, up 2.41% year-on-year, with net profit of 324 million, reflecting stable operational performance [15] - **Op Lighting (603515 CH, Accumulate)**: The company reported revenue of 1.692 billion in Q3 2025, down 0.59% year-on-year, with net profit of 208 million, down 12.22%. The company is expected to recover as the housing market stabilizes [16] Industry Insights - The macroeconomic environment is influenced by political pressures on the Federal Reserve, which may affect market confidence and asset valuations [2] - The food and beverage sector is experiencing mixed performance, with some companies managing to maintain profitability through cost control and strategic initiatives [3][4][5][6] - The healthcare and pharmaceutical sectors are showing resilience, with companies reporting steady revenue growth and improved cash flow [7][8][9] - The technology sector, particularly in AI and IoT, is witnessing significant growth, driven by increased demand for advanced solutions [10][11][12] - The banking sector is showing stable performance, with banks managing to maintain profitability despite fluctuations in non-interest income [13][14] - The energy sector is focusing on renewable energy projects, with companies looking to expand their project reserves and improve operational efficiency [15][16]