2025-033 2025 年 08 月 云南贝泰妮生物科技集团股份有限公司 2025 年半年度报告全文 1 云南贝泰妮生物科技集团股份有限公司 2025 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人 GUO ZHENYU（郭振宇）、主管会计工作负责人王龙及会计 机构负责人（会计主管人员）刘兆丰声明：保证本半年度报告中财务报告的 真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告所涉及的公司未来发展展望、经营计划等前瞻性陈述，不 构成对投资者的实质承诺，请投资者认真阅读，注意投资风险。投资者及相 关人士均应对此保持足够的风险认识，并应理解计划、预测与承诺之间的差 异。 公司在本半年度报告"第三节 管理层讨论与分析"之"十、公司面临的风险 和应对措施"部分，详细阐述了公司经营中可能存在的风险及应对措施，敬请 投资者关注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 重要提示、目录 ...

Core Insights - The functional skincare industry in China is primarily driven by online sales channels, with companies like Betaini and Huaxi Biological having established mature online sales strategies [1][5][10] - The contribution of professional channels to the sales of functional skincare products is limited, with most companies focusing on online marketing for rapid growth [2][4] Channel Analysis - **Online Channels**: - Advantages include wide reach and lower costs compared to offline channels, leading to higher profit margins [4] - Major platforms include Tmall, Douyin, Kuaishou, and JD, with private traffic channels also playing a significant role [4] - Disadvantages include rising customer acquisition costs and challenges in consumer repurchase rates [4] - **Offline Channels**: - Advantages include better control over terminal pricing and profit margins, particularly in tier-three and tier-four cities [4] - Disadvantages include higher channel costs and the complexity of entering professional channels [4] Company Strategies - Companies like Betaini and Huaxi Biological have a balanced approach with both online and offline channels, while older brands leverage established offline distribution networks [5][8] - The sales model for most companies in the functional skincare sector involves direct sales online and distribution through dealers offline [7][8] Revenue Insights - In 2024, the online revenue for the functional skincare industry is projected to be led by Proya, with online revenue reaching 9.59 billion yuan, accounting for 88.98% of its total revenue [10]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 25.03 | 2.08% | | 19.51万 | | 4.98亿 | | 603983 | 丸美生物 | 40.94 | -2.13% | | 6.04万 | | 2.52亿 | | 300740 | 水羊股份 | 23.07 | -3.07% | | 40.75万 | | 9.57亿 | | 300849 | 锦盛新材 | 13.08 | -3.18% | | 4.79万 | | 6366.17万 | | 600223 | 福瑞达 | 8.23 | -3.29% | | 23.11万 | | 1.93亿 | | 002094 | 青岛金王 | 8.75 | -3.31% | | 75.07万 | | 6.68亿 | | 600315 | 上海家化 | 25.47 | -3.34% | | 15.29万 | | 3.96亿 | | 300957 | 贝泰妮 | 46.96 | -3 ...

Core Viewpoint - The company Betaini has shown fluctuations in its stock performance and financial metrics, indicating potential investment opportunities and risks in the skincare and cosmetics sector. Group 1: Stock Performance - On August 26, Betaini's stock rose by 3.44%, with a trading volume of 553 million yuan [1] - The financing buy-in amount for Betaini on the same day was 62.22 million yuan, while the financing repayment was 58.18 million yuan, resulting in a net financing buy of 4.03 million yuan [1] - As of August 26, the total financing and securities lending balance for Betaini was 590 million yuan, with the financing balance accounting for 2.84% of the circulating market value, which is below the 40th percentile level over the past year, indicating a low financing level [1] Group 2: Securities Lending - On August 26, Betaini repaid 5,900 shares in securities lending and sold 1,700 shares, with the selling amount calculated at 82,800 yuan [1] - The remaining securities lending volume was 60,000 shares, with a securities lending balance of 2.92 million yuan, exceeding the 60th percentile level over the past year, indicating a high level of securities lending [1] Group 3: Financial Performance - For the period from January to March 2025, Betaini reported a revenue of 949 million yuan, a year-on-year decrease of 13.51%, and a net profit attributable to shareholders of 28.34 million yuan, down 83.97% year-on-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] Group 4: Shareholder Structure - As of March 31, 2025, the number of shareholders for Betaini was 38,600, a decrease of 2.14% from the previous period, while the average circulating shares per person increased by 2.19% to 10,975 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited held 4.6984 million shares, a decrease of 697,900 shares from the previous period [3]

Group 1 - The core viewpoint of the articles highlights the performance and financial status of Betaini, including stock price movements, market capitalization, and revenue trends [1][2][3] - As of August 26, Betaini's stock price increased by 2.04% to 48.05 CNY per share, with a total market capitalization of 20.354 billion CNY [1] - The company has seen a year-to-date stock price increase of 14.15%, with a 4.62% rise over the last five trading days [1] Group 2 - For the first quarter of 2025, Betaini reported a revenue of 949 million CNY, a year-on-year decrease of 13.51%, and a net profit of 28.34 million CNY, down 83.97% compared to the previous year [2] - The company has distributed a total of 1.289 billion CNY in dividends since its A-share listing, with 844 million CNY distributed over the last three years [3] - As of March 31, 2025, the number of shareholders decreased by 2.14% to 38,600, while the average number of circulating shares per person increased by 2.19% to 10,975 shares [2][3]

Core Insights - Chinese beauty influencer Li Jiaqi is expanding the charm of Chinese cosmetics from live streaming to the international fashion forefront through the reality show "Paris Partners" [1][2] - The initiative aims to promote domestic brands abroad, showcasing 12 Chinese brands in a pop-up store in Paris, emphasizing the mission of "helping domestic products go global" [1][4] Group 1: Brand Expansion and Globalization - Li Jiaqi highlights that domestic brands are accelerating innovation and transitioning from followers to leaders in certain sectors, demonstrating the potential of Chinese products in international markets [2][4] - Winona, a skincare brand from Yunnan, stands out in this initiative, focusing on sensitive skin and leveraging pharmaceutical-grade research to promote its products globally [4][5] - The collaboration between Winona and Li Jiaqi reflects a shared vision of promoting Chinese brands on a global scale, with Li Jiaqi acting as a key promoter for Winona's star products [4][5] Group 2: Research and Development - Winona's core ingredient, "Qingci Fruit PRO MAX," is sourced from the Haba Snow Mountain in Yunnan, with the company successfully registering 16 new plant-based ingredients, ranking among the top in China [5][7] - The integration of research, production, and academic collaboration has accelerated the transformation of research outcomes into competitive advantages for the brand [5][7] Group 3: Cultural Exchange and Consumer Engagement - The pop-up store serves as a platform for cultural dialogue, allowing international consumers to experience the aesthetic appeal of Chinese products [9] - Li Jiaqi emphasizes that product export is fundamentally a form of cultural export, which can enhance the long-term competitiveness of products by fostering interest and recognition of Chinese culture among foreign consumers [9]

Core Viewpoint - The daily chemical industry in China is experiencing significant growth, driven by rising consumer demand and an increase in living standards, with projections indicating substantial revenue and profit growth in the coming years [1][4][6]. Group 1: Industry Overview - The daily chemical industry is a vital part of the national economy and a significant segment of the fast-moving consumer goods sector, providing essential products for daily use [1][4]. - The industry is expected to see sales revenue from large-scale enterprises increase from CNY 404.14 billion in 2018 to CNY 413.84 billion in 2024, with profits projected to rise from CNY 43.04 billion to CNY 38.63 billion in the same period [1][4][6]. - By 2025, sales revenue is anticipated to reach CNY 435 billion, with total profits expected to hit CNY 40 billion [1][6]. Group 2: Industry Chain - The upstream of the daily chemical industry includes raw materials such as surfactants, matrix materials, natural/plant materials, and packaging materials, with surfactants being crucial for product efficacy [8]. - The midstream involves the production and manufacturing of daily chemical products, while the downstream encompasses sales channels and end consumers, including supermarkets, convenience stores, specialty shops, and e-commerce platforms [8]. Group 3: Development Environment and Policies - The government has implemented various policies to support the development of the daily chemical industry, enhancing the regulatory framework and promoting sustainable growth [10]. - Key policies include the "Cosmetics Sampling Inspection Management Measures" and announcements aimed at optimizing the registration and inspection processes for ordinary cosmetics, which contribute to a more robust industry structure [10][12]. Group 4: Competitive Landscape - The Chinese daily chemical market is characterized by intense competition, with both international brands like L'Oréal and Unilever and domestic brands like Shanghai Jahwa and Proya coexisting [13][15]. - Domestic brands are gaining traction by leveraging their understanding of local markets and flexible strategies, while international brands maintain consumer trust through established reputations [13][15]. Group 5: Industry Trends - The daily chemical industry is witnessing a surge in brand proliferation, with local companies increasingly capturing market share and developing competitive advantages [19]. - There is a growing trend towards personalization in consumer demands, necessitating companies to adapt to diverse regional preferences and consumer behaviors [20]. - The male grooming market is emerging as a new competitive frontier, with increasing demand for male-targeted daily chemical products [20]. - Safety and health concerns are driving consumer preference towards natural and organic products, prompting companies to focus on reducing harmful additives in their offerings [20].

Core Insights - The domestic beauty industry in China is entering a phase of deeper development, with market competition shifting from channel expansion to R&D innovation and precise positioning [1][3]. Company Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation. Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [3]. - Marubi Biotech reported revenue of 1.769 billion yuan, a 30.83% increase, with a net profit of 186 million yuan, up 5.21%. The company focused on a big product strategy [3]. - Up Beauty Holdings projected revenue between 4.09 billion and 4.11 billion yuan, a year-on-year growth of 16.8% to 17.3%, with net profit expected to reach between 540 million and 560 million yuan, up 30.9% to 35.8% [3]. - Beitaini has not yet released its semi-annual report, but its Q1 revenue was 949 million yuan, down 13.51%, with a net profit of 28.34 million yuan, down 83.97% [4]. Market Trends - The market for functional skincare products in China is projected to reach approximately 48.743 billion yuan in 2024, with Beitaini holding an 11.71% market share [5]. - The sensitive skin market is becoming a hot sector, with consumer numbers expected to approach 100 million and a market size of around 45 billion yuan in 2024, reflecting a compound annual growth rate of 21.7% over the past three years [7]. - The demand for sensitive skin care is evolving, with consumers seeking products that offer multiple benefits beyond basic repair, such as whitening and anti-aging [7]. Technological Challenges - The sensitive skin market faces core technological bottlenecks, particularly in the area of whitening products, which often struggle to balance effectiveness and gentleness for sensitive skin [8]. - Companies like Ximu Yuan are focusing on R&D in sensitive skin whitening, with new ingredients aimed at addressing these challenges, although large-scale application remains difficult [8]. Competitive Landscape - The competition in the sensitive skin market has shifted from initial market entry to a deeper technological contest, where brands must address advanced needs like whitening and anti-aging while ensuring scientific validation [9].

Core Viewpoint - The domestic beauty industry in China is entering a phase of deeper development, with a shift in competition from channel expansion to R&D innovation and precise positioning [1] Group 1: Industry Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation, reflecting a competitive landscape that emphasizes R&D and innovation [2][3] - Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [3] - Marubi Biological reported revenue of 1.769 billion yuan, a year-on-year increase of 30.83%, with a net profit of 186 million yuan, up 5.21% [3] - Up Beauty Holdings expects revenue between 4.09 billion and 4.11 billion yuan, a year-on-year increase of 16.8% to 17.3%, with net profit projected to be between 540 million and 560 million yuan, up 30.9% to 35.8% [3] Group 2: Market Trends - The sensitive skin market is becoming a hot sector, with the consumer base expected to approach 100 million by 2024, and the market size estimated at 45 billion yuan, with a compound annual growth rate of 21.7% over the past three years [6][7] - The sensitive skin market is projected to exceed 200 billion yuan, indicating a broad development prospect [6][7] - Consumers are increasingly seeking multi-functional products that combine repair with whitening, anti-aging, and sun protection [7] Group 3: Competitive Landscape - Brands are focusing on addressing the needs of sensitive skin, with companies like Giant Biological and Shanghai Jahwa targeting deeper skin barrier issues [7][8] - The market is witnessing a shift from generic solutions to more personalized care approaches, although the effectiveness and feasibility of these strategies still require market validation [8] - The sensitive skin whitening segment remains a core technical challenge, as traditional whitening ingredients often irritate sensitive skin, creating a dilemma for consumers [8]

Core Insights - The domestic beauty industry in China is entering a phase of deeper development, with market competition shifting from channel expansion to R&D innovation and precise positioning [1][2] - The performance of domestic beauty companies shows significant divergence, reflecting the competitive landscape and the impact of consumer awareness and purchasing power on functional skincare products [1][3] Company Performance - Shanghai Jahwa reported revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [2] - Marubi achieved revenue of 1.769 billion yuan, a 30.83% increase, with a net profit of 186 million yuan, growing by 5.21% [2] - Up Beauty Holdings expects revenue between 4.09 billion and 4.11 billion yuan, a growth of 16.8% to 17.3%, with net profit projected between 540 million and 560 million yuan, an increase of 30.9% to 35.8% [2] Market Trends - The functional skincare market in China is projected to reach approximately 48.743 billion yuan in 2024, with Betaini holding an 11.71% market share at 5.707 billion yuan [3] - The sensitive skin market is becoming a hot sector, with an expected consumer base nearing 100 million and a market size of around 45 billion yuan, reflecting a compound annual growth rate of 21.7% over the past three years [4] Innovation and Consumer Demand - There is a growing emphasis on "skin-specific care" rather than a one-size-fits-all approach, with brands focusing on personalized solutions for different skin types [5] - The sensitive skin market faces challenges in achieving effective and gentle whitening solutions, as traditional ingredients often irritate sensitive skin [5] - Brands that can address advanced needs such as whitening and anti-aging while ensuring scientific validation will be better positioned to capture market share in this expanding sector [5]