根据《深圳证券交易所创业板股票上市规则》以及《公司章程》等相关规定， 公司本次投资不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。本次投资交易金额未达到公司最近一期经审计净资产的10%，本次 投资事项的审批在总经理权限范围内，无需提交董事会或股东会审议。 （一）基金管理人：金雨茂物投资管理股份有限公司 证券代码：300957 证券简称：贝泰妮 公告编号：2025-039 成立时间：2009年7月9日 统一社会信用代码：91320000692122075A 法定代表人：段小光 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚 假记载、误导性陈述或者重大遗漏。 为了进一步提升云南贝泰妮生物科技集团股份有限公司（以下简称"公司"） 综合竞争力和盈利能力、把握战略合作机会，公司拟作为有限合伙人，与无锡金鹫 投资合伙企业（有限合伙）（以下简称"金鹫投资"、"普通合伙人"）、江苏无 锡生物医药产业专项母基金（有限合伙）、江阴高新区金融投资有限公司、江阴市 金融投资有限公司、南京今茂管理咨询合伙企业（有限合伙）、泉州市蠡湖至真投 资有限公司、马鞍山慈湖创业投资合伙企业（有限合伙） ...

Core Insights - The podcast "Business is Like This" has returned, focusing on sustainable practices in companies, with a highlight on Betaini Group's recognition in the 2025 Sustainable Practice Annual Case by Green Point China [1] - The episode emphasizes "biodiversity" as a key term in corporate sustainability, which includes the protection of various life forms and their environments [1] - The China Securities Regulatory Commission will require listed companies to disclose biodiversity protection efforts in their sustainability reports starting in 2026 for certain key companies [1] Company Focus - Betaini Group is recognized as a leader among Chinese companies for integrating biodiversity protection into its core business, particularly through sourcing skincare ingredients from the rich biodiversity of Yunnan [2] - The company has initiated actions to protect local biodiversity while developing valuable skincare raw materials from the Haba Snow Mountain area in Yunnan [2]

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, particularly highlighting the potential of specific companies like Water Sheep Co., Ltd. [13] Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index rising by 1.3% from September 29 to October 10, 2025, which is lower than the overall market performance [3][4] - The upcoming Tmall Double 11 event is expected to boost sales, with domestic brands actively participating with competitive discounts [8] - Water Sheep Co., Ltd. is identified as a leading technology-driven beauty company, with stable revenue projections and improving profit margins [9][10] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Cosmetics Index increasing by 1.2%, lagging behind the Shenwan A Index by 0.4 percentage points [3][4] - The top-performing stocks in the sector include Jiaheng Home Care (+35.0%), Yiyi Co., Ltd. (+18.6%), and Yanjing Co., Ltd. (+15.6%) [5] Upcoming Events - Tmall's Double 11 sales event is set to begin on October 15, 2025, with major domestic brands like Proya and Maogeping expected to participate actively [8] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. has a dual business model of proprietary and CP agency brands, with projected revenues stabilizing between 4 to 5 billion yuan from 2021 to 2024 [9] - The company is expected to achieve net profits of 258 million, 331 million, and 398 million yuan for the years 2025, 2026, and 2027, respectively, reflecting significant growth [10][13] Market Trends - The overall retail sales of cosmetics in August 2025 grew by 5.1%, indicating a recovery in consumer demand [17] - The domestic market is seeing a shift in market share, with local brands gaining ground against international competitors [25] E-commerce Insights - Data shows that domestic brands are performing well on platforms like Douyin and Tmall, with significant growth in GMV for brands like Proya and Maogeping [14][15] Company Developments - Proya has filed for an IPO in Hong Kong, with stable revenue growth and a strong online presence [19] - The report highlights the strategic moves of various companies, including partnerships and new product launches, to enhance their market positions [24][23]

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Views - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, a 16% increase compared to the previous year, and total spending reaching 809 billion yuan, up 15% [3][8] - Strong travel and family visit intentions were noted, with self-driving trips accounting for 80% of travel during the holiday period [12] - The report highlights a continued increase in inbound and outbound tourism, with a 11.5% year-on-year growth in border inspection personnel [14] - Key tourist attractions experienced a rise in visitor numbers, with notable increases at Huangshan, Jiuhua Mountain, and Emei Mountain, suggesting robust demand in the tourism sector [15] Summary by Sections 1. Industry Views This Week - The report emphasizes the positive outlook for the tourism sector during the National Day and Mid-Autumn Festival, with significant increases in both travel numbers and spending [8] 2. Market Review This Week - The retail index saw a decline of 0.40% from October 9 to October 10, while the overall market performance varied across different indices [16][18] 3. Valuation Table of Sub-Industries - The report includes a detailed valuation table for various companies within the retail sector, providing insights into market capitalization, closing prices, and projected earnings [22][23]

Core Viewpoint - The domestic cosmetics industry is experiencing a significant transformation, focusing on the innovation of plant-based ingredients and the development of proprietary technologies for extracting and utilizing these ingredients effectively [1][4][14]. Group 1: Technological Advancements - Since 2022, the domestic cosmetics industry has gradually mastered the full-process technology of "active substance labeling, impurity separation, and purity control" [10]. - Companies like Yunnan's Betaini have successfully extracted beneficial components from plants, such as the Qingci fruit, which has shown efficacy in skin barrier repair and anti-aging [2][11]. - The use of AI technology has accelerated the identification and extraction of effective plant components, allowing for higher purity and better efficacy in products [12]. Group 2: Market Trends - There is a growing trend among domestic cosmetics companies to utilize plant-based ingredients as a key differentiator in product offerings, with many brands showcasing their latest research and development at industry conferences [3][6]. - The number of new plant-based raw materials registered has increased significantly, from 3 in 2022 to 42 in 2024, indicating a shift towards plant-based ingredients dominating the market [7]. - The market for domestic cosmetics is expanding, with local brands capturing over 55.2% of the market share, surpassing foreign brands [15]. Group 3: Investment and Capital Market - Several companies focusing on plant-based ingredients have initiated IPO processes, reflecting increased investor interest in the sector [14]. - Notable investments have been made in companies with capabilities in plant raw material research, indicating a strong market confidence in the potential of domestic plant-based cosmetics [14]. Group 4: Future Outlook - The domestic cosmetics industry is expected to continue its shift towards using local plant resources, with predictions that domestic raw materials will account for over 80% of the market share in the future [15]. - As the industry matures, the purity, stability, and efficacy of domestic raw materials are approaching or even surpassing international standards, enhancing brand confidence in local sourcing [15].

Core Insights - The Chinese cosmetics industry is increasingly focusing on plant-based ingredients as a key differentiator and competitive advantage in product development [2][3][9] - The number of new plant-based raw materials registered has surged, indicating a significant shift towards natural ingredients in the cosmetics sector [4][5][11] Group 1: Industry Trends - The trend of utilizing local plant ingredients is becoming a common strategy among domestic cosmetics companies, with many brands showcasing their innovative plant-based products at industry events [2][3] - The number of plant-based raw materials registered with the National Medical Products Administration has increased from 3 in 2022 to 42 in 2024, surpassing chemical raw materials [4] - The market for domestic cosmetics is growing, with local brands capturing over 55.2% of the market share, indicating a shift in consumer preference towards homegrown products [11] Group 2: Technological Advancements - Advances in technology have enabled the extraction and identification of active components from plants, allowing for more targeted and effective product formulations [6][7] - Companies like谷雨 have successfully utilized AI technology to enhance the purity and efficacy of their plant-based ingredients, leading to breakthroughs in product development [8] - The development of proprietary extraction techniques has allowed companies to produce high-purity plant extracts at scale, significantly reducing costs and increasing market competitiveness [7][10] Group 3: Market Dynamics - The increasing interest in plant-based ingredients has led to a rise in IPO applications from companies specializing in these materials, reflecting investor confidence in the sector [10] - The push for domestic raw material sourcing is reshaping the supply chain dynamics, with companies advocating for the use of local ingredients to reduce reliance on imports [10][11] - The cosmetics industry is at a critical turning point, with local plant resources becoming a vital demand for future product development [2][4]

Core Insights - The Chinese cosmetics industry is experiencing a significant shift towards the use of domestic plant ingredients, driven by innovation and the demand for unique, region-specific components [4][6][12] Group 1: Industry Trends - The trend of utilizing plant-based ingredients has become a common strategy among domestic cosmetics companies, with many brands showcasing their research and development achievements at industry events [3][5] - The number of new plant-based raw materials registered has surged, with 42 new plant materials recorded in 2024, surpassing chemical raw materials for the first time [6][12] - The market for domestic brands is growing, with over 55.2% market share in 2024, indicating a shift away from reliance on foreign brands [13] Group 2: Technological Advancements - Advances in technology have enabled the precise extraction and identification of active ingredients from plants, enhancing the efficacy of cosmetic products [8][9] - Companies are increasingly using AI technology to streamline the selection of effective cosmetic ingredients, significantly improving the efficiency of product development [10] Group 3: Market Dynamics - The capital market is showing increased interest in companies that focus on plant-based ingredients, with several firms initiating IPO processes and attracting significant investments [11][12] - The push for domestic raw material usage is expected to reshape the market landscape, with predictions that local ingredients will dominate the market share in the future [12][13]

Core Insights - The Chinese fragrance and cosmetics industry is transitioning from "incremental competition" to "stock game" dynamics, with a shift from channel-driven to brand-driven competition [1] - The market size of China's cosmetics industry has exceeded 1 trillion yuan for two consecutive years, making it the largest cosmetics consumer market globally [1] - Companies are focusing on technological innovation, brand value reconstruction, and collaborative networks to enhance their competitiveness in the global value chain [1] Industry Trends - The Chinese cosmetics market is projected to reach a total transaction value of 1,073.82 billion yuan in 2024, reflecting a year-on-year growth of 2.8% [3] - The core driving force of the cosmetics market is the innovation in raw materials, with domestic companies primarily concentrated in the mid-to-low-end sectors [3] - Many local beauty companies are investing in R&D to develop proprietary raw materials, moving away from reliance on imports [5][6] Technological Advancements - Companies like Huaxi Biological Technology are emphasizing the importance of core technology and R&D capabilities to survive in a competitive market [2] - Natural堂 has developed over 20 proprietary raw materials, showcasing a shift from dependence on imports to self-sufficiency in high-quality ingredients [6] - The Chinese government is implementing policies to support innovation in cosmetic raw materials, including expedited review processes for new ingredients [7] Collaborative Efforts - The establishment of partnerships between research institutions and cosmetic companies aims to bridge the gap between laboratory innovations and market applications [9][12] - The launch of the "Beautiful Health Medical Research and Enterprise Transformation Center" in Nanjing signifies a commitment to enhancing collaboration in the industry [9] - Shanghai Jahwa's collaboration with the Chinese Academy of Traditional Chinese Medicine highlights the potential of traditional ingredients like artemisinin in skincare applications [11]

Core Insights - The beauty and personal care industry is transitioning from rapid growth to a focus on meticulous development, emphasizing research and innovation over marketing and distribution [1][3] Company Strategy - Betaini Group has formed a strategic partnership with Lumenis Group to enhance the home beauty device brand Tripollar in the Chinese market, focusing on deep operation and product innovation [1][3] - The collaboration is a significant step in extending the "medical-research co-creation" concept into the home beauty sector, leveraging over 20 years of skin science research and product development experience [3][4] Product Development - The core value of beauty devices lies in their safety and effectiveness, necessitating a deep integration of medical-grade technology and skin science [4] - Betaini is conducting clinical research to address the needs of Chinese consumers, particularly in sensitive skin anti-aging, optimizing energy parameters and waveform design to minimize potential irritation [4] - The Tripollar brand will evolve towards an integrated value proposition of "technology + scenario + service," transitioning from standalone devices to comprehensive solutions that include devices, specialized skincare essences, and online consultation services [4][6] Market Positioning - The home beauty device segment aligns with Betaini's mission to create a skin health ecosystem in China, focusing on high-tech and high-user engagement areas for sustainable development [6] - The company aims to redefine the home skin beauty industry through continuous investment and open collaboration, emphasizing the importance of creating trends rather than merely chasing them [6]

每经AI快讯，贝泰妮（SZ 300957，收盘价：45.97元）发布公告称，2025年9月，贝泰妮接受中金公司 等投资者调研，公司副总经理、财务总监、董事会秘书王龙等人回答了投资者提出的问题。 2025年1至6月份，贝泰妮的营业收入构成为：化妆品生产和销售占比99.42%，服务及其他占比0.58%。 每经头条（nbdtoutiao）——追忆管金生 | "拓荒者"的未竟事业 （记者 王晓波） ...