投资者关系活动记录表 编号：2025-005 证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 | 投 资 者 关 系 活 | □特定对象调研 分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称 | Morgan Stanley、Goldman Sachs、贝莱德基金、瑞银资管、 | | | 富国基金、嘉实基金、中金基金、博时基金、工银安盛资管、 | | | 淡水泉（北京）投资管理有限公司、银华基金、长信基金、天 | | | 弘基金、新华基金、汇丰晋信基金、中信建投基金、泰康资 | | | 产、华宝基金、招商基金等 120 家机构 | | 时间 | 2025 年 6 月 | | 地点 | 线上、线下交流 | | 上 市 公 司 接 待 | 1、副总经理、财务总监、董事会秘书王龙 | | 人员姓名 | 2、投资者关系负责人张圣烨 | | | 3、IR 王广熙 | | | Q:公司近期在原料备案上有什么进展？ | | --- | --- | | | ...

Core Viewpoint - The demand for dermatological skincare products in China is rapidly increasing due to rising consumer health awareness and income levels, with the market expected to reach 22.528 billion yuan in 2024, reflecting a year-on-year growth of 21.13% [1][12]. Overview - Dermatological skincare products are developed based on dermatology and skin structure, aimed at addressing specific skin issues. They are characterized by simplified ingredients, higher safety, and clearer efficacy compared to regular skincare products [2][3]. Market Policy - The Chinese government has implemented a series of regulations to enhance the development of the cosmetics industry, including dermatological skincare products, promoting standardization and high-quality growth [5][6]. Industry Chain - The upstream of the dermatological skincare industry includes suppliers of active ingredients, moisturizers, oils, plant extracts, and production equipment. The downstream consists of hospitals, pharmacies, supermarkets, beauty salons, brand counters, and e-commerce platforms [7][10]. Development Status - The market for dermatological skincare products is experiencing exponential growth, driven by increasing skin issues among consumers and a shift towards scientific skincare. Despite rapid development, the market penetration in China remains low compared to mature overseas markets, indicating significant future growth potential [1][12]. Competitive Landscape - The dermatological skincare market in China is becoming increasingly competitive, with numerous companies entering the space. Key players include Peirfaer (Shanghai) Cosmetics Trading Co., L'Oréal (China) Co., Shenzhen Haichuang Biotechnology Co., and others [14][16]. Representative Company Analysis - Yunnan Betaini Biotechnology Group Co., established in 2010, focuses on skin health and has gained recognition for its "Winona" brand, achieving a revenue of 5.736 billion yuan in 2024, with skincare products accounting for 83.70% of total revenue [16]. - Beijing Andeputai Medical Technology Co., founded in 2010, specializes in solutions for problematic skin and integrates global resources for medical research and product development [18]. Development Trends - The trend of "minimalist skincare" is emerging, with consumers favoring simplified formulations. Additionally, domestic brands are leveraging cross-border e-commerce to expand internationally, supported by capital mergers to enhance global competitiveness [21].

Investment Rating - Industry rating: Recommended [5] Core Insights - The beauty sector experienced a stable conclusion during the 618 shopping festival, with significant changes in platform and brand dynamics driven by reduced commission policies and interest-based content ecosystems [1][2] - The total GMV for beauty products across four major e-commerce platforms (Taobao, JD, Douyin, Kuaishou) during the 618 period was between 600-700 billion yuan, reflecting a year-on-year growth of over 10% [1] - Taobao maintained the largest market share at 41.3%, followed by Douyin at 35.7%, JD at 14.8%, and Kuaishou at 8.2% [1][13] Summary by Sections E-commerce Platform Dynamics - Douyin's beauty segment is rapidly growing, supported by merchant subsidies and interest-driven consumer engagement, achieving double-digit growth [2] - Douyin's promotional strategies included a 1.4 billion yuan subsidy for merchants in May, with individual merchant reductions reaching up to 2.99 million yuan [2] Skincare and Makeup Categories - In the skincare category, domestic brands like Proya and Han Shu led the market, maintaining their top positions on Taobao and Douyin [3] - The top five brands in the skincare category on Taobao remained stable, with Proya and Han Shu continuing to dominate [3] - In the makeup and fragrance category, new domestic brands are emerging, with Ti Luo Wei achieving rapid growth by focusing on base makeup products [4] International and Domestic Brand Strategies - International brands are performing well due to localized marketing strategies and a willingness to engage with local consumers [8] - Domestic brands are expected to break out of the competitive cycle focused on ingredients and efficacy, emphasizing brand influence and comprehensive user experience [8] Investment Recommendations - Focus on domestic companies with strong brand equity and comprehensive channel strategies, particularly Proya and Han Shu [9] - Highlight technology-driven skincare brands like Betaini and Juzi Biology that target specific consumer needs [9] - Consider daily chemical brands with strong cost-performance ratios and excellent management of emerging channels, such as Runben and Dengkang [9]

Core Viewpoint - Beitaini's revenue and net profit have significantly declined in recent quarters, indicating pressure on its financial performance and the need for strategic adjustments in its product offerings and market positioning [3][5][6]. Financial Performance - In 2024, Beitaini's revenue growth rates were 3.87% and -13.51% for the first quarter, while net profit growth rates were -33.53% and -83.97% respectively [3][5]. - The company's net profit for 2024 dropped to 503 million yuan, less than half of the same period in 2022 [6]. - The overall performance in the first quarter of 2025 showed a revenue of 949 million yuan, a decline of 13.51%, and a net profit of 28 million yuan, marking an 84% decrease, the lowest since its listing [7]. Brand and Product Strategy - Beitaini focuses on the "skin health internet+" model, with multiple brands including Winona, Winona Baby, and AOXMED, targeting various skincare needs [5]. - The main brand, Winona, has undergone a brand upgrade to focus on "sensitive skin," launching key products like the Winona Soothing Moisturizing Cream [9]. - Despite the brand's efforts, Winona's revenue declined by 5.5% in 2024, contrasting with significant growth in its sub-brands Winona Baby and AOXMED, which saw increases of 34% and 65.6% respectively [9][10]. Market Position and Competition - Beitaini's performance in major promotional events has weakened, with Winona ranking 10th in the Tmall beauty sales during the 2024 promotional events, down from 5th in 2023 [9][11]. - The company faces increased competition and has had to raise marketing expenditures, impacting profitability [6][10]. Future Outlook - Beitaini plans to implement five core solutions for its main brand, focusing on enhancing customer value through product combinations [10]. - The company aims to leverage its advancements in plant-based ingredients and AI technology to regain market traction [9].

Core Viewpoint - The cosmetics retail sales in China for January to April 2025 showed a year-on-year increase of 4%, underperforming the overall retail market by 0.7 percentage points, but this represents an improvement compared to 2024. The industry is characterized by four key trends: innovation in personal care products, breakthroughs in ingredient technology, rising emotional consumption, and the continuation of affordable consumption [1][3]. Investment Recommendations - The company recommends increasing holdings in the personal care sector, highlighting quality companies that benefit from product innovation and opportunities in Douyin channels, with key recommendations including Ruoyuchen (003010), Dengkang Oral (001328), and Runben Co. [2] - In the beauty sector, structural opportunities are identified, with key recommendations for companies like Jinbo Biological, Juzi Biological, and Marubi Co. that are positioned to benefit from the collagen restructuring trend. Additionally, brands like Maogeping, Shumei Co., Proya (603605), and Shanghai Jahwa (600315) are expected to gain from the overall increase in domestic market share [2]. - Companies expected to bottom out and potentially see a turning point include Lafang Household (603630), Shuiyang Co. (300740), Betaini (300957), Furuida (600223), Huaxi Biological, Fulejia (301371), Meilitiantian Medical Health, and Qingsong Co. (300132) [2]. Industry Overview - Demand remains stable, with the rise of domestic brands in the beauty and personal care sectors accelerating. The cosmetics retail sales for January to April 2025 increased by 4% year-on-year, which is a 0.7 percentage point underperformance compared to the overall retail market, but shows improvement from 2024. The overall demand is stable, with leading domestic brands performing well and the rise of new domestic brands spreading from beauty to personal care categories [3][4]. Trends - The industry is witnessing several trends: 1) Personal care transformation with new products in traditional categories, supported by content e-commerce creating a favorable environment for new product launches [4]. 2) Ingredient innovation, particularly in collagen restructuring, with various types and structural innovations expanding application scenarios [4]. 3) Emotional consumption, where cultural, stylistic, and experiential demands are driving the growth of domestic trends in cosmetics and fragrances [4]. 4) Affordable consumption, where the trend for cost-effectiveness continues under supply-demand resonance, benefiting strong supply chains and well-operated brands [4]. Key Companies - Looking ahead to 2025, the market risk appetite is expected to recover significantly. The beauty sector is characterized by substantial changes and a clear trend of rising domestic brands, indicating strong growth potential and leadership in new consumption [5]. The differentiation among brands is increasing, emphasizing the selection of high-growth targets driven by product innovation and attention to marginal improvements [5].

Market Overview - The Shanghai Composite Index closed at 3363.48 points, above the five-day moving average, with an increase of 0.48% [1] - The total trading volume of A-shares reached 763.885 billion yuan [1] Stock Performance - A total of 929 A-shares broke through the five-day moving average today [1] - Stocks with significant deviation rates include: - Laisai Laser (21.79%) - Kangliyuan (11.86%) - Mankalon (10.78%) [1] Top Stocks by Deviation Rate - Laisai Laser (871263): - Today's change: +30.00% - Turnover rate: 38.87% - Five-day moving average: 19.53 yuan - Latest price: 23.79 yuan - Deviation rate: 21.79% [1] - Kangliyuan (301287): - Today's change: +17.32% - Turnover rate: 32.85% - Five-day moving average: 35.00 yuan - Latest price: 39.15 yuan - Deviation rate: 11.86% [1] - Mankalon (300945): - Today's change: +19.98% - Turnover rate: 18.47% - Five-day moving average: 22.66 yuan - Latest price: 25.10 yuan - Deviation rate: 10.78% [1] Additional Notable Stocks - Beitaini (300957): - Today's change: +11.83% - Turnover rate: 4.22% - Five-day moving average: 45.58 yuan - Latest price: 49.44 yuan - Deviation rate: 8.48% [1] - Jiuling Technology (873305): - Today's change: +10.00% - Turnover rate: 13.81% - Five-day moving average: 42.79 yuan - Latest price: 46.20 yuan - Deviation rate: 7.98% [1]

Market Overview - The Shanghai Composite Index closed at 3363.48 points, above the annual line, with a change of 0.48% [1] - The total trading volume of A-shares reached 763.885 billion yuan [1] Stocks Breaking Annual Line - A total of 75 A-shares have surpassed the annual line today, with notable stocks including: - Zhangqu Technology (掌趣科技) with a deviation rate of 11.95% - New Jingang (新劲刚) at 8.64% - Beitaini (贝泰妮) at 8.42% [1] Top Stocks by Deviation Rate - The following stocks have the highest deviation rates from the annual line: - Zhangqu Technology (掌趣科技): Today's change of 13.55%, turnover rate of 20.26%, annual line at 5.09 yuan, latest price at 5.70 yuan [1] - New Jingang (新劲刚): Today's change of 9.22%, turnover rate of 12.15%, annual line at 19.52 yuan, latest price at 21.21 yuan [1] - Beitaini (贝泰妮): Today's change of 11.83%, turnover rate of 4.22%, annual line at 45.60 yuan, latest price at 49.44 yuan [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Nanjing Shanglv (南京商旅): Change of 9.97%, turnover rate of 9.74%, annual line at 8.76 yuan, latest price at 9.49 yuan [1] - Beixin Source (北信源): Change of 6.31%, turnover rate of 7.33%, annual line at 4.99 yuan, latest price at 5.22 yuan [1] - Bolei Technology (倍轻松): Change of 3.67%, turnover rate of 3.40%, annual line at 31.11 yuan, latest price at 32.17 yuan [1]

Group 1 - The cosmetics sector is experiencing a rise, with Betaini (300957) increasing by over 10% [1] - Other companies such as Babi Co., Water Sheep Co. (300740), Fulejia (301371), Lafang Jiahua (603630), and Furida (600223) are also seeing gains [1]

Summary of the Conference Call Transcript Company Overview - **Company**: 贝泰妮 (Betaini) - **Industry**: Consumer Goods, specifically skincare and beauty products Key Points and Arguments 1. **Profitability Goals**: The company aims for a double-digit net profit margin by 2025, up from 8.8% in 2024, supported by a targeted 3% increase in gross margin, efficiency improvements, and operational leverage [1][4] 2. **Revenue Targets**: - Main brand, 薇诺娜 (Winona), is expected to achieve single-digit revenue growth, focusing on product reform and promotional control [1][4] - Emerging brands are projected to maintain growth momentum, with 薇诺娜宝贝 (Winona Baby) targeting over 30% growth, 瑗科缦 (Yuan Keman) over 100%, and 贝芙汀 (Beifutin) aiming for 50 million yuan [1][4] 3. **Quarterly Performance**: The second quarter shows improvement, with a strong start to the 6.18 shopping event, reporting a 20-30% increase in GMV through live streaming channels and a 30-40% increase on Douyin [1][4] 4. **Inventory Management**: Inventory balances improved, with figures of 556 million yuan and 612 million yuan for Q1 2025 and FY2024 respectively, down 34% and 32% from FY2023 [1][4] 5. **OTC Channel Expansion**: Sales in the OTC channel are recovering, with a projected 10% growth in sales for approximately 129,000 OTC pharmacies in 2024 [1][4] 6. **Financial Forecasts**: - Revenue is expected to grow from 5.736 billion yuan in FY24 to 6.196 billion yuan in FY25, with a compound annual growth rate (CAGR) of 10% from 2025 to 2027 [1][9] - Adjusted net profit is projected to increase from 503 million yuan in FY24 to 654 million yuan in FY25 [1][8] 7. **Market Position**: Winona is the largest efficacy skincare brand in China, holding a 20% market share, outperforming competitors like 理肤泉 (La Roche-Posay) and 修丽可 (SkinCeuticals) [1][9] 8. **Valuation**: The target price is set at 66 yuan, corresponding to a 35x 12-month forward P/E ratio, based on a discounted cash flow analysis [1][14] Additional Important Information - **Risks**: - Downside risks include potential failure in brand expansion, high traffic costs, intensified competition, and increased regulatory scrutiny on efficacy skincare advertising [1][16] - Upside catalysts include better-than-expected performance of new products and successful acquisitions [1][16] - **Stock Performance**: The stock price as of May 28, 2025, is 45.29 yuan, with a target price of 66.00 yuan by December 2025 [2][22] This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial targets, market positioning, and associated risks.

证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 | 投 资 者 关 系 活 | □特定对象调研 分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称 | 交银施罗德基金、华安基金、景顺长城基金、富国基金、华 | | | 夏基金、野村东方证券、Columbia Management Investment | | | Advisers 、 Fullerton Fund Management Company Ltd 、 | | | Matthews International Capital Management、Moon Capital | | | Management、Burgundy Asset Management Ltd 等 35 家机构 | | 时间 | 2025 年 5 月 | | 地点 | 线上、线下交流 | | 上 市 公 司 接 待 | 1、副总经理、财务总监、董事会秘书王龙 | | 人员姓名 | 2、投资者关系负责人张圣烨 | ...