该议案已经公司董事会审计委员会会议审议通过，尚需提交股东会审议。 二、审议通过《关于提议召开公司2026年第一次临时股东会的议案》。 证券代码：300957 证券简称：贝泰妮 公告编号：2026-002 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。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2026年2 月10日以书面决议方式召开第三届董事会第四次会议。本次会议通知已于2026 年2月4日以邮件方式送达全体董事、高级管理人员。本次会议应当参加表决的 董事9名，实际参加表决的董事9名，本次董事会会议于2026年2月10日形成有效 决议。本次会议的召开符合《公司章程》及《董事会议事规则》的规定，经董 事审议并表决通过了如下决议： 一、审议通过《关于公司 2025 年度前三季度利润分配方案的议案》。 经审 议，公司 董事 会同 意以 截至 本次董 事会 会议 当日 公司总 股本 423,600,000股，扣除公司回购专用证券账户已回购股份2,307,118 股后的 421,292,882股为基数，以现金方式向全体股东每10股派发3.00元（含税）现 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2026-004 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。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2026年2月 10日召开了第三届董事会第四次会议，审议通过了《关于公司2025 年度前三季 度利润分配方案的议案》，该议案尚需提交股东会审议。现将有关情况公告如 下： 根据公司2025年第三季度财务报表（未经审计），公司2025年前三季度 实现归属于母公司所有者净利润271,878,735.84元，未提取法定公积金和任意 公积金。截至2025年9月30日，公司合并报表可分配利润为2,759,892,799.46元， 母公司可分配利润为2,251,074,575.88元。根据利润分配应以母公司的可供分 配利润及合并财务报表的可供分配利润孰低的原则，公司2025年9月30日可供 股东分配的利润为2,251,074,575.88元。 2025年度前三季度利润分配方案拟定为：截至公司董事会会议审议利润 分配方案当日，公司总股本为423,600,000股，扣除公司回购专用证券账户已 回购股份2, ...

Core Viewpoint - Winona, a leading brand in sensitive skin care, has appointed world champion table tennis player Wang Chuqin as its brand ambassador for the Asia-Pacific region, highlighting a synergy between the athlete's competitive spirit and the brand's professional expertise in skin care [1][3][14] Group 1: Brand and Athlete Collaboration - The partnership between Winona and Wang Chuqin reflects a mutual commitment to excellence, with both parties demonstrating a relentless pursuit of improvement and mastery in their respective fields [3][7] - Wang Chuqin's recent victory at the 35th Asian Cup, where he defended his men's singles title, serves as a powerful endorsement for the collaboration, reinforcing the credibility of both the athlete and the brand [1][3] Group 2: Product Focus and Innovation - The collaboration emphasizes Winona's core product, the second-generation special care mask, which incorporates innovative "membrane repair" technology, enhancing the product's effectiveness [4][6] - Winona's special care series has undergone over 56 clinical studies involving 5,590 participants, showcasing the brand's commitment to scientific validation and consumer safety [7][10] Group 3: Market Position and Research - Winona has been recognized as the number one brand in sensitive skin care sales in China for five consecutive years (2020-2024), reflecting strong consumer trust and brand loyalty [8][10] - The brand employs a pharmaceutical approach to skin care, collaborating with 63 top-tier hospitals for clinical validation, and has conducted over 300 global dermatological studies [10][11] Group 4: Emotional and Psychological Connection - Winona aims to address not only the physical needs of sensitive skin users but also their emotional well-being, resonating with the spirit of resilience exemplified by Wang Chuqin [13][14] - The partnership enriches the brand's narrative by linking skin health with mental empowerment, reinforcing the importance of professional care for sensitive skin [13][14]

Core Viewpoint - Winona, a leading brand in sensitive skin care in China, has appointed world table tennis champion Wang Chuqin as its brand ambassador for the Asia-Pacific region, highlighting the synergy between the athlete's professional spirit and the brand's expertise in sensitive skin care [1][15]. Group 1: Brand and Athlete Collaboration - The partnership between Winona and Wang Chuqin reflects a mutual commitment to excellence, with both parties demonstrating a relentless pursuit of improvement and professional integrity [3][8]. - Wang Chuqin's recent victory at the 35th Asian Cup, where he defended his men's singles title, serves as a powerful endorsement of the collaboration [1][3]. Group 2: Product Focus - The collaboration emphasizes Winona's core product line, particularly the second-generation special care mask, which integrates innovative technology for skin repair [4][6]. - The mask features a unique "membrane repair" technology, incorporating soothing fibers into the fabric, which enhances its effectiveness [6][9]. Group 3: Research and Development - Winona has established a rigorous scientific standard for product development, conducting over 56 clinical studies involving 5,590 participants across 61 hospitals, demonstrating its commitment to safety and efficacy [6][12]. - The brand has been recognized as the top seller in the sensitive skin care market in China for five consecutive years (2020-2024), reflecting strong consumer trust and a solid professional barrier [9][11]. Group 4: Brand Philosophy - Winona's approach to skin care is rooted in pharmaceutical principles, collaborating with top-tier hospitals for clinical validation, which has led to the development of effective products for over 69 million users with sensitive skin [11][12]. - The brand aims to address not only skin health but also the emotional well-being of sensitive skin users, resonating with their experiences of skin anxiety and self-confidence [14][15].

Summary of Conference Call Records Industry Overview - The beauty and personal care sector is expected to see significant growth in 2026, driven by industry rotation and positive changes in certain companies. The market has experienced adjustments since the second half of 2025, particularly after the peak of new consumption trends, leading to declines of over 30% in some companies' stock prices. However, many companies are now at low valuation levels, and with the influence of style rotation, stock prices have rebounded significantly [2][3][4]. Key Companies and Performance - **Proya (珀莱雅)**: The main brand achieved a 24% growth in January 2026, with its OR brand doubling in growth. The company has undergone management changes and is launching new product lines, which are expected to contribute to stable growth [5][10][11]. - **Betaini (贝泰妮)**: The company has seen a recovery in e-commerce sales and profitability, with its main brand stabilizing in revenue and profit margins. The sub-brand Oksman is projected to grow over three times, indicating strong future potential [12]. - **Lurich (陆雨辰)**: Despite recent stock price adjustments due to industry style changes and regulatory uncertainties, the company remains optimistic about its growth potential, especially as it benefits from compliance with regulations [7]. - **Shangmei (尚美)**: The company has maintained good growth rates, with its sub-brands achieving significant increases in sales [6]. Market Trends and Consumer Behavior - The overall demand in the beauty sector is expected to bottom out and gradually recover in 2026. External shocks and subsidy reductions have already impacted business demand, and if housing prices stabilize and CPI rises in the second half of the year, consumer opportunities will increase [2][3]. - The growth of beauty products on platforms like Douyin (抖音) has been notable, with a 25% year-on-year increase in January 2026. This growth is attributed to organizational adjustments and operational improvements within companies [5][6]. Investment Opportunities - The focus for 2026 should be on companies that are at the bottom of their valuation with positive changes. Companies like Proya, Betaini, and Lurich are highlighted as having reflected the most pessimistic expectations in their stock prices, and any positive developments could lead to significant stock performance [4][5][6]. - The investment strategy should prioritize companies with strong fundamentals and those that have undergone structural or organizational adjustments, as these are likely to show marginal improvements and high growth potential [2][3][6]. Regulatory Environment - The regulatory landscape for NMN (Nicotinamide Mononucleotide) is evolving, with expectations that future policies will not be overly stringent. This is seen as beneficial for compliant large enterprises in the industry [8]. Conclusion - The beauty and personal care industry is poised for recovery and growth in 2026, with several companies showing promising signs of improvement. Investors are encouraged to focus on companies with strong fundamentals and positive changes, as these are likely to yield significant returns in the coming year [2][3][4].

Investment Rating - The report maintains a positive outlook on the cosmetics and medical beauty sector, indicating strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported a double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [2][6]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating a strong start to the year for the beauty market [2][25]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [7][8]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [3]. Company Performance - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [2][6]. - The report notes that the overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [18][19]. Market Trends - The report emphasizes the shift in consumer focus towards personalized and high-quality services, with emotional and experiential services becoming new consumption hotspots [8][10]. - The government is implementing measures to stimulate service consumption, which is expected to play a crucial role in driving economic growth [7][8]. E-commerce Insights - The report discusses the acquisition of Beijing Lianshi by Yiwang Yichuang, which aims to enhance AI-driven marketing capabilities, indicating a trend towards digital transformation in the industry [12][13]. - The report highlights the competitive landscape in the e-commerce sector, with domestic brands gaining market share against international competitors [26].

写在贝泰妮重新回到200亿元之时20260209【东财新消费|美护】 短期上涨近20%后，按我们26年300亿元目标价，仍有40%+空间。 主要测算逻辑：1、主品牌净利率继续提升，200亿元，2、子品牌孵化，50亿元，3、医美option，50亿元（具体测 算可与我们交流）。 自1.14我们独家推荐贝泰妮以来，股价已经上涨18.9%，市场从最开始"虽然认可底部但算不清估值"=>逐步认可我 们基于主品牌+子品牌+医美新材料分阶段看到300亿元的测算 ; 市场风格从担心"以成长为主逻辑的化妆品板块是 否能buy in底部反转逻辑"=>逐步转向"认可并寻找更多底部反转的美护标的"。 短期上涨近20%后， 写在贝泰妮重新回到200亿元之时20260209【东财新消费|美护】 自1.14我们独家推荐贝泰妮以来，股价已经上涨18.9%，市场从最开始"虽然认可底部但算不清估值"=>逐步认可我 们基于主品牌+子品牌+医美新材料分阶段看到300亿元的测算 ; 市场风格从担心"以成长为主逻辑的化妆品板块是 否能buy in底部反转逻辑"=>逐步转向"认可并寻找更多底部反转的美护标的"。 【医美市值打入时间点可参考乐普获批时间点和 ...

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Core Viewpoint - The partnership between Winona and table tennis champion Wang Chuqin symbolizes a fusion of professional values and a pioneering spirit, aiming to elevate the standards in the sensitive skin care market through the campaign "Step Forward, Special Care" [1] Group 1: Winona's Brand Positioning - Winona has established itself as a leader in the sensitive skin care market in China, maintaining the top sales position for five consecutive years and dominating the dermatological skin care segment [4] - The brand emphasizes a long-term commitment to research and development, paralleling the rigorous training and skill enhancement required in professional sports [4][9] Group 2: Wang Chuqin's Influence - Wang Chuqin, the current world number one in men's table tennis, embodies a spirit of continuous self-improvement and excellence, which resonates with Winona's commitment to innovation in skin care [6][8] - His achievements, including Olympic and World Championship titles, enhance the credibility and appeal of the brand, aligning with the growing consumer demand for trustworthy and effective products [9][12] Group 3: Product Innovation - Winona's second-generation special care mask features a patented technology that allows the mask fabric to possess self-repairing properties, effectively providing the benefits of two masks in one [6][8] - The mask has undergone rigorous testing, achieving certification for contact with infant skin, ensuring a high-quality user experience [8] Group 4: Market Trends and Consumer Behavior - The sensitive skin care market is facing challenges such as product homogeneity and a lack of scientific backing for efficacy claims, leading consumers to prioritize professional credibility over mere celebrity endorsements [12] - The collaboration between Wang Chuqin and Winona is rooted in a shared commitment to professionalism and long-termism, enhancing both brand trust and consumer relationships [12][13] Group 5: Strategic Goals - Winona aims to build a comprehensive ecosystem for skin health in China, aligning with the "Healthy China 2030" strategy, and sees its partnership with Wang Chuqin as a crucial step in this long-term vision [13]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company is expected to implement a product focus and stable pricing strategy in 2025, leading to improved gross margins in the first three quarters. The main brand shows strong resilience, while the sub-brand Aikeman is experiencing breakthroughs, indicating a positive outlook for multi-brand growth to restore the company's growth momentum [2][11] - The forecast for EPS has been raised for 2025-2027 to 1.23 (+0.13), 1.56 (+0.08), and 1.90 (+0.18) yuan, respectively. A target PE of 38x for 2026 has been set, resulting in an updated target price of 59.28 yuan [11] Financial Summary - Total revenue is projected to be 5,522 million yuan in 2023, increasing to 5,736 million yuan in 2024, but decreasing to 5,479 million yuan in 2025, before rising to 6,059 million yuan in 2026 and 6,663 million yuan in 2027 [4] - Net profit attributable to the parent company is expected to decline from 757 million yuan in 2023 to 503 million yuan in 2024, with a slight recovery to 520 million yuan in 2025, and further increases to 663 million yuan in 2026 and 806 million yuan in 2027 [4] - The gross margin for the first three quarters of 2025 improved to 74.33%, a year-on-year increase of 0.6 percentage points [11] Market Performance - The company's stock price has ranged between 39.34 and 50.85 yuan over the past 52 weeks, with a total market capitalization of 20,138 million yuan [6] - The stock has shown an absolute increase of 17% over the past month, 13% over the past three months, and 18% over the past year [10] Brand Performance - The main brand, Winona, has streamlined its product series and focused on core products, achieving a ranking of 9th in the Tmall beauty industry during the Double Eleven shopping festival, maintaining its position in the top 10 for nine consecutive years [11] - The sub-brand Aikeman has seen significant growth, ranking 2nd in the Tmall beauty new brand transaction list during Double Eleven 2025, with key products achieving sales of over 100,000 units [11]