致：云南贝泰妮生物科技集团股份有限公司 北京市君合律师事务所受云南贝泰妮生物科技集团股份有限公司（以下简 称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等中国现行有效的有 关法律、行政法规、部门规章、规范性文件（以下合称"法律法规"，仅为本法 律意见书法律适用之目的，不包括中国香港特别行政区、中国澳门特别行政区及 台湾地区的法律法规）及《云南贝泰妮生物科技集团股份有限公司章程》（以下 简称"《公司章程》"）的有关规定，就公司 2023 年年度股东大会（以下简称"本 次股东大会"）有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序是否符合法律、行政法 规及《公司章程》的规定，以及出席本次股东大会人员的资格、召集人资格、会 议的表决程序和表决结果是否合法有效发表意见，并不对本次股东大会所审议的 议案内容以及该等议案所表述的相关事实或数据的真实性、准确性、完整性或合 法性发表意见。在本法律意见书中，本所律师仅依据本法律意见书出具之日以前 发生的事实及本所律师对该事实的了解，并仅就本次股东大会所涉及的相关中国 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2024-029 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。 特别提示： 1、本次股东大会未出现否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2024年5 月22日在云南省昆明市高新区科医路53号公司会议室召开2023年年度股东大会。 本次会议由公司董事会召集，公司董事长GUO ZHENYU（郭振宇）先生主持， 并以现场投票与网络投票相结合的方式召开。本次会议的召开符合有关法律、 行政法规、部门规章和《公司章程》的规定。 出席会议的股东和代理人（以下统称"股东"）人数为35人，出席会议的 股东所持有表决权的股份总数为311,515,945股，出席会议的股东所持有表决权 股份数占公司有表决权股份总数（已剔除回购股份数量，下同）的74.1227%， 其中：通过现场投票的股东10人，代表有表决权股份206,280,489股，占公司有 表决权总股份的49.0828%；通过网络投票的股东25人，代表有表决权股 ...

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 投资者关系活动记录表 编号：2024-004 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 投资者走进上市公司活动 参与单位名称 云南上市协会、国投瑞银基金管理有限公司、中国人寿资产 管理有限公司、华夏久盈资产管理有限责任公司、敦和资产 管理有限公司、宁银理财有限责任公司、上海宽远资产管理 有限公司等41家机构 时间 2024年5 月17日 (周五) 上午 9：30~11：30 地点 云南省昆明市呈贡区贝泰妮集团中央工厂 上市公司接待 1、中央工厂执行总经理李盼盼 人员姓名 2、投资者关系总监张圣烨 3、公关总监钟巍 4、投资者关系主管程凯雷 ...

Investment Rating - The report assigns a "Stronger than Market" rating to the company, indicating an expected outperformance relative to the benchmark index by more than 10% over the next 12 months [1][9] Core Views - The company's 2023 revenue reached RMB 5.52 billion, a 10.1% YoY increase, while net profit attributable to the parent company declined by 28% to RMB 757 million due to underperforming online brand promotions [3] - In Q1 2024, the company achieved RMB 1.1 billion in revenue, a 27.1% YoY growth, with net profit attributable to the parent company increasing by 11.7% to RMB 180 million, signaling a recovery trend [3] - The company is expanding its ecosystem through acquisitions, such as the recent purchase of Yuejiang Investment, which added the "Za" and "PURE&MILD" brands to its portfolio, enhancing its mass-market skincare and cosmetics offerings [3] - The company is actively pursuing international expansion, establishing a Southeast Asia headquarters in Bangkok, Thailand, and planning to open KA beauty chain stores and local medical aesthetic clinics, while also leveraging mainstream e-commerce platforms and social media for localized marketing [3] Financial Projections - Revenue is projected to grow from RMB 6.9 billion in 2024 to RMB 10.4 billion in 2026, with a CAGR of 22.7% [2][4] - Net profit attributable to the parent company is expected to increase from RMB 995 million in 2024 to RMB 1.45 billion in 2026, with a CAGR of 20.2% [2][4] - EPS is forecasted to rise from RMB 2.35 in 2024 to RMB 3.43 in 2026, with a CAGR of 20.2% [2] - The company's ROAE is expected to improve from 15.9% in 2024 to 18.4% in 2026, reflecting enhanced profitability [2] Valuation Metrics - The current stock price implies a 2024 PE ratio of 25x, which is considered reasonable given the company's growth prospects [4] - EV/EBITDA is projected to decline from 16.9x in 2024 to 11.2x in 2026, indicating improving valuation attractiveness [2] - The net dividend yield is expected to increase from 1.4% in 2024 to 2.0% in 2026, reflecting a commitment to shareholder returns [2] Strategic Initiatives - The company is focusing on regional leadership, complementary positioning, channel penetration, and technological innovation to achieve comprehensive coverage across geographies, product categories, and consumer segments [3] - The international expansion strategy includes building local operational teams, establishing offline channels, and leveraging digital platforms for marketing, aiming to create a strong presence in the Southeast Asian market [3]

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 投资者关系活动记录表 编号：2024-003 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 通过全景网(https://ir.p5w.net)参与 2023 年度云南辖区上市公 司投资者网上集体接待日的投资者 时间 2024年5 月13日(周一)15:00-16:40 地点 网络直播 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. 证券事务代表许玲 3. 投资者关系总监张圣烨 Q: 关于贝泰妮公司注销海南贝泰妮创业投资私募基金管理 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 贝泰妮(300957)公司点评报告 2024年05月10日 [T多able因_Ti素tle] 致 23 年盈利承压，24Q1 环比修复 [Table_Inves 买t] 入|维持 ——贝泰妮(300957)2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [ Table_TargetPr ice] 公司发布2023年年报及2024年第一季度报告。 点评： [基Ta本bl数e_据Ba se]  23年营收增长稳健，多重因素致盈利承压，24Q1业绩明显改善 52周最高/最低价（元）： 110.2 / 54.58 23年公司实现营收55.22亿元，同比提升10.14%，归母净利润7.57亿元， A股流通股（百万股）： 423.60 同比下降 28.02%，扣非归母净利润 6.18 亿元，同比下降 35.2%，业绩波 A股总股本（百万股）： 423.60 动系 1）大促销售不及预期；2）配方、工艺及外包装升级导致毛利率略有 流通市值（百万元）： 26174.24 下降；3）中央工厂新基地项目建成投产，长期资产 ...

证券研究报告 | 公司动态点评 2024 年 05月 10日 贝泰妮（300957.SZ） 23 年业绩短期承压，24Q1 环比稳步恢复 财务指标 2022A 2023A 2024E 2025E 2026E 增持（维持评级） 营业收入（百万元） 5,014 5,522 6,763 8,097 9,463 股票信息 增长率yoy（%） 24.6 10.1 22.5 19.7 16.9 归母净利润（百万元） 1,051 757 1,046 1,280 1,552 行业 基础化工 增长率yoy（%） 21.8 -28.0 38.2 22.4 21.2 2024年5月9日收盘价（元） 61.79 ROE（%） 18.8 12.6 15.4 16.4 17.0 总市值（百万元） 26,174.24 EPS最新摊薄（元） 2.48 1.79 2.47 3.02 3.66 流通市值（百万元） 26,174.24 P/E（倍） 24.9 34.6 25.0 20.4 16.9 总股本（百万股） 423.60 P/B（倍） 4.7 4.5 3.9 3.4 2.9 流通股本（百万股） 423.60 资料来源：公司财报，长城证券产 ...

[Table_Main] 证券研究报告 | 公司点评 贝 泰 妮(300957.SZ) 2024年05月10日 贝泰妮：24Q1 扣非+22%、展现 买入（维持） 所属行业：美容护理/化妆品 拐点，组织调整或将逐步现成效 当前价格(元)：61.79 单击或点击此处输入文字。 证券分析师 投资要点 易丁依  23年业绩受到双十一大促低预期影响，24Q1收入、利润均展现拐点。（1）2023 资格编号：S0120523070004 全年：实现营收55.22亿/+10.14%，归母净利润7.57亿/-28.02%，扣非归母净利 邮箱：yidy＠tebon.com.cn 润6.18亿/-35.20%，出现波动主要系公司未达成“双11”预期销售目标。毛利率 为73.90%/-1.31pcts，公司双十一促销力度大、且产品配方工艺及外包装升级导致 市场表现 毛利率略有下降。研发费用持续高投入达2.99亿/+17.3%；销售费用结构性微升， 贝泰妮 沪深300 销售费用率达47.3%/+6.5pcts，归母净利率为13.7%/-7.26pcts。（2）24Q1：营收 11% 10.97亿/+27.06%，增速环比提升，归母 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Insights - The company reported a revenue of 5.52 billion yuan in 2023, representing a 10.1% increase, while the net profit attributable to shareholders was 760 million yuan, down 28.0% [2]. - In Q1 2024, the company achieved a revenue of 1.1 billion yuan, up 27.1%, and a net profit of 180 million yuan, up 11.7%, indicating an improvement in profitability margins [2]. - The company is focusing on sensitive skin products, with successful launches in soothing creams and sunscreens, and steady expansion in whitening and anti-aging lines [2]. Financial Performance Summary - The gross margin for Q1 2024 was 72.09%, down 4.02 percentage points year-on-year, primarily due to product formulation and packaging upgrades [2]. - The sales, management, and R&D expense ratios for Q1 2024 were 47.26%, 7.48%, and 5.41%, respectively, reflecting an increase in online customer acquisition costs and production costs [2]. - The net profit margin for 2023 and Q1 2024 was 13.75% and 15.72%, respectively, showing a decline of 7.20 and 2.24 percentage points [2]. Revenue Breakdown - In 2023, the company's skincare, medical devices, and cosmetics generated revenues of 4.87 billion yuan, 460 million yuan, and 170 million yuan, respectively, with year-on-year growth of 7%, 20%, and 217% [2]. - The brand "Winona" generated 5.2 billion yuan in revenue, marking a 6% increase, and has consistently ranked in the top 10 for beauty products on Tmall during the Double 11 shopping festival [2]. - The company has established a Southeast Asia business headquarters in Bangkok and is expected to form a localized operational team in 2024 [3]. Future Earnings Forecast - The company expects net profits of 1.13 billion yuan, 1.32 billion yuan, and 1.53 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 49.3%, 17.2%, and 15.8% [7][8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.67 yuan, 3.12 yuan, and 3.62 yuan, respectively [8].

Investment Rating - The report has downgraded the investment rating of the company to "Recommended" due to short-term performance pressure during the adjustment period [3][6][8]. Core Views - The company's performance in 2023 was weak, with a revenue of 5.52 billion yuan, a year-on-year increase of 10.1%, and a net profit of 760 million yuan, a year-on-year decrease of 28% [2][3]. - In Q1 2024, the company showed signs of marginal improvement, achieving a revenue of 1.097 billion yuan, a year-on-year increase of 27.1%, and a net profit of 180 million yuan, a year-on-year increase of 11.7% [2][3]. - The main brand, Winona, achieved a revenue of 5.192 billion yuan in 2023, a year-on-year increase of 9%, while the sub-brand Winona Baby saw a significant growth of 47.5% [2][3]. - The online sales channel faced challenges, with revenue growth stagnating and a decline in market share, while offline channels, particularly OTC pharmacies, experienced robust growth [2][3]. - The company's gross margin decreased by 1.31 percentage points to 73.9% in 2023, primarily due to product formulation and packaging upgrades, alongside increased marketing expenses [2][3]. Financial Performance Summary - The company reported a total revenue of 5.52 billion yuan in 2023, with a net profit of 760 million yuan, reflecting a decline in profitability [2][3]. - The forecast for net profit from 2024 to 2026 is 1.055 billion yuan, 1.265 billion yuan, and 1.488 billion yuan, respectively, with corresponding EPS of 2.49, 2.99, and 3.51 yuan [3][8]. - The PE ratios for 2024 to 2026 are projected to be 23, 19, and 16 times, respectively, indicating a recovery in the beauty and personal care industry [3][8]. Brand and Market Strategy - The company is focusing on enhancing its competitive advantage through R&D and expanding its brand matrix via acquisitions, including the purchase of Yuejiang Group [3][8]. - The establishment of a Southeast Asia business headquarters in Bangkok aims to support the company's international expansion efforts [3][8]. - The company is committed to deepening its presence in the beauty and health sector, laying a foundation for long-term growth [3][8].