Group 1 - The cosmetics sector experienced a slight increase of 0.1% on September 26, with Qingdao King leading the gains [1] - The Shanghai Composite Index closed at 3828.11, down 0.65%, while the Shenzhen Component Index closed at 13209.0, down 1.76% [1] - Key stocks in the cosmetics sector showed varied performance, with Qingdao King rising by 3.49% to a closing price of 8.00 [1] Group 2 - The cosmetics sector saw a net inflow of 55.80 million yuan from main funds, while retail investors experienced a net outflow of 30.36 million yuan [2] - Major stocks like Qingdao King and Shanghai Jahwa had significant net inflows from main funds, indicating investor interest [3] - The overall trading volume and turnover in the cosmetics sector reflected active market participation, with Qingdao King achieving a turnover of 3.83 billion yuan [1][2]

根据中国证券监督管理委员会（以下简称"中国证监会"）《关于上市公 司实施员工持股计划试点的指导意见》及《深圳证券交易所上市公司自律监管 指引第 2 号—创业板上市公司规范运作》的相关规定，公司 2024 年员工持股计 划（以下简称"本次员工持股计划"或"员工持股计划"）锁定期将于 2025 年 9 月 26 日届满，现将本次员工持股计划锁定期届满的相关情况公告如下： 一、本次员工持股计划的持股情况和锁定期届满的情况说明 证券代码：300957 证券简称：贝泰妮 公告编号：2025-038 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 2024 年 4 月 24 日召开第二届董事会第十四次会议、第二届监事会第十一次会议，于 2024 年 5 月 22 日召开 2023 年年度股东大会，审议通过《关于公司<2024 年员 工持股计划（草案）>及其摘要的议案》《关于公司<2024 年员工持股计划（草 案）管理办法>的议案》《关于提请股东大会授权董事会办理 2024 年员工持股 计划相关事宜的议案》等相关议 ...

Market Overview - On September 25, the cosmetics sector declined by 0.34%, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Individual Stock Performance - Notable gainers included: - Jinsheng New Material (300849) with a closing price of 13.42, up 1.82% [1] - Tiancaiya (603605) with a closing price of 80.50, up 1.31% [1] - Major decliners included: - Jiaheng Jiahua (300955) with a closing price of 27.90, down 2.04% [2] - Wanmei Biological (603983) with a closing price of 39.81, down 1.87% [2] Trading Volume and Capital Flow - The cosmetics sector experienced a net outflow of 49.89 million yuan from main funds, while retail investors saw a net inflow of 29.38 million yuan [2] - The trading volume for key stocks included: - Shanghai Jahwa (600315) with a trading volume of 37,100 shares and a turnover of approximately 96.45 million yuan [1] - Qingdao Kingway (002094) with a trading volume of 167,200 shares and a turnover of approximately 130 million yuan [2] Fund Flow Analysis - Main fund inflows and outflows for selected stocks: - Shanghai Jahwa had a main fund net inflow of 3.17 million yuan, while retail investors contributed a net inflow of 3.43 million yuan [3] - Jiaheng Jiahua saw a main fund net outflow of 393,800 yuan, with retail investors contributing a net outflow of 387,720 yuan [3]

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting the resilience of domestic brands and the impact of new consumption trends [2]. Core Insights - The beauty and personal care sector experienced a robust recovery in H1 2025, with a retail sales growth of 2.9%, reversing the previous decline due to favorable consumption policies and improved income expectations [5][6]. - Domestic brands are gaining market share, with top local brands now competing closely with international counterparts, indicating a significant shift in consumer preferences [10][11]. - The report categorizes companies into three groups based on performance: those with strong brand matrices benefiting from multi-brand strategies, those capitalizing on consumer trends like domestic brands and collagen products, and those showing signs of strategic improvement [20][23]. Summary by Sections Industry Overview - The beauty market is projected to grow steadily, with a forecasted retail sales decline of 1.1% in 2024, followed by a recovery in H2 2025 [5][6]. - The domestic market share is expected to increase, with local brands achieving significant breakthroughs in both skincare and makeup segments [10][11]. Company Performance - **Cosmetics Sector**: - Major companies like Up Beauty and Proya reported revenue growth of 17.3% and 7.2% respectively in H1 2025, with net profits increasing by 30.6% and 13.8% [20][21]. - Other notable performers include Marubi and Water Sheep, with revenue growth of 30.8% and 9.0% respectively [21][22]. - **Personal Care Sector**: - Companies like Ruibin and Zhenjia showed remarkable growth, with Ruibin's revenue increasing by 67.6% and Zhenjia's by 157.11% in H1 2025 [5][20]. - **Medical Aesthetics Sector**: - Companies like Aimeike and Langzi reported mixed results, with Aimeike's revenue declining by 21.6% while Langzi's net profit surged by 64.1% [20][24]. Investment Recommendations - The report recommends investing in companies with strong brand matrices and low PE multiples, such as Up Beauty and Proya, as well as those benefiting from the Douyin traffic boost like Marubi and Water Sheep [20][24]. - It also suggests focusing on high-value segments and innovative products from brands like Ruibin and Furuida, and highlights opportunities in the maternal and infant sector with companies like Shengbeila and Haiziwang [20][24].

Group 1 - The overall performance of domestic beauty and skincare companies in the first half of 2025 remains stable, with Proya and Shiseido maintaining their positions as industry leaders, while Juzhibio leads in profit [1][2] - Proya's main brand shows a slight decline, indicating a near ceiling for single-brand growth in the domestic market, while Maogeping has entered the top five, representing the high-end trend in domestic beauty [2][10] - The financial performance of major companies shows varied results, with Proya reporting revenue of 5.362 billion yuan (up 7.21%), Shiseido at 4.108 billion yuan (up 17.30%), and Juzhibio at 3.113 billion yuan (up 22.50%) [3][4] Group 2 - Juzhibio's profit reached 1.182 billion yuan, a 20.60% increase, while Proya's profit was 799 million yuan (up 13.80%) and Maogeping's profit was 670 million yuan (up 36.10%) [5][6] - The beauty industry is facing challenges with brand positioning and organizational restructuring, particularly for established companies like Huaxi Biological and Beitaini, which have seen significant declines in performance [25][30] - Maogeping has successfully expanded into high-end skincare and fragrance markets, with a focus on diversifying its business to reduce reliance on single products [20][23] Group 3 - The emergence of new active ingredients, such as ergothioneine, is gaining attention in the beauty industry, with companies investing in research and development to innovate [39][42] - Marketing strategies are shifting towards brand strength and celebrity endorsements, with companies like Proya and Marubi actively engaging high-profile brand ambassadors [51][53] - Companies are increasingly focusing on building comprehensive sales channels that integrate online and offline strategies, as well as domestic and international markets, to adapt to changing consumer behaviors [58][60]

Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Core Insights - Beitaini Group has been recognized as one of the "Top 100 Private Enterprises in Yunnan Province" for eight consecutive years and has also secured a spot in the "Top 20 Manufacturing Enterprises" and "Top 20 for Innovation Capability" [2][4] Group 1: Strategic Focus and Policy Alignment - The company emphasizes strategic determination to navigate economic cycles and focuses on R&D to build long-term value barriers, aligning with Yunnan Province's policy to develop characteristic advantageous industries and modern industrial systems [4] - The 2025 government work report of Yunnan Province highlights the development of characteristic advantageous industries as a primary focus, with the beauty industry leveraging biodiversity to create a "Green Beauty Valley" [4] Group 2: R&D and Innovation - Beitaini leads the industry in R&D investment, with 119 million yuan allocated in the first half of 2025, accounting for 5% of revenue, establishing a comprehensive R&D system covering basic research, raw material development, formula innovation, and clinical evaluation [5] - The company has formed a deep integration mechanism of "industry-university-research-medical" and has completed clinical research collaborations with 63 hospitals, publishing 493 papers in SCI and core journals [5] Group 3: Brand and Market Expansion - Beitaini has developed a clear brand matrix that meets diverse consumer needs, with its main brand, Winona, transitioning from focusing solely on sensitive skin to exploring advanced functions like whitening and anti-aging [5] - The company is evolving from a single-brand entity to a multi-brand, multi-category, and omnichannel skin health industry group through a dual approach of "internal incubation and external mergers" [5] - Beitaini is advancing its international strategy by focusing on Southeast Asia and the Belt and Road Initiative, adapting to the transformation of the Chinese cosmetics industry from demographic dividends to value-driven growth [5]

Core Insights - Betaini Group has been recognized as one of the top 100 private enterprises in Yunnan Province for eight consecutive years, winning three awards in the manufacturing, innovation, and employment sectors, with innovation ranking first [1][2] - The company emphasizes strategic resilience and R&D to build long-term value, aligning with Yunnan's policy to develop characteristic advantageous industries and modern industrial systems [1][2] Group 1: Business Performance - From 2021 to the first half of 2025, Betaini achieved a cumulative revenue of 22.666 billion yuan and a profit of 3.421 billion yuan, with tax contributions around 2.7 billion yuan, indicating stable operational quality and growth [2] - The core brand, Winona, has won the "Tmall Golden Makeup Award" for eight consecutive years and has maintained its position as the leader in China's sensitive skin care market for five years [2] Group 2: R&D and Innovation - Betaini's R&D investment reached 119 million yuan in the first half of 2025, accounting for 5% of revenue, placing it at the forefront of the industry [3] - The company has established a comprehensive R&D system covering basic research, raw material development, formula innovation, and clinical evaluation, with 281 authorized patents and numerous collaborations with hospitals [3] Group 3: Brand and Market Strategy - Betaini has developed a clear brand matrix that meets diverse consumer needs, with the main brand Winona transitioning from focusing solely on sensitive skin to exploring advanced functions like whitening and anti-aging [4] - The company is expanding internationally, particularly in Southeast Asia, and has begun establishing brand recognition through social media platforms like Instagram and TikTok [4] - Betaini is committed to long-term strategies through technological innovation and sustainable operations, adapting to the transformation of the cosmetics industry from demographic dividends to value-driven growth [4]

Group 1 - The company, Betaini, has received three recognitions in the field of sustainable development, including being selected for the "Top 100 ESG Best Practices of Chinese Listed Companies 2025" and winning the "2025 China Listed Company Yinghua Award - A-share ESG Demonstration Case" [1][2] - Betaini is positioned as a skin health internet + big health industry group and ranks first in the sales of functional skincare products in China, demonstrating strong market leadership and commitment to corporate governance, environmental protection, and social responsibility [1][2] - The company has achieved a AAA ESG rating from Huazheng and has been recognized as an "Excellent ESG Practice Case" and "Best Practice in Investor Relations Management" by the China Association of Listed Companies [1][2] Group 2 - The three recognitions highlight Betaini's value as an industry benchmark in disclosure and practice, showcasing its evolution from a disclosure pioneer to a systematic model [2] - Betaini has published ESG reports for four consecutive years, aligning with international standards and transforming policy guidance into corporate actions, thus becoming a significant force in the sustainable transformation of Chinese enterprises [2] - The company's sustainable practices are integrated into its R&D, production, and branding, with initiatives such as a biodiversity protection project in Yunnan and innovative packaging that reduces plastic use by 39% [2][3] Group 3 - Betaini's ESG actions are driven by both scientific research and cultural values, with successful registration of 17 new cosmetic raw materials derived from Yunnan's biodiversity, contributing over 10 billion yuan to the industry chain in 2024 [3] - The "Weixiao Sunshine Program" has been protecting skin health in high UV regions for ten years, alongside projects focused on intangible cultural heritage and rural education, reflecting the company's deep-rooted value of giving back to society [3]

Core Viewpoint - The recent inspection results from the Yunnan Drug Administration have raised compliance concerns for Betaini and its subsidiaries, leading to a significant decline in the company's reputation and financial performance [2] Financial Performance - In the first half of the year, Betaini reported revenue of 2.372 billion yuan, a year-on-year decline of 15.43%, returning to levels seen two years ago [2] - The net profit attributable to the parent company fell by 49.01% to 247 million yuan, marking a five-year low [2] - The net profit margin decreased by 6.49 percentage points to 10.47% [2] Brand Performance - The main brand, Winona, contributed 82% of total revenue, amounting to 1.95 billion yuan, down 18% year-on-year [3] - Other brands like Jirui and Pome also saw revenue declines of 11% and 5%, respectively [3] Product Category Analysis - Skincare products generated approximately 2 billion yuan in revenue, with an average selling price dropping from 42.78 yuan to 39.01 yuan, leading to a 12% decline in revenue [5] - Makeup products also saw a decrease in average selling price from 38.67 yuan to 37.77 yuan, resulting in a 7.1% revenue decline [5] - Medical device products experienced a price drop to below 100 yuan, averaging 95.88 yuan, down from 106.61 yuan [5] Sales Channels - Online, OMO, and offline channels contributed 1.743 billion yuan, 191 million yuan, and 424 million yuan in revenue, with year-on-year changes of -5.89%, -10.48%, and -41.58%, respectively [5] Management and Marketing Strategy - Despite poor sales performance, sales expenses increased by 0.6% to 1.285 billion yuan, raising the sales expense ratio by 8 percentage points to 52.92% [8] - The company emphasized its commitment to a multi-channel network, integrating online and offline sales, but the effectiveness of this strategy remains to be seen [9] Market Reaction - Betaini's stock price has significantly declined from a peak of 289.35 yuan to a closing price of 47.46 yuan, resulting in a market capitalization reduction of nearly 100 billion yuan [10]