在美妆行业迈向科技驱动的时代，国产品牌正以科研力重新定义全球竞争格局。 贝泰妮凭借对云南特色植物资源的深度挖掘与可持续研发，将青刺果这一神奇植物转化为敏感肌修护 的"黄金密钥"——从解锁青刺果多糖的屏障修护机制，到特创敏肌抗老靶向技术，可以看出，贝泰妮以 科学循证构建了一条从实验室到消费端的完整价值链条。 这不仅是一场原料技术的革新，更标志着中国美妆从"跟随者"向"引领者"的跨越。 破壁原生力量：青刺果的科研蜕变 近日，"2025中国化妆品科学技术大会"在云南昆明召开，本届大会汇聚了国内外顶尖科研机构、行业专 家及企业代表。作为中国功效性护肤领域的领军企业，贝泰妮集团携旗下薇诺娜等品牌精彩亮相，并通 过多场专题报告展现以科技创新驱动绿色美妆生态的实践成果。 在大会的"化妆品前沿科学技术交流"论坛上，生长于云南高海拔地区的青刺果引发业界高度关注。这种 曾是民间护肤智慧载体的植物，经过贝泰妮科研团队的现代生物技术突破，完成了从传统油脂应用到分 子机制的跨越式升级——从青刺果油升级至青刺果多糖，揭示了其通过调控Claudin-5基因表达强化皮肤 屏障的核心机制。 贝泰妮研发人员发现，青刺果多糖通过抑制P物质的含量达 ...

Core Insights - The Chinese beauty market is gradually recovering, with a 7.2% year-on-year increase in cosmetic retail sales in April, reaching 30.9 billion yuan, marking four consecutive months of growth [1] - Despite the recovery, consumer purchasing behavior is shifting towards brands with strong loyalty and high repurchase rates, as evidenced by the absence of previously popular white-label brands in current sales rankings [1][2] - The CBI500 brand ranking, based on actual consumer purchasing behavior, highlights that brands with deep-rooted consumer recognition and value are outperforming others [2][4] Market Trends - Demand in the beauty sector continues to grow, but consumers are increasingly gravitating towards brands that offer real value [2] - The CBI500 ranking utilizes a quantitative approach to assess brands based on sales, pricing, search popularity, and user reviews, moving beyond traditional metrics like market capitalization [4][18] - The rise of white-label brands has been short-lived, with many failing to maintain consumer trust and brand value over time [9][8] Brand Development - The beauty industry is entering a "golden age" where brand value and product innovation are crucial for sustained growth [13][18] - Established brands are focusing on enhancing their brand power while new brands are prioritizing brand building to improve market competitiveness [13][17] - The CBI500 ranking indicates that brands like Proya and Natural Hall have successfully established strong consumer recognition through unique product offerings and innovation [10][17] Consumer Behavior - Consumers are increasingly seeking brands that provide genuine value rather than just low prices or promotional offers [10][16] - The success of brands in the recent Tmall 618 sales event aligns with the CBI500 rankings, indicating a preference for established brands with strong market presence [10][17] - The shift in consumer behavior emphasizes the importance of brand loyalty and the need for brands to innovate continuously to meet evolving consumer demands [18] Future Outlook - The beauty industry is expected to focus on brand value and product innovation as key drivers of growth in the coming years [18] - E-commerce platforms like Tmall are actively supporting quality and original brands, aiming to foster brand growth through various incentives [16][17] - Brands that can adapt to market changes and prioritize innovation will likely thrive in the competitive landscape ahead [18]

Investment Rating - The report maintains a "Positive" investment outlook for the beauty and personal care industry, emphasizing the potential of domestic brands in the offline channel [3]. Core Insights - The report highlights the transformation of offline channels as a key growth driver for beauty brands, especially in the context of slowing e-commerce growth [4][5]. - It identifies the need for brands to enhance their offline presence to create a differentiated competitive advantage [5][7]. Summary by Sections 1. Online Channel Competition Intensifies, Offline Channel Advantages Emerge - E-commerce growth is slowing, with China's physical goods online retail expected to reach 13.1 trillion yuan in 2024, growing at 6.5% [4][15]. - The number of internet users in China is projected to reach 1.108 billion by the end of 2024, with an internet penetration rate of 78.6% [4][15]. - New consumption policies are being implemented to boost offline consumption, enhancing brand influence and customer engagement [4][27]. 2. Multi-Dimensional Analysis of Offline Channel Formats - Offline channels serve both sales and brand marketing functions, with a variety of formats emerging to meet consumer needs [40]. - High-end beauty counters are experiencing a phase of quality improvement, with a significant increase in average sales per counter from 3.36 million yuan in 2019 to nearly 5 million yuan in 2023 [46][50]. - The report notes that high-end brands are increasingly occupying the beauty counter space, with a 32% increase in high-end counters from 2019 to 2023 [50][53]. 3. Brand Strategies in Offline Channel Development - Domestic brands are actively expanding their offline presence, with several launching flagship stores in major cities [38][39]. - The report recommends specific companies for investment, including: - Shangmei Co., which is developing a balanced multi-brand matrix [5]. - Shanghai Jahwa, known for its extensive presence in supermarkets and counters [5]. - Proya, which is focusing on offline channels with its energy series [5]. - Betaini, leveraging pharmacy channels to establish a professional image [5]. - Maogeping, which has a unique offline counter layout [5]. - Runben, a leading brand in maternal and infant products, expanding its offline market [5].

Group 1 - The core viewpoint of the articles indicates a mixed performance in the consumer sector, with the main consumption index showing a slight increase while retail sales growth has slowed down due to seasonal factors and external trade policies [2][3][4] - As of April 2025, the total retail sales of consumer goods increased by 5.1% year-on-year, with a slight decline in growth compared to March, attributed to weaker demand in the off-season and potential impacts from US-China tariff policies [2] - The food and beverage sub-sectors showed varied performance, with grain and oil food categories growing by 14.0% year-on-year, while beverage and tobacco categories experienced a decline in growth rates [2][3] Group 2 - The major consumption ETF has seen a net value increase of 0.35% over the past six months, with a maximum monthly return of 24.35% since its inception [3] - The ETF's management fee is 0.50% and the custody fee is 0.10%, making it one of the lowest in its category [3] - The latest price-to-earnings ratio (PE-TTM) for the index tracked by the ETF is 19.9, indicating a valuation lower than 93.63% of the time over the past year, suggesting it is at a historical low [3][4] Group 3 - The top ten weighted stocks in the consumer index account for 67.16% of the total index, with notable companies including Yili, Kweichow Moutai, and Wuliangye [4][6] - The performance of individual stocks within the top ten shows mixed results, with Kweichow Moutai declining by 0.52% and Yili increasing by 1.18% [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 5.736 billion yuan for 2024, representing a year-on-year growth of 3.87%, while the net profit attributable to shareholders was 500 million yuan, a decline of 33.53% year-on-year. For Q1 2025, the revenue was 949 million yuan, down 13.51% year-on-year, and the net profit attributable to shareholders was 28.34 million yuan, a decrease of 83.97% year-on-year [2][4] Summary by Sections Revenue Analysis - In 2024, the company's revenue from online, offline, and OMO channels was 3.91 billion, 1.27 billion, and 520 million yuan respectively, with year-on-year changes of 10%, -11%, and flat. The online channel outperformed the offline channel, with Tmall showing better performance than the market average [10] - The main brand, Winona, generated 4.91 billion yuan in revenue, a year-on-year decline of 5%, while smaller brands experienced high double-digit growth, contributing to overall revenue stability [10] Profitability Analysis - The gross profit margin for 2024 was 73.74%, remaining stable year-on-year. However, the sales expense ratio increased by 2.7 percentage points to 49.97%, and the management expense ratio rose by 1.5 percentage points to 8.94%. This led to a decline in the net profit margin from 13.7% to 8.8% [10] - In Q1 2025, the revenue decreased by 13.5%, but the gross profit margin improved by 5.4 percentage points to 77.5% due to operational optimizations and a focus on core products [10] Investment Recommendations - Despite the challenges in revenue and profit, the company is expected to see a recovery in profit margins due to ongoing inventory optimization and stable pricing for core products. The projected EPS for 2025-2027 is 1.66, 2.04, and 2.49 yuan respectively, supporting the "Buy" rating [10]

贝泰妮向记者透露，集团正构建起"科技-生态-社区"三维保护网络持续进行一系列的实践，旨在将技术 创新、生态修复与社区发展深度耦合，形成生物多样性保护的闭环体系，包括哈巴雪山保护区实施多维 度保护计划，建成科普宣教中心和植物保育大棚，实现20余种高山珍稀植物扩繁，并启动西坡原生植被 修复工程；针对滇金丝猴栖息地破碎化问题，在老君山布设红外及鸟类监测设备，构建覆盖320平方公 里的科学监测网络，首次完整记录滇金丝猴幼崽群体活动影像。 值得一提的是，云南《生物多样性保护战略（2024-2030）》将企业参与列为优先事项，与证监会《可 持续发展报告指引》形成政策协同。作为云南上市企业，贝泰妮表示，未来也将以可持续发展理念为行 动指引，探索着"战略与行动规划"所指出的"保护与可持续利用生物多样性长效机制"，为消费者带来更 优质产品体验的同时，也致力于守护这片土地的生态平衡。 （文章来源：广州日报） 5月22日是国际生物多样性日。今年国际生物多样性日的主题是"万物共生和美永续"，呼吁以人与自然 和谐共生之道，创和美永续之路，凝聚起保护生物多样性的共识。其中，云南以我国生物多样性最丰富 的生态优势，为全球生物多样性治理提供 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2025-030 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、 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"、"本公司 "）回购专用证券账户中的股份数为2,307,118股。回购专用证券账户持有的本 公司股份不享有参与利润分配的权利。 2、公司2024年度利润分配方案为：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2,307,118股后，分配股份基数为421,292,882股， 向全体股东每10股派发现金红利6.00元（含税），共计派发现金红利人民币 252,775,729.20元（含税），不送红股，不以资本公积金转增股本。 3、本次权益分派实施后，按公司总股本（含回购股份）折算每10股现金分 红金额（含税）=现金分红总额/公司总股本*10股=252,775,729.20元/423,600,000 股*10股=5.967321元（保留六位小数，不四舍五入）。 公司本次权益分派实施后的除权除息参考价计算公式为：除权除息参考价 ＝权益分派股权登记日收盘价 ...

Core Viewpoint - Betaini Group has released its 2024 ESG report, marking its fourth consecutive year of ESG reporting, which emphasizes the company's commitment to sustainable development and positions it as a leader in the Chinese cosmetics industry [3][4][7]. Group 1: ESG Strategy and Implementation - The 2024 ESG report outlines 20 material issues and establishes a comprehensive framework for sustainability across environmental, social, and governance dimensions [3][4]. - Betaini has introduced the "Betaini 2030 Sustainable Development Strategy," focusing on five key areas: sustainable advocacy, sustainable products, sustainable governance, sustainable marketing, and sustainable influence [3][4]. - The company has developed a full-chain carbon inventory management mechanism, transforming abstract ESG concepts into quantifiable green efficiency benchmarks [4][13]. Group 2: Industry Leadership and Recognition - Betaini has been recognized as a pioneer in the systematic construction of ESG frameworks within the Chinese cosmetics industry, providing a replicable implementation path for industry transformation [4][7]. - The company has achieved significant accolades, including being listed among the top 100 companies for ESG best practices in China and receiving an AA rating in ESG performance [8][13]. Group 3: Sustainable Practices and Innovations - Betaini is committed to low-carbon circular practices, including the use of sustainable materials and innovative packaging solutions, such as replacing traditional packaging with lower carbon footprint options [8][16]. - The company has implemented a green supply chain management system, prioritizing the procurement of certified sustainable palm oil and increasing the use of FSC-certified materials [13][16]. Group 4: Biodiversity and Community Engagement - Betaini has initiated biodiversity protection initiatives, particularly focusing on the sustainable use of local plant resources, such as the Qingci fruit, and has established a biodiversity protection demonstration area [14][18]. - The company has invested over 68.24 million yuan in various public welfare projects, including biodiversity conservation and rural revitalization efforts [22][23]. Group 5: Future Vision and Commitment - Betaini aims to deepen its commitment to health and beauty while embedding social value into its sustainable growth strategy, aligning with the vision of harmonious coexistence between humans and nature [17][23]. - The company plans to continue its long-term sustainable practices, integrating skin health and beauty with broader sustainability goals to contribute to high-quality social development [23].

Core Viewpoint - The article emphasizes the importance of biodiversity and sustainable development, highlighting how companies like Betaini are integrating ESG principles into their strategies to promote ecological balance while achieving economic growth [1][15]. Group 1: Company Overview - Betaini is a health industry group focused on skin health, rooted in Yunnan, China, and is exploring harmonious coexistence with nature through sustainable practices [1]. - The company utilizes the unique properties of the Qingci fruit, which has over 70% unsaturated fatty acids, in developing skincare products, showcasing the potential for ecological protection and economic development to coexist [4][5]. Group 2: Research and Development - Betaini has established a plant extraction laboratory that has screened over 6,500 medicinal plants from Yunnan, leading to the development of numerous functional cosmetic ingredients [5][7]. - The company has actively participated in setting national and group standards, including 13 group standards related to the efficacy of Qingci fruit oil [7]. Group 3: Biodiversity and Sustainability Initiatives - Betaini's initiatives align with the United Nations' definition of nature-based solutions (NbS), focusing on the sustainable use and restoration of ecosystems [5]. - The company has implemented a multi-dimensional protection plan in the Haba Snow Mountain area, which includes training for forest protection and community involvement in biodiversity conservation [16][20]. Group 4: Industry Context - The global economic contribution of natural systems is approximately $125 trillion, with sustainable use of biodiversity being a crucial component [9]. - The Chinese regulatory framework is evolving, with new guidelines emphasizing the importance of biodiversity and ecosystem protection as strategic priorities for companies [15]. Group 5: Future Directions - Betaini aims to continue its commitment to sustainable development by integrating ESG principles deeply into its strategy, thereby enhancing its core competitiveness while contributing to global biodiversity governance [15][24].

伴随着西部A股上市公司披露了2024年年报，高管的薪酬情况随之曝光。 黄桷树财经整理了西部A股上市公司的10位"打工皇帝"。 第一位是创维数字（000810.SZ）副总经理张恩利。 张恩利，男，1979年出生，空军工程大学电力电子与电力传动专业硕士研究生学历，高级工程师，深圳市高层次后备级人才。 2024年，张恩利从创维数字获得的税前报酬总额为890.53万元。截至2024年末，张恩利持有2.5万股创维数字。 值得一提的是，张恩利虽然位列榜首，但他惨遭大幅降薪，2023年他的税前报酬是1482.2万元，2024年的税前报酬实际上降幅为40%。 第二位是重庆啤酒（600132.SH）总裁Lee Chee Kong（中文名：李志刚）。 Lee Chee Kong，男，53岁，马来西亚国籍，毕业于马来西亚北方大学工商管理专业。 在任职于嘉士伯前，Lee Chee Kong曾担任希丁安亚洲区总裁并兼任中国区董事总经理。更早前，他曾担任亨氏中国董事总经理职位，并且在高露洁棕榄 中国及亚太地区长时间从事管理工作。 2024年，龚晖从隆鑫通用获得税前报酬总额为639.91万元。截至2024年末，龚晖持有142.925万股隆 ...