Group 1: Brand Development and Strategy - The main brand's growth is complemented by the successful performance of sub-brands like Winona and AOXMED, indicating a balanced resource allocation strategy [2][3] - The company employs an internal incubation mechanism for sub-brands, allowing independent team operations and budget management [2] - The brand matrix has been established with various brands targeting different consumer segments, including Winona Baby and Beforteen [3][4] Group 2: Information Disclosure and Investor Relations - The company adheres to strict information disclosure obligations, ensuring transparency and effective communication of key operational and financial information [3] - In the 2023-2024 period, the company received an "A" rating for information disclosure from the Shenzhen Stock Exchange, reflecting its commitment to improving disclosure quality [3] - The company actively engages with investors through various channels, including dedicated personnel for inquiries and participation in strategy meetings and roadshows [3] Group 3: Operational Efficiency and Future Directions - The company plans to enhance operational capabilities through digital transformation, AI empowerment, and supply chain cost reduction strategies [3][4] - Future growth directions include focusing on infant skincare, high-end anti-aging, and AI acne treatment, with specific brands assigned to each segment [4] - The company aims to balance marketing investments for brand expansion with profitability goals, ensuring sustainable growth [3][4]

Investment Rating - The report assigns an "Outperform" rating to multiple companies within the discretionary consumption sector, indicating a positive outlook for their performance relative to the market [1][3][5]. Core Insights - The pet and U.S. hotel sectors have shown the best performance this week, with valuations in most sectors still below the average of the past five years [1][4][13]. - The report highlights that the average increase for leading companies in the pet sector was 9.1%, driven by favorable trade negotiations and the commencement of the 618 pre-sale [4][15][17]. - Valuation analysis indicates that most sub-sectors are trading below their historical averages, suggesting potential investment opportunities [5][9][19]. Sector Performance Review - Weekly performance rankings: Pet > U.S. Hotel > Credit Card > Cosmetics > Gambling > Sportswear > Luxury Goods > Snacks [7][14]. - Monthly performance rankings: Pet > U.S. Hotel > Gambling > Cosmetics > Sportswear > Credit Card > Luxury Goods > Snacks [14]. - Year-to-date (YTD) performance rankings: Pet > Luxury Goods > Cosmetics > Snacks > Credit Card > U.S. Hotel > Sportswear > Gambling [14]. Valuation Analysis - As of May 16, 2025, the expected P/E ratios for various sectors are as follows: - Sportswear: 15.6x (77% of 5-year average) - Luxury Goods: 18.4x (52% of 5-year average) - Gambling: 14.2x (23% of 5-year average) - Cosmetics: 36.8x (91% of 5-year average) - Pet: 50x (51% of 5-year average) - Snacks: 24.3x (37% of 5-year average) - U.S. Hotel: 29.4x (18% of 5-year average) - Credit Card: 32x (61% of 5-year average) [5][9][18][19].

5月1 4日，第九个中国品牌日之际，中国香料香精化妆品工业协会发布《关于推动行业品牌价 值建设的倡议书》（以下简称"倡议书"），明确提出以 "创新、品质、管理、诚信、协同" 为 核心的全行业品牌建设纲领。 珀莱雅化妆品有限公司、云南贝泰妮生物科技集团有限公司、山东福瑞达生物股份有限公司、 山东花物堂生物科技有限公司、广州谷雨生物科技有限公司、上海百雀羚日用化学有限公司等 数十家头部企业代表见证并共同发布了该倡议书。 与此同时，行业内首个 由国内原创的专业、权威和系统的品牌价值评估系统——"中国香妆品 牌价值评估系统" 也正式发布，标志着中国香妆行业在品牌建设道路上迈出了重要一步。 当前，中国香妆行业正面临从"流量竞争"向"价值驱动"的战略转型。消费升级叠加市场分化， 企 业 亟 需 通 过 品 牌 价 值 建 设 突 破 同 质 化 困 局 。 此 次 发 布 的 倡 议 书 则 是 中 国 香 妆 协 会 对 企 业 们 在"品牌价值"建设上的重要方向指引。 总得来看，倡议书以"推动中国制造向中国品牌转变"为总目标，提出五大行动路径，直击行业 痛点： 1、坚持创新驱动，筑牢品牌价值根基 首先在科技层面，倡议 ...

Core Insights - The analysis focuses on the inventory status of 14 representative listed companies in the daily chemical skincare sector for the year 2024, highlighting trends in inventory scale and turnover efficiency [1][2]. Inventory Scale and Proportion - Over half of the selected skincare companies experienced growth in inventory scale in 2024, with Chuang'er Biological showing the highest year-on-year increase of 62.44%, reaching an inventory scale of 0.35 billion [2][3]. - Other companies with significant inventory growth include Kesi Co. (0.97 billion, up 47.96%), Jinbo Biological (0.97 billion, up 45.68%), and Fulejia (1.6 billion, up 30.26%) [2][3]. - Water Sheep Co. has the highest inventory proportion relative to total assets at approximately 19.52% in 2024, indicating a notable increase from 19.32% in 2023 [4]. Inventory Turnover Efficiency - Among the analyzed companies, only Marubi and Qingsong Co. showed improvement in inventory turnover efficiency, while the remaining eight companies experienced an increase in inventory turnover days, indicating a decline in efficiency [1][5]. - Jinbo Biological, Huaxi Biological, and Beitaini reported inventory turnover days exceeding 270 days (approximately 9 months), with turnover days of 307.93 and 254.45 respectively for Jinbo and Huaxi [1][5]. - Eight out of the 14 companies improved their inventory turnover efficiency, while companies like Fulejia, Kesi Co., Marubi, Huaxi, Water Sheep, and Jiaheng Household experienced a decline in efficiency [7].

Group 1 - The core viewpoint is that the high sales expenses in the daily chemical skincare industry significantly erode profits, leading to high gross margins but low net margins [1][3] - In 2024, over half of the selected companies in the daily chemical skincare industry have a sales expense ratio exceeding 40%, indicating that they allocate more than 40% of their revenue to marketing [1] - Yatsen E-commerce has the highest sales expense ratio at 60.1%, followed by Shangmei Co. and Marubi Biotechnology with ratios of 58.11% and 55.04% respectively [1] Group 2 - Many listed companies in the daily chemical skincare industry invest heavily in marketing while underinvesting in research and development, leading to severe product homogeneity and insufficient innovation [3] - The heavy reliance on marketing has resulted in a price war within the industry, which diminishes profitability and creates a vicious cycle [3] - Companies like Betaini have become overly dependent on a single brand, with over 90% of their main business revenue coming from the "Winona" brand, which has seen a sales decline of 5.45% in 2024 [3] Group 3 - The challenge for many companies in the daily chemical skincare industry in 2025 will be to balance marketing and research and development expenditures, transitioning from a marketing-driven approach to a product-driven one [4]

证券代码：300957 证券简称：贝泰妮 公告编号：2025-028 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"）第三届董事 会第一次会议于2025年5月15日下午以现场及通讯会议方式举行，现场会议地点 为云南省昆明市高新区科医路53号公司会议室。本次会议系公司2024年年度股 东大会选举产生第三届董事会成员后当天召开，经全体董事同意豁免会议通知 时间要求，会议通知已于2025年5月15日以邮件方式送达全体董事。本次会议应 出席董事9人，实际出席董事9人，其中现场出席董事6名，通讯出席董事3名， 通讯出席董事为马骁先生、张梅女士、KEVIN GUO先生，无委托出席董事。公 司高级管理人员列席了会议。本次会议的召开符合《公司法》及《公司章程》 的规定。本次会议由全体董事推举董事GUO ZHENYU（郭振宇）先生主持，与 会董事审议并表决通过了如下决议： 一、审议通过《关于选举公司第三届董事会董事长的议案》。 经审议，公司董事会同意选举现任董事GUO ZHENYU（郭振宇）先生为公 司第三届董事会董事长， ...

证券代码：300957 证券简称：贝泰妮 公告编号：2025-029 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。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2025年5月 15日召开2024年年度股东大会，逐项审议通过了《关于选举第三届董事会非独 立董事的议案》《关于选举第三届董事会独立董事的议案》；并于同日分别召 开职工代表大会和第三届董事会第一次会议，分别完成公司第三届董事会职工 代表董事、公司董事长及各专门委员会委员的选举工作，以及聘任公司高级管 理人员、证券事务代表及内部审计负责人，现将有关情况公告如下： 一、公司第三届董事会及专门委员会成员组成情况 （一）董事会组成情况 公司第三届董事会由9名董事组成，具体包括5名非独立董事：GUO ZHENYU（郭振宇）先生、高绍阳先生、马骁先生、周薇女士、KEVIN GUO先 生；1名职工代表董事：张梅女士；以及3名独立董事：姚荣辉女士、刘胡乐先 生、和国忠先生，其中GUO ZHENYU（郭振宇）先生为董事长；公司第三届董 事会任期为自股东大会选举通过之日起三年。上述公司第三届董事会成员简历 ...

北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于云南贝泰妮生物科技集团股份有限公司 2024 年年度股东大会的法律意见书 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》"）、 《上市公司股东会规则》（以下简称"《股东会规则》"）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、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 2024 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 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2025-027 1、会议届次：云南贝泰妮生物科技集团股份有限公司 （以下简称"公司" ）2024 年年度股东大会（以下简称"本次股东大会"）。 2、会议召集人：公司董事会。 3、会议主持人：董事长GUO ZHENYU（郭振宇）先生。 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 4、会议召开时间： （1）现场会议时间： 2025年5月15日14:00； （2）网络投票时间： 2025年5月15日； 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年 5月15日9:15－9:25，9:30－11:30，13:00－15:00；通过深圳证券交易所互联网 投票系统投票的具体时间为：2025年5月15日9:15－15:00期间的任意时间。 5、现场会议地点：云南省昆明市高新区科医路 53 号公司会议室。 6、会议召开方式：本次股东大会采用现场投票与网络投票相结合的方 ...

Group 1 - The A-share cosmetics sector experienced a significant rise in the afternoon, with Huaye Fragrance hitting the daily limit up [1] - Furuida, Lafang Home, and Bawi Co. previously reached their daily limit, while Qingsong Co. surged over 10% [1] - Other companies such as Shanghai Jahwa, Proya, Jiaheng Home, Jinsong New Materials, and Beitaini also saw increases [1]