Core Insights - The domestic beauty industry in China is expected to undergo a significant restructuring by 2025, with companies showing rapid growth driven by strong single-brand performance and a shift in consumer focus towards verified efficacy rather than just ingredient composition [2][10] Revenue Performance - Proya has become the first domestic beauty company to surpass 10 billion yuan in revenue for 2024, achieving 10.779 billion yuan, maintaining its top position [4] - Shangmei Co. has shown the fastest revenue growth, with a 62.1% increase from 4.191 billion yuan in 2023 to 6.793 billion yuan in 2024, rising from sixth to second place among the sample companies [3][4] - Other notable companies include Betaini with 5.736 billion yuan, Shanghai Jahwa with 5.679 billion yuan, and Juzhibio with 5.54 billion yuan, all showing varying degrees of growth [4] Brand Performance - Shangmei's brand Han Shu generated nearly 5.6 billion yuan in 2024, accounting for 82.3% of the group's total revenue, with a growth rate of 73.7% [5] - Juzhibio's brand Kefu Mei achieved 4.54 billion yuan in revenue, representing 82% of its total revenue, with a growth rate of 62.9% [6] Market Trends - The popularity of hyaluronic acid is declining, while "recombinant collagen" is emerging as a lucrative ingredient, reflecting a shift in consumer preferences towards efficacy-driven skincare [7][9] - The market is witnessing a transition from ingredient-focused to efficacy-focused products, with companies like Proya leveraging this trend to capture market share [10][11] R&D and Investment - There is a growing disparity between revenue growth and R&D investment among companies, with Proya's R&D expenditure at only 1.95% of total revenue, the lowest among the sample companies [12] - In contrast, Juzhibio, despite its rapid revenue growth, has a low R&D investment ratio of 1.9%, indicating a potential risk in long-term sustainability [12] Industry Dynamics - The beauty industry is moving towards a phase where product efficacy and R&D capabilities are becoming critical competitive factors, as opposed to relying solely on marketing [13] - The gap in revenue between leading and mid-tier companies is widening, suggesting a trend towards market consolidation and structural transformation within the industry [13]

Market Overview - The Shanghai Composite Index fell by 0.30% on May 9, with seven industries experiencing gains, led by the beauty and personal care sector, which rose by 1.41% [1] - The electronic and computer sectors faced the largest declines, with drops of 2.07% and 1.96% respectively [1] Capital Flow Analysis - The main capital outflow from the two markets totaled 47.4 billion yuan, with only four industries seeing net inflows [1] - The textile and apparel industry had the highest net inflow, amounting to 226 million yuan, while the coal industry saw a modest increase of 0.10% with a net inflow of 18.6 million yuan [1] Beauty and Personal Care Sector - The beauty and personal care industry saw a rise of 1.41%, despite a net outflow of 32.3 million yuan in main capital [2] - Out of 31 stocks in this sector, 18 experienced gains, including one stock that hit the daily limit [2] - The top three stocks with net inflows were Beitaini (35.1 million yuan), Proya (23.1 million yuan), and Shuiyang (13.7 million yuan) [2][3] Notable Stocks in Beauty and Personal Care - Qingdao Kingking had the largest net outflow at 40.9 million yuan, followed by Runben (8.7 million yuan) and Kesi (8.4 million yuan) [2] - Other notable stocks with significant net outflows included Marubi (8.0 million yuan) and Aimeike (7.5 million yuan) [2] - The stock performance varied, with some stocks like Beitaini and Shuiyang showing strong gains, while others faced significant outflows [2][3]

Core Viewpoint - The company achieved Q4 revenue of 1.017 billion yuan, a year-on-year increase of 47.64%, accelerating from 25.8% in Q3 2024, with Q1 2025 revenue maintaining a growth of 28% [1][2] - The net profit margin for Q4 2024 was 9.85%, with an annual net profit margin of 11%, an increase of 2.6 percentage points, confirming the stability of profitability during promotional periods [1][2] - Online revenue for 2024 is projected to reach 2.541 billion yuan, a growth of 35.77%, accounting for 85.61% of total revenue, indicating continuous improvement in online operations [1][4] Financial Performance - Q4 2024 revenue reached 1.017 billion yuan, up 47.64%, with a net profit attributable to shareholders of 103 million yuan, an increase of 20.14% [2] - The annual revenue for 2024 was 2.970 billion yuan, a growth of 33.44%, with a net profit of 342 million yuan, up 31.69% [2] - Q1 2025 revenue was 847 million yuan, a growth of 28.01%, with a net profit of 135 million yuan, an increase of 22.07% [2] Profitability and Cost Management - The company demonstrated improved profitability with a Q4 2024 net profit margin of 9.85%, up 5.4 percentage points from the previous year [3] - The gross profit margin for Q4 2024 was 71.92%, an increase of 1.56 percentage points, while the sales expense ratio decreased by 3.08 percentage points [3] - In Q1 2025, the gross profit margin improved to 76.05%, with a sales expense ratio of 52.17%, indicating effective cost management [3] Online and Offline Strategy - Online revenue for 2024 was 2.541 billion yuan, a growth of 35.77%, with significant contributions from flagship products [4] - The offline channel generated revenue of 427 million yuan, a growth of 20.79%, with improved gross margins [4] - The company’s flagship products, such as the Marubi Eye Cream and the Golden Needle Essence, saw substantial online sales growth, indicating successful product strategies [4] Brand and Product Development - The main brand Marubi generated 2.055 billion yuan in revenue for 2024, a growth of 31.69%, while the PL brand Lianhuo achieved 905 million yuan, up 40.72% [5] - The company plans to expand and upgrade its product lines, including new launches in 2025, which are expected to drive further growth [5] - The successful performance of eye care products on platforms like Douyin highlights the effectiveness of the company's marketing strategies [5]

Core Insights - The Chinese beauty industry is undergoing a significant transformation, shifting from a focus on traffic competition to one centered on technological strength and brand value [1] - Strategic elevation and differentiated competition are essential for domestic beauty brands, with companies like Betaini redefining industry rules through "hard technology" [1][3] Financial Performance - Betaini reported a total revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, with a net cash flow from operating activities of 695 million yuan, up 13.83% [3][4] - The overall retail sales of cosmetics in China decreased by approximately 1.10% year-on-year, highlighting Betaini's ability to achieve growth in a challenging market [4] Brand Ecosystem - Betaini has developed a multi-brand ecosystem, with its core brand Winona maintaining a leading market share in the domestic dermatological skincare segment [6] - New businesses within Betaini's brand matrix, such as Winona Baby and AOXMED, have shown significant growth, with sales increases of approximately 34.03% and 65.59% respectively [6][7] R&D Investment - Betaini's R&D investment reached 337 million yuan in 2024, accounting for 5.87% of its revenue, positioning the company among the top tier in the industry [7][10] - The company has established a strong advantage in the field of Yunnan specialty plant extraction, completing the development of 13 unique plant raw materials [10] Industry Standards and Leadership - Betaini has set six national standards and 68 group standards in 2024, aiming to establish industry authority and influence [11] - The company is actively involved in creating standards for children's skincare products, addressing the challenges of an immature market [11][13] Strategic Vision - Betaini's three-step strategy of "R&D foundation, ecological layout, and standard leadership" illustrates its transition from marketing competition to value competition [13] - The company's focus on technological core competencies is expected to distinguish it as a leader in the beauty industry as market conditions evolve [13]

Macro News - The People's Bank of China announced a reduction in the reserve requirement ratio by 0.5 percentage points and a decrease in policy interest rates by 0.1 percentage points, along with adjustments to structural monetary policy tools [3] - The National Financial Regulatory Administration plans to enhance the role of insurance funds as patient and long-term capital, introducing measures to support capital market stability and activity [3] - The China Securities Regulatory Commission (CSRC) is set to implement reforms for the Sci-Tech Innovation Board and the Growth Enterprise Market, and will revise the management measures for major asset restructuring of listed companies [3] Industry News - China's gold reserves reached 73.77 million ounces at the end of April, marking an increase of 70,000 ounces and continuing a six-month trend of gold accumulation [6] - The CSRC has issued an action plan to promote the high-quality development of public funds, which includes adjusting management fees and establishing a performance-based assessment system for fund managers [6] - Shanghai announced a reduction in personal housing provident fund loan rates, effective from May 8, 2025, with rates for first-time homebuyers set at 2.1% for loans under five years and 2.6% for loans over five years [6] Company News - Geely Automobile announced a proposal to privatize Zeekr at a price of $2.57 per share [9] - Kweichow Moutai reported a share buyback of 934,800 shares in April, with a total expenditure of 1.44 billion yuan [10] - BeiGene reported a net loss of 94.5 million yuan in the first quarter [10] - Qingdao Beer plans to acquire 100% equity of Jimo Huangjiu [10] - Hive Storage confirmed that its LPDDR4X and eMMC storage products are being used in the Go2 intelligent robotic dog developed by Yushu Technology [10]

Financial Performance - In 2024, Betaini achieved operating revenue of 5.736 billion yuan, a year-on-year increase of 3.87% [1] - The company's operating cash flow has maintained positive growth for three consecutive years, with a year-on-year increase of 13.83% in 2024, indicating strong self-sustaining capabilities of its core business [1] - Betaini's cumulative cash dividends from 2021 to 2024 reached 1.098 billion yuan, accounting for 34.6% of net profit attributable to shareholders, with a proposed cash dividend of 253 million yuan in 2024, increasing the dividend payout ratio to 50.3% [1] Operational Management - Betaini has achieved significant results through continuous inventory optimization, leading to a sustained decline in inventory levels from 2023 to Q1 2025, which directly contributed to an increase in gross margin to 77.47% in Q1 2025 [1] Brand Development - Betaini is expanding its growth space by deepening its focus on sensitive skin, transitioning from a single product line to multi-functional and multi-scenario solutions [2] - The core brand Winona has launched new products targeting sensitive skin, including the Winona Silver Core Cream, which has entered the anti-aging segment for sensitive skin [3][5] - The sensitive skin market is large, with 42% of the Asian population reporting sensitive skin, and 54% globally, indicating a broad market for skincare needs [8] Research and Development - In 2024, Betaini's R&D expenditure reached 337 million yuan, accounting for 5.87% of total revenue, significantly higher than the average R&D ratio in the A-share beauty sector [13] - Betaini has established a comprehensive R&D system from plant selection to efficacy verification, successfully filing for 13 new cosmetic raw materials, leading in the domestic beauty industry [11] ESG Strategy - Betaini has integrated ESG strategies into its operations, establishing a green management system across the entire supply chain, leveraging the ecological advantages of Yunnan's "Plant Kingdom" [15] - The company has implemented various measures for energy conservation and emission reduction, including reducing plastic usage in packaging by 22 tons compared to 2023 [17] - Betaini has committed over 21.32 million yuan to social responsibility initiatives, including scholarships and support for vulnerable groups [17]

云南贝泰妮生物科技集团股份有限公司 简式权益变动报告书 一、本报告书系信息披露义务人依据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上市公司收购管理办法》、《证券期货法律适用意见第19 号——<上市公司收购管理办法>第十三条、第十四条的适用意见》、《公开发行 证券的公司信息披露内容与格式准则第15号——权益变动报告书》及其他相关法 律、法规和部门规章的有关规定编写。 上市公司名称：云南贝泰妮生物科技集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：贝泰妮 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 股票代码：300957 信息披露义务人：天津红杉聚业股权投资合伙企业（有限合伙） 执行事务合伙人：上海喆煊投资中心（有限合伙） 注册地址：天津自贸试验区（空港经济区）空港国际物流区第二大街 1 号 103 室 通讯地址：北京市朝阳区建国路 77 号华贸中心写字楼 3 座 3606 权益变动性质：股份减少 签署日期：2025 年 5 月 6 日 1 信息披露义务人声明 释 义 注：本报告书中若出现总数与各分项数 ...

云南贝泰妮生物科技集团股份有限公司 简式权益变动报告书 上市公司名称：云南贝泰妮生物科技集团股份有限公司 股票上市地点：深圳证券交易所 股票简称：贝泰妮 股票代码：300957 信息披露义务人信息 信息披露义务人：厦门臻丽咨询有限公司 主要经营场所： 厦门市翔安区金海街道新澳路 510 号 705 室之 21 通讯地址：厦门市翔安区金海街道新澳路 510 号 705 室之 21 股份变动性质：股份减少 签署日期：2025 年 5 月 6 日 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国公司法》、《中华人 民共和国证券法》、《上市公司收购管理办法》、《证券期货法律适用意见第19 号——<上市公司收购管理办法>第十三条、第十四条的适用意见》、《公开发行 证券的公司信息披露内容与格式准则第15号——权益变动报告书》及其他相关法 律、法规和部门规章的有关规定编写。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人公司章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》、《上市公司收购管理办法》、《证券 期货法律适用意见第19号——<上 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2025-025 云南贝泰妮生物科技集团股份有限公司 关于股东询价转让结果报告书暨相关股东权益变动的提示性公告 股东天津红杉聚业股权投资合伙企业（有限合伙）、厦门臻丽咨询有限公司 保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或 者重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 重要内容提示： 1.本次权益变动主体为持有云南贝泰妮生物科技集团股份有限公司（简称"贝 泰妮"或"公司"）5%以上股份的股东天津红杉聚业股权投资合伙企业（有限合伙） （以下简称"红杉聚业"）、厦门臻丽咨询有限公司（以下简称"臻丽咨询"）， 上述股东合称"出让方"。本次权益变动后，红杉聚业拥有权益的股份占公司已发 行股份的比例下降至9.66%（总股本已剔除回购的股份数），其权益变动跨越1%和5% 的整数倍；臻丽咨询拥有权益的股份占公司已发行股份的比例下降至4.53%（总股 本已剔除回购的股份数），持有权益比例降至5%以下。 2. 出让方不属于贝泰妮控股股东、实际控制人、董事、监事及高级管理人员， 本次权益变动不会导致上市公司第一大股 ...

向特定机构投资者询价转让股份的核查报告 华泰联合证券有限责任公司 关于云南贝泰妮生物科技集团股份有限公司股东 深圳证券交易所： 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"组织券商"） 受委托担任天津红杉聚业股权投资合伙企业（有限合伙）、厦门臻丽咨询有限 公司（以下合称"出让方"）以向特定机构投资者询价转让（以下简称"询价 转让"）方式减持所持有的云南贝泰妮生物科技集团股份有限公司（以下简称 "公司"或"贝泰妮"）首次公开发行前已发行股份的组织券商。 经核查，华泰联合证券就本次询价转让的出让方、受让方是否符合《深圳 证券交易所上市公司自律监管指引第16号——创业板上市公司股东询价和配售 方式转让股份（2025年修订）》（以下简称"《指引第16号》"）要求，本次 询价转让的询价、转让过程与结果是否公平、公正，是否符合《指引第16号》 的规定作出如下报告说明。 一、本次询价转让概况 （一）本次询价转让出让方 截至2025年4月25日出让方所持公司首发前股份情况具体如下： | 序号 | 股东名称 | 持股数量（股） | 持股比例 | | --- | --- | --- | --- | | 1 | 天津红杉 ...