北京商报讯(记者张君花)10月13日，贝泰妮（300957）发布公告称，公司于近日签署《无锡金雨茂物医 疗健康产业投资合伙企业(有限合伙)合伙协议》。金雨基金由金雨茂物投资管理股份有限公司担任基金 管理人。其中，公司作为金雨基金的有限合伙人之一，使用自有资金认缴出资5000万元，本次投资完成 后公司将持有金雨基金5%的合伙份额。该合伙企业主要投资于消费医疗及国民健康质量提升(含康养、 医美、特医及功能食品等)、药物(含合成生物学、创新药等)、医疗器械、医疗支持性产业、AI制药等 领域。 ...

Core Viewpoint - The company, Betaini (300957.SZ), has signed a partnership agreement with Wuxi Jinyu Mao Medical Health Industry Investment Partnership (Limited Partnership), committing to invest 50 million yuan, which will give the company a 5% stake in the fund [1] Investment Details - The investment will be managed by Jinyu Mao Investment Management Co., Ltd. [1] - The partnership primarily focuses on sectors such as consumer healthcare, national health quality improvement (including wellness, medical aesthetics, special medical foods, and functional foods), pharmaceuticals (including synthetic biology and innovative drugs), medical devices, supportive medical industries, and AI in pharmaceuticals [1]

贝泰妮（300957）(300957.SZ)公告，公司于近日签署《无锡金雨茂物医疗健康产业投资合伙企业(有限 合伙)合伙协议》。金雨基金由金雨茂物投资管理股份有限公司担任基金管理人。其中，公司作为金雨 基金的有限合伙人之一，使用自有资金认缴出资5000万元，本次投资完成后公司将持有金雨基金5%的 合伙份额。 据悉，该合伙企业主要投资于消费医疗及国民健康质量提升(含康养、医美、特医及功能食品等)、药物 (含合成生物学、创新药等)、医疗器械、医疗支持性产业、AI制药等领域。 ...

根据《深圳证券交易所创业板股票上市规则》以及《公司章程》等相关规定， 公司本次投资不构成关联交易，不构成《上市公司重大资产重组管理办法》规定的 重大资产重组。本次投资交易金额未达到公司最近一期经审计净资产的10%，本次 投资事项的审批在总经理权限范围内，无需提交董事会或股东会审议。 （一）基金管理人：金雨茂物投资管理股份有限公司 证券代码：300957 证券简称：贝泰妮 公告编号：2025-039 成立时间：2009年7月9日 统一社会信用代码：91320000692122075A 法定代表人：段小光 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。 为了进一步提升云南贝泰妮生物科技集团股份有限公司（以下简称"公司"） 综合竞争力和盈利能力、把握战略合作机会，公司拟作为有限合伙人，与无锡金鹫 投资合伙企业（有限合伙）（以下简称"金鹫投资"、"普通合伙人"）、江苏无 锡生物医药产业专项母基金（有限合伙）、江阴高新区金融投资有限公司、江阴市 金融投资有限公司、南京今茂管理咨询合伙企业（有限合伙）、泉州市蠡湖至真投 资有限公司、马鞍山慈湖创业投资合伙企业（有限合伙） ...

Core Insights - The podcast "Business is Like This" has returned, focusing on sustainable practices in companies, with a highlight on Betaini Group's recognition in the 2025 Sustainable Practice Annual Case by Green Point China [1] - The episode emphasizes "biodiversity" as a key term in corporate sustainability, which includes the protection of various life forms and their environments [1] - The China Securities Regulatory Commission will require listed companies to disclose biodiversity protection efforts in their sustainability reports starting in 2026 for certain key companies [1] Company Focus - Betaini Group is recognized as a leader among Chinese companies for integrating biodiversity protection into its core business, particularly through sourcing skincare ingredients from the rich biodiversity of Yunnan [2] - The company has initiated actions to protect local biodiversity while developing valuable skincare raw materials from the Haba Snow Mountain area in Yunnan [2]

Investment Rating - The report gives a "Buy" rating for the cosmetics and medical beauty industry, particularly highlighting the potential of specific companies like Water Sheep Co., Ltd. [13] Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index rising by 1.3% from September 29 to October 10, 2025, which is lower than the overall market performance [3][4] - The upcoming Tmall Double 11 event is expected to boost sales, with domestic brands actively participating with competitive discounts [8] - Water Sheep Co., Ltd. is identified as a leading technology-driven beauty company, with stable revenue projections and improving profit margins [9][10] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with the Shenwan Cosmetics Index increasing by 1.2%, lagging behind the Shenwan A Index by 0.4 percentage points [3][4] - The top-performing stocks in the sector include Jiaheng Home Care (+35.0%), Yiyi Co., Ltd. (+18.6%), and Yanjing Co., Ltd. (+15.6%) [5] Upcoming Events - Tmall's Double 11 sales event is set to begin on October 15, 2025, with major domestic brands like Proya and Maogeping expected to participate actively [8] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. has a dual business model of proprietary and CP agency brands, with projected revenues stabilizing between 4 to 5 billion yuan from 2021 to 2024 [9] - The company is expected to achieve net profits of 258 million, 331 million, and 398 million yuan for the years 2025, 2026, and 2027, respectively, reflecting significant growth [10][13] Market Trends - The overall retail sales of cosmetics in August 2025 grew by 5.1%, indicating a recovery in consumer demand [17] - The domestic market is seeing a shift in market share, with local brands gaining ground against international competitors [25] E-commerce Insights - Data shows that domestic brands are performing well on platforms like Douyin and Tmall, with significant growth in GMV for brands like Proya and Maogeping [14][15] Company Developments - Proya has filed for an IPO in Hong Kong, with stable revenue growth and a strong online presence [19] - The report highlights the strategic moves of various companies, including partnerships and new product launches, to enhance their market positions [24][23]

Investment Rating - The report maintains an "Accumulate" rating for the retail industry [1] Core Views - The National Day and Mid-Autumn Festival holiday saw a significant increase in domestic travel, with 888 million trips taken, a 16% increase compared to the previous year, and total spending reaching 809 billion yuan, up 15% [3][8] - Strong travel and family visit intentions were noted, with self-driving trips accounting for 80% of travel during the holiday period [12] - The report highlights a continued increase in inbound and outbound tourism, with a 11.5% year-on-year growth in border inspection personnel [14] - Key tourist attractions experienced a rise in visitor numbers, with notable increases at Huangshan, Jiuhua Mountain, and Emei Mountain, suggesting robust demand in the tourism sector [15] Summary by Sections 1. Industry Views This Week - The report emphasizes the positive outlook for the tourism sector during the National Day and Mid-Autumn Festival, with significant increases in both travel numbers and spending [8] 2. Market Review This Week - The retail index saw a decline of 0.40% from October 9 to October 10, while the overall market performance varied across different indices [16][18] 3. Valuation Table of Sub-Industries - The report includes a detailed valuation table for various companies within the retail sector, providing insights into market capitalization, closing prices, and projected earnings [22][23]

Core Viewpoint - The domestic cosmetics industry is experiencing a significant transformation, focusing on the innovation of plant-based ingredients and the development of proprietary technologies for extracting and utilizing these ingredients effectively [1][4][14]. Group 1: Technological Advancements - Since 2022, the domestic cosmetics industry has gradually mastered the full-process technology of "active substance labeling, impurity separation, and purity control" [10]. - Companies like Yunnan's Betaini have successfully extracted beneficial components from plants, such as the Qingci fruit, which has shown efficacy in skin barrier repair and anti-aging [2][11]. - The use of AI technology has accelerated the identification and extraction of effective plant components, allowing for higher purity and better efficacy in products [12]. Group 2: Market Trends - There is a growing trend among domestic cosmetics companies to utilize plant-based ingredients as a key differentiator in product offerings, with many brands showcasing their latest research and development at industry conferences [3][6]. - The number of new plant-based raw materials registered has increased significantly, from 3 in 2022 to 42 in 2024, indicating a shift towards plant-based ingredients dominating the market [7]. - The market for domestic cosmetics is expanding, with local brands capturing over 55.2% of the market share, surpassing foreign brands [15]. Group 3: Investment and Capital Market - Several companies focusing on plant-based ingredients have initiated IPO processes, reflecting increased investor interest in the sector [14]. - Notable investments have been made in companies with capabilities in plant raw material research, indicating a strong market confidence in the potential of domestic plant-based cosmetics [14]. Group 4: Future Outlook - The domestic cosmetics industry is expected to continue its shift towards using local plant resources, with predictions that domestic raw materials will account for over 80% of the market share in the future [15]. - As the industry matures, the purity, stability, and efficacy of domestic raw materials are approaching or even surpassing international standards, enhancing brand confidence in local sourcing [15].

再过一个多月，生长在海拔1800-3200米高原地区的青刺果将渐次进入开花期，这种植物受积雪融水灌 溉，盛开时满树白花，被当地人称为"百花之王"。 青刺果寒冬开花，春季结果，全株均可入药，云南少数民族将其嫩尖捣烂，外敷可消炎止痛、促进伤口 愈合。2015年，云南本土美妆企业贝泰妮（300957）发现了青刺果在人体皮肤上的效用：青刺果含有的 不饱和脂肪酸具有皮肤屏障修复作用；青刺果仁经萃取后得到的青刺果油含有黄酮提取物，具有抗衰老 作用。 2018年，贝泰妮旗下品牌薇诺娜将青刺果应用于护肤品中，推出青刺果修护保湿喷雾，宣称起到屏障修 护与舒缓功效，该产品在2019年"双11"期间通过直播间售出1.7万套。2024年3月，薇诺娜通过提取青刺 果多糖(PROMAX)，将其明星产品舒敏保湿特护霜升级为2.0版本。当年财报显示，该产品在天猫"双 11"大促活动期间的敏感肌面霜赛道中蝉联销售榜首。 像贝泰妮一样，用"植物成分"打造爆品的逻辑，如今成为国内化妆品企业的共同选择。 在9月25日到9月27日举行的2025年中国香料香精化妆品行业年会上，多家化妆品企业展示最新研发成 果，其中，中国本土植物成分成为各化妆品企业展示 ...

再过一个多月，生长在海拔1800-3200米高原地区的青刺果将渐次进入开花期，这种植物受积雪融水灌溉，盛开时满树白花，被当地人称为"百花之王"。 青刺果寒冬开花，春季结果，全株均可入药，云南少数民族将其嫩尖捣烂，外敷可消炎止痛、促进伤口愈合。2015年，云南本土美妆企业贝泰妮发现了青刺 果在人体皮肤上的效用：青刺果含有的不饱和脂肪酸具有皮肤屏障修复作用；青刺果仁经萃取后得到的青刺果油含有黄酮提取物，具有抗衰老作用。 2018年，贝泰妮旗下品牌薇诺娜将青刺果应用于护肤品中，推出青刺果修护保湿喷雾，宣称起到屏障修护与舒缓功效，该产品在2019年"双11"期间通过直播 间售出1.7万套。2024年3月，薇诺娜通过提取青刺果多糖（PROMAX），将其明星产品舒敏保湿特护霜升级为2.0版本。当年财报显示，该产品在天猫"双 11"大促活动期间的敏感肌面霜赛道中蝉联销售榜首。 像贝泰妮一样，用"植物成分"打造爆品的逻辑，如今成为国内化妆品企业的共同选择。 在9月25日到9月27日举行的2025年中国香料香精化妆品行业年会上，多家化妆品企业展示最新研发成果，其中，中国本土植物成分成为各化妆品企业展示产 品功效与差异化竞争的" ...