Core Viewpoint - The article highlights the journey of the "Qing Ciguo" (青刺果) from a little-known plant in the mountains of Southwest China to a significant ingredient in skincare products, particularly through the efforts of the brand Winona (薇诺娜) [2][19]. Group 1: Qing Ciguo's Historical and Cultural Significance - Qing Ciguo has a history of over a thousand years in medicinal and culinary use among ethnic minorities in Yunnan, with documented medicinal use dating back approximately 500 years [2][6]. - The plant is known for its resilience, blooming in harsh winter conditions, symbolizing strength and beauty [2]. Group 2: Winona's Research and Development Efforts - Winona has been researching Qing Ciguo since its inception, selecting it as a core ingredient from over 6,500 medicinal plants in Yunnan [8][10]. - The brand has published 17 academic papers related to Qing Ciguo, with 13 being published and 4 presented at conferences, showcasing its commitment to scientific validation [10]. - Winona's research has transitioned Qing Ciguo from a traditional medicinal plant to a scientifically validated ingredient, establishing its efficacy in skin barrier repair [11][19]. Group 3: Product Development and Innovation - Winona has developed multiple iterations of its flagship product, the "Special Care Cream," utilizing advanced extraction and refinement techniques to enhance the stability and efficacy of Qing Ciguo oil [11][14]. - The introduction of new components like Qing Ciguo polysaccharides and flavonoids represents a shift from single-component to multi-component applications in skincare [14][16]. Group 4: Economic and Ecological Impact - The expansion of Qing Ciguo cultivation has positively impacted local economies, improving infrastructure and creating job opportunities in the region [20][21]. - Winona has implemented sustainable practices, including carbon footprint management and ecological restoration projects, contributing to environmental conservation [23][28]. Group 5: Industry Recognition and Future Prospects - Winona has received international awards for innovation in raw materials and research excellence, positioning itself as a leader in the Chinese cosmetics industry [17][19]. - The company plans to replicate its success with Qing Ciguo by exploring other local plants, further driving innovation and economic growth in the region [30][31].

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]

丨证券研究报告丨 公司研究丨点评报告丨贝泰妮（300957.SZ） [Table_Title] 贝泰妮 2024 年报及 2025 一季报点评：产品渠 道阶段性调整，库存持续消化 报告要点 [Table_Summary] 公司公布 2024 年年报，全年实现营业收入 57.36 亿元，同比增长 3.87%，归母净利润 5 亿元， 同比下降 33.53%，2025Q1，公司实现营业收入 9.49 亿元，同比下降 13.51%；归母净利润 2834 万元，同比下降 83.97%。 分析师及联系人 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 贝泰妮（300957.SZ） cjzqdt11111 [Table_Title 贝泰妮 20242]年报及 2025 一季报点评：产品渠 道阶段性调整，库存持续消化 [Table_Summary2] 事件描述 公司公布 2024 年年报，全年实现营业收入 57.36 亿元，同比增长 ...

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].

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]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经公司研究院 作者：新消费主张/cici 截至2025年4月30日，日化护肤上市公司已完成2024年财报的披露，对此我们挑选了14家具有代表性的 上市公司进行库存状况分析。 在我们所选取的日化护肤公司中，2024年，从存货规模及存货占总资产比例变化来看水羊股份存货占全 部资产的比重较高，约为19.52%；从存货周转效率来看，仅有丸美股份、青松股份2家公司存货周转状 况有所改善，其余8家公司存货周转天数均不同程度变长，相应的存货周转效率不同程度下降。 其中最值得一提的便是锦波生物、华熙生物、贝泰妮这三家上市公司，首先，这三家上市公司的存货规 模及存货占总资产的比例均有所提升；其次，这三家上市公司的存货周转天数均超出了270天（9个月） 且存货周转效率仍进一步下降。 存货规模&占比：过半数公司存货规模及占比双增 水羊股份存货占比最高 | | | 存货规模(亿)及同比变动 | | | --- | --- | --- | --- | | | 2023年 | 2024年 | 同比 | | 创尔生物 | 7.97 | 6.61 | 62 ...