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]

Group 1 - The trend of refined parenting is emerging as a new generation of parents, primarily those born in the 1990s and 2000s, are driving changes in child-rearing concepts and consumption patterns, leading to an increased demand for children's skincare products [1] - The baby and toddler skincare market in China is expected to reach nearly 50 billion yuan by 2026, with the skincare segment projected to reach 18 billion yuan, expanding from basic cleaning and moisturizing to more functional areas such as sensitive skin, eczema, sun protection, and mosquito repellent [1] - Domestic beauty companies are increasingly entering the baby skincare market, with brands like Jichu launching products that address common skin issues in infants, such as eczema, through patented micro-ecological balance technology [1] Group 2 - Sales of baby skincare products on major e-commerce platforms are reaching new highs, with companies like Shiseido's subsidiary, Up Beauty, launching multiple baby skincare brands, including Red Elephant and Newpage, which reported significant revenue growth [4] - Newpage achieved a revenue of 376 million yuan in 2024, marking a year-on-year growth of 146.3%, while its revenue growth in 2023 was nearly five times [4] - Other brands like Winona Baby and Qichu are also gaining traction, with Winona Baby generating 201 million yuan in revenue in 2024, reflecting a year-on-year increase of 34.03% [4]

证券代码：300957 证券简称：贝泰妮 公告编号：2025-026 云南贝泰妮生物科技集团股份有限公司 关于参加云南辖区上市公司 2024 年度投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，云南贝泰妮生物科技集团股份有限公司 （以下简称"公司"）将参加由云南证监局指导，云南省上市公司协会与深圳市 全景网络有限公司联合举办的"2024 年度云南辖区上市公司投资者网上集体接 待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流，活动时间为 2025 年 5 月 16 日（周五）16:00-17:00。届时公司 高管将在线就公司 2024 年度业绩、公司治理、发展战略、经营状况、融资计划、 股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流，欢迎广 大投资者踊跃参与！ 特此公告！ 云南贝泰妮生物科技集团股份有限公司董事会 2025 ...

Core Viewpoint - The white liquor sector is expected to experience increased differentiation, with companies facing challenges in maintaining performance growth while ensuring healthy distribution channels. The overall financial performance of the sector is anticipated to remain under pressure in 2025, with solid companies likely to achieve stable growth, while weaker companies may continue to decline [1][2]. Group 1: Market Performance - As of May 13, 2025, the CSI Major Consumer Index (000932) rose by 0.05%, with key stocks such as Proya (603605) increasing by 2.69% and XinNuoWei (300765) by 1.96% [1]. - The Major Consumer ETF (159672) increased by 0.13%, with a latest price of 0.78 yuan and a turnover rate of 4% during the trading session, amounting to 3.36 million yuan [1]. - Over the past year, the average daily trading volume of the Major Consumer ETF was 5.69 million yuan [1]. Group 2: White Liquor Sector Insights - The white liquor industry is expected to show resilience over the long term, benefiting from economic recovery and increased consumption due to stimulus policies [2]. - The differentiation within the white liquor sector is projected to intensify, with companies needing to navigate performance challenges while maintaining healthy distribution channels [1][2]. Group 3: ETF Performance Metrics - The Major Consumer ETF has seen a significant growth of 1.56 million yuan in scale over the past two weeks, ranking in the top fifth among comparable funds [2]. - Since its inception, the Major Consumer ETF has recorded a highest single-month return of 24.35% and an average monthly return of 5.36% [2]. - As of May 12, 2025, the ETF's maximum drawdown this year was 5.57%, with a relative benchmark drawdown of 0.34% [3]. Group 4: Fee Structure and Tracking Accuracy - The management fee for the Major Consumer ETF is 0.50%, and the custody fee is 0.10%, which are among the lowest in comparable funds [4]. - The tracking error for the Major Consumer ETF over the past month was 0.014%, indicating the highest tracking precision among comparable funds [5]. Group 5: Valuation and Top Holdings - The latest price-to-earnings ratio (PE-TTM) for the CSI Major Consumer Index is 20.15, which is at a historical low, being below 89.64% of the time over the past year [5]. - As of April 30, 2025, the top ten weighted stocks in the CSI Major Consumer Index accounted for 67.16% of the index, including major players like Yili (600887) and Kweichow Moutai (600519) [5].

Core Insights - The core viewpoint of the articles highlights the rapid growth of the Chinese dermatological skincare market, with Winona emerging as a leading brand due to its focus on efficacy and safety in sensitive skin care products [1][3][12]. Market Overview - In 2024, the Chinese dermatological skincare market is projected to reach 33.96 billion yuan, showcasing significant expansion over the past fifteen years [1]. - Winona has established itself as the market leader in this segment, emphasizing its unique approach to product development and clinical validation [1][3]. Brand Development - Winona entered the market in 2010 with a focus on sensitive skin, leveraging its background in the OTC industry to develop effective skincare products based on pharmaceutical standards [3][4]. - The brand has maintained a strong commitment to research and development, with a reported investment of 337 million yuan in 2024, consistently achieving over 5% annual R&D investment [7]. Product Innovation - Winona's product development is guided by the NUTE principle, which stands for Need, Unique, Technology, and Evidence, ensuring that products address clinical needs and are backed by scientific validation [4][5]. - The brand has successfully launched new products targeting advanced needs such as anti-aging for sensitive skin, expanding its product line beyond basic care [8]. Strategic Positioning - Winona aims to become the world's leading efficacy skincare brand, integrating international research resources and establishing laboratories in France and Japan, with plans for a research center in Israel [8][9]. - The company is focused on transforming Yunnan's unique plant resources into competitive advantages, enhancing its value chain from low-end to high-end [8][9]. Consumer Engagement - Winona has developed a robust membership program with approximately 40 million members, emphasizing value-added services and solutions for sensitive skin issues [11]. - The brand's marketing strategy centers on embedding the message "for sensitive skin, use Winona" into consumer consciousness [11]. Industry Contribution - Winona is committed to promoting high-quality development standards in the skincare industry, addressing challenges such as product homogeneity and safety concerns [12]. - The brand has published significant research contributions, including a comprehensive guide on efficacy skincare, which consolidates expert guidelines and clinical studies [12].