Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.736 billion yuan in 2024, representing a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 503 million yuan, down 33.5% [5] - In Q1 2025, the company achieved a revenue of 949 million yuan, a decrease of 13.5%, and a net profit of 28 million yuan, down 84.0% [5] - The report anticipates a recovery in profit after adjustments, with projected net profits for 2025-2027 at 672 million, 803 million, and 927 million yuan respectively, with corresponding EPS of 1.59, 1.90, and 2.19 yuan [5] - The company is expected to maintain a reasonable valuation with a current PE of 25.4 for 2025, 21.2 for 2026, and 18.4 for 2027 [5] Financial Performance Summary - Revenue for 2024 is projected at 6.277 billion yuan, with a year-on-year growth of 9.4% [8] - The gross profit margin for 2024 is expected to be 73.8%, consistent with previous years [8] - The net profit margin is projected to improve to 10.5% in 2025, up from 8.6% in 2024 [8] - The company’s return on equity (ROE) is expected to rise to 9.6% in 2025 from 8.0% in 2024 [8] Brand and Channel Performance - The main brand, Winona, focuses on sensitive skin solutions, with a strategy to enhance average transaction value through single products and sets [6] - In 2024, the revenue from the Winona brand was 4.909 billion yuan, a decrease of 5.5% year-on-year, while other brands like Aikeman and Jirei saw significant growth [6] - Online sales channels generated 3.912 billion yuan in revenue, reflecting a 10.1% increase, while offline channels saw a decline of 10.7% [6] Market Outlook - The report indicates that after adjustments, growth is expected to resume, supported by a well-established brand matrix in the sensitive skin care segment [5] - The company is also expanding its presence in international markets, having entered mainstream beauty channels in Thailand [7]

Core Insights - The company faced performance pressure in 2024, with revenue of 5.736 billion, a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 503 million, a year-on-year decrease of 33.53% [1] - The decline in net profit is attributed to lower-than-expected sales during major promotional events and high marketing expenses on platforms like Douyin [1] - The company is undergoing a transformation period in its product and channel strategies, which continues to exert pressure on its performance [1] Financial Performance - In 2024, the company's revenue from the main brand Winona was 4.91 billion, a year-on-year decrease of 2.8%, while the sub-brand Winona Baby saw revenue growth of 34.03% to 200 million [2] - Online sales channels generated 3.912 billion in revenue, a year-on-year increase of 10.13%, with significant growth on platforms like Douyin and JD [2] - The overall gross margin for 2024 decreased by 0.16 percentage points, while the net margin fell by 5.12 percentage points [2] Cost and Efficiency - The company's selling, general, and administrative expenses as a percentage of revenue increased in 2024, reflecting ongoing revenue pressure [3] - Inventory turnover days improved by 15 days in 2024, indicating enhanced operational efficiency due to system upgrades and increased self-production [3] Future Outlook - The company plans to maintain a cash dividend of 6 yuan per 10 shares, with a dividend payout ratio of 50% for 2024 [1] - Despite short-term performance challenges, the main brand Winona retains strong consumer recognition in the sensitive skin care sector, which may support long-term growth [4] - The company is actively expanding into the medical beauty and health sectors, which could drive future development [4]

Core Viewpoint - The company reported disappointing financial results for 2024 and Q1 2025, with revenue growth stagnating and significant declines in net profit due to asset impairment losses and increased marketing expenses [1][3]. Financial Performance - For 2024, the company achieved revenue of 5.74 billion, a year-on-year increase of 3.9%, but net profit attributable to shareholders fell by 33.5% to 500 million [1]. - In Q1 2025, revenue was 950 million, down 13.5% year-on-year, with net profit dropping 84.0% to 28 million [1]. - The decline in net profit was primarily attributed to underperformance of Yujing Investment, leading to asset impairment losses, alongside increased sales expenses from brand promotion and online channel investments [1]. Development Trends - The main brand, Winona, focused on core products, with revenue declining by 5.5% to 4.9 billion in 2024, while sub-brands showed growth, with Winona Baby increasing by 34.0% to 200 million and AOXMED rising by 65.6% to 60 million [2]. - Online sales grew by 10.1% in 2024, with Douyin channel sales up 31%, while offline sales declined [2]. Profitability and Cost Management - Gross margin improved significantly in Q1 2025, reaching 77.5%, up 5.4 percentage points year-on-year, due to a focus on core products and price stability [3]. - However, the sales expense ratio increased, with a rise of 2.7 percentage points to 50.0% in 2024 and 9.3 percentage points to 56.0% in Q1 2025, driven by increased promotional and membership operation costs [3]. - The company faced asset impairment losses of 90 million and 25 million from goodwill and intangible assets, respectively, impacting net profit margins [3]. Strategic Outlook - The company plans to streamline its product matrix and optimize channel strategies, focusing on reducing promotional intensity and improving online operational efficiency [4]. - There is an emphasis on expanding the second-tier brands like Winona Baby and AOXMED, with attention on future operational improvements [4]. Earnings Forecast and Valuation - The company has lowered its net profit forecasts for 2025 and 2026 by 22% and 17% to 670 million and 790 million, respectively [5]. - The current stock price corresponds to a P/E ratio of 26x for 2025 and 22x for 2026, with a target price adjustment down by 12% to 53 yuan, indicating a potential upside of 31% [5].

事件 盈利预测与投资建议 考虑到公司组织变革仍在持续，我们预计公司2025-2027 年收入分别为63.38/69.40/75.16 亿元，对应增 速分别为10.5%/9.5%/8.3%；归母净利润分别为7.37/8.46/9.37 亿元，对应增速分别为 46.6%/14.7%/10.8%；EPS 分别为1.74/2.00/2.21 元/股，维持"买入"评级。 风险提示：行业竞争加剧的风险；销售平台相对集中的风险；销售季节性波动的风险 公司发布2024 年年报与2025 年一季报：2024 年营收57.36 亿元（同比+3.9%），归母净利润5.03 亿元 （同比-33.5%）；2025Q1 营收9.49 亿元（同比-13.5%），归母净利润0.28 亿元（同比-84.0%）。 组织变革持续推进，利润增长短期承压 2024 年营收增长稳健，利润增长波动，主要源于：1）美妆行业2024 年"双11"等线上大促活动销售普遍 不如预期，公司未达成"双11"预期销售目标；2）市场竞争加剧影响，公司营销费用投入增加；3）悦江 投资业绩承诺未能如期完成，公司基于谨慎性原则，计提长期资产减值准备金；4）公司长期资产折旧 摊 ...

Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 503 million yuan, down 33.53% year-on-year [1] - In Q1 2025, the revenue was 949 million yuan, a decrease of 13.51% year-on-year, and the net profit attributable to shareholders was 28.34 million yuan, down 83.97% year-on-year [1] - The decline in profit for 2024 and Q1 2025 is attributed to multiple factors including pressure from online promotions, intensified market competition leading to increased marketing expenses, asset impairment provisions, and rising operational costs [1] - The company is focusing on core product categories, resulting in a significant improvement in gross margin in Q1 2025, laying a solid foundation for product performance [1] Revenue and Profit Analysis - The main brand experienced a temporary slowdown in growth, while the sub-brands Aikeman and Winona Baby saw rapid growth, with Winona's revenue for 2024 at 4.909 billion yuan, down 5.41% year-on-year; Aikeman (AOXMED) targeting the high-end anti-aging market saw a revenue increase of 66% year-on-year to 59.92 million yuan; Winona Baby, focusing on effective skincare for infants and children, achieved a revenue of 201 million yuan, up 34.03% year-on-year [1] - The revenue from the acquired brands Jirui and Pomei in 2023 was 467 million yuan and 515 million yuan, respectively [1] Margin and Expense Overview - In Q1 2025, the gross margin improved significantly, increasing by 5.39 percentage points to 77.47% due to category structure optimization [2] - The sales expense ratio was 56.04%, up 9.30 percentage points year-on-year, primarily due to increased marketing investments; the management expense ratio was 12.44%, up 5.54 percentage points year-on-year, mainly due to fixed cost increases from organizational expansion; the R&D expense ratio was 6.10%, up 3.13 percentage points year-on-year, reflecting ongoing investment in innovation [2] - In 2024, the company's sales revenue from Alibaba, Douyin, and JD.com reached 1.73 billion yuan, 827 million yuan, and 527 million yuan, respectively, with year-on-year changes of -2.07%, +30.96%, and +40.69% [2] Profit Forecast and Valuation - The company is still in the phase of restructuring product categories and channel strategies, with brand building and marketing investments likely to continue, although results remain to be seen [3] - The profit forecast for 2025-2026 has been lowered, with expected net profits attributable to shareholders of 769 million yuan, 949 million yuan, and 1.048 billion yuan for 2025-2027, respectively, down from previous estimates of 1.069 billion yuan and 1.332 billion yuan [3] - The target price has been adjusted to 56.11 yuan, down from 60.48 yuan, corresponding to a 31 times PE for 2025, considering the ongoing adjustments in product categories and the performance of major online channels [3]

Group 1 - The report highlights three main investment directions: 1) Technology AI+ led by Deepseek breakthroughs and open-source initiatives, 2) Valuation recovery and gradual revival of consumer stocks, 3) The rise of undervalued dividends [2] - Overall industry sentiment shows an upward trend in sectors such as machinery, food and beverage, non-bank financials, real estate, environmental protection, and retail, while sectors like oil and petrochemicals, pharmaceuticals, home appliances, banking, and public utilities are trending downward [2][20] - The report predicts strong performance in specific sub-industries over the next four weeks, emphasizing automotive services, general equipment, logistics, components, specialized equipment, paper, semiconductors, wind power equipment, consumer electronics, motors, textiles, optical electronics, photovoltaic equipment, jewelry, and infrastructure [2][20] Group 2 - In the agriculture sector, there is a strong short-term pig price due to a supply gap and inventory demand driven by state storage and increased channel inventory [3] - The report indicates a growing pressure on pig supply due to increasing inventory levels, with a notable rise in the number of small pigs stored [3] - The report recommends leading breeding companies such as Wens Foodstuffs, Muyuan Foods, and New Hope, while suggesting attention to flexible stocks like Shennong Group and Dekang Animal Husbandry [3] Group 3 - The aerospace industry is experiencing growth, with the domestic C919 aircraft entering commercial operation, leading to increased orders and production capacity [4][7] - The report anticipates significant benefits for the company as a key supplier in the aerospace engine industry, particularly with the development of advanced fighter jets and drones [4][7] - Revenue projections for the company are set at 44.84 billion, 54.48 billion, and 68.54 billion for 2025-2027, with a target price of 33.96 per share [7] Group 4 - The home appliance sector is seeing a return to growth, with new business and scenarios contributing to revenue despite short-term profitability pressure [8][29] - The company reported a revenue of 19.1 billion in 2024, with a slight increase in sales from industrial pumps and significant growth in the commercial pump segment [8][29] - The report maintains a "buy" rating for the company, projecting net profits of 2.7 billion, 3.3 billion, and 3.8 billion for 2025-2027 [29] Group 5 - The report on the food and beverage sector indicates a stable performance for Laobai Ganjiu, with revenue and net profit showing slight increases [10][14] - The company is benefiting from market dynamics in Hebei and Hunan, with a positive outlook for future sales growth [10][14] - The report adjusts profit forecasts for 2025-2026, expecting net profits of 8.87 billion and 10.27 billion, reflecting a cautious but optimistic view of the market [14] Group 6 - The cosmetics and personal care sector is experiencing a temporary performance pressure, but the color cosmetics business is showing remarkable growth [14][15] - The company reported a revenue of 57.36 billion in 2024, with a significant increase in color cosmetics sales [14][15] - The report anticipates a revenue growth trajectory for 2025-2027, with adjusted profit expectations reflecting competitive pressures in the market [15]

Investment Rating - The report maintains a "Recommendation" rating for the consumer discretionary sector [5] Core Insights - The beauty and personal care segment shows strong growth, with companies like Proya achieving over 10 billion RMB in revenue for the first time, and significant increases in net profit [3][26] - The retail sector is expanding, with ALDI opening new stores and achieving record sales, while companies like Yonghui Supermarket are recovering from previous losses [25][34] - The travel and leisure industry is also seeing growth, with increased flight operations and significant revenue increases for companies like Xiangyuan Culture [21][34] Summary by Sections Market Performance - For the week of April 21-25, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors showed mixed performance, with beauty care up by 3.80% [10][12] - The beauty care sub-sector outperformed others, with individual products and cosmetics increasing by 7.11% and 4.89% respectively [11] Key Industry Data and News - Proya's revenue for 2024 reached 10.778 billion RMB, marking a 21% increase, while its net profit rose by 30% [3][26] - Other companies like Marubi and Betaini also reported significant revenue growth, with Marubi's revenue increasing by 33.4% in 2024 [3][29] - The travel sector saw a rise in flight operations, with nearly 106,000 flights executed in the week of April 14-20, 2025, reflecting an 8.7% increase year-on-year [21][23] Key Company Announcements - Proya's Q1 2025 revenue was 2.359 billion RMB, a year-on-year increase of 8.13% [26] - Marubi reported a Q1 2025 revenue of 847 million RMB, up 28.01% from the previous year [29] - Bubble Mart's Q1 2025 revenue surged by 165%-170%, with overseas revenue increasing by over 475% [33]

张爱玲曾说：" 人生有三恨：一恨海棠无香，二恨鲥鱼多刺，三恨红楼梦未完。 "事实上"鱼 与熊掌不可兼得"的遗憾在化妆品行业也一直存在，尤其是围绕敏感肌的抗老需求。 一方面，随着环境压力与生活方式的改变，全球女性敏感肌人群在持续扩大。 据复旦大学附属华山医院、中国非公立医疗机构协会皮肤专业委员会终身名誉主委郑志忠教授 介绍： 中国女性敏感性皮肤的占比逐渐走高，在部分区域性的流调中，敏感肌的发生率甚至 达5 0%以上 。 而2 0 1 7年发表的《中国敏感性皮肤诊疗专家共识》显示，敏感性皮肤在世界各国均有较高的 发 生 率 ， 欧 洲 为 2 5 . 4% ～ 8 9 . 9% ， 澳 洲 约 为 5 0% ， 美 洲 女 性 为 2 2 . 3% ～ 5 0 . 9% ， 亚 洲 女 性 为 4 0%～5 5 . 9 8%。 而由专业皮肤科医生在2 0 2 4年" 5 2 5全国护肤日"期间进行的一项调查更是显示：7 2 . 1%的受调 查对象皮肤处于亚健康或者病态状态。 与此同时，敏感性皮肤人群对功效护肤，尤其是对抗老需求却在直线上升。 这背后源于一个扎心的事实。四川大学华西医院、中国抗衰老促进会皮肤慢病管理 ...

Core Insights - Yunnan Betaini Biotechnology Group Co., Ltd. reported steady performance growth in its 2024 annual report, achieving significant results in its multi-brand strategy [1] Financial Performance - The company achieved an operating revenue of 5.736 billion yuan in 2024, representing a year-on-year increase of 3.87% [1][2] - The net profit attributable to shareholders decreased by 33.53% to 503 million yuan due to multiple factors [1][2] - Total assets reached 8.304 billion yuan, a 10% increase from the previous year [2] - The net asset attributable to shareholders increased by 3% to 6.050 billion yuan [2] - The basic and diluted earnings per share were both 1.20 yuan, down 32% from the previous year [2] Brand Strategy - The company continued to deepen its multi-brand strategy, focusing on the "Winona" brand while promoting other brands such as "Winona Baby," "AOXMED," "Beforteen," "Za," and "PURE&MILD" [1][3] - The main brand "Winona" launched a 2.0 strategy, upgrading its brand concept to "Researching Sensitive Skin," reinforcing its leading position in the sensitive skin care sector [1] Brand Performance - "Winona Baby" focused on solutions for infant eczema, achieving sales of 201 million yuan, a growth of 34.03% [3] - "AOXMED" specialized in skin youthfulness, with sales nearing 60 million yuan, a growth of 65.59% [3] - "Beforteen" established a brand image through targeted marketing and private domain operations [3] Research and Development - The company invested 337 million yuan in R&D in 2024, maintaining an average annual investment intensity of over 5% for three consecutive years [5] - The company registered 9 new cosmetic raw materials and accumulated 12, with 43 self-developed cosmetic and 9 food raw materials [5] - The company obtained 88 patents and published 107 SCI papers, receiving international innovation awards [5] Operational and Social Responsibility - The company made significant progress in channel construction, supply chain optimization, and social responsibility [5] - It adopted an omnichannel strategy to cover a broader consumer base and improved operational efficiency through supply chain optimization and digitalization [5] - The company actively participated in public welfare projects, providing scientific skin care and sun protection support to residents in remote areas [5] Future Outlook - The company aims to continue its mission of "building a Chinese skin health ecosystem," focusing on brand building, member operations, and collaborative growth [5]

出品：新浪财经上市公司研究院 作者：新消费主张/cici 上市4年，贝泰妮交出了上市以来最差的一份财报，营收微增，归母净利润大幅下降。2024年，公司营业收入为57.4亿元，同比上升3.9%；归母净利润为 5.03亿元，同比下降33.5%；扣非归母净利润为2.4亿元，同比下降61.1%。 贝泰妮的这份年报，实则也属意料之中。公司业绩过度依赖的主品牌"薇诺娜"近年来势能下滑严重，2024年该品牌销售额同比下降5.45%，而其他品牌又难 接力增长，进而拖累公司整体业绩。 向内求增长不能如意，贝泰妮2023还试图通过收并购、对外投资等方式加速品牌多元化。2023年，贝泰妮收购悦江投资51%股权，但该标的2023年及2024年 均未完成业绩承诺，业绩完成率分别为86.2%、34.47%，计提商誉减值损失进一步拖累了贝泰妮的利润水平。 贝泰妮陷入业绩颓势：营收增长乏力、盈利能力持续下滑 市值蒸发超千亿 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！ 2021年，贝泰妮顶着"药妆第一股"的光环登陆创业板，上市初期贝泰妮股价一度飙升至289.35元/股，总市值一度高达1205亿。然而，截至2025 ...