智通财经4月24日电，功效护肤第一股贝泰妮(300957.SZ)持续韧性增长，2024年营业收入57.4亿元，子 品牌薇诺娜宝贝延续高增态势、高端线新秀瑷科缦逆势突围录得65.59%大增。稳核心、强新秀策略与 稳居国货美妆研发投入之最的产品壁垒加注，持续筑强长期价值链向上。 贝泰妮：2024营收韧性增长至57.4亿元 子品牌高增对冲周期压力 ...

Financial Performance - The company's revenue for Q1 2025 was ¥948,763,070.82, a decrease of 13.51% compared to ¥1,096,940,645.49 in the same period last year[4] - Net profit attributable to shareholders was ¥28,340,519.25, down 83.97% from ¥176,845,231.47 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥20,924,775.03, representing an 86.44% decline from ¥154,346,690.47 in the previous year[4] - The company's operating revenue for the reporting period was RMB 948.76 million, a decrease of RMB 148.18 million or 13.51% compared to the previous year[20] - Net profit for the current period is 31,211,295.10, a significant decline from 172,436,990.78 in the previous period, reflecting a decrease of approximately 81.9%[38] - Total comprehensive income attributable to the parent company was CNY 25,542,012.22 for the current period, compared to CNY 175,649,356.39 in the previous period, reflecting a significant decrease[39] Cash Flow - The company's cash flow from operating activities was negative at -¥68,652,234.98, but improved by 56.47% compared to -¥157,714,269.99 in the same period last year[4] - Operating cash inflow for the reporting period was RMB 1,364.61 million, an increase of RMB 75.51 million year-on-year, with a growth rate of approximately 5.86%[25] - Operating cash outflow for the reporting period was RMB 1,433.27 million, a decrease of RMB 13.55 million year-on-year, representing a decline of approximately 0.94%[26] - Cash inflow from operating activities totaled CNY 1,364,612,983.52, an increase from CNY 1,289,100,731.71 in the previous period[40] - Net cash flow from operating activities was negative CNY 68,652,234.98, an improvement from negative CNY 157,714,269.99 in the previous period[40] - Cash inflow from investment activities was CNY 986,556,545.75, compared to CNY 681,304,135.99 in the previous period[41] - Net cash flow from investment activities was negative CNY 281,610,991.97, an improvement from negative CNY 431,131,630.80 in the previous period[41] - Cash inflow from financing activities was CNY 63,900,000.00, down from CNY 69,222,593.55 in the previous period[41] - Net cash flow from financing activities was negative CNY 182,090,581.68, compared to negative CNY 156,659,405.54 in the previous period[41] Assets and Liabilities - Total assets at the end of the reporting period were ¥7,620,322,680.63, down 8.23% from ¥8,303,551,892.22 at the end of the previous year[4] - The company's cash and cash equivalents decreased by 30.97% to ¥1,249,759,483.80 from ¥1,810,434,911.38 at the beginning of the year[7] - Total liabilities decreased from 2,115,728,802.30 to 1,401,579,284.36, representing a decline of approximately 33.7%[34] - The total equity increased from 6,187,823,089.92 to 6,218,743,396.27, showing a slight increase of about 0.5%[35] Investments and Expenses - Research and development expenses increased to RMB 57.91 million, a rise of RMB 25.26 million or 77.39% compared to the previous year, reflecting increased investment in R&D activities[20][22] - The company reported a significant increase in sales expenses, which rose to 531,639,499.44 from 512,649,843.99, an increase of about 3.7%[38] - Long-term equity investments at the end of the period amounted to RMB 306.36 million, an increase of RMB 2.70 million or 9.65% from the beginning of the year, due to increased investments in joint ventures[9] - The company’s long-term equity investments increased from 279,402,680.02 to 306,360,043.01, reflecting a growth of approximately 9.6%[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,596[29] - The largest shareholder, Kunming Nuona Technology Co., Ltd., held 45.97% of the shares, totaling 194,743,411 shares[29] Other Financial Metrics - The weighted average return on equity decreased to 0.47%, down approximately 2.50 percentage points from 2.97% in the previous year[4] - Basic and diluted earnings per share for the current period were both CNY 0.07, down from CNY 0.42 in the previous period[39] - The company's fair value change income (net) for the reporting period was RMB 4.0949 million, a decrease of RMB 8.3499 million year-on-year, representing a decline of approximately 67.10%[23] - The company's asset impairment income (net) for the reporting period was RMB 13.8395 million, an increase of RMB 12.3176 million year-on-year, reflecting a significant increase[23] Accounting Standards - The company plans to implement new accounting standards starting in 2025, which may impact financial reporting[42]

Financial Performance - The company reported a total share capital of 423,600,000 shares, with a profit distribution plan of 6.00 CNY cash dividend per 10 shares for all shareholders [6]. - Yunnan Betaini Technology reported a significant increase in revenue, achieving a year-over-year growth of 25% in Q3 2023 [17]. - The company's revenue for 2024 reached ¥5,735,865,254.21, representing a 3.87% increase compared to ¥5,522,168,263.00 in 2023 [24]. - Net profit attributable to shareholders decreased by 33.53% to ¥503,053,586.13 in 2024 from ¥756,795,007.56 in 2023 [24]. - The net profit after deducting non-recurring gains and losses fell by 61.12% to ¥240,289,033.33 in 2024, down from ¥618,058,791.53 in 2023 [24]. - The net cash flow from operating activities increased by 13.83% to ¥694,865,456.23 in 2024, compared to ¥610,438,763.71 in 2023 [24]. - Basic earnings per share decreased by 32.96% to ¥1.20 in 2024 from ¥1.79 in 2023 [24]. - Total assets grew by 10.61% to ¥8,303,551,892.22 at the end of 2024, up from ¥7,506,930,342.79 at the end of 2023 [24]. - Net assets attributable to shareholders increased by 3.22% to ¥6,049,901,389.45 at the end of 2024, compared to ¥5,860,994,371.02 at the end of 2023 [24]. - The weighted average return on equity decreased by 4.68 percentage points to 8.53% in 2024 from 13.21% in 2023 [24]. Corporate Governance - The company emphasizes the importance of accurate financial reporting, with key executives affirming the completeness and truthfulness of the annual report [5]. - The report indicates that all board members attended the meeting to discuss the annual report, ensuring collective responsibility [5]. - The company has outlined its governance structure and social responsibility commitments in the annual report [9]. - The company maintains a commitment to enhancing corporate governance and has revised its governance documents to comply with legal regulations [191]. - The company has received an "A" rating for information disclosure from the Shenzhen Stock Exchange for the years 2022 to 2024 [192]. - Independent directors have effectively contributed to the scientific decision-making of the board, ensuring the protection of minority investors' rights [198]. - The company operates independently from its controlling shareholders and actual controllers in terms of assets, personnel, finance, and business [200]. - The governance structure is continuously improved based on actual conditions, ensuring independent and sustainable operations in the market [200]. Market Strategy and Expansion - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives [5]. - Future outlook indicates a projected revenue growth of 30% for the next fiscal year, driven by new product launches and market expansion strategies [17]. - The company plans to enter three new regional markets in 2024, aiming to enhance its market presence [17]. - A strategic acquisition of a local biotech firm is expected to enhance product offerings and increase market share by 10% [17]. - The company is exploring partnerships with international brands to diversify its product portfolio [17]. - The company is focused on building a "skin health internet+" health industry group, emphasizing the development of functional cosmetics [184]. - The company has successfully leveraged new retail and AI technologies to create a comprehensive touchpoint system for consumer engagement [185]. - The company has made significant strides in international expansion, entering over 100 mainstream beauty channels in Thailand and establishing stable partnerships in Taiwan and other regions [90]. Research and Development - The company is focused on product innovation and development, utilizing natural plant active ingredients to cater to sensitive skin [36]. - The company has over 400 R&D personnel, focusing on various disciplines including skin drug development and formulation innovation [67]. - The company aims to establish a comprehensive R&D system for innovative skin drugs and packaging materials, enhancing its market competitiveness [132]. - The company is committed to sustainable development by researching biodegradable and eco-friendly packaging materials [133]. - The company has established various R&D platforms, including a Yunnan characteristic plant extraction laboratory and a national innovation team, to enhance its research capabilities [186]. - The company has registered 9 new cosmetic raw materials during the reporting period, bringing the total to 12, and has developed 43 cosmetic raw materials and 9 food raw materials independently [186]. - The company has been awarded 88 patents during the reporting period, including 22 invention patents, 39 utility model patents, and 27 design patents [186]. Financial Management - The company's cash management strategies led to a reduction in other current assets by 4.19% to approximately ¥145.73 million, compared to ¥446.40 million previously [143]. - The company’s total liabilities increased, with accounts payable decreasing by 1.44% to approximately ¥249.79 million, down from ¥334.37 million, indicating improved cash flow management [144]. - The company's total liabilities at the end of the reporting period amounted to approximately 181.55 million, representing a 2.19% increase compared to the previous period [145]. - The company reported a government subsidy of CNY 83.70 million in 2024, down from CNY 131.68 million in 2023 [28]. - The company has not utilized a total of RMB 1,040.83 million of the raised funds as of December 31, 2024, with RMB 640.00 million allocated for cash management and RMB 320.00 million temporarily supplementing working capital [154]. Risk Management - The management discussion highlights potential risks in the company's future operations and outlines corresponding mitigation strategies [5]. - The company faces intensified competition in the cosmetics industry, particularly from international brands leveraging strong online marketing strategies, which could impact sales growth if not addressed [174]. - Seasonal sales fluctuations are a risk, with significant revenue spikes during major promotional events like "6·18" and "Double 11," leading to potential volatility in earnings [177]. - The company emphasizes high-quality control for its sensitive skin products, as any quality issues could lead to consumer complaints and regulatory penalties, impacting brand trust [178]. - To mitigate risks, the company will adapt its strategies, enhance channel competitiveness, and improve customer engagement through better membership operations [179]. Product Performance - The company's diverse product lines, including "Winona Baby," have shown strong performance, with the latter ranking second in the children's sunscreen market [34]. - The "Winona" brand ranked eighth in the skincare product market, with a market share increase to approximately 20.70% in the dermatological skincare segment [33]. - The "Winona Baby" brand achieved sales of RMB 200.58 million, a year-on-year increase of approximately 34.03%, surpassing the average growth rate of the baby skincare industry [81]. - The "AOXMED" brand recorded sales of RMB 59.92 million, with a remarkable year-on-year growth of about 65.59%, establishing a multi-channel business matrix [82]. - The "Beforteen" brand focused on the acne-prone demographic aged 18 to 30, achieving over 320 million exposures on social platforms, successfully linking the brand with the concept of "graded acne treatment" [83]. - The "Za" brand launched four new base makeup products and four color makeup products, with the core product, the isolation cream, seeing a search index increase of approximately 56.00% on Douyin [84]. - The "PURE&MILD" brand's core collagen series saw a significant search index increase of 1,181.25% on Douyin, contributing to steady growth in brand exposure [85]. Sustainability and Social Responsibility - The company is committed to sustainable development, having been recognized in the Wind "Top 100 ESG Best Practices" and achieving an "AA" rating in ESG performance [93]. - The company actively engages in social responsibility initiatives, including the "Winona Sunshine Plan" to promote skin health awareness [76]. - The company aims to balance development, performance growth, and shareholder returns dynamically, ensuring sustainable high-quality development [187].

Industry Overview - The functional skincare market has become a dominant segment within the broader skincare industry, driven by increasing consumer awareness of skin issues and ingredient research [3][5] - Functional skincare products are designed for individuals with specific skin concerns, including whitening, anti-aging, sun protection, and hydration, often containing medicinal ingredients [1][5] Market Growth - The global functional skincare market is projected to grow from $35.3 billion in 2016 to $168 billion by 2024, while the Chinese market is expected to increase from 7.42 billion yuan to 48 billion yuan in the same period [5] - The demand for functional skincare products is fueled by the rise of ingredient-conscious consumers, sensitive skin populations, and post-aesthetic treatment recovery needs [3][5] Product Categories - Functional skincare products encompass three main categories: dermatological skincare, efficacy-driven skincare, and medical-grade skincare, with "pharmaceutical cosmetics" falling under dermatological skincare [5] - Professional skincare products are further divided into patch-based and non-patch-based forms, with patch-based products, such as masks, projected to grow from 2.38 billion yuan in 2017 to 19.34 billion yuan by 2024 [5] Industry Leaders - Companies like Huaxi Biological, Beitaini, and Juzhi Biological are recognized as industry leaders, driving development through innovation [9] Consumer Trends - The evolution of functional skincare reflects a dual pursuit of beauty and health, highlighting a growing consumer awareness of personal skincare needs [11]

或许你已经发现，走进家里小区楼下的药店，第一眼看到的可能不是药品，而是薇诺娜、可复 美、绽妍等品牌的护肤产品，这一幕正悄然成为中国药店的"新常态"。 近日，福瑞达生物公布了年内覆盖1 0个千万级OTC连锁的大计划。无独有偶，百雀羚也于年 初宣布正式入驻北京同仁堂渠道。随着线上红利逐渐见顶，不少品牌开始瞄准线下OTC专业渠 道掘金。 《FBe a u t y未来迹》经过调研发现，美妆在OTC渠道的生意，比起未开发的蓝海，更像是一支 蓄势待发的弓箭。在已经跑出薇诺娜这个十亿级销售规模美妆品牌的情况下，依旧还有巨大的 想象空间。 OTC渠道可以说是目前在线下分布最广的一类渠道，正如居民楼附近不一定会有化妆品店，但 一定会有药店，而这不是错觉。 根据薇诺娜母公司贝泰妮集团发布的2 0 2 4年上半年财报，OTC分销渠道销售模式实现营业收 入人民币3 5 , 4 7 0 . 1 4万元，约占主营业务收入1 2 . 7 1%，同比增长约2 0 . 0 1%。 按照这一增速， 薇诺娜在OTC的年销售规模大概率已经迈过1 0亿门槛。 据公开资料，薇诺娜从2 0 1 6年开始与连锁药房合作，彼时市场体量只有5 0万左右；8年后 ...

Investment Rating - Industry rating: Recommended [4] Core Views - The report highlights a positive outlook on domestic demand recovery, driven by supportive policies and improving real estate data [2][3] - The retail sector shows significant recovery, with March retail sales growth at 5.9%, surpassing expectations [1][6] - The report emphasizes the potential for the home furnishing sector to rebound due to policy support and consumer demand [3][7] Summary by Sections Retail Data - In the first three months of 2025, total retail sales increased by 4.6% year-on-year, with March showing a 5.9% increase, exceeding the consensus forecast of 4.36% [1] - Specific categories such as furniture, cultural office supplies, cosmetics, and gold and silver jewelry saw growth rates of 18.1%, 21.7%, 3.2%, and 6.9% respectively [1] - Online retail sales growth was recorded at 7.9% in the first quarter, indicating a steady increase in online consumption [6] Real Estate Data - National residential new construction area, completion area, sales area, and development investment completed in the first three months of 2025 showed declines of 23.9%, 14.7%, 2.0%, and 9.0% respectively [1] - In March, the new construction area and completion area declined by 18.6% and 8.1% year-on-year, while the sales area decreased by 1.2% [1][2] Policy Impact - The government has released favorable signals to stabilize the real estate market, including measures to optimize housing provident fund policies [2][3] - The "Consumption Promotion Special Action Plan" emphasizes support for upgrading consumer goods, which is expected to stimulate demand in the home furnishing sector [3][7] Investment Recommendations - For the home furnishing sector, the report recommends companies like Oppein Home, Kuka Home, and others, anticipating steady growth driven by policy support and consumer demand [7] - In the cultural office supplies sector, it suggests Morning Glory Co., which is expected to benefit from collective procurement policies [7] - The cosmetics sector is highlighted for its potential growth, recommending domestic brands like Runben and Pechoin [7] - Gold and silver jewelry consumption is expected to remain strong, with recommendations for companies like Laopu Gold [7]

"聪明钱"流向曝光！暗盘资金破解主力操盘密码>> 化妆品板块走高，芭薇股份涨超10%，敷尔佳（301371）、水羊股份（300740）、拉芳家化 （603630）、贝泰妮（300957）、上海家化（600315）等跟涨。 ...

长江商报消息 ●长江商报公益记者 杨蝶 国内敏感肌修复龙头企业贝泰妮（300957.SZ）积极投身社会公益事业。 日前，贝泰妮向云南省青少年发展基金会"贝泰妮公益基金"捐赠350万元爱心善款，通过云南希望工程 开展青少年公益项目。 具体来看，贝泰妮此次捐赠的350万元善款，将用于大理、丽江、保山、迪庆等地持续开展心理健康陪 伴、生物多样性保护、非物质文化遗产传承等领域的青少年公益项目，为山区青少年带去更多获得感， 助力他们在成长道路上稳步前行、健康成长。 长江商报公益记者了解到，自2021年起，贝泰妮已向云南省青少年发展基金会捐赠资金1972.5万元，捐 赠物资价值1786.39万元。 长期以来，贝泰妮努力践行社会责任，积极投身社会公益，与云南省青少年发展基金会合作"贝泰妮公 益基金"、与云南省红十字会合作"红十字薇诺娜公益基金"、与上海市慈善基金会合作"上海市慈善基金 会贝泰妮专项基金"，从生物多样性保护、乡村振兴、助学育人、非遗文化传承、赈灾救险、健康可及 性，再到公益援助等持续捐赠超过6500万元，支持30余个公益项目，累计直接受益人数超过20万人。 在关爱留守儿童，助力其健康成长方面，2024年7月， ...

Investment Rating - The report recommends a "buy" rating for the cosmetics and medical beauty sectors, highlighting a favorable outlook for 2025 due to improved consumer expectations and policy support [4][6]. Core Insights - The report emphasizes that the cosmetics sector will focus on three key elements: domestic brands, segmentation, and cost-effectiveness, with a projected steady growth in demand for 2025 [4][6]. - The medical beauty industry is expected to benefit from improved income expectations, with domestic companies poised to become major competitors in the light medical beauty segment [4][6]. - E-commerce is identified as a growth area, with new consumption models and brands emerging to drive development [4][6]. Summary by Sections 1. Industry Performance Review - The beauty and personal care sector has not achieved excess returns in 2025 due to trading disruptions, but is expected to rebound with policy support [7][8]. - The SW beauty index has seen a growth of 0.6% since the beginning of 2025, underperforming compared to the broader A-share index [8][10]. 2. Cosmetics Sector - The report forecasts a recovery in the cosmetics demand in 2025, with a focus on high cost-performance brands benefiting from consumer preferences [15][18]. - Domestic brands are gaining market share, with significant growth in the skincare market, where domestic brands now occupy four out of the top ten positions [18][19]. - The report highlights the success of domestic brands in e-commerce platforms, particularly during promotional events, indicating a strong competitive position against international brands [21][22]. 3. Medical Beauty Sector - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expanding their product lines and research pipelines [4][6]. - Key recommendations include focusing on companies with strong product pipelines and high profitability, such as Ai Meike [4][6]. 4. E-commerce Sector - The report suggests that the e-commerce sector will continue to thrive with the rise of new consumption models and brands, particularly benefiting from the growth of domestic brands [4][6]. 5. Key Company Recommendations - The report recommends several companies based on their brand matrix and growth potential, including Shangmei Co., Pulaile, and others in the cosmetics sector [4][6]. - In the medical beauty sector, Ai Meike is highlighted as a key player, with a focus on companies with strong product offerings and research capabilities [4][6].

证券代码：300957 证券简称：贝泰妮 公告编号：2025-006 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"）董事会于近 日收到公司独立董事李宁先生、汪鳌先生递交的辞职报告。李宁先生、汪鳌先 生自2019年3月6日起担任公司独立董事，因连续任职公司独立董事已满6年，根 据《上市公司独立董事管理办法》等法律法规和《公司章程》关于独立董事任 职期限的规定，特申请辞去董事会独立董事职务，并申请辞去在公司董事会专 门委员会担任的所有职务。辞职后，李宁先生、汪鳌先生将不再担任公司任何 职务。截至本公告披露日，李宁先生、汪鳌先生未持有公司股份，不存在应当 履行而未履行的承诺事项。 鉴于李宁先生、汪鳌先生的辞职将导致公司独立董事成员人数少于董事会 成员总人数的三分之一，根据《中华人民共和国公司法》《上市公司独立董事 管理办法》以及《公司章程》等相关规定，上述二位独立董事的辞职申请将在 公司股东大会选举产生新任独立董事后生效。在此之前，李宁先生、汪鳌先生 仍将按照相关法律法规及《公司章程》等规定继续履行独立董事职 ...