证券代码：300957 证券简称：贝泰妮 公告编号：2024-057 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。 二、本次实际控制人变更情况 近日，公司收到GUO ZHENYU（郭振宇）先生和KEVIN GUO先生的通知，获 悉GUO ZHENYU（郭振宇）先生和KEVIN GUO先生出于家族财产统筹规划、股权 管理需要，签订了相关股权转让协议，约定KEVIN GUO将其持有的30%Hanson BVI 股权以及100%云南海珀股权转让给GUO ZHENYU（郭振宇）。上述股权转让完成后 ，KEVIN GUO不再持有公司股权，不再被认定为公司实际控制人；GUO ZHENYU （郭振宇）将持有Hanson BVI 100%股权、云南海珀100%股权，进而通过控制诺娜科 技及哈祈生，合计控制公司48.95%股份。 重要内容提示： 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）实际控制人 由GUO ZHENYU（郭振宇）先生、KEVIN GUO先生共同控制变更为GUO ZHENYU（郭振宇）先生一人控制。公司控股股东昆明诺娜科技有限公司 （以下简称"诺 ...

云南贝泰妮生物科技集团股份有限公司 简式权益变动报告书 上市公司：云南贝泰妮生物科技集团股份有限公司 股票代码：300957 信息披露义务人：KEVIN GUO 住所/通讯地址：加拿大****** 股份变动性质：间接持股减少 签署日期：2024年11月26日 上市地点：深圳证券交易所 股票简称：贝泰妮 信息披露义务人声明 一、本报告书系信息披露义务人依据《中华人民共和国证券法》《上市公司收 购管理办法》《公开发行证券的公司信息披露内容与格式准则第 15 号--权益变动报 告书》及相关的法律、法规和规范性文件编制。 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违反 其章程或内部规则中的任何条款，或与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》等的规定，本 报告书已全面披露信息披露义务人在云南贝泰妮生物科技集团股份有限公司中拥有 权益的股份变动情况。 截至本报告书签署日，除本报告书披露的持股信息外，信息披露义务人没有通 过任何其他方式增加或减少其在云南贝泰妮生物科技集团股份有限公司中拥有权益 的股份。 四、本次权益变动是根据本报告书所载明的资料进行的。信息披露义务人没有 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [2][48]. Core Viewpoints - The company is recognized as a leading domestic brand in the sensitive skin segment, focusing on natural plant-based active ingredients to provide gentle and professional skincare products [2][22]. - The company has established a strong competitive advantage through its "Product + R&D + Channel" strategy, which includes a robust product lineup, significant R&D capabilities, and a well-integrated online and offline sales approach [2][29][39]. - The company is expected to see revenue growth from 2024 to 2026, with projected revenues of 6.6 billion, 7.6 billion, and 8.6 billion yuan, respectively, reflecting year-on-year growth rates of 19.6%, 15.0%, and 13.2% [8][46]. Summary by Sections 1. Company Overview - The company is positioned as a leading domestic brand in the sensitive skin market, with a mission to create a healthy skin ecosystem in China. It has multiple brands under its umbrella, including Winona, Winona Baby, and AOXMED, and has consistently ranked in the top 10 of Tmall's beauty category during major sales events [2][22][23]. 2. Competitive Advantages - **Products**: The main brand, Winona, focuses on sensitive skin and has a strong product portfolio, including popular items like creams and sunscreens. The company is also expanding its sub-brands to enhance market presence [2][29]. - **R&D**: The company emphasizes independent research and development, with a strong team and numerous patents, positioning itself as a leader in innovation within the sensitive skin sector [34]. - **Channels**: The company utilizes a hybrid approach, combining online and offline channels effectively. It has established a significant online presence and collaborates with major offline distributors to enhance brand visibility [39][41]. 3. Financial Forecast and Valuation - The company is projected to achieve revenues of 6.6 billion, 7.6 billion, and 8.6 billion yuan from 2024 to 2026, with corresponding net profits of 700 million, 910 million, and 1.1 billion yuan. The current price-to-earnings ratios are estimated at 31, 24, and 20 times for the respective years [8][46][48]. - The report compares the company to other domestic leaders in the industry, suggesting a favorable long-term outlook due to its strong market position and consumer loyalty [48].

证券代码：300957 证券简称：贝泰妮 公告编号：2024-056 控股股东昆明诺娜科技有限公司、持股5%以上的股东厦门臻丽咨询有限公 司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有云南贝泰妮生物科技集团股份有限公司（以下简称"公司"或"本公 司"或"发行人"）股份195,212,611股（占公司股份总数的46.34%，本公告中 公司股份总数421,292,882股，系按公司总股本423,600,000股剔除截至本公告披 露日公司回购专用账户中的股份数量计算而来，下同）的控股股东昆明诺娜科 技有限公司（以下简称"诺娜科技"）计划在本公告披露之日起15个交易日后 的3个月内以集中竞价方式或大宗交易方式合计减持本公司股份不超过6,740,600 股（即不超过公司股份总数的1.60%）。 持有公司股份27,685,934股（占公司股份总数的6.57%）的股东厦门臻丽咨 询有限公司（以下简称"臻丽咨询"）计划在本公告披露之日起15个交易日后 的3个月内以集中竞价方式或大宗交易方式合计减持本公司 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2024-055 持股5%以上的股东天津红杉聚业股权投资合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2024年10 月14日发布《关于持股5%以上股东减持股份的预披露公告》（公告编号： 2024-052，以下简称"减持公告"），披露了公司持股5%以上股东天津红杉聚 业股权投资合伙企业（有限合伙）（以下简称"红杉聚业"）的股份减持计划。 红杉聚业已于2022年2月27日通过中国证券投资基金业协会的政策备案申请 ，符合《上市公司创业投资基金股东减持股份的特别规定》《深圳证券交易所 上市公司创业投资基金股东减持股份实施细则》中的减持规定，具体如下：截 至首次公开发行上市日，投资期限已满60个月的，创业投资基金通过集中竞价、 大宗交易方式减持其持有的首次公开发行前股份的，减持股份总数不受比例限 制。 公司于近日收到红杉聚业出具的《关于贝泰妮股份减持计划实施完毕暨权 益变动情况的告知函 ...

公司报告 | 季报点评 24Q1-3 营收同增 17%，静期业绩拐点 公司发布 24 年三季报。24 年 Q1-3 营收 40.2 亿，yoy+17%，；归母净利 4.1 亿元，yoy-28%。24 年 Q3 公司实现营收 12.1 亿，yoy+14%，归母净利-0.69 亿，yoy-153%。 ■Za 和泊美 24Q1-3 营收 3.8 亿元，销售毛利率约为 58.37%；按去年同期 统计范围，薇诺娜及其他主要品牌 24Q1-3 营收 36.37 亿元，同比增长约 5.98%，销售毛利率约为 75.34%。 投资建议：自公司内部改革&渠道经营调整以来，产品打造逻辑愈发清晰， 修白系列&特护系列上新优化，数据呈现整体改善趋势，新品牌贝芙汀延 续集团"医研"属性&提供祛痘系统化解决方案，精准性&科学性持续验证， 随着多渠道营销逐步延伸，有望结合私域和公域两端抢占消费者心智，打 造第二成长曲线！收购 ZA&泊美补全公司大众护肤品领域布局，有望加强 TOC 运营能力。考虑外部环境及三季度业绩情况，下调盈利预测，预计 24-26 年归母净利润 7.1/8.5/9.6 亿元（原为 10.3/12.7/13.8 亿元）， ...

证 券 研 究 报 告 贝泰妮（300957）2024 年三季报点评 中性（下调） 扩渠道导致费用率提升，短期利润率承压 目标价：52.83 元 当前价：52.34 元 事项： ❖ 贝泰妮 24 年 3 季度实现营收 12.13 亿元，同比+14%；实现归母净利润-0.7 亿 元，yoy-153%；实现扣非归母净利润-0.78 亿元，yoy-158%；24 年 1-3 季度实 现营收 40.18 亿元，同比+17%，（其中悦江旗下姬芮 Za 和泊美品牌贡献营收 3.8 亿元，剔除收购悦江的影响，同比+6%）；实现归母净利润 4.15 亿元，同比 -28%，扣非归母净利润 3.41 亿元，同比-33%。 评论： ❖ 薇诺娜新品与收购品牌支撑增长。根据通联数据，3Q 薇诺娜淘天与抖音两大 平台合计 GMV6.8 亿元，yoy+20%，其中淘天+4%/抖音+55%，主品牌扩渠道 扩人群，虽单月数据波动较大，料与达播带货探索相关；薇诺娜主品牌在天猫 快消抢先购中排名 Top12（10.21-10.24）、在天猫快消狂欢节中 Top10（10.31 20-24 点）。3Q 薇诺娜 Baby 增速不弱+64%，但总量较小 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with adjusted net profit forecasts for 2024-2026 at 736.38 million, 966.60 million, and 1.17 billion respectively, corresponding to EPS of 1.74, 2.28, and 2.76 [9]. Core Views - The company reported a revenue of 4.018 billion yuan for the first three quarters of 2024, a year-on-year increase of 17.09%, but the net profit attributable to shareholders decreased by 28.39% to 415 million yuan [1]. - In Q3 2024, the company achieved a revenue of 1.213 billion yuan, a year-on-year increase of 14.04%, but incurred a net loss of 68.99 million yuan, a decline of 153.41% year-on-year [1][2]. - The revenue growth was primarily driven by the new brands acquired, contributing 380 million yuan, while the main brand, Winona, showed stable performance with a revenue of 3.64 billion yuan, a year-on-year increase of 5.98% [1][2]. Financial Performance Summary - The gross margin for the first three quarters of 2024 decreased by 2.7 percentage points to 73.73%, mainly due to the lower gross margins of the newly acquired brands, which stood at 58.37% compared to over 70% for the original brands [2]. - The company’s net profit margin for the first three quarters was 10.07%, down by 6.4 percentage points year-on-year, attributed to rising expense ratios [2]. - In Q3 2024, the sales expense ratio increased significantly by 12.78 percentage points to 60.43%, reflecting increased marketing investments for upcoming promotional activities [2]. Market Position and Strategy - Despite intensified competition from international beauty brands, the company maintains a relatively stable market position, with its main brand Winona ranking in the top 10 on Tmall during the pre-sale period [3]. - The company has been expanding its brand matrix through acquisitions and internal incubation, covering various segments including skincare, baby care, and light medical aesthetics [3]. - The establishment of a Southeast Asia headquarters in Bangkok is part of the company's strategy to enhance its overseas market presence, potentially unlocking new growth opportunities [3].

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 1.213 billion yuan in Q3 2024, representing a year-on-year increase of 14.04%. However, it experienced a net loss attributable to shareholders of 69 million yuan, a shift from profit to loss compared to the previous year [1]. - The revenue for the first three quarters of 2024 reached 4.018 billion yuan, up 17.09% year-on-year, while the net profit attributable to shareholders decreased by 29.39% to 415 million yuan [1]. - The integration of the new brand, Yujing, contributed significantly to revenue growth, but changes in brand structure led to a decline in gross margin year-on-year [1]. - The gross margin for Q3 2024 was 76.35%, down 2.37 percentage points year-on-year but up 3.44 percentage points quarter-on-quarter [1]. - The increase in sales expenses was a major factor contributing to the net loss in Q3 2024, with sales, management, R&D, and financial expense ratios at 60.41%, 13.55%, 7.04%, and 0.21%, respectively [1]. - The company is expected to achieve stable growth through self-incubation and acquisitions, maintaining a positive outlook despite the current challenges [1]. Financial Summary - For 2024, the company is projected to have a net profit attributable to shareholders of 735 million yuan, a decrease of 2.9% year-on-year, with further projections of 1.011 billion yuan and 1.179 billion yuan for 2025 and 2026, respectively [2]. - The gross margin is expected to decline slightly to 72.6% in 2024 and stabilize at 72.7% in the following years [2]. - The company's P/E ratio is projected to be 30.81 in 2024, decreasing to 19.19 by 2026 [2].

Investment Rating - The report downgrades the company's rating to "Overweight" with a DCF target valuation of 58.84 RMB [1][6] Core Views - The company reported 24Q3 revenue of 40.18 billion RMB, up 17.1% YoY, but net profit attributable to shareholders dropped 28.3% YoY to 4.15 billion RMB [1] - 24Q3 revenue grew 14% YoY, but net profit was -0.69 billion RMB, below market expectations [1] - Revenue growth was driven by the acquisition of Yuejiang Investment, contributing 3.8 billion RMB, while organic growth was only 5.98% [1] - Gross margin declined 2.69pct to 73.7% due to changes in business structure, with Yuejiang Investment's brands having a lower margin of 58.37% [1] - The main brand "Winona" and other major brands saw a gross margin increase of 5.98pct to 75.34% [1] - Rising expense ratios, particularly in sales and management, pressured profitability [1] - The company is transitioning "Winona" to a 2.0 era, focusing on comprehensive sensitive skin care solutions [1] Financial Performance - 24Q3 sales expense ratio surged 12.7pct YoY to 60.4%, driven by increased marketing and promotional activities [1] - Management expense ratio rose 4.9pct YoY to 13.5% in 24Q3 due to employee stock incentive plans [1] - Revenue is expected to grow from 6.407 billion RMB in 2024E to 8.252 billion RMB in 2026E, with a CAGR of 13.3% [2] - Net profit attributable to shareholders is projected to increase from 724 million RMB in 2024E to 1.157 billion RMB in 2026E [2] - Gross margin is forecasted to decline slightly from 71.2% in 2024E to 70.6% in 2026E [2] Valuation and Metrics - The company's PE ratio is expected to decrease from 31.1 in 2024E to 19.5 in 2026E [2] - PB ratio is projected to decline from 3.5 in 2024E to 2.8 in 2026E [2] - ROE is forecasted to improve from 11.8% in 2024E to 15.2% in 2026E [2] Market Performance - The stock's absolute performance over the past 12 months was -28.22%, underperforming the CSI 300 index by -41.12% [4] - Over the past month, the stock gained 24.59%, outperforming the CSI 300 index by 8.28% [4]