Brand Performance - The brand "Winona Baby" achieved revenue of over 200 million RMB, a year-on-year growth of 34% in 2024 [2] - The brand "Aikeman" generated approximately 60 million RMB in revenue, with a year-on-year increase of over 65% [2] - "Jirui" reported revenue of 470 million RMB in 2024, while "Bomei" generated over 50 million RMB, contributing significantly to the company's growth [2] Profitability and Financial Metrics - The company's gross profit margin improved from 73.74% in 2024 to 77.47% in Q1 2025 [3] - Cumulative dividends from 2021 to 2024 amounted to 1.098 billion RMB, representing 34.60% of the net profit attributable to shareholders during this period [3] - The 2024 dividend was approximately 250 million RMB, accounting for over 50% of the net profit attributable to shareholders [3] Inventory and Supply Chain Management - Inventory turnover rate increased from 1.78 times/year in 2023 to 1.87 times/year in 2024, a growth of 5.43% [3] - Inventory decreased from over 900 million RMB at the end of 2023 to 600 million RMB by the end of 2024, and further down to 560 million RMB by the end of Q1 2025 [3] Marketing and Sales Strategies - The brand "Aikeman" ranked among the top 6 new beauty brands on Tmall during the "Double 11" shopping festival in 2024 [4] - "Jirui" saw a 56% year-on-year increase in search index on Douyin for its core product, while its sunscreen category experienced a 97% increase [4] - "Bomei" achieved a 1181% year-on-year increase in search index for its flagship product on Douyin [4] Offline and Online Channel Development - The OTC distribution channel covered over 129,000 pharmacy stores nationwide by the end of 2024 [5] - The company opened 179 new brand direct stores in key urban areas, enhancing brand visibility and service capabilities [5] - The self-built OMO online sales platform saw large orders (over 1000 RMB) account for approximately 62.82% of total orders, with an average transaction value exceeding 1500 RMB [5]

Summary of Betaini's Conference Call Company Overview - **Company**: Betaini - **Fiscal Year**: 2024 - **Revenue**: RMB 57.35 billion, up 3.87% year-on-year - **Net Profit**: RMB 5.03 billion, down 33% year-on-year - **Non-recurring Profit**: RMB 2.4 billion, down 60% year-on-year [2][4][6] Key Financial Metrics - **Online Sales Proportion**: 69% - **Private Domain Sales Proportion**: 9% - **Offline Sales Proportion**: 22% [2][4] - **Main Brand Revenue**: - Winona: RMB 49.1 billion, down 5.45% - Baby Brand: RMB 60 million, up 66% - Betaini Brand: RMB 460 million - Gome Brand: over RMB 50 million [2][4][5] - **Gross Margin**: - 2024: 73.7% - Q1 2025: 77.47% [2][4][6] - **Inventory Reduction**: From RMB 900 million to RMB 550 million [2][4][6] Brand Performance - **Winona**: Revenue decline indicates brand performance issues - **Baby Brand**: Significant growth suggests strong market potential - **Okas**: Revenue of RMB 60 million, up 66%, indicating successful market penetration [2][4][12][13] Strategic Initiatives - **Channel Investment**: Increased focus on Douyin (TikTok) for sales and marketing, with notable success in whitening products [2][8] - **OTC Channel Expansion**: Plans to increase the number of pharmacies carrying makeup products from 100,000 to 150,000 and medical devices from 200,000 to 250,000 [2][35][36] - **Sustainability Goals**: Commitment to low-carbon initiatives, including increased use of recyclable materials and bottle recycling [3][16][17] Research and Development - **New Ingredients**: 12 new cosmetic ingredients registered, 88 patents granted [7] - **International R&D**: Establishment of research centers in Japan and France to enhance product innovation [39] Marketing and Sales Strategy - **E-commerce Focus**: Emphasis on balancing content e-commerce and shelf e-commerce to optimize sales channels [26] - **Membership Strategy**: Enhancing customer loyalty through targeted membership programs and personalized skin care solutions [19][23] Future Outlook - **Profit Recovery**: Expected gradual improvement in profit margins throughout 2025, aiming for double-digit growth [38] - **Brand Development**: Continued focus on core product lines and expansion into sensitive skin care solutions [20][31] - **Investment in Partnerships**: Strategic investments in upstream and downstream companies to enhance market position [30] ESG and Corporate Responsibility - **Sustainability Practices**: Integration of sustainable practices into operations, with a focus on environmental impact and community support [15][18] Challenges and Market Dynamics - **Competitive Landscape**: Increased competition in the efficacy skincare market necessitates continuous innovation [22][28] - **Supply Chain Management**: Emphasis on efficient supply chain management to maintain product quality and cost-effectiveness [28] This summary encapsulates the key points from Betaini's conference call, highlighting financial performance, strategic initiatives, brand dynamics, and future outlook.

Industry Overview - The cosmetics industry is undergoing a significant transformation due to slowing consumer recovery and intensified competition, leading to a deep adjustment period driven by evolving consumer demands and channel model changes [1] - Domestic brands are reshaping market dynamics, with market share projected to reach 55.2% by 2024, an increase of 23% since 2020 [1] - There is a surge in demand for efficacy-driven products, particularly in skincare, with strong interest in anti-aging and whitening products [1] - Emerging technologies such as plant-based ingredients and scientific anti-aging solutions are becoming core competitive advantages [1] - The integration of domestic and international channels is redefining value pathways in the industry [1] Company Performance - Betaini has demonstrated resilience against industry pressures, achieving a revenue of 5.736 billion yuan in 2024, a year-on-year growth of approximately 3.87%, and a net profit of 503 million yuan [3] - The company has maintained positive operating cash flow for three consecutive years, with a year-on-year increase of 13.83% in 2024, highlighting its financial robustness [3] - Betaini's gross profit margin reached 73.74% in 2024, indicating effective cost management and a focus on high-value products [3] Shareholder Value - Over the past four years, Betaini has distributed 1.098 billion yuan in cash dividends to shareholders, with a dividend payout ratio of 50.25% in 2024, significantly higher than the industry average of 30% [4] - The company has also announced a share buyback plan of 235 million yuan for 2024, reinforcing its commitment to returning value to shareholders [4] Innovation and R&D - Betaini's R&D investment reached 337 million yuan in 2024, accounting for 5.87% of its revenue, positioning it as a leader in R&D intensity within the industry [5] - The company has established a plant extraction laboratory in Yunnan, successfully developing 13 unique plant ingredients, enhancing its product competitiveness [8] - Betaini's global R&D collaboration model, linking its Yunnan lab with a Swiss anti-aging research center, strengthens its position in the efficacy skincare market [10] Market Strategy - Betaini has built a multi-brand ecosystem through "internal incubation and external mergers," covering diverse skin needs and fostering collaborative growth [13] - The company has strategically invested in high-end body care brands to enhance its efficacy skincare ecosystem, aiming to establish a first-mover advantage in this segment [16] - Betaini is leveraging OMO (Online-Merge-Offline) retail strategies and expanding into Southeast Asia, enhancing its market presence and growth potential [17][19] Consumer Trends - Recent data indicates that product ingredients and efficacy are the primary concerns for Chinese consumers when purchasing cosmetics, aligning with national policies promoting the development of unique plant-based ingredients [7] - The cosmetics retail market in China has shown signs of recovery, with a total retail sales of 72 billion yuan in January-February 2024, reflecting a 4.4% year-on-year growth [22] Future Outlook - Betaini is positioned to benefit from the dual advantages of the "Healthy China" strategy and consumer upgrades, potentially leading to a reassessment of its technological and ecological value in the capital market [25]

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 26 年 月 日 贝泰妮（300957.SZ） 公司稳步推进变革优化，期待多品牌贡献增量 2024 年营收同比+3.87%，2025Q1 毛利率有所改善。公司 2024 年实现营收 57.36 亿元（yoy+3.87%），实现归母净利润 5.03 亿元（yoy-33.53%），归母扣非 净利润 2.40 亿元（yoy-61.12%）；实现销售毛利率约 73.74%，同比保持稳定。费 用 端 ， 销 售 / 管 理 / 研 发 费 率 分 别 为 49.97%/8.94%/5.15% ，同比分别 +2.71%/+1.46%/-0.26%。公司利润波动原因主要包括："双 11"等大促销售未 达预期、营销投入增加、悦江投资业绩承诺未完成因此计提长期资产减值准备金、 长期资产折旧摊销成本、费用增加以及线上获客成本上升等。2025Q1 公司实现营 收 9.49 亿元（yoy-13.51%），归母净利润 0.28 亿元（yoy-83.97%），销售毛利率 同比增加约 5.38pcts 至 77.47%，产品盈利能力有效改善主要系公司坚持渠道稳 价维 ...

面对市场竞争加剧，贝泰妮持续加码研发投入构筑护城河。2024年研发投入达3.37亿元，连续三年 保持年均超5%的投入强度。公司在植物科技领域取得突破性进展，全年完成12款化妆品植物新原料备 案，累计发表SCI及核心期刊论文493篇，立项研发国家标准样品4个，制定6项国家标准及68项团体标 准，技术转化效率显著。 中证报中证网讯（王珞）4月25日，云南贝泰妮生物科技集团股份有限公司（300957.SZ）发布2024 年年报。报告显示，公司全年实现营业收入57.36亿元，归母净利润5.03亿元。 经营底盘稳健夯实 股东回报持续兑现 年报数据显示，截至2024年末，贝泰妮资产总额达83.04亿元，较2021年上市时增长67.02亿元；净 资产规模突破60.50亿元，实现四年超四倍增长，展现出强劲的资本积累能力。经营活动现金流净额连 续三年为正，报告期内同比增长13.83%，财务健康度持续提升。 在行业整体承压的环境下，贝泰妮通过精细化管理实现经营质量优化。公司平均总资产回报率 （ROA）与加权平均权益回报率（ROE）持续处于行业优势区间，成本收入比保持同业领先水平。值 得关注的是，公司延续高分红传统，2024年拟派 ...

年报显示，贝泰妮2024年实现营业收入57.36亿元，同比增长3.87%；净利润5.03亿元，同比下降 33.53%。营业收入的增长得益于公司在品牌拓展、产品创新以及渠道建设等方面的持续投入和有效的 产品策略；净利润出现下降主因线上大促销售承压、市场竞争加剧致营销费用攀升、资产减值计提及运 营成本上升等多重因素叠加所致。 此外，贝泰妮2024年度分配预案为：拟向全体股东每10股派发现金红利6元，现金分红总金额为2.53亿 元。 2024年，贝泰妮研发投入达3.37亿元，连续三年保持研发投入占营收比例超5%，公司以研发壁垒铸造 价值增长战略锚点。 本报讯 （记者李如是）4月25日，云南贝泰妮（300957）生物科技集团股份有限公司（以下简称"贝泰 妮"）披露2024年年度报告。 申万宏源研报显示，在国际关系不确定性加强的背景下，预计国际美妆品牌在国内市场进一步退潮，国 货概念持续发酵，坚定看好内需消费，看好国货崛起。 分析人士表示，贝泰妮短期成效虽需时间沉淀，但技术内生力叠加市场外拓力的共振协同，已为国货美 妆的可持续增长树立标杆范式。 面对行业发展考验，贝泰妮正在构建穿越周期波动的确定性锚点，锻造长期增长新动 ...

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。 根据《中华人民共和国公司法》（以下简称"《公司法》"）和《公司章程》 的规定，经云南贝泰妮生物科技集团股份有限公司（以下简称"贝泰妮"或"公 司"）第二届董事会第十八次会议审议通过，拟于2025年5月15日（星期四）召 开公司2024年年度股东大会（以下简称"股东大会"）。现将本次股东大会有关 事项通知如下： 一、 召开会议的基本情况 1、会议届次：公司 2024 年年度股东大会 证券代码：300957 证券简称：贝泰妮 公告编号：2025-018 2、会议召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法 规、部门规章、规范性文件和公司章程的要求。 4、会议时间： 现场会议时间：2025 年 5 月 15 日（星期四）14:00 网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系统进行 网络投票的具体时间为 2025 年 5 月 15 日的交易时间，即上午 9:15-9:25，9:30- 11:30 和下午 13:00-15:00；通过互联网投票系统投票的具体时 ...

云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）第二届监事会 第十四次会议于2025年4月23日以现场会议方式在公司会议室举行，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。本次会议通知已于2025年4月 11日以邮件方式向全体监事发出。本次会议应出席监事3人，实际出席监事3人， 公司副总经理兼财务总监、董事会秘书王龙先生列席会议。本次会议的召开符 合《公司法》及公司章程的规定。全体监事审议并表决通过了如下决议： 一、审议通过《关于公司<2024 年度监事会工作报告>的议案》。 公司监事会2024年度按照《公司法》《证券法》等法律法规及《公司章程》 《监事会议事规则》等公司制度的要求，依法履行职权，列席、出席了公司董 事会和股东大会，并对公司规范运作情况、生产经营情况、财务情况、董事和 高级管理人员履职情况进行了监督，同意《2024年度监事会工作报告》。 证券代码：300957 证券简称：贝泰妮 公告编号：2025-011 本公司及监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。 具体内容详见公司同日刊登于巨潮资讯网的《2024年度监事会工作报告》。 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2025-010 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"）第二届董事 会第十八次会议于2025年4月23日上午以现场及通讯会议方式举行，现场会议地 点为上海市长宁区金钟路968号天会2号楼公司会议室。本次会议通知已于2025 年4月11日以邮件方式向全体董事发出。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4名，通讯出席董事5名，通讯出席董事为周逵先生、 高绍阳先生、周薇女士、李宁先生、汪鳌先生，无委托出席董事。公司监事、 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。 本次会议由董事长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《关于公司<2024 年度董事会工作报告>的议案》。 经审议，公司董事会一致同意《2024年度董事会工作报告》。公司现任及 任期内离任的独立董事提交了独立董事述职报告，并将在年度股东大会述职。 具体内容详见公司同日刊登于巨潮资讯网的《2 ...

云南贝泰妮生物科技集团股份有限公司 第二届董事会独立董事专门会议第三次会议决议 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 4 月 18 日以邮件的方式发出召开第二届董事会独立董事专门会议第三次会议的 通知，并于 2025 年 4 月 21 日上午以现场及通讯的方式召开，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。本次会议应出席独立董事 3 人， 实际出席独立董事 3 人，其中现场出席独立董事 2 名、通讯出席独立董事 1 名， 通讯出席独立董事为汪鳌先生。与会独立董事共同推举姚荣辉女士为独立董事 专门会议的召集人和主持人。 独立董事本着实事求是、认真负责的态度，公平、公正、诚实信用的原则， 基于独立判断的立场，对拟提交至公司第二届董事会第十八次会议的相关事项 进行了认真审核，发表审核意见并作出会议决议如下： 一、审议通过《关于公司<2024 年度募集资金存放与使用情况的专项报告> 的议案》 1、审核意见 经审查，我们认为，公司 2024 年度募集资金存放和使用情况符合中国证监 会、深圳证券交易所关于上市公司募集资金存放和使用的相关规定。报告期内， 公司不存在募集 ...