2024 年 10 月 25 日 市场数据 总股本(亿股) 4.24 总市值(亿元)： 225.69 一年最低/最高(元)： 39.30/90.55 近 3 月换手率： 56.38% 公司研究 利润阶段性承压，业务多元化探索中 ——贝泰妮（300957.SZ）2024 年三季报点评 增持（下调） 当前价：53.28 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 股价相对走势 -55% -35% -16% 3% 23% 10/23 01/24 04/24 07/24 贝泰妮 沪深300 收益表现 % 1M 3M 1Y 相对 9.49 3.88 -52.30 绝对 26.71 18.82 -39.63 资料来源：Wind 相关研报 23 年收入增长而业绩承压，24 年期待经营 质量提升——贝 ...

贝泰妮：前三季度实现营业收入40.2亿元 同比增长17% 财联社10月24日电，贝泰妮（300957.SZ）24日 晚间发布2024年三季报。 公司前三季度实现营业收入40.18亿元，同比增长17.09%；前三季度实现归母净利润4.15亿元。 其中，Q3单季度营业收入稳健增长至12.13亿元，同比增长14.04%。 前三季度贝泰妮毛利率环比持续增长，Q3单季度高达76.35%。 公司着眼长远，在研发创新方面取得显著成效，研发费用率Q3单季度创新高达7.04%。 ...

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 会第十六次会议于2024年10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 2024年10月18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3名，通讯出席董事6名，通讯出席董事为周逵先 生、高绍阳先生、周薇女士、姚荣辉女士、李宁先生、汪鳌先生。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： 经审议，公司董事会认为公司《2024年第三季度报告》编制程序符合法律、 行政法规及中国证监会的有关规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在虚假记载、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公司《2024年第三季度报告》。 表决结果：同意票9票，反对票0票，弃权票0票。 证券代码：300957 证券简称：贝泰妮 公告编号：2024-054 本公司及董事会全体成员保证公 ...

Quarterly Report 2024 Q3 of Yunnan Botanee Bio-Technology Group Co., Ltd. Stock Code: 300957 Stock Abbreviation: Botanee Announcement No.: 2024- 053 Yunnan Botanee Bio-Technology Group Co., Ltd. 2024 Q3 Quarterly Report Botanee and all members of the Board of Directors guarantee that the information disclosed herein is true, accurate and complete without false hoods, misleading statement s or major omissions. Notices: 1. Botanee's Board of Directors, Board of Supervisors, as well as directors, supervisors a ...

Financial Performance - The company's revenue for Q3 2024 reached ¥1,213,087,219.34, an increase of 14.04% year-over-year, while the year-to-date revenue was ¥4,017,760,019.31, up 17.09% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was -¥68,999,289.50, a decrease of 153.41% year-over-year, and the year-to-date net profit was ¥414,768,732.22, down 28.39% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was -¥0.16, a decline of 151.61% year-over-year, while the diluted earnings per share was also -¥0.16, down 153.33%[2]. - The company's operating revenue for the year-to-date period reached ¥4,017,760,019.31, representing an increase of ¥586,276,719.30 or 17.09% compared to the same period last year[11]. - The company's net profit attributable to shareholders decreased by ¥164,421,319.82, a decline of 28.39% compared to the previous year[11]. - The total comprehensive income for the third quarter was CNY 406,223,298.80, a decrease from CNY 565,082,446.51 in the previous year[29]. - Basic earnings per share decreased to CNY 0.99 from CNY 1.37 year-over-year[29]. Assets and Liabilities - The total assets as of September 30, 2024, amounted to ¥7,804,443,170.41, representing a 3.96% increase from the end of the previous year[2]. - Total liabilities increased to ¥1,757,497,202.96, up 17.9% from ¥1,491,112,754.36 year-over-year[26]. - The company's total assets reached ¥7,804,443,170.41, an increase from ¥7,506,930,342.79 in the previous year[26]. - The ending balance of cash and cash equivalents decreased by ¥924,515,800.00, a decline of approximately 44.20% from the beginning of the year[7]. - The ending balance of accounts receivable increased by ¥210,379,800.00, an increase of approximately 37.45%, primarily due to major customers preparing for the fourth quarter promotional activities[7]. - The ending balance of short-term borrowings increased by ¥142,163,400.00, an increase of approximately 136.94%, as the company explored diverse financing channels[8]. Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net cash flow of ¥6,430,018.31, down 94.83% year-over-year[2]. - The total cash inflow from operating activities for the year-to-date period was CNY 4,202.32 million, an increase of CNY 478.08 million, or 12.84% compared to the same period last year[14]. - The total cash outflow from operating activities for the year-to-date period was CNY 4,195.89 million, an increase of CNY 596.11 million, with a growth rate of approximately 16.56%[14]. - The cash inflow from investment activities for the year-to-date period was CNY 3,059.33 million, a decrease of CNY 830.79 million, representing a decline of about 21.36% year-on-year[14]. - The cash inflow from financing activities for the year-to-date period was CNY 669.28 million, a significant increase compared to the previous year[15]. - The net cash flow from operating activities was CNY 6,430,018.31, significantly lower than CNY 124,465,529.03 in the previous year[30]. - The ending cash and cash equivalents balance was CNY 1,065,188,721.33, down from CNY 1,633,130,803.13 in the previous year[31]. Expenses - The company's operating costs for the year-to-date period amounted to CNY 1,055.54 million, an increase of CNY 246.30 million, with a growth rate of about 30.44%[12]. - The company's selling expenses for the year-to-date period were CNY 2,009.99 million, an increase of CNY 405.41 million, with a growth rate of approximately 25.27%[12]. - The company's management expenses for the year-to-date period were CNY 339.56 million, an increase of CNY 95.35 million, representing a growth of about 39.04% compared to the same period last year[12]. - Interest expenses for the period were ¥1,055,538,266.19, compared to ¥809,234,537.42 in the same period last year, indicating a rise of 30.4%[27]. Shareholder Information - The company reported a total of 206,206,289 restricted shares, all of which were released during the period[21]. - The top shareholder, Kunming Nona Technology Co., Ltd., holds 195,212,611 shares, representing a significant portion of the company's equity[21]. - The company's capital reserve increased to ¥2,849,688,505.04, up from ¥2,846,004,685.04 in the previous year[26]. - The total equity attributable to shareholders of the parent company was ¥5,903,907,588.93, a slight increase from ¥5,860,994,371.02 year-over-year[26]. Strategic Initiatives - The company is actively exploring market expansion opportunities and new product development strategies[22]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[28]. - The company announced a new employee stock ownership plan, which was completed on September 26, 2024[22].

Investment Rating - The report assigns an "Outperform" rating to the company [1] Core Views - The company achieved revenue of 2.805 billion yuan in 1H24, a YoY increase of 18.45%, with net profit attributable to shareholders of 484 million yuan, up 7.50% YoY [3] - The company's marketing efficiency has accelerated, and its performance is expected to steadily recover [3] - The company's online channel sales reached 1.852 billion yuan in 1H24, accounting for 66.35% of total revenue, with the TikTok channel contributing 380 million yuan, a YoY increase of 43.03% [4] - The company's skincare products generated 2.273 billion yuan in revenue in 1H24, accounting for 81.04% of total revenue, while the cosmetics category saw a significant YoY increase of 743.73% [4] - The company's main brand, Winona, contributed 2.389 billion yuan in revenue in 1H24, accounting for 85.17% of total revenue [4] - The company's operating expense ratio decreased by 1.23 percentage points in 1H24, with optimization in sales, management, and R&D expense ratios [5] Financial Performance and Forecast - The company's revenue is expected to grow to 6.697 billion yuan in 2024, 7.706 billion yuan in 2025, and 8.617 billion yuan in 2026, with YoY growth rates of 21.27%, 15.07%, and 11.82% respectively [6] - Net profit attributable to shareholders is forecasted to reach 997 million yuan in 2024, 1.142 billion yuan in 2025, and 1.266 billion yuan in 2026, with YoY growth rates of 31.68%, 14.56%, and 10.92% respectively [6] - The company's gross margin is expected to remain stable at around 73.3% from 2024 to 2026 [6] Business Strategy and Development - The company has upgraded its main brand, Winona, to focus on providing comprehensive solutions for sensitive skin, with new product launches and marketing innovations [7] - The company has strengthened its R&D capabilities, with new raw materials and research collaborations, enhancing its competitive advantage in the skincare market [7] - The company continues to expand its online and offline channels, with a focus on both public and private domains, aiming to further penetrate the dermatological skincare market [7] Valuation and Market Comparison - The company's valuation is based on a 2024 PE range of 25-30x, corresponding to a reasonable market value range of 24.9-29.9 billion yuan, with a target price range of 58.81-70.58 yuan [8] - Compared to peers, the company's 2024 PE is slightly higher than the average of 23.97x for comparable companies in the cosmetics industry [12]

证券代码：300957 证券简称：贝泰妮 公告编号：2024-052 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。 公司于近日收到了红杉聚业出具的《关于贝泰妮股份减持计划的告知函》， 现将相关情况公告如下： 一、股东的基本情况 | 股东名称 | 截至本公告日持股数量（股） | 占公司股份总数比例（%） | | --- | --- | --- | | 红杉聚业 | 61,763,257 | 14.66 | 注：1.上述股东所持股份为公司首次公开发行股票前持有的股份，上述股份于2022年3 月25日解除限售并上市流通。2.截至本公告披露日，公司回购专用证券账户中的股份数量 为2,307,118股。 二、本次减持计划的主要内容 1. 减持原因：自身资金需求。基于对公司发展前景和价值的认可，将结合 基金产品存续期限及自身资金需求，合理统筹安排； 2. 股份来源：公司首次公开发行股票并上市前已发行股份； 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： 天津红杉聚业股权投资合伙企业（有限合伙） ...

证券代码：300957 证券简称：贝泰妮 公告编号：2024-051 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2024年8月 26日和2024年9月19日分别召开第二届董事会第十五次会议及2024年第一次临时 股东大会，审议通过了《关于独立董事辞职暨补选独立董事的议案》《关于变 更公司经营范围并修订<公司章程>的议案》。具体内容详见公司披露于巨潮资 讯网（www.cninfo.com.cn）的《第二届董事会第十五次会议决议公告》（公告 编号：2024-039）、《关于变更公司经营范围并修订<公司章程>的公告》（公 告编号：2024-044）、《关于补选独立董事的公告》（公告编号：2024-047） 、《2024年第一次临时股东大会决议公告》（公告编号：2024-049）。 一、工商变更登记的基本信息 云南贝泰妮生物科技集团股份有限公司董事会 2024年9月30日 | | ；消毒剂销售（不含危险化学品）。（ | 第二类医疗器械销售；消毒剂销售（ | | --- | --- | --- | | | ...

证券代码：300957 证券简称：贝泰妮 公告编号：2024-050 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。 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"）于2024年4月 24日召开第二届董事会第十四次会议、第二届监事会第十一次会议，于2024年5 月22日召开2023年年度股东大会，审议通过《关于公司<2024 年员工持股计划 （草案）>及其摘要的议案》《关于公司<2024 年员工持股计划（草案）管理办 法>的议案》《关于提请股东大会授权董事会办理 2024 年员工持股计划相关事 宜的议案》等相关议案。 司分别于2023年8月30日、2023年9月5日在巨潮资讯网披露的《关于回购公司股 份方案的公告》（公告编号：2023-051）和《回购报告书》（公告编号：2023- 056）。 根据市场和公司实际情况，结合对公司未来发展前景的信心，为切实维护 广大投资者利益，助力公司的长远发展，在综合考虑公司财务状况及未来盈利 能力的情况下，公司于2023年10月27日召开第二届董事会第十二次会议，审议 通过了《关于调整回购公司股份方案 ...

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： 证券代码：300957 证券简称：贝泰妮 公告编号：2024-049 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 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 年第一次临时股东大会（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。 4、会议召开时间： （1）现场会议时间： 2024年9月19日下午14:00； （2）网络投票时间： 2024年9月19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： 2024年 9月19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：2024年9月19日9:15－15:00期间的任意时间。 出席会议的股东和代理人（以下统称"股东"）人数为280人，出席会议 的股东所持有表决权的股份总数为310,20 ...