北京市建国门北大街 8 号华润大厦 20 层 邮编：100005 电话：(86-10) 85191300 传真：(86-10) 85191350 junhebj@junhe.com 北京市君合律师事务所 关于云南贝泰妮生物科技集团股份有限公司 2024 年第一次临时股东大会的法律意见书 致：云南贝泰妮生物科技集团股份有限公司 北京市君合律师事务所受云南贝泰妮生物科技集团股份有限公司（以下简 称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《上市公司股东大会规则》（以下简称"《股东大会规则》"）等中国现行有效的有 关法律、行政法规、部门规章、规范性文件（以下合称"法律法规"，仅为本法 律意见书法律适用之目的，不包括中国香港特别行政区、澳门特别行政区及台湾 地区的法律法规）及《云南贝泰妮生物科技集团股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，就公司 2024 年第一次临时股东大会（以下简称 "本次股东大会"）有关事宜出具本法律意见书。 本法律意见书仅就本次股东大会的召集和召开程序是否符合法律、行政法 规及《公司章程》的规定，以及出席本次股东大会人员的资格、召集人资格、 ...

24Q2 归母净利润增长 5%，期待调整后经营持续改善 贝泰妮(300957.SZ)/美护 证券研究报告/公司点评 2024 年 9 月 11 日 | --- | --- | --- | --- | --- | --- | --- | |-----------------------------------------------------------------------------|----------------------------------------|------------------------------|-------|--------------------------|-------------|-------| | [Table_Title] 评级：买入（维持） [Table_Industry] \n市场价格： 42.11 元 | [Table_Finance 公司盈利预测及估值 1] | \n2022A | 2023A | 2024E | 2025E | 2026E | | 分析师：郑澄怀 | 营业收入（百元） | 5,014 | 5,522 | 6,634 | 7,769 ...

公司报告 | 半年报点评 24H1 业绩稳健增长，企业经营韧性和增长动能进一 步显现 贝泰妮（300957） 证券研究报告 2024 年 09 月 08 日 投资评级 行业 美容护理/化妆品 6 个月评级 买入（维持评级） 当前价格 41.2 元 目标价格 元 事件：公司发布 24 年半年报。24H1 营收 28.05 亿，yoy+18.45%；归母净 利 4.84 亿元，yoy+7.5%，扣非归母净利 4.20 亿，yoy+12.29%。24Q2 公司 实现营收 17.08 亿，yoy+13.51%，归母净利 3.07 亿，yoy+5.20%，扣非归母 净利 2.65 亿，yoy+7.34%。 财报重点： ■产品结构优化，多品牌协同发展。①薇诺娜 24H1 营收 23.89 亿元，同增 5.69%，敏感plus破圈初显成效；②薇诺娜baby 营收1.01 亿元，同增39.68%； ③AOXMED 营收 26.55 百万元，同增 64.98%；④Za 营收 2.39 亿元，消费降 级承接大众美护需求；⑤泊美营收 25.01 百万元，胶原抗皱系列重磅推新。 ■线上线下共振发力，持续拓展多元增长。24H1 线上营 ...

证券研究报告 | 公司动态点评 2024 年 09 月 04 日 贝泰妮（300957.SZ） 24H1 收入增长 18%，多品牌矩阵日益完善 | --- | --- | --- | --- | --- | --- | --- | --- | |----------------------|-------|-------|-------|-------|-------|-----------------------------------------|-----------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | 增持（维持评级） | | | 营业收入（百万元） | 5,014 | 5,522 | 6,586 | 7,656 | 8,837 | 股票信息 | | | 增长率 yoy （ % ） | 24.6 | 10.1 | 19.3 | 16.3 | 15.4 | | | | 归母净利润（百万元） | 1,051 | 757 | 995 | 1,202 | 1,448 | 行业 | 基础化工 | | 增长率 yoy （ % ） | 21.8 | - ...

Investment Rating - The report maintains a "Hold" rating for the company with a target price of RMB 43.0, reflecting a potential upside of 5.7% from the current price of RMB 40.7 [3][6]. Core Insights - The company's revenue in Q2 2024 grew by 13.5% year-on-year, primarily driven by the contribution from the newly acquired brands Za and Bo Mei, which generated RMB 130 million. However, excluding this contribution, the comparable revenue growth was only 5.1%, indicating that the main brand, Winona, has yet to show significant improvement from its strategic adjustments [2][3]. - The integration of the new brands has enhanced the company's multi-brand matrix but has not yet led to a substantial increase in overall revenue, as the new brands only accounted for 7.4% of total revenue [2][3]. - The gross margin has declined due to the increased proportion of mass-market products, with the overall gross margin dropping by 2.8 percentage points to 72.6% in the first half of 2024 [2][3]. - Cost control measures have started to show results, with a decrease in sales and R&D expense ratios, which helped mitigate the impact of lower gross margins on operating profit margins [2][3]. Financial Forecast Adjustments - The revenue forecast for 2024 has been adjusted downwards to RMB 6,476 million, reflecting a 2.1% decrease from previous estimates. The forecasts for 2025 and 2026 have also been reduced by 5.1% and 7.1%, respectively [3][6]. - The gross profit forecast for 2024 is now RMB 4,605 million, down 2.7% from prior estimates, with gross margins expected to decline further in the second half of 2024 due to promotional activities during peak sales periods [3][6]. - The net profit forecast for 2024 has been revised down to RMB 910 million, representing a 7.9% decrease from previous estimates, with net profit margins expected to decline as well [3][6].

Investment Rating - The report maintains a "Hold" rating for Betaini with a target price of RMB 43.0, reflecting a potential upside of 5.7% from the current price of RMB 40.7 [2][3]. Core Insights - Betaini's revenue for Q2 2024 grew by 13.5% year-on-year, primarily driven by the contribution of the newly acquired sub-brands Za and Pomei, which generated RMB 130 million in revenue. Excluding this contribution, the comparable revenue growth was only 5.1%, indicating that the main brand, Winona, has yet to show the expected results from its strategic adjustments [2][3]. - The integration of the new brands has improved the company's multi-brand matrix maturity but has not significantly boosted overall revenue, as these brands currently account for only 7.4% of total revenue. The recovery of the main brand's revenue is crucial for a genuine revenue rebound [2][3]. - The increase in the proportion of mass-market products has negatively impacted the gross margin, which fell by 2.8 percentage points year-on-year to 72.6% in the first half of 2024. The gross margin is expected to continue declining in the second half of 2024 due to promotional activities during major sales events [2][3]. - Cost control measures have started to show results, with a decrease in sales and R&D expense ratios, leading to a smaller decline in operating profit margin compared to the previous year [2][3]. Financial Summary - Revenue projections for 2024E have been adjusted downwards to RMB 6,476 million, reflecting a 2.1% decrease from previous estimates. For 2025E and 2026E, revenue estimates have been reduced by 5.1% and 7.1%, respectively [3][6]. - Gross profit for 2024E is now projected at RMB 4,605 million, down 2.7% from prior estimates, with a gross margin of 71.1% [3][6]. - The net profit attributable to shareholders for 2024E is revised to RMB 910 million, a decrease of 7.9% from previous forecasts, with a net profit margin of 14.0% [3][6].

Investment Rating - The report maintains a "Recommended" rating for the company, with projected net profits for 2024-2026 being 10.05 billion, 12.15 billion, and 14.03 billion respectively, corresponding to EPS of 2.37, 2.87, and 3.31 [7]. Core Viewpoints - The company has shown significant improvement in performance for the first half of 2024, with revenue reaching 2.805 billion, a year-on-year increase of 18.45%, and a net profit of 484 million, up 7.5% year-on-year [2][3]. - The main brand, Winona, has achieved stable growth, while sub-brands have contributed increasingly to revenue growth, with notable increases of 39.7% and 64.6% for Winona Baby and AOXMED respectively [2]. - The company is expanding its brand matrix through acquisitions and is actively pursuing overseas market opportunities, establishing a Southeast Asia headquarters in Bangkok [3]. Revenue and Profitability - In the first half of 2024, the company's gross margin decreased by 2.79 percentage points to 72.59%, primarily due to the inclusion of newly acquired brands with lower margins [3]. - The company’s net profit margin for the first half of 2024 was 16.96%, reflecting a slight decline of 1.65 percentage points year-on-year [3]. Channel Performance - Online channels generated revenue of 1.85 billion, accounting for 66.35% of total revenue, while offline channels contributed 727 million, with a year-on-year growth of 20.99% [2]. - The OMO channel (online and offline integration) has shown the fastest growth, with revenue of 212 million, up 23.64% year-on-year [2]. Financial Forecast - The company’s projected revenue for 2024 is 6.684 billion, with a growth rate of 21.05%, and net profit is expected to reach 1.005 billion, reflecting a growth rate of 32.85% [8]. - The company’s PE ratios for 2024-2026 are projected to be 18, 15, and 13 respectively, indicating a favorable valuation trend [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63.33 CNY [3][5][7] Core Insights - The company reported a revenue of 2.805 billion CNY for the first half of 2024, representing a year-on-year growth of 18.5%, and a net profit attributable to the parent company of 484 million CNY, up 7.5% year-on-year [2] - The growth in revenue is primarily attributed to the consolidation of the brands Jirui and Bomei, acquired last year [2] - The company is entering the 2.0 era for its "Winona" brand, shifting focus from "focusing on sensitive skin" to "researching sensitive skin" [2] Financial Performance - For the first half of 2024, the online channel revenue grew by 16.8%, with notable growth from Douyin (43%) and JD (56.1%) [2] - The OMO channel saw a revenue increase of 23.6%, with the self-built "Winona Specialty Service Platform" generating 182 million CNY, a 15.3% increase [2] - Offline channel revenue increased by 21%, with OTC distribution channels generating 355 million CNY, a 20% increase [2] - The gross margin for the first half of 2024 decreased by 2.8 percentage points to 72.6%, mainly due to the lower margins of the newly consolidated brands [2] - The net profit margin decreased by 1.8 percentage points to 17.2% [2] Brand Performance - Revenue growth for the brands in the first half of 2024 was as follows: Winona (6%), Winona Baby (40%), and Aikeman (65%) [2] - The newly consolidated brands Jirui and Bomei generated revenues of 239 million CNY and 25 million CNY, respectively [2] Earnings Forecast - The earnings per share (EPS) estimates for 2024, 2025, and 2026 are adjusted to 2.36 CNY, 2.82 CNY, and 3.27 CNY, respectively [3][7] - The DCF target valuation is set at 63.33 CNY [3][7]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 2.805 billion yuan in the first half of 2024, representing an 18.45% year-on-year increase, and a net profit attributable to shareholders of 484 million yuan, up 7.5% year-on-year [4][5] - The main brand, Winona, showed steady growth, while sub-brands experienced strong performance, contributing to a diversified revenue stream [5] - The company is focusing on research and development, with new raw materials and products being introduced to strengthen its competitive edge [5][7] Financial Summary - Revenue and Profit Forecasts: The company is expected to achieve revenues of 6.616 billion yuan, 7.621 billion yuan, and 8.703 billion yuan for 2024E, 2025E, and 2026E respectively, with net profits projected at 1.087 billion yuan, 1.229 billion yuan, and 1.356 billion yuan for the same years [4][8] - Earnings Per Share (EPS) is forecasted to be 2.57 yuan, 2.90 yuan, and 3.20 yuan for 2024E, 2025E, and 2026E respectively, with corresponding Price-to-Earnings (P/E) ratios of 16.48, 14.58, and 13.21 [4][8] - The company’s gross margin for the first half of 2024 was 72.59%, a decrease of 2.79 percentage points year-on-year, while the net profit margin was 16.96%, down 1.65 percentage points year-on-year [5] Market Position and Strategy - The company is enhancing its brand portfolio with the integration of newly acquired brands, which is expected to drive future growth [5][7] - The introduction of innovative products, such as the upgraded "Special Care Cream 2.0" and the "Time Repair Sunscreen" series, reflects the company's commitment to product development and market responsiveness [7]

证券代码：300957 证券简称：贝泰妮 公告编号：2024-048 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2023年8月30日 召开第二届董事会第十次会议，审议通过了（ 关于回购公司股份方案的议案》，同意 公司使用自有资金通过集中竞价交易方式回购公司股份（ 以下简称（ 本次回购"）， 回购的股份将全部用于实施股权激励计划或员工持股计划。本次回购原计划的资金 总额不低于人民币10,000万元（ 含），且不超过人民币20,000万元（ 含），回购价格 不超过130元/股（ 含），回购股份的实施期限为自董事会审议通过回购方案之日起12 个月内。具体内容详见公司分别于2023年8月30日、2023年9月5日在巨潮资讯网 www.cninfo.com.cn）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 ...