Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.805 billion yuan in H1 2024, representing an 18.45% increase year-on-year, with a net profit of 484 million yuan, up 7.50% [5] - The company is focusing on a multi-brand strategy and expanding its global presence, with significant growth in both online and offline sales channels [6] - The projected revenue for 2024-2026 is 6.754 billion yuan, 7.990 billion yuan, and 8.923 billion yuan respectively, with net profits expected to be 1.008 billion yuan, 1.367 billion yuan, and 1.610 billion yuan [6] Financial Performance - In H1 2024, the company reported a gross margin of 72.59%, a slight decrease of 2.79 percentage points due to the consolidation of a lower-margin investment [5] - R&D expenses reached 114 million yuan, reflecting a 4.97% increase, while the sales expense ratio was 45.54%, down 0.8 percentage points [5] - The company’s online sales in H1 2024 amounted to 1.852 billion yuan, a 16.83% increase, with significant contributions from platforms like Douyin and JD [5] Strategic Developments - The company is enhancing its brand matrix by focusing on its main brand while expanding sub-brands, and it has established a Southeast Asia headquarters in Bangkok [6] - The launch of new products under the Winona brand marks the beginning of its 2.0 era, with a focus on skincare and sun protection [6] - The company plans to continue its global expansion with R&D centers being established in key international markets [6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's H1 2024 performance met expectations, with revenue of 2.805 billion yuan, a year-on-year increase of 18.45%, and a net profit of 484 million yuan, up 7.5% [4] - The report highlights the growth of various brands under the company, with significant increases in revenue for specific product lines, indicating a strong market presence [4][5] - The company is focusing on the domestic skincare market, particularly in sensitive skin care, and is expected to benefit from organizational adjustments [5] Financial Summary - H1 2024 revenue: 2.805 billion yuan, up 18.45% year-on-year; Q2 2024 revenue: 1.708 billion yuan, up 13.51% [4] - H1 2024 gross margin: 72.59%, net profit margin: 17.25% [4] - Revenue by brand in H1 2024: Winona 2.389 billion yuan (up 5.69%), Winona Baby 101 million yuan (up 39.68%), AOXMED 27 million yuan (up 64.98%), Za 239 million yuan, and Pomei 25 million yuan [4] - Revenue by category in H1 2024: Skincare 2.273 billion yuan (up 10.9%), Medical devices 262 million yuan (down 5.88%), Makeup 257 million yuan (up 743.73%) [4] - Online channel revenue in H1 2024: 1.852 billion yuan (up 16.83%), with the top five online self-operated stores accounting for approximately 60.34% of online sales [5] Future Projections - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 1.044 billion yuan, 1.229 billion yuan, and 1.520 billion yuan respectively, with corresponding PE ratios of 17, 14, and 12 [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company has demonstrated steady growth driven by both organic and external factors, with 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 of 484 million yuan, up 7.50% year-on-year [3] - The multi-brand strategy is showing positive results, with significant contributions from various brands, particularly Winona, which achieved a revenue of 2.389 billion yuan, a 5.69% increase year-on-year [4] - The company is expanding its online and offline channels, with notable growth in sales through Douyin and JD, and a total online sales revenue of 1.852 billion yuan, up 16.83% [5] Summary by Sections Financial Performance - In H1 2024, the company reported a revenue of 2.805 billion yuan, a year-on-year increase of 18.45%, and a net profit of 484 million yuan, up 7.50%. The gross margin was 72.59%, down 2.79 percentage points from the previous year [3] - The second quarter saw revenues of 1.707 billion yuan, a 13.51% increase year-on-year, and a net profit of 307 million yuan, up 5.20% [3] Brand Performance - Winona brand generated 2.389 billion yuan in revenue, a 5.69% increase year-on-year, with new product launches contributing to its growth. Winona Baby achieved 101 million yuan, up 39.68%, while other brands like Aikeman and Jirui also showed significant growth [4] Channel Performance - Online sales reached 1.852 billion yuan, a 16.83% increase, with Douyin and JD channels growing significantly at 43.03% and 56.07% respectively. The OMO channel also saw a 23.64% increase in revenue [5] Investment Outlook - The company is projected to have EPS of 2.42, 2.88, and 3.38 yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17, 15, and 12 times [6]

Investment Rating - The report maintains an "Outperform" rating for Betaine (300957 SZ) [1][10] Core Views - Betaine achieved steady growth in H1 2024 with revenue increasing by 18 45% YoY to 2 805 billion yuan and net profit attributable to shareholders rising by 7 50% YoY to 484 million yuan [3][5] - The company's main brand Winona grew by 5 69% YoY to 2 389 billion yuan while Winona baby and AOXMED saw rapid growth of 39 68% and 64 98% respectively [3][5] - Online channels contributed 66 35% of total revenue with a 16 83% YoY increase while OMO and offline channels also showed steady growth [3][5] - Gross margin declined to 72 92% in Q2 2024 due to the consolidation of lower-margin Yuejiang Investment and increased promotional activities [3][6] - The company improved inventory turnover days to 195 days in H1 2024 a reduction of 10 days YoY [9] Financial Performance - Revenue is expected to grow by 22 9% YoY to 6 784 billion yuan in 2024 with net profit projected at 942 million yuan [2][10] - EPS is forecasted to be 2 22 yuan in 2024 with a PE ratio of 25 87x [2][10] - ROE is expected to improve to 14 4% in 2024 from 12 9% in 2023 [2] - Gross margin is projected to slightly decline to 72 82% in 2024 due to lower-margin acquisitions and increased promotions [11] Brand and Channel Performance - Winona remains the core brand contributing 2 389 billion yuan in H1 2024 [3][5] - Winona baby and AOXMED showed strong growth potential with 39 68% and 64 98% YoY increases respectively [3][5] - Online channels maintained dominance with 66 35% revenue share while OMO and offline channels also grew steadily [3][5] Operational Efficiency - Inventory turnover days improved to 195 days in H1 2024 a reduction of 10 days YoY [9] - Operating cash flow declined by 37 95% YoY in Q2 2024 mainly due to reduced government subsidies [9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 2.8 billion yuan for H1 2024, representing a year-on-year increase of 18.5%. The net profit attributable to shareholders was 480 million yuan, up 7.5% year-on-year [3] - The company has a multi-brand strategy with rapid growth in sub-brands such as Winona Baby and AOXMED. The skincare segment generated 2.27 billion yuan in revenue, a 10.7% increase year-on-year, accounting for 81.42% of total revenue [3] - Online sales showed stable growth, while offline expansion was rapid, with a total of 105 new stores opened in H1 2024, bringing the total number of offline stores to 228 [3] Financial Performance - The total revenue for 2022 was 5.014 billion yuan, with a year-on-year growth of 24.65%. The projected revenue for 2024 is 6.608 billion yuan, reflecting a growth rate of 19.67% [2] - The net profit attributable to shareholders for 2022 was 1.051 billion yuan, with a year-on-year growth of 21.83%. The forecast for 2024 is 1.003 billion yuan, indicating a growth of 32.50% [2] - The company's gross margin for H1 2024 was 72.59%, a decrease of 2.8 percentage points year-on-year, primarily due to product mix changes and inventory adjustments [4] Brand and Market Strategy - The company has established a brand matrix with significant contributions from Winona, Winona Baby, and AOXMED, which saw revenue increases of 5.7%, 39.7%, and 65.0% respectively [3] - The company acquired brands Za and PURE&MILD in 2023, which generated revenues of 240 million yuan and 30 million yuan respectively [3] Future Outlook - The company is expected to benefit from the launch of new products in the whitening and anti-aging categories, which are anticipated to contribute positively to revenue growth [4] - The net profit forecasts for 2024-2026 have been slightly adjusted to 1.000 billion yuan, 1.280 billion yuan, and 1.560 billion yuan respectively, with corresponding P/E ratios of 18, 14, and 11 [4]

2024 年 08 月 28 日 贝泰妮(300957.SZ) 公司发布 2024 年半年度报告： 毛利率有所下降，费用管控良好： 彩妆品类增长迅速，线下渠道占比提升： 1）分品类看，彩妆增长迅猛。上半年公司医疗器械营收 2.62 亿元/- 5.88%，护肤品营收 22.73 亿元/+10.90%，彩妆 2.57 亿元/+743.73%。 2）分渠道看，线下渠道占比提升。上半年公司线上渠道营收 18.52 亿元/+16.83%，占比 66.35%/-1.32pcts；线下渠道 7.27 亿元 /+20.99%，占比 26.06%/+0.57pct；OMO 渠道销售 2.12 亿元/+23.64%， 占比 7.59%/+0.32pct。合计来看，自营营收 16.21 亿元/+15.57%， 经销、代销营收 11.70 亿元/+22.52%。 品牌矩阵逐渐丰富，薇诺娜 2.0 时代战略升级： 998345865 | --- | --- | |-------------------------------------|----------------------| | | 公司快报 | | | | | | 证券研究 ...

公 司 研 究 贝泰妮（300957.SZ） 2024 年 08 月 28 日 2024H1 营收同增 18.5%，敏感肌龙头经营稳健 ——公司信息更新报告 投资评级：买入（维持） 黄泽鹏（分析师） 杨柏炜（分析师） huangzepeng@kysec.cn 证书编号：S0790519110001 yangbowei@kysec.cn 证书编号：S0790524050001 | --- | --- | |--------------------|--------------| | 日期 | 2024/8/28 | | 当前股价(元) | 41.58 | | 一年最高最低(元) | 107.90/39.50 | | 总市值(亿元) | 176.13 | | 流通市值(亿元) | 176.13 | | 总股本(亿股) | 4.24 | | 流通股本(亿股) | 4.24 | | 近 3 个月换手率(%) | 33.35 | 事件：2024H1 营收同增 18.5%、归母净利润同增 7.5%，整体经营稳健 公司发布中报：2024H1 实现营收 28.05 亿元（同比+18.5%，下同）、归母净利润 4.84 亿元（ ...

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 20 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二次会议的 通知，并于 2024 年 8 月 23 日以通讯的方式召开。本次会议应出席独立董事 3 人，实际出席独立董事 3 人，独立董事李志伟、李宁、汪鳌亲自出席了会议。 与会独立董事共同推举李志伟先生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十五次会议的相关 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 年半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 年半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，公司不存在募集资金存放和使用违规的情形，不存在改变或变相改变募 集资金投向和损害股东利益的情况；公司董事会编制的《2024 年半年度募集资 金存放与使用情况的专项报告》内容真实、准确、完整，不存在虚假记 ...

云南贝泰妮生物科技集团股份有限公司 独立董事候选人声明与承诺 声明人姚荣辉作为云南贝泰妮生物科技集团股份有限公司第二届董事会独 立董事候选人，已充分了解并同意由提名人云南贝泰妮生物科技集团股份有限公 司董事会提名为云南贝泰妮生物科技集团股份有限公司（以下简称"该公司"） 第二届董事会独立董事候选人。现公开声明和保证，本人与该公司之间不存在任 何影响本人独立性的关系，且符合相关法律、行政法规、部门规章、规范性文件 和深圳证券交易所业务规则对独立董事候选人任职资格及独立性的要求，具体声 明并承诺如下事项： 一、本人已经通过云南贝泰妮生物科技集团股份有限公司第二届董事会提名 委员会或者独立董事专门会议资格审查，提名人与本人不存在利害关系或者其他 可能影响独立履职情形的密切关系。 ☑是 □否 如否，请详细说明：_____________________________ 二、本人不存在《中华人民共和国公司法》第一百四十六条等规定不得担任 公司董事的情形。 ☑是 □否 如否，请详细说明：_____________________________ 三、本人符合中国证监会《上市公司独立董事管理办法》和深圳证券交易所 业务规则 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2024-039 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 会第十五次会议于2024年8月26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8月16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、李志伟先生、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 年半年度报告>及其摘要的议案》。 经审议，公司董事会认为：公司《2024年半年度报告》及《2024年半年度 报告摘要》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 ...