Q：精简SKU的效果如何展望？ A：过去几年公司跑得太快了，没有做复盘，有500-600sku，组套就更多，没有打出精品， 且各渠道货品差异大，也影响了生产。今年开始做精品，从解决办法出发，线上渠道货盘统 一，也希望今年清理掉库存后让产品线更清晰。618初见成效。 Q：收并购业务净利率低于主品牌，包含净利率更低的抖音渠道增速更快，我们还能否维持 20%的净利率？ A：除了去年我们都做到了20%+的净利率水平，去年只做到13%+，在当前竞争白热化的阶 段，我们又以变化特别快的电商渠道为主，继续保持20%有难度，但公司应该比大众线品牌 净利率要高，公司还是希望能维持这样的净利率水平，可以看看今年调整的结果。 Q：战略规划：公司成功从单一品牌跨向多品牌，未来三年郭总对公司新的业绩规划，是否 会在25年推出新的股权激励计划？ A：公司从单品牌向多品牌运转，今天还是以薇诺娜为主。 主品牌：薇诺娜的天花板是150亿元，还有空间，线上来看：1、主要需要走通从卖产品到 卖解决方案这条路径，从舒敏做到敏感肌plus（美白、防晒、抗衰），通过会员运营尤其是 私域运营提升客单价来获得销售额增长。2、虽然薇诺娜是敏感肌品牌，在敏感肌 ...

更多资料加入知识星球：水木调研纪要 关注公众号：水木纪要 Q：精简SKU的效果如何展望？ A：过去几年公司跑得太快了，没有做复盘，有500-600sku，组套就更多，没有打出精品， 且各渠道货品差异大，也影响了生产。今年开始做精品，从解决办法出发，线上渠道货盘统 一，也希望今年清理掉库存后让产品线更清晰。618初见成效。 Q：收并购业务净利率低于主品牌，包含净利率更低的抖音渠道增速更快，我们还能否维持 20%的净利率？ A：除了去年我们都做到了20%+的净利率水平，去年只做到13%+，在当前竞争白热化的阶 段，我们又以变化特别快的电商渠道为主，继续保持20%有难度，但公司应该比大众线品牌 净利率要高，公司还是希望能维持这样的净利率水平，可以看看今年调整的结果。 Q：战略规划：公司成功从单一品牌跨向多品牌，未来三年郭总对公司新的业绩规划，是否 会在25年推出新的股权激励计划？ A：公司从单品牌向多品牌运转，今天还是以薇诺娜为主。 主品牌：薇诺娜的天花板是150亿元，还有空间，线上来看：1、主要需要走通从卖产品到 卖解决方案这条路径，从舒敏做到敏感肌plus（美白、防晒、抗衰），通过会员运营尤其是 私域运营提升客 ...

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、中国澳门特别行政区及 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 2023 年年度股东大会（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、会 议的表决程序和表决结果是否合法有效发表意见，并不对本次股东大会所审议的 议案内容以及该等议案所表述的相关事实或数据的真实性、准确性、完整性或合 法性发表意见。在本法律意见书中，本所律师仅依据本法律意见书出具之日以前 发生的事实及本所律师对该事实的了解，并仅就本次股东大会所涉及的相关中国 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2024-029 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： 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 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5 月22日在云南省昆明市高新区科医路53号公司会议室召开2023年年度股东大会。 本次会议由公司董事会召集，公司董事长GUO ZHENYU（郭振宇）先生主持， 并以现场投票与网络投票相结合的方式召开。本次会议的召开符合有关法律、 行政法规、部门规章和《公司章程》的规定。 出席会议的股东和代理人（以下统称"股东"）人数为35人，出席会议的 股东所持有表决权的股份总数为311,515,945股，出席会议的股东所持有表决权 股份数占公司有表决权股份总数（已剔除回购股份数量，下同）的74.1227%， 其中：通过现场投票的股东10人，代表有表决权股份206,280,489股，占公司有 表决权总股份的49.0828%；通过网络投票的股东25人，代表有表决权股 ...

Group 1: Company Overview - Yunnan Betaini Biotechnology Group Co., Ltd. operates a modern "smart factory" for cosmetics and medical devices, which commenced production in March 2023 and occupies approximately 80 acres, with an expected annual output value of 5 billion yuan [2]. Group 2: Market Expansion Strategy - The company plans to focus on the Southeast Asian market, starting with Thailand, where it has established a wholly-owned subsidiary and partnered with local beauty chain stores and online shopping platforms [2][3]. Group 3: Brand Positioning and Target Audience - The main brand, Winona, specializes in sensitive skin care with zero additives suitable for all skin types, targeting a broad demographic including female students and young professionals [3]. - Insights reveal that younger consumers prefer experiential consumption, prompting the company to enhance innovative marketing and refined membership operations to attract this demographic [3]. Group 4: Research and Development Advantages - The company maintains a higher R&D expense ratio than industry peers and has published multiple papers in top-tier international and domestic journals, strengthening its market competitiveness [3][4]. - It emphasizes product development tailored to consumer needs, particularly in sensitive skin care, aiming to provide high emotional value products [3]. Group 5: Sales Channels and Distribution - Sales channels are fully covered both online and offline, with online platforms including Tmall, Douyin, and Kuaishou, while offline presence includes OTC chain pharmacies, Watsons, Sam's Club, and beauty specialty stores [3]. Group 6: Competitive Advantages - The company's strengths lie in its specialized product development and deep understanding of sensitive skin care, alongside innovative marketing strategies such as cross-industry collaborations and cultural outreach to enhance brand recognition and consumer loyalty [3][4]. Group 7: Brand Promotion and Market Education - The company collaborates with medical professionals and utilizes high-profile forums for brand promotion, while also adopting emotional marketing through cross-industry partnerships and cultural events to boost market awareness [4]. Group 8: Consumer Loyalty and Experience - By providing high-quality products and professional services, such as in-store consultations and themed salons, the company aims to enhance consumer perception and loyalty [4]. - The company is also focused on private domain marketing and offline experiences to improve brand value and customer satisfaction [4]. Group 9: Long-term Development Strategy - Winona aims to build brand strength by focusing on the sensitive skin niche and adhering to a long-term development strategy that includes continuous product innovation and international expansion through investments and acquisitions [4].

Investment Rating - The report assigns a "Stronger than Market" rating to the company, indicating an expected outperformance relative to the benchmark index by more than 10% over the next 12 months [1][9] Core Views - The company's 2023 revenue reached RMB 5.52 billion, a 10.1% YoY increase, while net profit attributable to the parent company declined by 28% to RMB 757 million due to underperforming online brand promotions [3] - In Q1 2024, the company achieved RMB 1.1 billion in revenue, a 27.1% YoY growth, with net profit attributable to the parent company increasing by 11.7% to RMB 180 million, signaling a recovery trend [3] - The company is expanding its ecosystem through acquisitions, such as the recent purchase of Yuejiang Investment, which added the "Za" and "PURE&MILD" brands to its portfolio, enhancing its mass-market skincare and cosmetics offerings [3] - The company is actively pursuing international expansion, establishing a Southeast Asia headquarters in Bangkok, Thailand, and planning to open KA beauty chain stores and local medical aesthetic clinics, while also leveraging mainstream e-commerce platforms and social media for localized marketing [3] Financial Projections - Revenue is projected to grow from RMB 6.9 billion in 2024 to RMB 10.4 billion in 2026, with a CAGR of 22.7% [2][4] - Net profit attributable to the parent company is expected to increase from RMB 995 million in 2024 to RMB 1.45 billion in 2026, with a CAGR of 20.2% [2][4] - EPS is forecasted to rise from RMB 2.35 in 2024 to RMB 3.43 in 2026, with a CAGR of 20.2% [2] - The company's ROAE is expected to improve from 15.9% in 2024 to 18.4% in 2026, reflecting enhanced profitability [2] Valuation Metrics - The current stock price implies a 2024 PE ratio of 25x, which is considered reasonable given the company's growth prospects [4] - EV/EBITDA is projected to decline from 16.9x in 2024 to 11.2x in 2026, indicating improving valuation attractiveness [2] - The net dividend yield is expected to increase from 1.4% in 2024 to 2.0% in 2026, reflecting a commitment to shareholder returns [2] Strategic Initiatives - The company is focusing on regional leadership, complementary positioning, channel penetration, and technological innovation to achieve comprehensive coverage across geographies, product categories, and consumer segments [3] - The international expansion strategy includes building local operational teams, establishing offline channels, and leveraging digital platforms for marketing, aiming to create a strong presence in the Southeast Asian market [3]

证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 投资者关系活动记录表 编号：2024-003 投资者关系活 □特定对象调研 □分析师会议 动类别 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 参与单位名称 通过全景网(https://ir.p5w.net)参与 2023 年度云南辖区上市公 司投资者网上集体接待日的投资者 时间 2024年5 月13日(周一)15:00-16:40 地点 网络直播 上市公司接待 1. 副总经理、财务总监、董事会秘书王龙 人员姓名 2. 证券事务代表许玲 3. 投资者关系总监张圣烨 Q: 关于贝泰妮公司注销海南贝泰妮创业投资私募基金管理 ...

[Table_Main] 公司研究|日常消费|家庭与个人用品 证券研究报告 贝泰妮(300957)公司点评报告 2024年05月10日 [T多able因_Ti素tle] 致 23 年盈利承压，24Q1 环比修复 [Table_Inves 买t] 入|维持 ——贝泰妮(300957)2023 年年报及 2024年一季报点评 [事Ta件ble：_S ummary] [ Table_TargetPr ice] 公司发布2023年年报及2024年第一季度报告。 点评： [基Ta本bl数e_据Ba se]  23年营收增长稳健，多重因素致盈利承压，24Q1业绩明显改善 52周最高/最低价（元）： 110.2 / 54.58 23年公司实现营收55.22亿元，同比提升10.14%，归母净利润7.57亿元， A股流通股（百万股）： 423.60 同比下降 28.02%，扣非归母净利润 6.18 亿元，同比下降 35.2%，业绩波 A股总股本（百万股）： 423.60 动系 1）大促销售不及预期；2）配方、工艺及外包装升级导致毛利率略有 流通市值（百万元）： 26174.24 下降；3）中央工厂新基地项目建成投产，长期资产 ...

[Table_Main] 证券研究报告 | 公司点评 贝 泰 妮(300957.SZ) 2024年05月10日 贝泰妮：24Q1 扣非+22%、展现 买入（维持） 所属行业：美容护理/化妆品 拐点，组织调整或将逐步现成效 当前价格(元)：61.79 单击或点击此处输入文字。 证券分析师 投资要点 易丁依  23年业绩受到双十一大促低预期影响，24Q1收入、利润均展现拐点。（1）2023 资格编号：S0120523070004 全年：实现营收55.22亿/+10.14%，归母净利润7.57亿/-28.02%，扣非归母净利 邮箱：yidy＠tebon.com.cn 润6.18亿/-35.20%，出现波动主要系公司未达成“双11”预期销售目标。毛利率 为73.90%/-1.31pcts，公司双十一促销力度大、且产品配方工艺及外包装升级导致 市场表现 毛利率略有下降。研发费用持续高投入达2.99亿/+17.3%；销售费用结构性微升， 贝泰妮 沪深300 销售费用率达47.3%/+6.5pcts，归母净利率为13.7%/-7.26pcts。（2）24Q1：营收 11% 10.97亿/+27.06%，增速环比提升，归母 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3][7]. Core Insights - The company reported a revenue of 5.52 billion yuan in 2023, representing a 10.1% increase, while the net profit attributable to shareholders was 760 million yuan, down 28.0% [2]. - In Q1 2024, the company achieved a revenue of 1.1 billion yuan, up 27.1%, and a net profit of 180 million yuan, up 11.7%, indicating an improvement in profitability margins [2]. - The company is focusing on sensitive skin products, with successful launches in soothing creams and sunscreens, and steady expansion in whitening and anti-aging lines [2]. Financial Performance Summary - The gross margin for Q1 2024 was 72.09%, down 4.02 percentage points year-on-year, primarily due to product formulation and packaging upgrades [2]. - The sales, management, and R&D expense ratios for Q1 2024 were 47.26%, 7.48%, and 5.41%, respectively, reflecting an increase in online customer acquisition costs and production costs [2]. - The net profit margin for 2023 and Q1 2024 was 13.75% and 15.72%, respectively, showing a decline of 7.20 and 2.24 percentage points [2]. Revenue Breakdown - In 2023, the company's skincare, medical devices, and cosmetics generated revenues of 4.87 billion yuan, 460 million yuan, and 170 million yuan, respectively, with year-on-year growth of 7%, 20%, and 217% [2]. - The brand "Winona" generated 5.2 billion yuan in revenue, marking a 6% increase, and has consistently ranked in the top 10 for beauty products on Tmall during the Double 11 shopping festival [2]. - The company has established a Southeast Asia business headquarters in Bangkok and is expected to form a localized operational team in 2024 [3]. Future Earnings Forecast - The company expects net profits of 1.13 billion yuan, 1.32 billion yuan, and 1.53 billion yuan for 2024, 2025, and 2026, respectively, with growth rates of 49.3%, 17.2%, and 15.8% [7][8]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 2.67 yuan, 3.12 yuan, and 3.62 yuan, respectively [8].