Core Insights - The company faced performance pressure in 2024, with revenue of 5.736 billion, a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 503 million, a year-on-year decrease of 33.53% [1] - The decline in net profit is attributed to lower-than-expected sales during major promotional events and high marketing expenses on platforms like Douyin [1] - The company is undergoing a transformation period in its product and channel strategies, which continues to exert pressure on its performance [1] Financial Performance - In 2024, the company's revenue from the main brand Winona was 4.91 billion, a year-on-year decrease of 2.8%, while the sub-brand Winona Baby saw revenue growth of 34.03% to 200 million [2] - Online sales channels generated 3.912 billion in revenue, a year-on-year increase of 10.13%, with significant growth on platforms like Douyin and JD [2] - The overall gross margin for 2024 decreased by 0.16 percentage points, while the net margin fell by 5.12 percentage points [2] Cost and Efficiency - The company's selling, general, and administrative expenses as a percentage of revenue increased in 2024, reflecting ongoing revenue pressure [3] - Inventory turnover days improved by 15 days in 2024, indicating enhanced operational efficiency due to system upgrades and increased self-production [3] Future Outlook - The company plans to maintain a cash dividend of 6 yuan per 10 shares, with a dividend payout ratio of 50% for 2024 [1] - Despite short-term performance challenges, the main brand Winona retains strong consumer recognition in the sensitive skin care sector, which may support long-term growth [4] - The company is actively expanding into the medical beauty and health sectors, which could drive future development [4]
贝泰妮(300957)：多因素致短期业绩承压 积极管理变革静待拐点出现