Core Insights - The Chinese beauty industry is undergoing a significant transformation, shifting from a focus on traffic competition to one centered on technological strength and brand value [1] - Strategic elevation and differentiated competition are essential for domestic beauty brands, with companies like Betaini redefining industry rules through "hard technology" [1][3] Financial Performance - Betaini reported a total revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, with a net cash flow from operating activities of 695 million yuan, up 13.83% [3][4] - The overall retail sales of cosmetics in China decreased by approximately 1.10% year-on-year, highlighting Betaini's ability to achieve growth in a challenging market [4] Brand Ecosystem - Betaini has developed a multi-brand ecosystem, with its core brand Winona maintaining a leading market share in the domestic dermatological skincare segment [6] - New businesses within Betaini's brand matrix, such as Winona Baby and AOXMED, have shown significant growth, with sales increases of approximately 34.03% and 65.59% respectively [6][7] R&D Investment - Betaini's R&D investment reached 337 million yuan in 2024, accounting for 5.87% of its revenue, positioning the company among the top tier in the industry [7][10] - The company has established a strong advantage in the field of Yunnan specialty plant extraction, completing the development of 13 unique plant raw materials [10] Industry Standards and Leadership - Betaini has set six national standards and 68 group standards in 2024, aiming to establish industry authority and influence [11] - The company is actively involved in creating standards for children's skincare products, addressing the challenges of an immature market [11][13] Strategic Vision - Betaini's three-step strategy of "R&D foundation, ecological layout, and standard leadership" illustrates its transition from marketing competition to value competition [13] - The company's focus on technological core competencies is expected to distinguish it as a leader in the beauty industry as market conditions evolve [13]
美妆行业革新加速：贝泰妮研发费用率超5%背后的长期主义博弈