Core Viewpoint - The company achieved Q4 revenue of 1.017 billion yuan, a year-on-year increase of 47.64%, accelerating from 25.8% in Q3 2024, with Q1 2025 revenue maintaining a growth of 28% [1][2] - The net profit margin for Q4 2024 was 9.85%, with an annual net profit margin of 11%, an increase of 2.6 percentage points, confirming the stability of profitability during promotional periods [1][2] - Online revenue for 2024 is projected to reach 2.541 billion yuan, a growth of 35.77%, accounting for 85.61% of total revenue, indicating continuous improvement in online operations [1][4] Financial Performance - Q4 2024 revenue reached 1.017 billion yuan, up 47.64%, with a net profit attributable to shareholders of 103 million yuan, an increase of 20.14% [2] - The annual revenue for 2024 was 2.970 billion yuan, a growth of 33.44%, with a net profit of 342 million yuan, up 31.69% [2] - Q1 2025 revenue was 847 million yuan, a growth of 28.01%, with a net profit of 135 million yuan, an increase of 22.07% [2] Profitability and Cost Management - The company demonstrated improved profitability with a Q4 2024 net profit margin of 9.85%, up 5.4 percentage points from the previous year [3] - The gross profit margin for Q4 2024 was 71.92%, an increase of 1.56 percentage points, while the sales expense ratio decreased by 3.08 percentage points [3] - In Q1 2025, the gross profit margin improved to 76.05%, with a sales expense ratio of 52.17%, indicating effective cost management [3] Online and Offline Strategy - Online revenue for 2024 was 2.541 billion yuan, a growth of 35.77%, with significant contributions from flagship products [4] - The offline channel generated revenue of 427 million yuan, a growth of 20.79%, with improved gross margins [4] - The company’s flagship products, such as the Marubi Eye Cream and the Golden Needle Essence, saw substantial online sales growth, indicating successful product strategies [4] Brand and Product Development - The main brand Marubi generated 2.055 billion yuan in revenue for 2024, a growth of 31.69%, while the PL brand Lianhuo achieved 905 million yuan, up 40.72% [5] - The company plans to expand and upgrade its product lines, including new launches in 2025, which are expected to drive further growth [5] - The successful performance of eye care products on platforms like Douyin highlights the effectiveness of the company's marketing strategies [5]
贝泰妮(300957)：主品牌战略调整进行时 子品牌增速亮眼