Beingmate(SZ:002570) Quan Jing Wang·2025-05-09 01:16Core Viewpoint - Beiyinmei reported a strong financial performance in 2024, with significant growth in revenue and net profit, driven by a solid foundation in infant formula and rapid growth in new product categories [1][2]. Financial Performance - In 2024, Beiyinmei achieved a revenue of 2.773 billion yuan, a year-on-year increase of 9.7% - The net profit attributable to shareholders reached 103 million yuan, a substantial increase of 116.92% - In Q1 2025, revenue continued to grow, reaching 728 million yuan, up 1.01% year-on-year, with net profit of 43 million yuan, up 93.87% [1]. Industry Dynamics - The infant formula industry in China is experiencing increased concentration, with market share shifting towards leading companies due to new national standards [2]. - Beiyinmei has established a comprehensive industry chain covering R&D, production, and sales, supported by modern production facilities and advanced management systems [2]. Product Strategy - Beiyinmei is pursuing a diversified strategy with three main business directions: maternal and infant ecology, family nutrition, and quality living [3]. - The company is expanding its product offerings to include children's powder, adult powder, complementary foods, and maternal and infant products, with the rice powder segment showing remarkable growth of 111.09% [3]. Sales and Marketing - Beiyinmei employs a multi-channel strategy for sales, enhancing its online presence on platforms like Douyin and Xiaohongshu, while also increasing brand exposure through offline advertising [4]. - The company is focusing on penetrating lower-tier markets as infant formula consumption shifts from first and second-tier cities [4]. Future Outlook - Beiyinmei plans to strengthen R&D in specialized medical foods and functional nutrition products, optimize supply chains, and enhance brand value to address industry challenges [5]. - The company is well-positioned for long-term growth as industry concentration increases and it continues to innovate in products, channels, and branding [5].