Beingmate(SZ:002570) Sou Hu Cai Jing·2025-08-05 17:01Core Viewpoint - Recent reports indicate that prices of maternal and infant products, including milk powder and diapers, have increased, with specific brands like Beiyinmei being mentioned [1][2]. Group 1: Company Response - Beiyinmei's Secretary of the Board stated that the company has not raised prices on any of its products and urged consumers not to spread rumors [2][3]. - The company emphasized its commitment to maintaining a 5% profit margin and reiterated its promise to provide quality products without exploiting the new national childcare subsidy policy [2][3]. Group 2: Market Analysis - Contrary to online rumors, the overall price of domestic milk powder remains stable, with some brands even experiencing price declines due to promotional activities [3][5]. - A report indicated that the domestic milk powder market has faced a severe price war since the second half of 2020, leading to a significant reduction in prices compared to 2019, which has affected the high-end market segment [5]. Group 3: Financial Performance - Beiyinmei's 2024 annual report projected total revenue of 2.773 billion yuan, a year-on-year increase of 9.7%, and a net profit of 103 million yuan, up 116.92% [5]. - Despite strong performance, the company's gross profit margin decreased by 4.12 percentage points, indicating ongoing challenges in cost control and product optimization [5]. Group 4: Policy Impact - The new childcare subsidy policy, effective from January 1, 2025, will provide annual subsidies of 3,600 yuan per child for families with one to three children, potentially benefiting over 20 million families [7]. - The policy is expected to significantly boost consumer spending in lower-tier cities, positively impacting the demand for infant-related products such as dairy and diapers [7].