Core Viewpoint - Yunnan Betaini Biotech Group Co., Ltd. reported a resilient performance in the first half of 2025 despite challenges in the cosmetics industry, focusing on long-term value and quality improvement rather than short-term growth [1][2] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.372 billion yuan and a net profit attributable to shareholders of 247 million yuan [1] - The operating cash flow reached 347 million yuan, representing a year-on-year increase of 145.70%, indicating significant improvement in cash return capabilities [2] - The gross profit margin remained stable, and inventory structure continued to improve, reflecting effective management of operational efficiency [1][2] Group 2: Strategic Transformation - The cosmetics industry is undergoing a shift from marketing-driven growth to product-driven and value-driven competition, prompting the company to adjust its strategy for quality enhancement and structural optimization [2] - The company is focusing on long-term value by restructuring product barriers through R&D and enhancing operational efficiency via refined channel management [1][2] Group 3: R&D and Innovation - The company increased its R&D investment, with a research expense ratio of 4.91%, up by 0.83 percentage points year-on-year, positioning it as a leader in the industry [3] - Betaini is deepening its "industry-university-research-medical" collaborative innovation mechanism, establishing a comprehensive R&D chain covering basic research, raw material development, formulation innovation, and clinical evaluation [3] - The company has registered 4 new raw materials in the first half of 2025, bringing the total to 16, which is expected to create a technological moat [3][4]
贝泰妮2025半年报：推进战略转型 蓄力下一个增长周期