“药妆茅”盈利腰斩，薇诺娜“降价冲量”难挽颓势

Core Insights - The company Beitaini (300957.SZ) reported significant declines in both revenue and net profit for the first half of 2025, with revenue at 2.372 billion yuan, down 15.43% year-on-year, and net profit at 247 million yuan, down 49% year-on-year [1] Group 1: Revenue and Profit Performance - Beitaini's revenue for the first half of 2025 was 2.372 billion yuan, a decrease of 15.43% compared to the previous year [1] - The company's net profit fell to 247 million yuan, representing a 49% decline year-on-year [1] - The non-recurring net profit was reported at 182 million yuan, down 56.48% year-on-year [1] Group 2: Pricing Strategy and Product Performance - Beitaini has adopted a "price reduction to increase volume" strategy, with the average price of skincare products dropping from 42.78 yuan to 39.01 yuan year-on-year [2] - The average price of color cosmetics decreased from 54 yuan to 37.77 yuan, while medical device products saw a drop from 106.61 yuan to 95.88 yuan [2] - The flagship brand Winona generated revenue of 1.949 billion yuan, accounting for a significant portion of the company's total skincare revenue of 2.001 billion yuan [2] Group 3: Market Competition and Channel Performance - The competitive landscape for sensitive skin care products has intensified, leading to sluggish growth for Beitaini's core products [3] - Online sales accounted for 73.93% of the company's main business revenue, totaling 1.74 billion yuan, while offline sales contributed 17.99% with 420 million yuan [3] - Personnel expenses increased from 205 million yuan to 261 million yuan year-on-year, impacting profitability [3] Group 4: Growth Initiatives - Beitaini is exploring new growth avenues through acquisitions and investments, with Winona Baby achieving revenue of 110 million yuan, up 8.62% year-on-year, and Aikeman generating 51.47 million yuan, a 93.89% increase [2] - The company disclosed its acquisition of the high-end beauty device brand Tripollar, indicating a strategy to diversify its brand portfolio [3]