Core Viewpoint - The company reported a significant decline in revenue and net profit for the first half of 2025, indicating challenges in sales performance and market conditions [1][2]. Financial Performance - Total revenue for H1 2025 was 2.372 billion yuan, a decrease of 15% year-on-year, with a net profit of 247 million yuan, down 49% [1]. - In Q2 2025, total revenue was 1.423 billion yuan, a decline of 17%, and net profit was 218 million yuan, down 29% [1]. Operational Strategy - The company implemented a differentiated membership and brand operation strategy, resulting in a gross margin increase of 2 percentage points to 75.04% in Q2 2025 [2]. - Sales expense ratio increased by 8 percentage points to 52.92%, primarily due to reduced revenue, while management expense ratio decreased by 1 percentage point to 5.22% [2]. Product Sales and Brand Positioning - Sales for key brands showed a decline: Winona down 18% to 1.95 billion yuan, Jierui down 11% to 212 million yuan, and Pomei down 5% to 24 million yuan [3]. - The company established a clear multi-brand matrix covering various segments, with Winona maintaining a leading position in the domestic dermatological skincare market [3]. Sales Channels - Revenue from online, OMO, and offline channels decreased by 6%, 10%, and 41% respectively, totaling 1.743 billion yuan, 191 million yuan, and 438 million yuan [3]. - The company continues to pursue a synergistic sales strategy between online and offline channels, with approximately 432,700 new users added to its OMO platform in H1 2025 [3]. Future Outlook - The company is expected to see growth from its OMO self-operated platform, improved brand matrix, and new product launches in sunscreen and anti-aging categories [4]. - EPS forecasts for 2025-2027 are projected at 1.36, 1.58, and 1.78 yuan, with corresponding PE ratios of 38, 32, and 29 times [4].
贝泰妮(300957)：业绩短期承压 关注新品培育放量