Core Viewpoint - The article discusses the challenges faced by Betaini, a Chinese beauty company led by Guo Zhenyu, highlighting its declining market performance and the need for strategic transformation to regain growth momentum [2][6][11]. Company Background - Guo Zhenyu, a former academic, became the owner of Betaini, which primarily sells the "Winona" product line, catering to consumers with sensitive skin [2][4]. - Betaini was listed on the Growth Enterprise Market four years ago, reaching a peak market value of 120 billion RMB, but has since struggled, with a current market value of 21.54 billion RMB as of September 2025 [2][6]. Financial Performance - Betaini's revenue growth has significantly slowed, with 2023 revenue at 55.22 billion RMB (10.1% YoY growth) and 2024 at 57.36 billion RMB (3.9% YoY growth), while the first half of 2025 shows a decline to 23.72 billion RMB [10][11]. - The net profit peaked at 10.51 billion RMB in 2022 but fell to 2.47 billion RMB in the first half of 2025, marking a 49% decline [11][12]. Profitability Challenges - Despite maintaining a high gross profit margin of 76.01% in the first half of 2025, the company's net profit margin has halved, indicating severe profitability erosion due to rising sales expenses [11][14]. - Sales expenses surged to 12.85 billion RMB in the first half of 2025, reflecting a sales expense ratio of 54.17%, which is significantly higher than previous years [10][14]. Strategic Issues - The company is facing a "traffic trap," where increased marketing spending is not translating into revenue growth, leading to a decline in marketing efficiency [15][16]. - Betaini's previous success relied on a "big single product + online marketing" model, which is now under pressure due to increased competition and rising customer acquisition costs [16][17]. Future Outlook - The success of new brands like "Aikeman" and the effectiveness of channel adjustments in platforms like Douyin are critical for future growth [18][19]. - The company's ability to control expenses and improve profitability will be essential for stabilizing its financial performance and regaining investor confidence [20].
贝泰妮郭振宇，非“创业型”企业家自然有他身上的短板