Beingmate(SZ:002570) Xin Lang Zheng Quan·2025-09-16 09:58Core Viewpoint - Beiyinmei's financial performance in the first half of 2025 shows a decline in revenue despite an increase in net profit, indicating challenges in its core business, particularly in the milk powder segment [1][2]. Financial Performance - In the first half of 2025, Beiyinmei reported revenue of 1.355 billion yuan, a year-on-year decrease of 4.37% [2][3]. - The net profit attributable to shareholders was 74 million yuan, reflecting a year-on-year increase of 43.68% [1]. - Revenue from milk powder products was 1.209 billion yuan, down 4.43% year-on-year, accounting for 89.2% of total revenue [2][3]. - Revenue from rice flour products increased by 33.13% to 48 million yuan, while revenue from other products surged by 184.66% to 23 million yuan [2][3]. Market Dynamics - The overall market for infant milk powder in China has been shrinking, with a decline from 1,725 billion yuan in 2021 to an estimated 1,420 billion yuan in 2024, influenced by decreasing birth rates and intense competition [4]. - Beiyinmei's market share in the infant milk powder segment has dropped to 1.6% in 2022, significantly lower than its peak [2][4]. Sales and Marketing - The sales volume of milk powder decreased by 6.04% in the first half of 2025 compared to the previous year, attributed to weak demand and strong market competition [5][6]. - Marketing expenses rose to 399 million yuan, a year-on-year increase of 7.98%, resulting in a sales expense ratio nearing 30% [7][8]. Pricing and Consumer Perception - Following the announcement of national childcare subsidies, Beiyinmei faced consumer backlash over perceived price increases for its products, despite the company claiming no price hikes [8][10]. - The company attributed the price changes to the reduction of platform subsidies rather than direct price increases, indicating potential issues with its pricing strategy [10].