Core Viewpoint - Betaini, known as the "first stock in efficacy skincare," is intensifying its capital market strategy by investing in a new healthcare fund, aiming to enhance its presence in the health and wellness sector [1][3]. Investment Strategy - On October 13, Betaini announced plans to invest as a limited partner in the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership, with a total fund size of 1 billion yuan, focusing on areas such as consumer healthcare, pharmaceuticals, and AI in drug development [1][3]. - Betaini will contribute 50 million yuan, acquiring a 5% stake in the fund, which is part of a broader strategy to deepen collaboration with professional funds and enhance its competitive edge in the health ecosystem [3]. Historical Investments - Over the past three years, Betaini has invested approximately 280 million yuan across various funds, including the Sequoia Fund and the San Zheng Fund, indicating a strategic shift towards capital investments beyond its core beauty business [2][3]. - The timeline of investments includes: - 100 million yuan in the Sequoia Fund in June 2022 [4] - 100 million yuan in the San Zheng Fund in April 2023 [5] - 30 million yuan in the Jin Gao Fund in October 2023 [5] - A planned 300 million yuan investment in the Yun Zhong Fund, which was later terminated due to policy changes [6][7]. Financial Performance - Betaini's revenue growth has been declining, with reported revenues of 4.022 billion yuan in 2021, 5.014 billion yuan in 2022, 5.522 billion yuan in 2023, and 5.736 billion yuan in 2024, reflecting a decreasing growth rate [8]. - The net profit attributable to shareholders has also shown a downward trend, with figures of 863 million yuan in 2021, 1.051 billion yuan in 2022, 757 million yuan in 2023, and 503 million yuan in 2024, indicating a pattern of increasing revenue but declining profitability [8]. Market Context - The beauty industry is witnessing a trend where major players like Betaini, Proya, and Marubi are increasingly investing in capital markets to seek growth opportunities amid slowing core business performance [9][10].
贝泰妮5000万元押注10亿级产业基金，意图何在？