Core Viewpoint - Betaini, known as the "first stock in functional skincare," is increasing its capital investments to explore new business opportunities amid declining performance in its core skincare segment [1][9]. 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 CNY, focusing on consumer healthcare, pharmaceuticals, medical devices, and AI in drug development [1][5]. - Betaini will contribute 50 million CNY, holding a 5% stake in the fund, which aims to enhance the company's competitive edge and profitability through strategic partnerships in the health ecosystem [5][9]. Financial Performance - Betaini's revenue from 2021 to 2024 showed a declining growth trend, with revenues of 40.22 billion CNY, 50.14 billion CNY, 55.22 billion CNY, and 57.36 billion CNY, reflecting year-on-year growth rates of 52.57%, 24.65%, 10.14%, and 3.87% respectively [9][10]. - The net profit during the same period was 8.63 billion CNY, 10.51 billion CNY, 7.57 billion CNY, and 5.03 billion CNY, with year-on-year growth rates of 58.77%, 21.82%, -28.02%, and -33.53%, indicating a trend of increasing revenue but decreasing profit [10]. Brand Dependency - The company's revenue heavily relies on its core brand "Winona," which contributed 48.85 billion CNY, 51.92 billion CNY, and 49.09 billion CNY from 2022 to 2024, accounting for approximately 97%, 94%, and 86% of total revenue respectively [10]. Diversification Efforts - To mitigate risks associated with reliance on a single brand, Betaini is developing a multi-brand strategy, acquiring stakes in other brands such as "Za" and "PURE&MILD" to expand its business portfolio [10][11]. - The company has invested approximately 280 million CNY in various funds over the past three years, indicating a proactive approach to diversify its investment portfolio beyond its primary beauty business [5][9]. Market Trends - The beauty industry is witnessing a trend where leading brands, including Betaini, are increasingly investing in capital markets to seek growth opportunities amid slowing sales in their core businesses [9][12].
业绩不佳，194亿护肤品龙头贝泰妮盯上产业基金