Core Viewpoint - Betaini (300957.SZ), known as the "first stock in functional skincare," is intensifying its capital market strategy by investing in a new healthcare fund, aiming to diversify its business beyond its core beauty segment [1][11]. Investment Strategy - On October 13, Betaini announced plans to invest as a limited partner in the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership (referred to as "Jinyu Fund"), with a total fund size of CNY 1 billion [1][7]. - The fund will focus on sectors such as consumer healthcare, medical aesthetics, specialty foods, pharmaceuticals, medical devices, and AI-driven drug development [1][7]. Financial Commitment - Betaini intends to contribute CNY 50 million, which will account for a 5% stake in the Jinyu Fund [1][7]. - Other partners in the fund include Jiangsu Wuxi Biomedical Industry Special Mother Fund (CNY 300 million), and Jiangyin High-tech Zone Financial Investment Co., Ltd. (CNY 250 million) [7]. Previous Investments - Over the past few years, Betaini has invested in several funds, including Sequoia Fund, San Zheng Fund, and Jinguo Fund, totaling approximately CNY 280 million across various sectors [1][11]. - Specific investments include CNY 100 million in the Sequoia Fund in June 2022, CNY 100 million in the San Zheng Fund in April 2023, and CNY 30 million in the Jinguo Fund in October 2023 [6][8]. Business Performance - Betaini's revenue growth has been declining, with revenues of CNY 40.22 billion, CNY 50.14 billion, CNY 55.22 billion, and CNY 57.36 billion from 2021 to 2024, showing a decreasing growth rate [11]. - The net profit has also decreased significantly, from CNY 8.63 billion in 2021 to CNY 5.03 billion in 2024, indicating a trend of increasing revenue but declining profitability [11]. Market Context - The beauty industry is witnessing a trend where major brands, including Betaini, are increasingly investing in capital markets to seek growth opportunities amid slowing core business performance [11][12]. - Competitors like Proya and Marubi are also exploring similar investment strategies to enhance their market positions and seek new growth avenues [12][13].
业绩不佳，194亿护肤品龙头盯上产业基金