Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company's H1 2025 financial results met market expectations, with revenue of 2.372 billion yuan, a year-on-year decline of 15.43%, and a net profit attributable to the parent company of 247 million yuan, down 49.01% [6] - The company is focusing on product upgrades and brand image enhancement through new product launches and celebrity endorsements [6] - The financial forecast for 2025-2027 predicts net profits of 667 million yuan, 769 million yuan, and 899 million yuan respectively, with corresponding PE ratios of 30, 26, and 22 [6] Financial Data and Profit Forecast - Total revenue (million yuan): - 2024: 5,736 - 2025E: 6,281 - 2026E: 7,114 - 2027E: 8,243 - Year-on-year growth rates (%): - 2025E: 9.5 - 2026E: 13.3 - 2027E: 15.9 - Net profit attributable to the parent company (million yuan): - 2025E: 667 - 2026E: 769 - 2027E: 899 - Gross margin (%): - 2025E: 74.9 - 2026E: 75.3 - 2027E: 75.6 [2][8] Company Overview - As of June 30, 2025, the company has a total share capital of 424 million shares and a net asset per share of 14.28 yuan [3] - The company has a debt-to-asset ratio of 22.42% [3] Sales Performance - In H1 2025, skincare revenue was 2.0 billion yuan, down 12.0% year-on-year, while makeup revenue was 229 million yuan, down 7.1% [6] - Online channel revenue was 1.74 billion yuan, down 5.9% year-on-year, with Douyin platform revenue growing by 7.4% to 410 million yuan [6]
贝泰妮（300957）：25Q2利润端降幅收窄，新品助力品牌换新