Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company reported a revenue of 2.372 billion yuan in H1 2025, a year-on-year decrease of 15.4%, with a net profit of 247 million yuan, down 49.0%. The Q2 2025 revenue was 1.423 billion yuan, down 16.7%, and net profit was 218 million yuan, down 28.9%. The company is a leader in sensitive skin care and expects growth after adjustments to its brand matrix [3][4] - The company maintains its profit forecast, expecting net profits of 672 million yuan, 803 million yuan, and 927 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.59, 1.90, and 2.19 yuan. The current stock price corresponds to P/E ratios of 29.8, 24.9, and 21.6 for the same years [3][4] Financial Performance Summary - In H1 2025, the company's revenue from various brands was as follows: Winona 1.950 billion yuan (-18.4%), Winona Baby 110 million yuan (+8.6%), Aikeman 51 million yuan (+93.9%), Jirei 212 million yuan (-11.5%), and Pomei 24 million yuan (-4.7%). Online, offline, and OMO channels generated revenues of 1.743 billion yuan (-5.9%), 424 million yuan (-41.7%), and 191 million yuan (-10.0%) respectively [4] - The overall gross margin for H1 2025 was 76.0%, an increase of 3.4 percentage points. The sales, management, and R&D expense ratios were 54.2%, 8.1%, and 4.9%, respectively, with sales expenses increasing due to enhanced marketing personnel, channel expansion, and advertising investments [4][6] Financial Forecasts - The company forecasts revenue growth from 5.522 billion yuan in 2023 to 7.962 billion yuan in 2027, with a CAGR of 13.4%. The net profit is expected to recover from 757 million yuan in 2023 to 927 million yuan in 2027, reflecting a significant turnaround [6][8] - The projected P/E ratios are expected to decline from 26.5 in 2023 to 21.6 in 2027, indicating an improving valuation as earnings recover [6][8]
贝泰妮（300957）：公司信息更新报告：2025H1业绩承压，期待业务调整后利润释放