Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company is experiencing pressure on revenue and profit performance in the first half of 2025, awaiting a turning point in operations [5] - The company has established a strong brand matrix centered around its core brand "Winona," which has maintained a leading position in the domestic dermatological skincare market [7] - The company is focusing on brand building and optimizing its product mix while deepening its omnichannel strategy, which is expected to lead to optimistic long-term performance [7] Financial Summary - Revenue for 2023 is projected at 5,522 million RMB, with a year-on-year growth rate of 10.14%. For 2024, revenue is expected to be 5,736 million RMB, with a growth rate of 3.87% [6] - The net profit attributable to the parent company is forecasted to be 757 million RMB in 2023, decreasing to 503 million RMB in 2024, reflecting a year-on-year decline of 28.01% [6] - The company’s gross margin improved to 76.01% in the first half of 2025, up 3.42 percentage points year-on-year, while the net profit margin decreased to 10.40%, down 6.85 percentage points year-on-year [7] Revenue Breakdown - In the first half of 2025, the skincare and makeup segments contributed revenues of 2,001 million RMB and 239 million RMB, respectively, with year-on-year changes of -11.97% and -7.09% [7] - The online, OMO, and offline channels contributed revenues of 1,743 million RMB, 191 million RMB, and 424 million RMB, respectively, with year-on-year changes of -5.89%, -10.48%, and -41.58% [7] Profitability Metrics - The company’s return on equity (ROE) is projected to be 12.91% in 2023, decreasing to 8.32% in 2024, with a gradual recovery expected in subsequent years [6] - The price-to-earnings (P/E) ratio is forecasted to be 26.48 for 2023, increasing to 39.83 in 2024, before declining to 22.72 by 2027 [6]
贝泰妮（300957）：25H1营收及利润表现承压，静待经营拐点