Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company is experiencing pressure on its performance in the first half of 2025, with both revenue and profit declining. The revenue for the first half of 2025 was 2.372 billion yuan, a year-on-year decrease of 15.43%, and the net profit attributable to shareholders was 247 million yuan, down 49.01% year-on-year [1][2] - The company has a clear brand positioning and strong brand-building capabilities, focusing on natural plant active ingredients for skin care products, particularly targeting sensitive skin. It has successfully integrated online and offline sales channels, leveraging internet and AI technologies to create a new retail system [3][4] Financial Summary - Revenue for 2023 is projected at 5.522 billion yuan, with a growth rate of 10.1%. However, a decline of 4.7% is expected in 2025, with revenue estimated at 5.468 billion yuan [1] - The net profit attributable to shareholders is expected to decrease to 476 million yuan in 2025, reflecting a year-on-year decline of 5.3% [1] - The company's gross margin for the first half of 2025 was 76.01%, an increase of 3.42 percentage points year-on-year, while the net profit margin decreased by 6.48 percentage points to 10.47% [2] - The company is projected to have an EPS of 1.12 yuan in 2025, with a corresponding P/E ratio of 40.7 times [9]
贝泰妮（300957）：2025H1业绩承压，静待拐点到来