Investment Rating - The investment rating for the company is "Accumulate" (Maintain) [5] Core Views - The company reported a year-on-year increase of 137% in net profit attributable to shareholders for Q3 2025 [5] - The main brand, Winona, continues to lead the domestic dermatological skincare market, with significant competitive advantages [7] - The company has improved its gross margin to 74.3% in Q1-Q3 2025, focusing on brand building and core product optimization [7] - The forecasted net profit for 2025-2027 is expected to be 449 million, 557 million, and 673 million RMB respectively, with corresponding year-on-year changes of -10.84%, +24%, and +20.97% [6][7] Financial Summary - The company's total revenue for 2023 is projected at 5,522 million RMB, with a year-on-year growth rate of 10.14% [6] - The net profit for 2023 is estimated at 757 million RMB, reflecting a year-on-year decrease of 28.01% [6] - The earnings per share (EPS) for 2025 is projected to be 1.06 RMB, with a price-to-earnings (P/E) ratio of 42.07 [6][9] - The company’s total market capitalization is approximately 18,867.14 million RMB [3]
贝泰妮（300957）：25Q3归母净利润同比增长137%