贝泰妮（300957）：报表改善进行时，期待重回增长

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 50.56 [1][5]. Core Insights - The main brand, Winona, has been actively streamlining its SKU and focusing resources on key products since the second half of 2024. There are signs of price stabilization starting mid-2025, and online GMV began to recover in Q4 2025, indicating positive results from reduced inefficient spending and optimized product structure. Cash flow has significantly improved, and there are signs of recovery in profitability [1][5]. - The multi-brand strategy is progressing steadily, with core sub-brands like Winona Baby and Aikeman showing high growth in online GMV since Q4 2025. The brand matrix is becoming increasingly comprehensive due to external investments [1][5]. Financial Performance - Revenue for the main brand Winona reached RMB 5.2 billion in 2023, but faced pressure in 2024 due to inventory adjustments and product structure changes, with revenues of RMB 4.91 billion and RMB 1.95 billion in the first half of 2024 and 2025 respectively, reflecting year-on-year declines of 5.5% and 18.4% [6]. - The gross margin for the company was 74.33% in the first three quarters of 2025, showing a year-on-year increase of 0.6 percentage points, attributed to stable pricing strategies and reduced promotional expenses [7]. - The company’s net cash flow from operating activities was RMB 442 million in the first three quarters of 2025, compared to only RMB 6 million in the same period of 2024 [7]. Growth Projections - The company forecasts net profit attributable to the parent company for 2025, 2026, and 2027 to be RMB 515.4 million, RMB 670.97 million, and RMB 786.7 million respectively, with corresponding EPS of RMB 1.22, RMB 1.58, and RMB 1.86 [9]. - The expected revenue growth rates for 2025, 2026, and 2027 are projected at -4.47%, 12.32%, and 10.05% respectively [4]. Brand Development - Winona Baby is focusing on the sensitive skin segment for infants, achieving an online GMV of RMB 90.7 million in Q4 2025, a year-on-year increase of 21.1%. Aikeman continues to leverage its anti-aging research advantages, with online sales reaching RMB 14.5 million in Q4 2025, a staggering year-on-year increase of 736.5% [8]. - The company has been actively expanding its brand portfolio through strategic investments, including a stake in a makeup brand and a medical beauty device company, enhancing its presence in the beauty and personal care sectors [8].