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 refocusing 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 product structure optimization. Cash flow has significantly improved, and there are signs of recovery in profitability [1][5][6]. - 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][8]. 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][8]. - The company’s gross margin improved to 74.33% in the first three quarters of 2025, with a year-on-year increase of 0.6 percentage points, attributed to maintaining stable pricing and reducing promotional expenses [7]. - The net cash flow from operating activities for the first three quarters of 2025 was RMB 442 million, a significant increase compared to RMB 6 million in the same period of 2024 [7]. Earnings Forecast and Valuation - The company’s net profit attributable to the parent company is forecasted to be RMB 515.4 million in 2025, with an EPS of RMB 1.22. The projections for 2026 and 2027 are RMB 670.97 million (EPS of RMB 1.58) and RMB 786.7 million (EPS of RMB 1.86) respectively [4][9]. - The company is assigned a PE ratio of 32x for 2026, with a target price of RMB 50.56 based on expected revenue and profit recovery [9].
贝泰妮：报表改善进行时，期待重回增长-20260317