Core Viewpoint - Betaini's revenue and net profit have significantly declined in the first half of 2025, indicating challenges in its business strategy and market competition [2]. Group 1: Financial Performance - Betaini reported a revenue of 2.372 billion yuan, a year-on-year decrease of 15.43% [2]. - The net profit attributable to shareholders was 247 million yuan, down 49% year-on-year [2]. - The net profit after deducting non-recurring items was 182 million yuan, a decline of 56.48% compared to the previous year [2]. Group 2: Pricing Strategy - The company has adopted a "price reduction to increase volume" strategy, with the average price of skincare products dropping from 42.78 yuan to 39.01 yuan [4]. - The average price of color cosmetics decreased from 54 yuan to 37.77 yuan, while medical device products saw a price drop from 106.61 yuan to 95.88 yuan [4]. Group 3: Brand Performance - The main brand, Winona, generated revenue of 1.949 billion yuan, contributing significantly to the overall skincare revenue of 2.001 billion yuan [4]. - Winona Baby achieved a revenue of 110 million yuan, a slight increase of 8.62% year-on-year, while Aikeman saw a revenue of 51.47 million yuan, a growth of 93.89% [4]. Group 4: Market Competition - The sensitive skin care market has become increasingly crowded, leading to sluggish growth for Betaini's core products [6]. - The color cosmetics brand, Jirui, reported a revenue of 212 million yuan, down 11.50% year-on-year, while the brand Pomei generated 23.83 million yuan, a decline of 4.72% [6]. Group 5: Sales Channels - Online sales totaled 1.74 billion yuan, accounting for 73.93% of the main business revenue, while offline sales were 420 million yuan, representing 17.99% [7]. - Personnel expenses increased from 205 million yuan to 261 million yuan compared to the previous year [7]. Group 6: Strategic Developments - Betaini disclosed its acquisition of the high-end beauty device brand Tripollar, indicating a strategy to diversify its brand portfolio [7].
“药妆茅”盈利腰斩，薇诺娜“降价冲量”难挽颓势