证 券 研 究 报 告 贝泰妮（300957）2025 年中报点评 中性（维持） 品牌矩阵与研发创新蓄力长期复苏 目标价：47.75 元 事项： 评论： 风险提示：市场竞争加剧、新品市场接受度不及预期等风险。 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,736 | 5,406 | 5,952 | 6,655 | | 同比增速(%) | 3.9% | -5.8% | 10.1% | 11.8% | | 归母净利润(百万) | 503 | 547 | 642 | 777 | | 同比增速(%) | -33.5% | 8.7% | 17.4% | 21.1% | | 每股盈利(元) | 1.19 | 1.29 | 1.51 | 1.83 | | 市盈率(倍) | 38 | 35 | 30 | 25 | | 市净率(倍) | 3.2 | 3.0 | 2.8 | 2.7 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 9 ...

Core Insights - The founder of Gu Yu, Wang Anning, announced a commitment to invest at least 2 billion yuan in research and development over the next decade [1] - The concept of "functional skincare" is gaining traction among consumers, who are increasingly focused on product ingredient transparency and scientific efficacy [1] - The functional skincare market has seen a significant increase in attention, with a 358% growth from 2021 to 2023, and the core user group expanding by 23% during the same period [1] Company Developments - Gu Yu recently launched a proprietary anti-aging ingredient, "Human-like Exosome HME," marking its third innovative ingredient with complete independent intellectual property rights [3][7] - The new ingredient is based on artificial exosome technology and aims to address anti-aging concerns, which are becoming a critical factor in consumer skincare choices [7][10] - Gu Yu's research and development efforts have led to significant advancements in the efficacy of its products, with the new ingredient showing a 17.43% reduction in wrinkle count after 14 days and a 26.61% reduction after 28 days [11] Market Position - Gu Yu has positioned itself as a leader among domestic skincare brands, surpassing international competitors and achieving a GMV of over 5 billion yuan in 2024 [14] - The brand has established a comprehensive R&D and manufacturing infrastructure, including a 3,000 square meter research center and multiple production facilities [15] - Gu Yu's focus on core technology and independent research has allowed it to create products that significantly outperform industry standards [14][15] Research and Innovation - The company emphasizes the importance of using Chinese technology to develop ingredients suitable for the Chinese skin type, having analyzed nearly 100,000 skin samples from Chinese women [16] - Gu Yu's proprietary technologies, such as "Melt Crystallization Purification" and "28-Nanometer Encapsulation Technology," have enhanced the purity and efficacy of its key ingredients [16] - The collaboration with Xiamen University to establish a joint research center will further enhance Gu Yu's capabilities in developing active ingredients for anti-aging and other applications [19]

Core Viewpoint - Huaxi Biological is accelerating its transformation by shutting down the Runxiquan brand, which has not significantly contributed to its revenue and profit, as part of a strategy to focus on its main business and key brands [2][5][6]. Brand Adjustment - The closure of the Runxiquan brand has been confirmed, with its official stores on platforms like Taobao no longer searchable and its products cleared from its Douyin flagship store [4][6]. - Huaxi Biological emphasized that Runxiquan was never a major brand for the company and its existence did not meaningfully impact revenue or profit [4][7]. Financial Performance - In 2024, Huaxi Biological's functional skincare business generated revenue of 2.569 billion yuan, a year-on-year decline of 31.62% [8]. - The revenue contributions from the four main brands—Runbaiyan (922 million yuan), Kuaidi (649 million yuan), Mibeier (290 million yuan), and BM Jihuo (279 million yuan)—showed significant declines, with year-on-year drops of 22.63%, 41.69%, 31.76%, and 52.06% respectively [8][9]. - Overall, Huaxi Biological's revenue and net profit decreased by 19.57% and 35.38% respectively in the first half of 2025, following an 11.61% and 70.59% decline in 2024 [8][9]. Market Challenges - The functional skincare sector is facing a development bottleneck, with increasing competition and a saturated market limiting growth opportunities for brands like Runxiquan [7][12]. - Huaxi Biological's past success was heavily reliant on "traffic operation," and rising traffic costs have led to a stagnation in performance growth [9][12]. Strategic Transformation - The company is undergoing a significant internal transformation, particularly in its core business of skin science innovation, which involves changes in operations, products, channels, organization, and branding [10][11]. - The shift from a traffic-driven sales model to a science-based brand communication strategy aims to provide scientifically validated skincare solutions [11]. - Huaxi Biological is focusing on optimizing team structures and improving operational efficiency to enhance overall business quality [11].

Core Viewpoint - The Chinese cosmetics market is transitioning from high-speed growth to a "new normal" of high-quality development, presenting challenges for companies like Betaini, which must demonstrate strategic resilience and future potential amid a more competitive landscape [1] Financial Performance - In the first half of 2025, Betaini reported revenue of 2.372 billion yuan and a net profit attributable to shareholders of 247 million yuan, with a non-recurring net profit of 183 million yuan, indicating pressure on revenue and profitability due to a challenging consumption environment and strategic adjustments [1][2] - The overall gross margin for the company was 76.0%, an increase of 3.4 percentage points year-on-year, while the net profit margin was 10.4%, a decrease of 6.8 percentage points year-on-year, reflecting the impact of product structure optimization and promotional strategy adjustments [3] Product and Brand Strategy - Betaini's main brand, Winona, generated 1.950 billion yuan in revenue, accounting for 82.2% of total revenue, maintaining its focus on "big single product" strategy [2] - The company is expanding its product lines to include high-end anti-aging products and children's skincare, while also optimizing its product structure by reducing inefficient SKUs [7][8] Market Trends and Consumer Behavior - The cosmetics industry is experiencing stricter regulations and a shift towards high-quality development, with changing consumer behaviors emphasizing ingredient transparency, rational consumption, and confidence in domestic brands [4][5][6] - Consumers are increasingly focused on the efficacy of products, willing to pay a premium for scientifically backed solutions, while becoming more immune to excessive marketing [8] Channel Strategy - Betaini's online revenue was 1.743 billion yuan, with a year-on-year decline of only 5.9%, indicating strong operational resilience, while offline distribution revenue was 424 million yuan [2] - The company is shifting its channel strategy from broad traffic acquisition to deep user engagement, focusing on return on investment (ROI) and customer lifetime value (LTV) [8][9] Future Outlook - The company is expected to face challenges in maintaining growth amid a slowing market, necessitating deeper market penetration and competitive positioning in crowded segments like anti-aging and whitening [7] - Betaini's ongoing investment in research and development, particularly in unique active ingredients, is crucial for maintaining its competitive edge and product efficacy [7][8]

Core Viewpoint - The Chinese cosmetics market is transitioning from high-speed growth to a "new normal" of high-quality development, presenting challenges for companies like Betaini, which must demonstrate strategic resilience and future potential amid a more competitive landscape [1] Financial Performance - In the first half of 2025, Betaini reported revenue of 2.372 billion yuan and a net profit attributable to shareholders of 247 million yuan, with a non-recurring net profit of 183 million yuan, indicating pressure on revenue and profitability due to a challenging consumption environment and strategic adjustments [1][5] - The overall gross margin for the company was 76.0%, an increase of 3.4 percentage points year-on-year, while the net profit margin was 10.4%, a decrease of 6.8 percentage points year-on-year, reflecting the impact of product structure optimization and promotional strategy adjustments [5] Product and Category Analysis - Skincare products generated revenue of 2.001 billion yuan, makeup products 239 million yuan, and medical devices 116 million yuan, with the main brand Winona accounting for 82.2% of total revenue [3] - Betaini focuses on developing products for sensitive skin, covering various areas such as soothing, sun protection, whitening, anti-aging, and acne treatment, with new product launches reinforcing its technological backing [3][9] Channel Strategy - Online channel revenue was 1.743 billion yuan, with a year-on-year decline of only 5.9%, indicating strong operational resilience, while offline distribution revenue was 424 million yuan [3][12] - The company is shifting its channel strategy from broad traffic acquisition to deep user engagement, enhancing its online operations through refined membership systems and private domain traffic management [12] Market Trends and Consumer Behavior - The cosmetics industry is experiencing stricter regulations and a shift towards high-quality development, with changing consumer behaviors emphasizing ingredient transparency, rational consumption, and confidence in domestic brands [7][8] - Betaini's "1+N" brand strategy is under scrutiny, as the growth of its main brand Winona and the speed of new brand incubation will determine the company's future potential [8][9] Research and Development - The company continues to invest in research on active ingredients from Yunnan's unique plants, enhancing extraction processes and foundational research to build barriers around these ingredients [11] - Collaborations with dermatology hospitals are expanding, providing robust clinical data support for new product launches, which strengthens the efficacy and safety claims of its products [11]

Core Viewpoint - The rise of domestic skincare brands like Plant Doctor is highlighted, with its upcoming IPO seen as a significant step in the competitive landscape of the beauty industry in China [1][10]. Group 1: Company Overview - Plant Doctor, founded by Jie Yong, has been operating for over 30 years, focusing on "highland plant skincare" [1]. - The company has established a comprehensive sales model that includes both distribution and direct sales, ensuring a robust channel for its IPO [3]. - As of the end of 2024, Plant Doctor has expanded to 4,328 offline chain stores, which serve as both brand showcases and consumer service points [7]. Group 2: Financial Performance - The company reported revenues of 2.12 billion yuan, 2.15 billion yuan, and 2.16 billion yuan for the years 2022, 2023, and 2024, respectively [7]. - Net profits attributable to the parent company were 158 million yuan, 230 million yuan, and 243 million yuan for the same years, showing a compound annual growth rate of 24% [8]. Group 3: Market Position and Recognition - Plant Doctor received the "Global Leading Single Brand Skincare Store" certification from Euromonitor in November 2023, enhancing its credibility ahead of the IPO [5]. - The company ranked first among single-brand cosmetic stores in China according to a report by the China Fragrance and Cosmetic Industry Association for the year 2024 [5]. - It also achieved the status of "Global Leading Plant Extract Skincare Brand" from Euromonitor in October 2024, showcasing its strong position in the plant-based skincare market [5]. Group 4: Strategic Initiatives - The company is actively developing its online presence through its "Xiaozhi Mall" new retail model and partnerships with major e-commerce platforms like JD, Tmall, Douyin, and Kuaishou [3]. - Plant Doctor aims to leverage the capital market to enhance its R&D capabilities and improve product quality, aligning with the trends of "ingredient-focused" and "effective skincare" [10].

Core Insights - Shenzhen Ainimei Technology Co., Ltd. showcased its flagship products, Ainimei UV Little Purple Mirror and Ainimei UV Little Dream Mirror, at the Shenzhen Luohu Technology Expo, emphasizing its innovative approach in the smart beauty tool sector [1] - The company aims to drive industry transformation through its "scene hub" strategy, addressing pain points in traditional sunscreen products, such as reliance on experience and delayed protection [1] Product Innovations - The UV visualization warning feature in the Little Purple Mirror uses light-sensitive materials that darken with increased UV intensity, while the Little Dream Mirror displays patterns indicating UV strength, making it easy for users to recognize the urgency of sun protection [1] - A patented UV detection technology, developed in exclusive collaboration with Beijing Youcai Technology (UVlook), captures the distribution of sunscreen on the skin, addressing the issue of blind spots that are difficult to discern with the naked eye [2] Integrated Solutions - The devices are equipped with 700lux medical-grade LED lights and three-color soft light fill, allowing users to perform sunscreen detection while applying makeup, thus optimizing fragmented time usage [3] - Unlike traditional beauty instruments that serve a single function, Ainimei integrates UV detection, lighting, and makeup mirror capabilities into a compact device, catering to diverse scenarios such as commuting, travel, and outdoor activities [3] - The Little Purple Mirror and Little Dream Mirror target different consumer segments with "professional-grade protection" and "lightweight design," respectively, aligning with the Z generation's preference for "self-consumption" [3] Industry Impact - Ainimei's commitment to transforming hard technology into user value positions it as a benchmark case for "technology landing in consumer scenarios" within the industry [3] - The company's full-link innovation in "detection + protection + makeup care" offers consumers more efficient and precise solutions, redefining the industrial value of beauty instruments [3] - As Ainimei accelerates its layout in the "AI + beauty" sector, it is poised to lead the industry into a new era characterized by "data-driven and experience-first" approaches [3]

Core Viewpoint - HBN has rapidly expanded its "true efficacy" skincare brand, establishing itself as a leading player in the Chinese beauty market, particularly in the anti-aging segment with its flagship product, "Double A Retinol Night Cream" [2][20]. Market Position and Performance - By the first half of 2025, HBN ranked in the top 4 of Tmall's domestic beauty skincare stores and top 5 on Douyin, being the only brand to secure a top 5 position in both platforms [2]. - HBN's "Early C Late A" lotion has sold over 30 million bottles, achieving the number one sales position in the "retinol skincare" and "essence water" categories in China [2]. Research and Development - HBN has published three high-impact SCI papers on α-arbutin, marking a significant contribution to the understanding of its mechanisms in photodamage repair [5][9]. - The research has revealed α-arbutin's potential beyond traditional whitening, demonstrating its anti-inflammatory properties and ability to repair UV-induced skin damage [8][9]. Innovation and Collaboration - HBN has established a comprehensive research framework, including collaborations with top universities and institutions, to explore cutting-edge scientific topics [21]. - The brand has developed four original efficacy raw materials and expanded its research center to over 5,000 square meters, housing over a hundred researchers [20][21]. Consumer Insights and Cultural Relevance - HBN emphasizes a deep understanding of Asian skin types and aesthetics, creating products tailored to local needs, which contrasts with the traditional Western-centric approach [12]. - The collaboration with Pantone to create the "HBN Original White Card" reflects HBN's commitment to culturally relevant skincare solutions [13][15]. Commitment to Safety and Efficacy - HBN has conducted extensive safety studies on its sunscreen products, confirming that their formulations have significantly lower residual levels in human blood than the safety thresholds set by the FDA [16]. - The brand has completed over 4,000 third-party efficacy tests across its entire product line, reinforcing its commitment to "true efficacy" [18][23]. Future Outlook - As consumer demand for effective and safe skincare solutions grows, HBN is positioned to lead the market with its focus on scientific research and genuine product efficacy [24].

Core Viewpoint - The Ordinary is positioning itself as a scientific skincare brand in the Chinese market, emphasizing transparency, effective ingredients, and consumer education to counteract the prevalent marketing hype in the skincare industry [2][3][15]. Brand Launch and Market Strategy - The Ordinary held its first brand launch event in China on June 24, 2025, and is set to open its Tmall flagship store on July 11, 2025, marking a significant step in its market entry strategy [2][3]. - The brand aims to shift the focus of the skincare market from marketing competition back to scientific efficacy, establishing new value benchmarks in the industry [3][25]. Brand Philosophy and Development - Founded in 2016, The Ordinary emerged as a response to exaggerated marketing claims in the skincare industry, advocating for transparency in product formulation and pricing [9][7]. - The brand's products are named after their key active ingredients and concentrations, with a commitment to affordable pricing, exemplified by its best-selling Niacinamide 10% + Zinc 1% serum priced at 59 yuan for 30ml, significantly lower than competitors [9][10]. Scientific Approach and Consumer Engagement - The Ordinary emphasizes a science-driven approach, maintaining a dedicated research team of 160 experts and a commitment to clinical testing to ensure product safety and efficacy [11][18]. - The brand has built a strong community with over 5 million followers online and actively engages in consumer education to foster trust and loyalty [11][13]. Market Adaptation and Product Localization - The Ordinary is adapting its product offerings to meet the specific needs of Chinese consumers, including collaborations with local testing organizations to ensure compliance and safety [18][19]. - The brand has developed localized formulations, such as a modified glycolic acid toner, to cater to the preferences of Chinese consumers [19]. AI Integration and Retail Innovation - The launch of The Ordinary's Tmall flagship store incorporates AI technology to provide personalized shopping experiences, including tailored product recommendations based on individual skin concerns [21][22]. - This initiative reflects the brand's commitment to leveraging technology to enhance consumer engagement and education in the skincare space [21][22]. Industry Insights and Future Directions - The Ordinary's entry into the Chinese market is seen as timely, addressing the growing demand for effective skincare solutions amidst a backdrop of marketing saturation and consumer skepticism [35]. - The brand's focus on scientific communication and transparency is expected to resonate with increasingly discerning consumers, potentially reshaping the skincare industry's landscape in China [25][35].

Core Insights - The skincare industry is experiencing intense competition in technology, with numerous suppliers showcasing unique ingredients and certifications at a recent cosmetics trade show [1][2][3] - The trend of emphasizing active ingredients and technical claims on product packaging is prevalent, as brands seek to carve out market positions by replicating successful commercial models [4][5] - The lack of authoritative industry standards and clarity on ingredient efficacy is causing confusion and skepticism among consumers [6][7][8] Group 1: Active Ingredients and Technology Trends - Active proteins and plant extracts remain core competitive areas in the skincare industry, with leading brands continuing to invest heavily in research and development [10][11] - The popularity of active proteins is driven by their previous applications in medical and aesthetic fields, which lend credibility to their use in consumer products [15][20] - New technologies in plant extraction are emerging, aiming to address traditional challenges such as stability and absorption rates [18][19] Group 2: Marketing and Industry Challenges - The rapid iteration of core ingredients in domestic beauty brands has outpaced normal industry evolution, leading to communication gaps between technology, products, and consumers [22][23] - The absence of unified national standards for new ingredients has resulted in market confusion and potential harm to consumers [24][26] - Overemphasis on marketing claims has led to exaggerated efficacy narratives, causing consumer dissatisfaction and adverse reactions [30][31][33] Group 3: Future Directions and Brand Strategies - The skincare industry is entering a period of deep adjustment, with competition shifting from ingredient-based to ecosystem-building capabilities [37][39] - Brands must find new competitive advantages beyond ingredient efficacy, such as emotional value and consumer experience [41][42] - The rise of niche markets, including male skincare and elderly care, presents new opportunities for growth and diversification [48][49]