证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 投资者关系活动记录表 | 题，是因为不够重视么还是因为其他？ | | | | --- | --- | --- | | A: 尊敬的投资人您好，感谢您的提问，关于替换芯的问题， | | | | 我们也收到了很多反馈。这也是我们第一次在核心品上做替 | | | | 换芯的尝试。出发点还是希望能够从降低塑料，环保的角度 | | | | 来给用户更好的体验。谢谢您对薇诺娜和贝泰妮的关注和信 | | | | 任。 | | | | Q: 郭总您好，作为薇诺娜的忠实用户和公司投资者，公司产 | | | | 品力没有问题，但售后真的一言难尽，举个例子：小红书上 | | | | 有用了很多年的老用户反应商品没到期但是发生了质变没 | | | | 法用，客服都是很官方的回答，一点人性化的服务都没有， | | | | 让人很寒心，一般多年的老用户是不会故意找麻烦的，丢掉 | | | | 一个老用户很简单，但发展一个用户却很难，希望公司的售 | | | | 后能跟对待自己的员工，对产品质量一样能打，成为一家伟 | | | | 大的公司. | | | | A ...

公司发布24 年年报及25Q1 季报，业绩略低于市场预期。1）24 年营收57.36 亿元，同比增长3.87%；归 母净利润5.03 亿元，同比下滑33.53%；扣非净利润2.4 亿元，同比下滑61.12%；2）25Q1 营收9.49 亿 元，同比下滑13.51%，归母净利润0.28 亿元，同比下滑83.97%，扣非净利润0.21 亿元，同比下滑 86.44%。25Q1 费用率增加影响利润释放。3）每10 股派发现金红利6.00 元（含税）。 公司深耕国内护肤市场，薇诺娜2.0 时代聚焦打穿敏感肌品类，进阶敏感PLUS 持续突破。 品牌矩阵贯穿高端大众，品类布局纵横护肤彩妆，组织架构调整，预计将为公司带来积极变化。根据 25Q1 业绩，下调25-26 年盈利预测并新增27 年盈利预测，预计25-27 年归母净利润为6.67/7.69/8.99 亿元 （原预测为24-26 年归母净利润10.23/13.00 亿元），对应PE 为26/23/20 倍。考虑到珀莱雅、丸美生物、 若羽臣3 家可比公司估值，维持"买入"评级。 风险提示：市场需求变动；行业竞争加剧；渠道费用高企；新品牌销售不及预期。 费用端表现承压，运 ...

上 市 公 司 美容护理 2025 年 05 月 05 日 贝泰妮 (300957) ——战略调整持续，护肤彩妆双轮助力复苏 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 41.41 | | 一年内最高/最低（元） | 74.00/37.46 | | 市净率 | 2.9 | | 股息率%（分红/股价） | 1.45 | | 流通 A 股市值（百万元） | 17,541 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 14.35 | | 资产负债率% | 18.39 | | 总股本/流通 A 股（百万） | 424/424 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on projected earnings growth and valuation metrics [4][5]. Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, reflecting a year-on-year growth of 3.87%. However, the net profit attributable to shareholders decreased by 33.53% to 503 million yuan [2][5]. - The main revenue source is the brand "Winona," which saw a revenue decline of 5.45% to 4.909 billion yuan, while "Winona Baby" and "Aikeman" experienced significant growth of 34.03% and 65.59%, respectively [2][4]. - The gross margin for 2024 was 73.74%, with a slight decrease of 0.16 percentage points year-on-year. The net profit margin decreased by 4.93 percentage points to 8.77% [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.285 billion yuan, 7.153 billion yuan, and 8.146 billion yuan, respectively, with growth rates of 9.6%, 13.8%, and 13.9% [5][7]. - The net profit attributable to shareholders is expected to recover to 700 million yuan in 2025, with a growth rate of 39.2%, followed by 856 million yuan in 2026 and 1.059 billion yuan in 2027 [5][7]. - The report indicates an increase in operating expenses, with sales, management, and R&D expense ratios rising significantly in recent quarters [3][4]. Brand Strategy and Market Position - The company is expanding its market presence with a multi-brand strategy, focusing on the main brand "Winona" and introducing new products in the sensitive skin segment [4]. - The launch of the "Winona 2.0" strategy aims to enhance brand positioning and product offerings, which is expected to drive long-term growth [4][5].

24 年及1Q25 业绩低于我们预期 发展趋势 基于公司尚处产品及渠道调整阶段，下调25-26 年净利润预测22%/17%至6.7/7.9 亿元，当前股价对应25- 26 年26/22x P/E。维持跑赢行业评级，基于盈利预测调整及板块估值中枢上行，下调目标价12%至53 元，对应25-26 年33/29P/E，有31%的上行空间。 1、主品牌薇诺娜聚焦核心单品，子品牌培育稳步推进。①分品牌：24 年主品牌薇诺娜收入同比-5.5% 至49 亿元，品牌发布2.0 战略，持续聚焦大单品战略，明星单品特护霜完成2.0 升级，于天猫双11 期间 敏感肌面霜赛道蝉联榜首；修白瓶位列抖音双11 美白精华Top1；薇诺娜宝贝收入同增34.0%至2.0 亿 元；AOXMED 收入同增65.6%至0.6 亿元，新并购品牌姬芮/泊美分别贡献收入4.7/0.5 亿元；②分渠 道：24 年线上收入同比+10.1%，其中抖音渠道同比+31%，表现亮眼；OMO/线下收入同比分 别-0.4%/-10.7%。 风险 2、产品聚焦、渠道控价带动1Q25 毛利率显著优化，资产减值损失、营销投放增加导致24 年及Q1 净利 率同比下滑。24 年/ ...

根据年报数据，贝泰妮2024年全年实现营业收入57.36亿元，同比增长3.87%，尽管归母净利润受到多重因素影响，同比下降33.53%至5.03亿元，但公司核心 财务指标仍保持健康，资产总额达83.04亿元，净资产规模突破60亿元。 | | 2024 年末 | 2023 年末 | 本年末比上年 增減 | | --- | --- | --- | --- | | 总资产 | 8,303,551,892.22 | 7.506.930.342.79 | 10 | | 归属于上市公司股东的净资产 | 6,049,901,389.45 | 5,860,994,371.02 | 3 | | | 2024 年度 | 2023 年度 | 本年比上年 | | | | | 增減 | | 营业收入 | 5,735,865,254.21 | 5.522.168.263.00 | 3 | | 归属于上市公司股东的净利润 | 503,053,586.13 | 756,795,007.56 | -33 | | 归属于上市公司股东的扣除非经常性损 | 240,289,033.33 | 618.058.791.53 | -61 | | 益的净利 ...

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company experienced a temporary pressure on performance, but the makeup business showed remarkable growth [1] - The skincare segment's revenue decreased by 1.41% year-on-year, while the makeup segment's revenue surged by 226.48% [3] - The company is focusing on multi-brand development with Winona as the core brand, aiming to enhance customer value through a combination strategy of single products and sets [4] Financial Performance Summary - For 2024, the company reported a revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, and a net profit attributable to the parent company of 503 million yuan, a decrease of 33.53% [1] - The gross profit margin for 2024 was 73.74%, a slight decrease of 0.16 percentage points year-on-year [2] - The company’s revenue for Q1 2025 was 949 million yuan, down 13.51% year-on-year, with a net profit of 28 million yuan, down 83.97% [1] Segment Performance Summary - The skincare segment accounted for 83.70% of total revenue in 2024, while the makeup segment contributed 9.60% [3] - Online sales increased by 10.13% year-on-year, representing 68.21% of total revenue, while offline sales decreased by 10.72% [3] Future Projections - Revenue projections for 2025-2027 are 6.335 billion, 7.260 billion, and 8.491 billion yuan respectively, with net profits of 760 million, 923 million, and 1.057 billion yuan [4] - The company is expected to maintain a stable position in the market while exploring overseas expansion [4]

Brand Performance - The brand "Winona Baby" achieved revenue of over 200 million RMB, a year-on-year growth of 34% in 2024 [2] - The brand "Aikeman" generated approximately 60 million RMB in revenue, with a year-on-year increase of over 65% [2] - "Jirui" reported revenue of 470 million RMB in 2024, while "Bomei" generated over 50 million RMB, contributing significantly to the company's growth [2] Profitability and Financial Metrics - The company's gross profit margin improved from 73.74% in 2024 to 77.47% in Q1 2025 [3] - Cumulative dividends from 2021 to 2024 amounted to 1.098 billion RMB, representing 34.60% of the net profit attributable to shareholders during this period [3] - The 2024 dividend was approximately 250 million RMB, accounting for over 50% of the net profit attributable to shareholders [3] Inventory and Supply Chain Management - Inventory turnover rate increased from 1.78 times/year in 2023 to 1.87 times/year in 2024, a growth of 5.43% [3] - Inventory decreased from over 900 million RMB at the end of 2023 to 600 million RMB by the end of 2024, and further down to 560 million RMB by the end of Q1 2025 [3] Marketing and Sales Strategies - The brand "Aikeman" ranked among the top 6 new beauty brands on Tmall during the "Double 11" shopping festival in 2024 [4] - "Jirui" saw a 56% year-on-year increase in search index on Douyin for its core product, while its sunscreen category experienced a 97% increase [4] - "Bomei" achieved a 1181% year-on-year increase in search index for its flagship product on Douyin [4] Offline and Online Channel Development - The OTC distribution channel covered over 129,000 pharmacy stores nationwide by the end of 2024 [5] - The company opened 179 new brand direct stores in key urban areas, enhancing brand visibility and service capabilities [5] - The self-built OMO online sales platform saw large orders (over 1000 RMB) account for approximately 62.82% of total orders, with an average transaction value exceeding 1500 RMB [5]

Summary of Betaini's Conference Call Company Overview - **Company**: Betaini - **Fiscal Year**: 2024 - **Revenue**: RMB 57.35 billion, up 3.87% year-on-year - **Net Profit**: RMB 5.03 billion, down 33% year-on-year - **Non-recurring Profit**: RMB 2.4 billion, down 60% year-on-year [2][4][6] Key Financial Metrics - **Online Sales Proportion**: 69% - **Private Domain Sales Proportion**: 9% - **Offline Sales Proportion**: 22% [2][4] - **Main Brand Revenue**: - Winona: RMB 49.1 billion, down 5.45% - Baby Brand: RMB 60 million, up 66% - Betaini Brand: RMB 460 million - Gome Brand: over RMB 50 million [2][4][5] - **Gross Margin**: - 2024: 73.7% - Q1 2025: 77.47% [2][4][6] - **Inventory Reduction**: From RMB 900 million to RMB 550 million [2][4][6] Brand Performance - **Winona**: Revenue decline indicates brand performance issues - **Baby Brand**: Significant growth suggests strong market potential - **Okas**: Revenue of RMB 60 million, up 66%, indicating successful market penetration [2][4][12][13] Strategic Initiatives - **Channel Investment**: Increased focus on Douyin (TikTok) for sales and marketing, with notable success in whitening products [2][8] - **OTC Channel Expansion**: Plans to increase the number of pharmacies carrying makeup products from 100,000 to 150,000 and medical devices from 200,000 to 250,000 [2][35][36] - **Sustainability Goals**: Commitment to low-carbon initiatives, including increased use of recyclable materials and bottle recycling [3][16][17] Research and Development - **New Ingredients**: 12 new cosmetic ingredients registered, 88 patents granted [7] - **International R&D**: Establishment of research centers in Japan and France to enhance product innovation [39] Marketing and Sales Strategy - **E-commerce Focus**: Emphasis on balancing content e-commerce and shelf e-commerce to optimize sales channels [26] - **Membership Strategy**: Enhancing customer loyalty through targeted membership programs and personalized skin care solutions [19][23] Future Outlook - **Profit Recovery**: Expected gradual improvement in profit margins throughout 2025, aiming for double-digit growth [38] - **Brand Development**: Continued focus on core product lines and expansion into sensitive skin care solutions [20][31] - **Investment in Partnerships**: Strategic investments in upstream and downstream companies to enhance market position [30] ESG and Corporate Responsibility - **Sustainability Practices**: Integration of sustainable practices into operations, with a focus on environmental impact and community support [15][18] Challenges and Market Dynamics - **Competitive Landscape**: Increased competition in the efficacy skincare market necessitates continuous innovation [22][28] - **Supply Chain Management**: Emphasis on efficient supply chain management to maintain product quality and cost-effectiveness [28] This summary encapsulates the key points from Betaini's conference call, highlighting financial performance, strategic initiatives, brand dynamics, and future outlook.

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 26 年 月 日 贝泰妮（300957.SZ） 公司稳步推进变革优化，期待多品牌贡献增量 2024 年营收同比+3.87%，2025Q1 毛利率有所改善。公司 2024 年实现营收 57.36 亿元（yoy+3.87%），实现归母净利润 5.03 亿元（yoy-33.53%），归母扣非 净利润 2.40 亿元（yoy-61.12%）；实现销售毛利率约 73.74%，同比保持稳定。费 用 端 ， 销 售 / 管 理 / 研 发 费 率 分 别 为 49.97%/8.94%/5.15% ，同比分别 +2.71%/+1.46%/-0.26%。公司利润波动原因主要包括："双 11"等大促销售未 达预期、营销投入增加、悦江投资业绩承诺未完成因此计提长期资产减值准备金、 长期资产折旧摊销成本、费用增加以及线上获客成本上升等。2025Q1 公司实现营 收 9.49 亿元（yoy-13.51%），归母净利润 0.28 亿元（yoy-83.97%），销售毛利率 同比增加约 5.38pcts 至 77.47%，产品盈利能力有效改善主要系公司坚持渠道稳 价维 ...