Core Viewpoint - In the third quarter, Beitaini's net profit increased by 136.55%, indicating a potential turnaround from previous performance declines, although over 80% of revenue still relies on the main product, Winona, highlighting the need for further multi-brand development [1][2]. Financial Performance - In Q3, Beitaini reported revenue of 1.092 billion yuan, a year-on-year decline of 9.95%, while achieving a net profit of 25.22 million yuan, a year-on-year increase of 136.55% [2]. - For the first three quarters of 2025, Beitaini's revenue was 3.464 billion yuan, down 13.78% year-on-year, and net profit was 272 million yuan, down 34.45% year-on-year [2]. Brand Dependency - Winona brand generated revenue of 1.95 billion yuan in the first half of 2025, accounting for 82.17% of total company revenue, indicating that other brands contribute less than 20% [2]. - The heavy reliance on the main brand means that any slowdown in Winona's growth will directly impact Beitaini's overall performance [2]. Strategic Initiatives - Beitaini has recognized the importance of diversifying its business and has been actively seeking new growth through investments and acquisitions [2]. - In August, Beitaini announced a collaboration with a home radio frequency beauty device company, aiming to leverage advanced technology for quicker product development [2]. - In February, Beitaini acquired the Za and Bomei brands, previously owned by Shiseido, through a 51% stake in Yuejiang Investment [2].

【导读】贝泰妮打造初普运营团队，入局高端美容仪市场 中国基金报记者 赵刚 沉寂多日的家用高端射频美容仪Tripollar初普，最近被"药妆茅"贝泰妮重新带回公众视野。 记者从业内获悉，贝泰妮正在打造初普品牌的运营团队，由公司副总经理张梅负责。同时，在招聘网站上，贝泰妮已释放出多个相关岗位，包括电商设计 师、直播运营主管、媒介投放等。 有资本市场人士认为，对贝泰妮而言，此次合作可快速补足高端家用美容仪的产品与技术短板，与既有护肤品形成"仪器+凝胶+术后修护"的协同场景， 覆盖从居家到医美机构的完整方案。 该分析人士同时也表达了担忧，初普目前尚未取得国家药监局Ⅲ类医疗器械认证，而政策缓冲期仅剩8个月。 从幕后投资转向台前运营 近两年，贝泰妮在美容器械领域动作密集。 在投资方面，贝泰妮在2023年对威脉医疗实施战略投资，后续又参与了该公司的多轮融资，目前持股比例已达到9.49%。据公开资料，威脉医疗正致力于 自主开发一系列高端医疗器械产品线，包括外周介入类射频消融系统、医疗美容类射频治疗仪以及超声治疗仪等。 今年4月，贝泰妮旗下科凝美（上海）与开云医疗合资成立武汉科莱伊美靓泓生物科技，法定代表人为贝泰妮的高管之一高 ...

Core Viewpoint - Betaini is re-entering the high-end beauty device market by revamping the TriPollar brand and establishing an operational team to enhance its product offerings and technology capabilities [2][3]. Group 1: Company Strategy - Betaini is building an operational team for the TriPollar brand, led by Vice General Manager Zhang Mei, and is actively recruiting for various positions related to e-commerce and media [2]. - The collaboration with TriPollar aims to create a synergistic product offering that combines devices, gels, and post-care solutions, covering both home use and medical aesthetics [3]. Group 2: Market Position and Challenges - TriPollar, a high-end home beauty device brand from Israel, has faced challenges, including a recall of over 180,000 units due to temperature control defects and the need for regulatory compliance as a Class III medical device [15][16]. - As of 2025, TriPollar has not made progress in obtaining the necessary Class III medical device certification, which poses a risk of being banned from sale if not achieved by April 2026 [16]. Group 3: Financial Performance - Betaini's market capitalization has significantly declined from a peak of 120 billion yuan to approximately 19.4 billion yuan, with its stock price dropping below the initial offering price [18][19]. - The company's revenue growth has slowed considerably, with net profit halving over the past three years, and a 13.51% year-on-year decline in Q1 2025 [21][22]. Group 4: Investment and R&D - In recent years, Betaini has made strategic investments in the beauty device sector, including a 9.49% stake in Weimai Medical, which is developing high-end medical devices [6]. - The company is also enhancing its independent research and development capabilities, with multiple patents related to radiofrequency beauty devices filed since 2024 [10].