Core Viewpoint - The article emphasizes the importance of integrating clinical insights into the skincare industry, highlighting the release of the "2025 China Medical Skincare Clinical Insight Report" as a pivotal moment for bridging the gap between clinical practice and product development [2][3][4]. Summary by Sections Insight Report Overview - The "2025 China Medical Skincare Clinical Insight Report" was launched at the SIA2025 Scientific Skincare Innovation Alliance Annual Conference, marking a significant shift in understanding how dermatologists utilize efficacy skincare products in clinical settings [2][3]. - This report serves as a comprehensive guide for the skincare industry, aiming to eliminate the information barrier between clinical medicine and industry [4]. Methodology and Findings - The report is based on extensive research involving 11,253 dermatologists and 25 industry experts, focusing on five core skin conditions: acne, atopic dermatitis, pigmentary disorders, sensitive skin, and perioperative care in aesthetic medicine [6][8]. - It outlines a full-cycle management approach for skin issues, providing practical guidelines validated by clinical experience [6][14]. Clinical Pathways and Recommendations - The report details specific intervention points for efficacy skincare products throughout the management process of various skin conditions, emphasizing the importance of barrier repair and maintenance in treatment plans [14][15]. - It highlights the necessity of a comprehensive skincare strategy during aesthetic procedures, with 91% of dermatologists recommending a holistic skincare approach [17][19]. Bridging Clinical and Industry Practices - The report translates complex clinical language into actionable insights for product development, addressing the disconnect between medical professionals and the skincare industry [20][21]. - It identifies the role of dermatologists as natural judges of product safety and efficacy, providing a foundation for evidence-based product development [21][22]. Future Opportunities - The report positions dermatologists as key players in the future of skin health management, revealing untapped market potential in the aesthetic medicine sector [23]. - It emphasizes the need for a collaborative approach between clinical insights and product innovation to meet the evolving demands of consumers [24][26].

Investment Rating - The report assigns a "Buy" rating to the company, indicating a potential upside of 15% to 35% from the current price [5][10]. Core Insights - The company plans to repurchase up to approximately 104 million shares, which is about 9.7% of its total shares, signaling management's confidence in the company's future and belief that the stock is undervalued [6][7]. - The company has received its first Class III medical device certification for its recombinant type I α1 collagen product, marking its entry into the injectable aesthetic medicine market, which is expected to drive future growth [7]. - Despite recent stock price adjustments due to market conditions and lower-than-expected sales during the Double Eleven shopping festival, the report suggests that the stock has sufficiently adjusted and is poised for recovery [7]. Financial Projections - The company is projected to achieve net profits of RMB 2.43 billion, RMB 2.98 billion, and RMB 3.64 billion for the years 2025, 2026, and 2027, respectively, reflecting year-over-year growth rates of 17.8%, 22.5%, and 22.2% [9]. - Earnings per share (EPS) are expected to be RMB 2.27, RMB 2.78, and RMB 3.40 for the same years, with corresponding year-over-year growth rates of 8.1%, 22.5%, and 22.2% [9]. - The price-to-earnings (P/E) ratios are projected to decrease from 15x in 2025 to 10x in 2027, indicating a potential increase in value as the company grows [9]. Shareholder Information - The major shareholder is Fan Daidi, holding 55.13% of the shares, which indicates a strong control over the company [1]. - The company's market capitalization is approximately HKD 41.08 billion, with a current share price of HKD 36.58 [1]. Market Performance - The stock has experienced a significant decline, with a 24.4% drop over the past month and a 32.07% drop over the past three months [1]. - The stock price has fluctuated between a high of HKD 82.99 and a low of HKD 35.72 over the past year [1]. Product Portfolio - The company's product mix is heavily weighted towards functional skincare products, which account for 78.6% of total sales, while medical dressings contribute 23.3% and health products account for 0.3% [2].

近日，由中国医师协会皮肤科医师分会顾问刘玮教授引领解读的《2025中国医学护肤临床洞察报告》指 出，基于对皮肤生理病理机制的深刻理解和丰富的临床实践经验，皮肤科医生将医学护肤理念具象到各 类皮肤问题/医美场景的全周期管理中，突出功效性护肤品在皮肤疾病和问题的预防辅助治疗和日常维 稳的关键性作用。 因此，以皮肤科医生群体的临床洞察为起点，联合医院、高校、科研院所和企业，构建覆盖基础研究、 靶点筛选、临床验证到科学传播的全链路化妆品开发体系是医研共创的必需要素。唯有各方立足自身优 势紧密合作，才能破解市场乱象，推动功效性护肤品行业持续向科学化精准化迈进，最终实现以医学护 肤守护全民皮肤健康的目标。 如此，究竟该如何落实？皮肤健康产业市场空间广阔 21世纪经济报道记者季媛媛 近两年，功效性护肤品产业近年来高速发展，市场规模迅速扩大。理性消费观念兴起，使得注重功效和 安全性的护肤产品深受青睐。 但不少业内人士也指出，目前皮肤健康产业仍存诸多问题，包括部分产品功效宣称缺乏充分证据化妆品 不良反应监测重视程度不足、行业评价标准存在一定差异，以及从皮肤问题诊疗到日常护理的衔接不 畅，影响治疗和护理依从性和最终改善效果。 这 ...

Core Viewpoint - Yunnan Betaini Biotech Group Co., Ltd. reported a resilient performance in the first half of 2025 despite challenges in the cosmetics industry, focusing on long-term value and quality improvement rather than short-term growth [1][2] Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 2.372 billion yuan and a net profit attributable to shareholders of 247 million yuan [1] - The operating cash flow reached 347 million yuan, representing a year-on-year increase of 145.70%, indicating significant improvement in cash return capabilities [2] - The gross profit margin remained stable, and inventory structure continued to improve, reflecting effective management of operational efficiency [1][2] Group 2: Strategic Transformation - The cosmetics industry is undergoing a shift from marketing-driven growth to product-driven and value-driven competition, prompting the company to adjust its strategy for quality enhancement and structural optimization [2] - The company is focusing on long-term value by restructuring product barriers through R&D and enhancing operational efficiency via refined channel management [1][2] Group 3: R&D and Innovation - The company increased its R&D investment, with a research expense ratio of 4.91%, up by 0.83 percentage points year-on-year, positioning it as a leader in the industry [3] - Betaini is deepening its "industry-university-research-medical" collaborative innovation mechanism, establishing a comprehensive R&D chain covering basic research, raw material development, formulation innovation, and clinical evaluation [3] - The company has registered 4 new raw materials in the first half of 2025, bringing the total to 16, which is expected to create a technological moat [3][4]

证券日报网讯贝泰妮（300957）8月20日在互动平台回答投资者提问时表示，公司始终专注于云南特色 植物资源的研发与产业化应用，核心深耕人类功效性护肤品领域。通过融合植物学、生物学及皮肤学前 沿科技，持续强化"产学研医"体系在化妆品新原料转化中的领先优势。目前研发资源聚焦于人类皮肤健 康需求，暂未布局其他生物形态的皮肤研究领域。 ...

Core Insights - The 51st CCBE Chengdu Beauty Expo has commenced with a focus on "New Beauty Industry, Creating Business Opportunities," featuring 752 companies and over 4500 domestic and international brands [1] - The "National Brand Accompanying Plan" aims to provide a comprehensive growth platform for national brands through an innovative exhibition-media integration model [1] Group 1: Empowerment and Brand Development - The "National Brand Accompanying Plan" employs a rigorous four-level screening mechanism to evaluate brands based on enterprise qualifications, product strength, and social responsibility, offering tailored empowerment plans over 3-5 years [3] - The plan integrates resources from national media such as CCTV and Xinhua News Agency, creating a full-service system from content production to effect conversion, enhancing brand value in the beauty industry [3][5] - The plan addresses the pain point of beauty brands focusing more on products than branding, providing professional solutions to convert technological advantages into brand value [3] Group 2: Strategic Partnerships and Media Exposure - A strategic agreement was signed between the Sichuan Beauty and Hairdressing Industry Association and the "National Brand Accompanying Plan" to provide rare resources such as special reports and documentary filming for participating brands [5] - The expo featured a "Brand Service Consultation" area, where over 100 companies booked one-on-one brand diagnostics, highlighting the importance of media endorsement in enhancing brand trust [5] Group 3: Case Study of Empowerment - Shengzhuang brand, a leader in technology-enabled health management in the beauty industry, has over 20 years of experience in cosmetic and pharmaceutical R&D, with annual revenue exceeding 2 billion [8] - The company collaborates with Sichuan Agricultural University on customized services and products, achieving a 40% increase in average transaction value and over 65% customer repurchase rate [9] - Shengzhuang has been recognized as one of the "Top Ten Brands in Beauty Health Management" in China for three consecutive years, with a 45% year-on-year revenue growth in 2024 [9] Group 4: Industry Transformation and Expo Evolution - The CCBE has evolved from a product trading platform to an industry ecological hub, marking a critical shift from price competition to value competition in the beauty industry [11] - The integration with the "National Brand Accompanying Plan" signifies a new path for national brands to expand nationwide and move towards high-end markets through exhibition-media collaboration and professional empowerment [11]