两年前花费巨资收购的子公司业绩承诺难以兑现，叠加近两年业绩大幅下滑，"药妆茅" 贝泰妮（300957）的转型正面临严峻考验。 对此，贝泰妮董秘回复称，公司始终致力于提升资产质量与运营效率，对所有投资项目均进行审慎管理。关于悦江投资的具体事项，公司将严格依据相关 协议与会计准则进行处理，切实维护上市公司及全体股东权益。投资悦江是公司从多品牌发展角度考虑的战略性布局。未来将通过集团赋能，逐步完善集 团的品牌矩阵，提升运营质量，充分发挥资产价值，为股东创造回报。 近日，贝泰妮在深交所互动易平台针对投资者关于"收购标的业绩承诺完成率不足三成"的追问，进行了回复。 有投资者提问："悦江投资承诺2023年~2025年净利润达到不低于2.35亿元，截至目前大概才完成7000万元，基本上完不成目标了，按照约定悦江投资无偿 转让19.6%的股权。对本公司来讲也是一个包袱，后期有计划转让持有的悦江投资股权吗？" 资料显示，云南贝泰妮生物科技集团股份有限公司成立于2010年，是一家集研发、生产和营销为一体，定位于皮肤健康互联网+的大健康产业集团。公司 于2021年3月25日登陆深交所创业板，为中国功效性护肤品第一股。目前，贝泰妮旗 ...

Core Viewpoint - The recent inspection results from the Yunnan Drug Administration have raised compliance concerns for Betaini and its subsidiaries, leading to a significant decline in the company's reputation and financial performance [2] Financial Performance - In the first half of the year, Betaini reported revenue of 2.372 billion yuan, a year-on-year decline of 15.43%, returning to levels seen two years ago [2] - The net profit attributable to the parent company fell by 49.01% to 247 million yuan, marking a five-year low [2] - The net profit margin decreased by 6.49 percentage points to 10.47% [2] Brand Performance - The main brand, Winona, contributed 82% of total revenue, amounting to 1.95 billion yuan, down 18% year-on-year [3] - Other brands like Jirui and Pome also saw revenue declines of 11% and 5%, respectively [3] Product Category Analysis - Skincare products generated approximately 2 billion yuan in revenue, with an average selling price dropping from 42.78 yuan to 39.01 yuan, leading to a 12% decline in revenue [5] - Makeup products also saw a decrease in average selling price from 38.67 yuan to 37.77 yuan, resulting in a 7.1% revenue decline [5] - Medical device products experienced a price drop to below 100 yuan, averaging 95.88 yuan, down from 106.61 yuan [5] Sales Channels - Online, OMO, and offline channels contributed 1.743 billion yuan, 191 million yuan, and 424 million yuan in revenue, with year-on-year changes of -5.89%, -10.48%, and -41.58%, respectively [5] Management and Marketing Strategy - Despite poor sales performance, sales expenses increased by 0.6% to 1.285 billion yuan, raising the sales expense ratio by 8 percentage points to 52.92% [8] - The company emphasized its commitment to a multi-channel network, integrating online and offline sales, but the effectiveness of this strategy remains to be seen [9] Market Reaction - Betaini's stock price has significantly declined from a peak of 289.35 yuan to a closing price of 47.46 yuan, resulting in a market capitalization reduction of nearly 100 billion yuan [10]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant narrowing of profit decline and notable improvement in gross margin in its 2025 mid-year report. For H1 2025, revenue was 2.37 billion yuan, a year-on-year decrease of 15.4%, while net profit attributable to shareholders was 250 million yuan, down 49% year-on-year. In Q2 alone, revenue was 1.42 billion yuan, down 16.7% year-on-year, and net profit was 220 million yuan, down 29% year-on-year, with a reduced decline compared to Q1 [2][4]. Summary by Sections Revenue and Profitability - In H1 2025, the company's revenue was 2.37 billion yuan, reflecting a 15.4% year-on-year decline. The net profit attributable to shareholders was 250 million yuan, down 49% year-on-year. In Q2, revenue was 1.42 billion yuan, a 16.7% year-on-year decline, and net profit was 220 million yuan, down 29% year-on-year, with a reduced decline from Q1's 84% [2][4]. Brand Performance - The main brand faced temporary pressure, while the sub-brand Aikeman showed impressive growth. In H1 2025, revenues for various brands were as follows: Winona (1.95 billion yuan, -18.4%), Winona Baby (110 million yuan, +8.6%), Aikeman (50 million yuan, +93.9%), Jirui (210 million yuan, -11.5%), and Pomei (20 million yuan, -4.7%) [10]. Gross Margin and Expenses - The gross margin improved by 3.4 percentage points to 76% in H1 2025, attributed to stable pricing strategies and reduced promotional expenses. The expense ratios for sales, management, R&D, and finance increased by 8.6, 1.9, 0.8, and 0.4 percentage points respectively, leading to a total expense ratio increase of 11.8 percentage points [10]. Future Outlook - The company is expected to see a recovery in profit margins driven by stable pricing of core products and continued growth in Aikeman. The projected EPS for 2025-2027 is 1.18, 1.55, and 1.67 yuan respectively, supporting the "Buy" rating [10].

Core Viewpoint - The company, Beitaini, reported a significant decline in revenue and net profit for the first half of 2025, attributing this to industry cycle changes and strategic transformation needs, while maintaining a focus on high-value products and quality growth [2][3]. Financial Performance - The operating revenue for the reporting period was 2.371 billion yuan, a decrease of 15.43% compared to the same period last year [3]. - The net profit attributable to shareholders was 246.66 million yuan, down 49.01% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 182.62 million yuan, reflecting a 56.48% decline [3]. - The net cash flow from operating activities increased by 145.70% to 346.93 million yuan [3]. - Basic and diluted earnings per share were both 0.58 yuan, a decrease of 49.57% [3]. - The weighted average return on equity was 4.02%, down approximately 3.96 percentage points from the previous year [3]. - Total assets at the end of the reporting period were 7.979 billion yuan, a decrease of 3.91% from the end of the previous year [3]. Strategic Focus - The company is actively optimizing its operational structure to reduce inefficient investments and focus on high-value products and quality growth [2]. - Beitaini emphasized the importance of brand value and user engagement over mere scale expansion, leading to adjustments in growth pace [4]. - The company is enhancing its channel strategy and upgrading its offline channels, which have faced temporary pressure, while expanding into new retail formats [4]. - The 2025 operational plan is guided by a strategy centered on brand building, with a focus on member operations and collaborative growth [4]. Brand Development - Beitaini has established a multi-tiered brand matrix, with brands like Aikeman (high-end anti-aging) and Weinoona Baby (infant skincare) showing good growth [5]. - The company plans to continue advancing brand construction and resource allocation around the ecosystem of skin health [5].

Core Insights - The company Beitaini (300957.SZ) reported a significant decline in both revenue and net profit for the first half of 2025, with revenue at 2.372 billion yuan, down 15.43% year-on-year, and net profit at 247 million yuan, down 49% year-on-year [2] - The company's strategy of "price reduction to increase volume" has not been effective in reversing the downward trend in performance [3] Revenue and Profit Performance - Beitaini's revenue for the first half of 2025 was 2.372 billion yuan, a decrease of 15.43% compared to the previous year [2] - The net profit for the same period was 247 million yuan, reflecting a 49% decline year-on-year [2] - The company's non-recurring net profit was 182 million yuan, down 56.48% year-on-year [2] Pricing Strategy and Product Performance - The average selling price of skincare products decreased to 39.01 yuan from 42.78 yuan year-on-year, while the average price for color cosmetics dropped from 54 yuan to 37.77 yuan [3] - The revenue from the main brand, Winona, was 1.949 billion yuan, contributing significantly to the overall skincare revenue of 2.001 billion yuan [3] - The company has seen growth in its other brands, with Winona Baby achieving revenue of 110 million yuan, up 8.62% year-on-year, and Aikeman reaching 51.47 million yuan, a 93.89% increase [3] Competitive Landscape - The competitive landscape for sensitive skin care products has intensified, leading to sluggish growth for Beitaini's core products [4] - The revenue from the color cosmetics brand Jirui was 212 million yuan, down 11.50% year-on-year, and from the brand Pomei was 23.83 million yuan, down 4.72% [4] - Online sales accounted for 73.93% of the company's main business revenue, totaling 1.74 billion yuan, while offline sales were 420 million yuan, making up 17.99% [4] Strategic Developments - Beitaini has disclosed its acquisition of the high-end beauty device brand Tripollar, indicating a strategy to diversify its brand portfolio [4] - The company aims to develop multiple brands, including Winona, Winona Baby, Aikeman, Beifuting, Jirui, Pomei, and Tripollar, to enhance growth opportunities [4]

Core Insights - The company Beitaini (300957.SZ) reported significant declines in both revenue and net profit for the first half of 2025, with revenue at 2.372 billion yuan, down 15.43% year-on-year, and net profit at 247 million yuan, down 49% year-on-year [1] Group 1: Revenue and Profit Performance - Beitaini's revenue for the first half of 2025 was 2.372 billion yuan, a decrease of 15.43% compared to the previous year [1] - The company's net profit fell to 247 million yuan, representing a 49% decline year-on-year [1] - The non-recurring net profit was reported at 182 million yuan, down 56.48% year-on-year [1] Group 2: Pricing Strategy and Product Performance - Beitaini 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 year-on-year [2] - The average price of color cosmetics decreased from 54 yuan to 37.77 yuan, while medical device products saw a drop from 106.61 yuan to 95.88 yuan [2] - The flagship brand Winona generated revenue of 1.949 billion yuan, accounting for a significant portion of the company's total skincare revenue of 2.001 billion yuan [2] Group 3: Market Competition and Channel Performance - The competitive landscape for sensitive skin care products has intensified, leading to sluggish growth for Beitaini's core products [3] - Online sales accounted for 73.93% of the company's main business revenue, totaling 1.74 billion yuan, while offline sales contributed 17.99% with 420 million yuan [3] - Personnel expenses increased from 205 million yuan to 261 million yuan year-on-year, impacting profitability [3] Group 4: Growth Initiatives - Beitaini is exploring new growth avenues through acquisitions and investments, with Winona Baby achieving revenue of 110 million yuan, up 8.62% year-on-year, and Aikeman generating 51.47 million yuan, a 93.89% increase [2] - The company disclosed its acquisition of the high-end beauty device brand Tripollar, indicating a strategy to diversify its brand portfolio [3]

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].

Core Viewpoint - Beitaini's 2025 semi-annual report shows resilience in operations despite challenges in the cosmetics industry, with significant improvements in cash flow and inventory management [1][2] Financial Performance - In the first half of 2025, Beitaini achieved operating revenue of 2.372 billion yuan and net profit attributable to shareholders of 247 million yuan [1] - Operating cash flow reached 347 million yuan, a year-on-year increase of 145.70%, with Q2 cash flow netting 416 million yuan, indicating enhanced cash return capability [1][2] - The overall gross profit margin for the first half of 2025 was 76.01%, reflecting strong profitability and operational efficiency [2] Industry Context - The cosmetics industry in China is transitioning from "scale expansion" to "high-quality development," facing challenges of demand slowdown and intensified competition [1] - Companies are shifting growth strategies from external expansion to internal optimization, with a focus on improving operational efficiency [1] Inventory and Accounts Receivable Management - Beitaini effectively managed inventory turnover and accounts receivable, with 96.02% of accounts aged within one year and a reasonable bad debt provision rate of 5.29% [2] - The overall working capital structure has been optimized, maintaining ample liquidity [2] Research and Development - Despite short-term revenue pressures, Beitaini increased R&D investment, with an R&D expense ratio of 4.91%, up 0.83 percentage points year-on-year, maintaining industry leadership [2] Brand Performance - The main brand, Winona, continues to lead the sensitive skin care market in China, recognized as the top seller in sensitive skin care products for five consecutive years [3] - Beitaini's multi-brand matrix is maturing, with significant revenue growth from brands like Aikeman and Winona Baby, indicating successful activation of differentiated market segments [3] Global Expansion Strategy - Beitaini is focusing on deepening its presence in Southeast Asia and leveraging the Belt and Road Initiative for product registration and local operations [4] - The company emphasizes brand building and local adaptation, with products entering mainstream channels and establishing brand recognition through social media platforms [4]

Summary of the Conference Call Transcript Company Overview - **Company**: 贝泰妮 (Betaini) - **Industry**: Consumer Goods, specifically skincare and beauty products Key Points and Arguments 1. **Profitability Goals**: The company aims for a double-digit net profit margin by 2025, up from 8.8% in 2024, supported by a targeted 3% increase in gross margin, efficiency improvements, and operational leverage [1][4] 2. **Revenue Targets**: - Main brand, 薇诺娜 (Winona), is expected to achieve single-digit revenue growth, focusing on product reform and promotional control [1][4] - Emerging brands are projected to maintain growth momentum, with 薇诺娜宝贝 (Winona Baby) targeting over 30% growth, 瑗科缦 (Yuan Keman) over 100%, and 贝芙汀 (Beifutin) aiming for 50 million yuan [1][4] 3. **Quarterly Performance**: The second quarter shows improvement, with a strong start to the 6.18 shopping event, reporting a 20-30% increase in GMV through live streaming channels and a 30-40% increase on Douyin [1][4] 4. **Inventory Management**: Inventory balances improved, with figures of 556 million yuan and 612 million yuan for Q1 2025 and FY2024 respectively, down 34% and 32% from FY2023 [1][4] 5. **OTC Channel Expansion**: Sales in the OTC channel are recovering, with a projected 10% growth in sales for approximately 129,000 OTC pharmacies in 2024 [1][4] 6. **Financial Forecasts**: - Revenue is expected to grow from 5.736 billion yuan in FY24 to 6.196 billion yuan in FY25, with a compound annual growth rate (CAGR) of 10% from 2025 to 2027 [1][9] - Adjusted net profit is projected to increase from 503 million yuan in FY24 to 654 million yuan in FY25 [1][8] 7. **Market Position**: Winona is the largest efficacy skincare brand in China, holding a 20% market share, outperforming competitors like 理肤泉 (La Roche-Posay) and 修丽可 (SkinCeuticals) [1][9] 8. **Valuation**: The target price is set at 66 yuan, corresponding to a 35x 12-month forward P/E ratio, based on a discounted cash flow analysis [1][14] Additional Important Information - **Risks**: - Downside risks include potential failure in brand expansion, high traffic costs, intensified competition, and increased regulatory scrutiny on efficacy skincare advertising [1][16] - Upside catalysts include better-than-expected performance of new products and successful acquisitions [1][16] - **Stock Performance**: The stock price as of May 28, 2025, is 45.29 yuan, with a target price of 66.00 yuan by December 2025 [2][22] This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial targets, market positioning, and associated risks.

Group 1: Brand Development and Strategy - The main brand's growth is complemented by the successful performance of sub-brands like Winona and AOXMED, indicating a balanced resource allocation strategy [2][3] - The company employs an internal incubation mechanism for sub-brands, allowing independent team operations and budget management [2] - The brand matrix has been established with various brands targeting different consumer segments, including Winona Baby and Beforteen [3][4] Group 2: Information Disclosure and Investor Relations - The company adheres to strict information disclosure obligations, ensuring transparency and effective communication of key operational and financial information [3] - In the 2023-2024 period, the company received an "A" rating for information disclosure from the Shenzhen Stock Exchange, reflecting its commitment to improving disclosure quality [3] - The company actively engages with investors through various channels, including dedicated personnel for inquiries and participation in strategy meetings and roadshows [3] Group 3: Operational Efficiency and Future Directions - The company plans to enhance operational capabilities through digital transformation, AI empowerment, and supply chain cost reduction strategies [3][4] - Future growth directions include focusing on infant skincare, high-end anti-aging, and AI acne treatment, with specific brands assigned to each segment [4] - The company aims to balance marketing investments for brand expansion with profitability goals, ensuring sustainable growth [3][4]