根据贝泰妮最新三季度财报数据，三季度公司营收为10.92亿元，同比下滑9.95%；实现归母净利润2522万元，同比增长136.55%。细翻贝泰妮的财报，三季度是贝泰妮为数不多的增长季。财 其中，薇诺娜依然是贝泰妮的主要营收支撑。2025年上半年财报显示，薇诺娜品牌的营收为19.5亿元，占公司总收入的82.17%，这意味着贝泰妮旗下其他品牌营收占比不足20%。根据公开资料 高度依赖主品牌带来的直接影响是，当主品牌增长出现乏力，贝泰妮的整体业绩也受到影响。2022—2024年，薇诺娜营收分别为48.85亿元、51.92亿元和49.09亿元，同比增速分别为24.6% 在美妆资深评论人、美云空间电商创始人白云虎看来，作为功效护肤领域的头部企业，贝泰妮洞察到了市场的机遇，并成功收获了早期的红利，也推动企业成功上市。但在功效产品赛道，核心竞 事实上，贝泰妮也早已意识到问题的重要性，不断拓展多元业务。近年来，贝泰妮一直在通过投资以及收购手段拓展自身业务寻求新增长。今年8月，贝泰妮合作家用射频美容仪初普的消息传出 今年2月，贝泰妮通过控股悦江投资（持股51%）间接收购了原属资生堂旗下的姬芮（Za）和泊美两大美妆品牌。随后在5 ...

三季度，贝泰妮净利润增长136.55%，这在业界看来是贝泰妮扭转此前多季度业绩颓势的开始，但贝泰妮是不是从此真的就开始走上增长之路，还需要打上 一个问号。毕竟，这次三季度净利润大增背后更多来自贝泰妮降本增效策略的实施。不过，从长远来看，品牌想要实现可持续增长，需要的是在品牌力、多 元业务等多层面的布局，而当前贝泰妮依然有超八成的营收来自大单品薇诺娜，在多品牌布局还需要进一步发力。 降本增效净利大增 根据贝泰妮最新三季度财报数据，三季度公司营收为10.92亿元，同比下滑9.95%；实现归母净利润2522万元，同比增长136.55%。 对于业绩增长，贝泰妮在公告中表示，公司产品盈利能力有效改善，主要系报告期内公司坚持以"一个中心两个基本点"为指引，即以品牌建设为中心，以会 员运营及全域协同增长为基本点，着力于会员分层运营与权益创新，实施差异化会员运营和品牌运营策略；坚持渠道稳价维价，适当减少促销权益占比以及 精简产品系列和商品数量，公司资源重新聚焦核心大单品、核心大爆品等一系列优化的经营策略有效落地实施所致。 依赖单品牌 对于贝泰妮而言，长久发展的关键是能否找到主品牌之外的第二增长点。 薇诺娜依然是贝泰妮的主要营 ...

Core Viewpoint - Betaini, known as the "first stock in functional skincare," is increasing its capital investments to explore new business opportunities amid declining performance in its core skincare segment [1][9]. Investment Strategy - On October 13, Betaini announced plans to invest as a limited partner in the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership, with a total fund size of 1 billion CNY, focusing on consumer healthcare, pharmaceuticals, medical devices, and AI in drug development [1][5]. - Betaini will contribute 50 million CNY, holding a 5% stake in the fund, which aims to enhance the company's competitive edge and profitability through strategic partnerships in the health ecosystem [5][9]. Financial Performance - Betaini's revenue from 2021 to 2024 showed a declining growth trend, with revenues of 40.22 billion CNY, 50.14 billion CNY, 55.22 billion CNY, and 57.36 billion CNY, reflecting year-on-year growth rates of 52.57%, 24.65%, 10.14%, and 3.87% respectively [9][10]. - The net profit during the same period was 8.63 billion CNY, 10.51 billion CNY, 7.57 billion CNY, and 5.03 billion CNY, with year-on-year growth rates of 58.77%, 21.82%, -28.02%, and -33.53%, indicating a trend of increasing revenue but decreasing profit [10]. Brand Dependency - The company's revenue heavily relies on its core brand "Winona," which contributed 48.85 billion CNY, 51.92 billion CNY, and 49.09 billion CNY from 2022 to 2024, accounting for approximately 97%, 94%, and 86% of total revenue respectively [10]. Diversification Efforts - To mitigate risks associated with reliance on a single brand, Betaini is developing a multi-brand strategy, acquiring stakes in other brands such as "Za" and "PURE&MILD" to expand its business portfolio [10][11]. - The company has invested approximately 280 million CNY in various funds over the past three years, indicating a proactive approach to diversify its investment portfolio beyond its primary beauty business [5][9]. Market Trends - The beauty industry is witnessing a trend where leading brands, including Betaini, are increasingly investing in capital markets to seek growth opportunities amid slowing sales in their core businesses [9][12].