尽管面临短期营收压力，贝泰妮研发投入强度逆势提升，上半年研发费用率达4.91%，较去年同期提升 0.83个百分点，持续居于行业领先水平。结合产品结构优化、渠道精细化运营和供应链效率提升等多重 举措，公司毛利率保持稳步上升，上半年整体毛利率达76.01%，凸显出较强的盈利能力和综合运营效 率。 科研体系构建方面，贝泰妮不断深化"产学研医"协同创新机制，基于对云南特色植物资源的持续挖掘， 公司已积淀深厚的原料优势，2025年上半年新增4项新原料备案，累计自主备案原料达16项，处于行业 引领位置。 2025上半年，化妆品行业在需求放缓与竞争加剧的双重挑战下持续承压，企业增长动能从外部扩张转向 内生优化。增长往往成为超预期，降速则成为常态和主动选择。 8月27日晚间，贝泰妮（300957）披露2025年半年度报告。报告显示，贝泰妮2025上半年实现营业收入 23.72亿元，归属于上市公司股东的净利润2.47亿元。 报告显示，贝泰妮实现经营性现金流3.47亿元，同比增长145.70%，充足的现金流为公司应对市场波动 提供了有力保障。分季度来看，2025年第二季度公司经营性现金流净额达到4.16亿元，现金回流能力显 著增 ...

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]

Group 1: Business Strategy and Performance - The company plans to enhance the performance of brands ZA and Pomei by strictly executing operational budgets, controlling marketing ROI, and reducing ineffective expenditures to lower sales expense ratios [2] - In 2025, the company will focus on brand building, member operations, and overall collaborative growth, emphasizing its core strengths and enhancing organizational transformation [5] - The company aims to maintain its leadership in the sensitive skin care market by deepening the brand genes of "skin medicine," "plant technology," and "evidence-based medicine" [5] Group 2: Market Expansion and Product Development - The company will continue to explore overseas markets to improve profitability and support its main brand through collaborative efforts with its R&D team [6] - A new product, Silver Core Cream, has been launched targeting anti-aging needs for sensitive skin, featuring a proprietary ingredient aimed at combating aging factors [4] - The company plans to enhance online traffic conversion efficiency through a dual focus strategy on product and channel optimization [4] Group 3: Financial Management and Investor Relations - The company acknowledges the impact of various factors on stock price and emphasizes the importance of communication with investors through various market activities [3] - Management fees increased by 56% year-on-year, exceeding the industry average of 4-6%, prompting the company to implement measures to control expenses [7] - The company has established a market value management system to improve operational performance and provide better returns to investors [7] Group 4: Consumer Feedback and Product Quality - The company is committed to improving customer service and addressing feedback regarding product quality and after-sales support [8] - Concerns were raised about the quality of promotional gifts, leading the company to consider enhancing the quality of these items [3] - The company is focused on maintaining a balance between cost considerations and customer expectations for product quality [3]

Core Viewpoint - The company reported its 2024 annual report and Q1 2025 results, showing performance slightly below market expectations, with revenue growth but significant declines in net profit and cash flow metrics [1][4]. Financial Performance - 2024 revenue reached 5.736 billion yuan, a year-on-year increase of 3.87%, while net profit attributable to shareholders was 503 million yuan, down 33.53% year-on-year [1]. - Q1 2025 revenue was 949 million yuan, a year-on-year decline of 13.51%, with net profit attributable to shareholders at 28 million yuan, down 83.97% year-on-year [1]. - The company declared a cash dividend of 6.00 yuan per 10 shares (including tax) [1]. Profitability and Cost Structure - The gross margin for 2024 was 73.74%, a decrease of 0.16 percentage points year-on-year, while the net profit margin was 8.63%, down 5.12 percentage points year-on-year [1]. - The sales expense ratio increased to 49.97%, up 2.71 percentage points year-on-year, primarily due to increased brand promotion and online channel costs [1]. - The management expense ratio rose to 8.94%, up 1.46 percentage points year-on-year, attributed to depreciation and personnel costs [1]. Segment Performance - In 2024, skincare revenue was 4.801 billion yuan, down 1.42% year-on-year, while color cosmetics revenue surged to 551 million yuan, a growth of 226.51% year-on-year [2]. - Online channel revenue reached 3.912 billion yuan, up 10.13% year-on-year, with Douyin platform revenue growing by 30.96% to 827 million yuan [2]. Strategic Focus - The company is deepening its "sensitive skin PLUS" strategy, focusing on core products that enhance brand value and sales [3]. - The 2025 strategy will emphasize brand building, membership operations, and collaborative growth, with a focus on scientific communication and emotional content [3]. - The brand matrix includes various sub-brands targeting specific demographics, enhancing market penetration [3][4]. Future Outlook - The company has adjusted its profit forecasts for 2025-2026 and introduced a new forecast for 2027, expecting net profits of 667 million, 769 million, and 899 million yuan respectively [4]. - The price-to-earnings ratio is projected to be 26, 23, and 20 times for 2025, 2026, and 2027 respectively [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.736 billion yuan in 2024, a year-on-year increase of 3.9%, but the net profit attributable to shareholders decreased by 33.5% to 503 million yuan. In Q1 2025, revenue was 949 million yuan, down 13.5%, with a net profit of 28 million yuan, down 84.0%. Due to rising costs and increased competition, profit forecasts for 2025-2026 have been revised downwards, with new estimates for net profit at 672 million yuan for 2025, 803 million yuan for 2026, and 927 million yuan for 2027. The expected EPS for these years is 1.59, 1.90, and 2.19 yuan respectively, with corresponding PE ratios of 25.4, 21.2, and 18.4 times [5][8][11]. Financial Performance - In 2024, the company achieved revenue of 5.736 billion yuan, with a year-on-year growth of 3.9%. The net profit attributable to shareholders was 503 million yuan, reflecting a decline of 33.5%. For Q1 2025, revenue was 949 million yuan, down 13.5%, and net profit was 28 million yuan, down 84.0% [5][8]. - The gross margin for 2024 was 73.7%, a slight decrease of 0.2 percentage points, while Q1 2025 saw an improvement in gross margin to 77.5%, an increase of 5.4 percentage points [6][12]. - The company’s operating expenses increased in 2024, with sales, management, and R&D expense ratios rising by 2.7, 1.5, and -0.3 percentage points respectively. In Q1 2025, these ratios further increased by 9.3, 5.5, and 3.1 percentage points, indicating higher costs due to intensified market competition [6][12]. Brand and Channel Performance - The main brand, Winona, focuses on sensitive skin solutions, enhancing customer value through a "single product + set" strategy. The second-tier brands, including Winona Baby and Aikeman, have shown strong performance in their respective markets. The company is also optimizing its online channels and has begun to enter mainstream beauty channels in Thailand [7][8]. - In 2024, the revenue from the skincare segment was 4.801 billion yuan, down 1.4%, while the makeup segment saw significant growth, achieving 551 million yuan, an increase of 226.5% [6][8]. Valuation Metrics - The company’s total market capitalization is 170.67 billion yuan, with a current stock price of 40.29 yuan. The stock has a one-year high of 74.00 yuan and a low of 37.46 yuan [1][8]. - The projected P/E ratios for 2025, 2026, and 2027 are 25.4, 21.2, and 18.4 respectively, indicating a reasonable valuation based on expected earnings growth [5][8]. Summary of Financial Forecasts - The company is expected to achieve revenues of 6.277 billion yuan in 2025, 7.023 billion yuan in 2026, and 7.962 billion yuan in 2027, with corresponding net profits of 672 million yuan, 803 million yuan, and 927 million yuan [8][11]. - The gross margin is projected to stabilize around 73.8% from 2025 to 2027, while the net profit margin is expected to improve gradually from 10.5% in 2025 to 11.5% in 2027 [8][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.736 billion yuan in 2024, representing a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 503 million yuan, down 33.5% [5] - In Q1 2025, the company achieved a revenue of 949 million yuan, a decrease of 13.5%, and a net profit of 28 million yuan, down 84.0% [5] - The report anticipates a recovery in profit after adjustments, with projected net profits for 2025-2027 at 672 million, 803 million, and 927 million yuan respectively, with corresponding EPS of 1.59, 1.90, and 2.19 yuan [5] - The company is expected to maintain a reasonable valuation with a current PE of 25.4 for 2025, 21.2 for 2026, and 18.4 for 2027 [5] Financial Performance Summary - Revenue for 2024 is projected at 6.277 billion yuan, with a year-on-year growth of 9.4% [8] - The gross profit margin for 2024 is expected to be 73.8%, consistent with previous years [8] - The net profit margin is projected to improve to 10.5% in 2025, up from 8.6% in 2024 [8] - The company’s return on equity (ROE) is expected to rise to 9.6% in 2025 from 8.0% in 2024 [8] Brand and Channel Performance - The main brand, Winona, focuses on sensitive skin solutions, with a strategy to enhance average transaction value through single products and sets [6] - In 2024, the revenue from the Winona brand was 4.909 billion yuan, a decrease of 5.5% year-on-year, while other brands like Aikeman and Jirei saw significant growth [6] - Online sales channels generated 3.912 billion yuan in revenue, reflecting a 10.1% increase, while offline channels saw a decline of 10.7% [6] Market Outlook - The report indicates that after adjustments, growth is expected to resume, supported by a well-established brand matrix in the sensitive skin care segment [5] - The company is also expanding its presence in international markets, having entered mainstream beauty channels in Thailand [7]

Core Viewpoint - The company reported disappointing financial results for 2024 and Q1 2025, with revenue growth stagnating and significant declines in net profit due to asset impairment losses and increased marketing expenses [1][3]. Financial Performance - For 2024, the company achieved revenue of 5.74 billion, a year-on-year increase of 3.9%, but net profit attributable to shareholders fell by 33.5% to 500 million [1]. - In Q1 2025, revenue was 950 million, down 13.5% year-on-year, with net profit dropping 84.0% to 28 million [1]. - The decline in net profit was primarily attributed to underperformance of Yujing Investment, leading to asset impairment losses, alongside increased sales expenses from brand promotion and online channel investments [1]. Development Trends - The main brand, Winona, focused on core products, with revenue declining by 5.5% to 4.9 billion in 2024, while sub-brands showed growth, with Winona Baby increasing by 34.0% to 200 million and AOXMED rising by 65.6% to 60 million [2]. - Online sales grew by 10.1% in 2024, with Douyin channel sales up 31%, while offline sales declined [2]. Profitability and Cost Management - Gross margin improved significantly in Q1 2025, reaching 77.5%, up 5.4 percentage points year-on-year, due to a focus on core products and price stability [3]. - However, the sales expense ratio increased, with a rise of 2.7 percentage points to 50.0% in 2024 and 9.3 percentage points to 56.0% in Q1 2025, driven by increased promotional and membership operation costs [3]. - The company faced asset impairment losses of 90 million and 25 million from goodwill and intangible assets, respectively, impacting net profit margins [3]. Strategic Outlook - The company plans to streamline its product matrix and optimize channel strategies, focusing on reducing promotional intensity and improving online operational efficiency [4]. - There is an emphasis on expanding the second-tier brands like Winona Baby and AOXMED, with attention on future operational improvements [4]. Earnings Forecast and Valuation - The company has lowered its net profit forecasts for 2025 and 2026 by 22% and 17% to 670 million and 790 million, respectively [5]. - The current stock price corresponds to a P/E ratio of 26x for 2025 and 22x for 2026, with a target price adjustment down by 12% to 53 yuan, indicating a potential upside of 31% [5].

Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 503 million yuan, down 33.53% year-on-year [1] - In Q1 2025, the revenue was 949 million yuan, a decrease of 13.51% year-on-year, and the net profit attributable to shareholders was 28.34 million yuan, down 83.97% year-on-year [1] - The decline in profit for 2024 and Q1 2025 is attributed to multiple factors including pressure from online promotions, intensified market competition leading to increased marketing expenses, asset impairment provisions, and rising operational costs [1] - The company is focusing on core product categories, resulting in a significant improvement in gross margin in Q1 2025, laying a solid foundation for product performance [1] Revenue and Profit Analysis - The main brand experienced a temporary slowdown in growth, while the sub-brands Aikeman and Winona Baby saw rapid growth, with Winona's revenue for 2024 at 4.909 billion yuan, down 5.41% year-on-year; Aikeman (AOXMED) targeting the high-end anti-aging market saw a revenue increase of 66% year-on-year to 59.92 million yuan; Winona Baby, focusing on effective skincare for infants and children, achieved a revenue of 201 million yuan, up 34.03% year-on-year [1] - The revenue from the acquired brands Jirui and Pomei in 2023 was 467 million yuan and 515 million yuan, respectively [1] Margin and Expense Overview - In Q1 2025, the gross margin improved significantly, increasing by 5.39 percentage points to 77.47% due to category structure optimization [2] - The sales expense ratio was 56.04%, up 9.30 percentage points year-on-year, primarily due to increased marketing investments; the management expense ratio was 12.44%, up 5.54 percentage points year-on-year, mainly due to fixed cost increases from organizational expansion; the R&D expense ratio was 6.10%, up 3.13 percentage points year-on-year, reflecting ongoing investment in innovation [2] - In 2024, the company's sales revenue from Alibaba, Douyin, and JD.com reached 1.73 billion yuan, 827 million yuan, and 527 million yuan, respectively, with year-on-year changes of -2.07%, +30.96%, and +40.69% [2] Profit Forecast and Valuation - The company is still in the phase of restructuring product categories and channel strategies, with brand building and marketing investments likely to continue, although results remain to be seen [3] - The profit forecast for 2025-2026 has been lowered, with expected net profits attributable to shareholders of 769 million yuan, 949 million yuan, and 1.048 billion yuan for 2025-2027, respectively, down from previous estimates of 1.069 billion yuan and 1.332 billion yuan [3] - The target price has been adjusted to 56.11 yuan, down from 60.48 yuan, corresponding to a 31 times PE for 2025, considering the ongoing adjustments in product categories and the performance of major online channels [3]

Core Viewpoint - Betaini, once known as the "cosmetic medicine leader," faces its most severe challenge since its listing in Q1 2025, with a significant decline in revenue and profit [1][2] Financial Performance - The company's revenue for the period was 949 million yuan, a year-on-year decrease of 13.51% [1] - The net profit attributable to shareholders was only 28.34 million yuan, down 83.97% year-on-year [1] - Operating cash flow was negative, reaching -68.65 million yuan in Q1 [2] Brand and Market Position - The core brand, Winona, is experiencing a slowdown in growth and a weakening market position, which poses the biggest risk to Betaini [1] - Winona's ranking in the beauty category on Tmall dropped from 5th to 9th during the 2023 Double 11 shopping festival [1] - The company has invested 536 million yuan in acquiring brands like Jirui and Bomei, but these new businesses have not effectively supported the company's performance [1] Industry Challenges - The competitive landscape in the efficacy skincare sector has intensified, leading to increased pressure on Betaini [1] - The company's reliance on online channels is showing signs of fatigue, with offline channels also facing challenges due to reduced foot traffic [1] - The current business model of "heavy marketing and light R&D" is proving to be limited, necessitating a shift towards innovation and product strength [2]