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千亿市值蒸发!贝泰妮并购“烂尾”
Shen Zhen Shang Bao· 2025-10-09 12:23
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 ...
贝泰妮(300957)2025年中报点评:品牌矩阵与研发创新蓄力长期复苏
Xin Lang Cai Jing· 2025-10-09 08:29
产品结构优化+会员运营发力,毛利率逆势提升。面对行业竞争与消费疲软,公司通过三大举措巩固盈 利水平:①精简SKU、聚焦核心大单品(如薇诺娜舒敏系列),减少低效促销;②差异化会员分层运 营,私域流量沉淀带动用户生命周期价值提升;③研发投入聚焦"成分协同+渗透技术",如马齿苋提取 物的基础研究突破,为产品溢价构筑壁垒。 事项: 业绩一览:收入短期承压,毛利率韧性凸显。2025H1 总营收23.72 亿(同比-15.4%),归母净利2.47 亿 (同比-49.0%),扣非净利1.83 亿(同比-56.5%)。 毛利率/净利率分别为76.0%/10.5%(同比+3.4pp/-6.5pp),销售/管理/研发费用率分别为 54.2%/8.1%/4.9%(同比分别+8.6pp/+1.9pp/+0.8pp)。 按渠道拆分收入:线上韧性凸显,线下战略性收缩。1)线上渠道:收入17.43亿(同比-6%),抖音等 新兴内容电商逆势增长,自营渠道通过会员分层运营(新增注册用户43 万)提升复购率;2)OMO 渠 道:收入1.91 亿(同比-10%);3)线下渠道:收入4.24 亿(同比-42%)。 评论: 多品牌矩阵深化,新赛道打开 ...
限期整改叠加业绩“崩盘”,贝泰妮的敏感肌神话碎了
Guo Ji Jin Rong Bao· 2025-09-19 03:12
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]
贝泰妮(300957):利润降幅大幅收窄,毛利显著改善
Changjiang Securities· 2025-09-14 11:12
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].
贝泰妮:功效护肤龙头穿越周期的变与不变|业绩有得秀
Quan Jing Wang· 2025-09-10 09:56
Core Viewpoint - The Chinese cosmetics market is transitioning from high-speed growth to a "new normal" of high-quality development, presenting challenges for companies like Betaini, which must demonstrate strategic resilience and future potential amid a more competitive landscape [1] Financial Performance - In the first half of 2025, Betaini reported revenue of 2.372 billion yuan and a net profit attributable to shareholders of 247 million yuan, with a non-recurring net profit of 183 million yuan, indicating pressure on revenue and profitability due to a challenging consumption environment and strategic adjustments [1][2] - The overall gross margin for the company was 76.0%, an increase of 3.4 percentage points year-on-year, while the net profit margin was 10.4%, a decrease of 6.8 percentage points year-on-year, reflecting the impact of product structure optimization and promotional strategy adjustments [3] Product and Brand Strategy - Betaini's main brand, Winona, generated 1.950 billion yuan in revenue, accounting for 82.2% of total revenue, maintaining its focus on "big single product" strategy [2] - The company is expanding its product lines to include high-end anti-aging products and children's skincare, while also optimizing its product structure by reducing inefficient SKUs [7][8] Market Trends and Consumer Behavior - The cosmetics industry is experiencing stricter regulations and a shift towards high-quality development, with changing consumer behaviors emphasizing ingredient transparency, rational consumption, and confidence in domestic brands [4][5][6] - Consumers are increasingly focused on the efficacy of products, willing to pay a premium for scientifically backed solutions, while becoming more immune to excessive marketing [8] Channel Strategy - Betaini's online revenue was 1.743 billion yuan, with a year-on-year decline of only 5.9%, indicating strong operational resilience, while offline distribution revenue was 424 million yuan [2] - The company is shifting its channel strategy from broad traffic acquisition to deep user engagement, focusing on return on investment (ROI) and customer lifetime value (LTV) [8][9] Future Outlook - The company is expected to face challenges in maintaining growth amid a slowing market, necessitating deeper market penetration and competitive positioning in crowded segments like anti-aging and whitening [7] - Betaini's ongoing investment in research and development, particularly in unique active ingredients, is crucial for maintaining its competitive edge and product efficacy [7][8]
贝泰妮:功效护肤龙头穿越周期的变与不变
Quan Jing Wang· 2025-09-10 09:46
Core Viewpoint - The Chinese cosmetics market is transitioning from high-speed growth to a "new normal" of high-quality development, presenting challenges for companies like Betaini, which must demonstrate strategic resilience and future potential amid a more competitive landscape [1] Financial Performance - In the first half of 2025, Betaini reported revenue of 2.372 billion yuan and a net profit attributable to shareholders of 247 million yuan, with a non-recurring net profit of 183 million yuan, indicating pressure on revenue and profitability due to a challenging consumption environment and strategic adjustments [1][5] - The overall gross margin for the company was 76.0%, an increase of 3.4 percentage points year-on-year, while the net profit margin was 10.4%, a decrease of 6.8 percentage points year-on-year, reflecting the impact of product structure optimization and promotional strategy adjustments [5] Product and Category Analysis - Skincare products generated revenue of 2.001 billion yuan, makeup products 239 million yuan, and medical devices 116 million yuan, with the main brand Winona accounting for 82.2% of total revenue [3] - Betaini focuses on developing products for sensitive skin, covering various areas such as soothing, sun protection, whitening, anti-aging, and acne treatment, with new product launches reinforcing its technological backing [3][9] Channel Strategy - Online channel revenue was 1.743 billion yuan, with a year-on-year decline of only 5.9%, indicating strong operational resilience, while offline distribution revenue was 424 million yuan [3][12] - The company is shifting its channel strategy from broad traffic acquisition to deep user engagement, enhancing its online operations through refined membership systems and private domain traffic management [12] Market Trends and Consumer Behavior - The cosmetics industry is experiencing stricter regulations and a shift towards high-quality development, with changing consumer behaviors emphasizing ingredient transparency, rational consumption, and confidence in domestic brands [7][8] - Betaini's "1+N" brand strategy is under scrutiny, as the growth of its main brand Winona and the speed of new brand incubation will determine the company's future potential [8][9] Research and Development - The company continues to invest in research on active ingredients from Yunnan's unique plants, enhancing extraction processes and foundational research to build barriers around these ingredients [11] - Collaborations with dermatology hospitals are expanding, providing robust clinical data support for new product launches, which strengthens the efficacy and safety claims of its products [11]
上半年营收、净利润双降,贝泰妮称更聚焦高价值产品与高质量增长
Xi Niu Cai Jing· 2025-09-03 08:53
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].
“药妆茅”盈利腰斩 薇诺娜“降价冲量”难挽颓势
Zhong Guo Ji Jin Bao· 2025-08-28 15:33
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]
“药妆茅”盈利腰斩,薇诺娜“降价冲量”难挽颓势
Zhong Guo Ji Jin Bao· 2025-08-28 15:24
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]
“药妆茅”盈利腰斩,薇诺娜“降价冲量”难挽颓势
中国基金报· 2025-08-28 15:24
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].