投资者关系活动记录表 编号：2025-005 证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 | 投 资 者 关 系 活 | □特定对象调研 分析师会议 | | --- | --- | | 动类别 | □媒体采访 □业绩说明会 | | | □新闻发布会 路演活动 | | | 现场参观 | | | □其他 | | 参与单位名称 | Morgan Stanley、Goldman Sachs、贝莱德基金、瑞银资管、 | | | 富国基金、嘉实基金、中金基金、博时基金、工银安盛资管、 | | | 淡水泉（北京）投资管理有限公司、银华基金、长信基金、天 | | | 弘基金、新华基金、汇丰晋信基金、中信建投基金、泰康资 | | | 产、华宝基金、招商基金等 120 家机构 | | 时间 | 2025 年 6 月 | | 地点 | 线上、线下交流 | | 上 市 公 司 接 待 | 1、副总经理、财务总监、董事会秘书王龙 | | 人员姓名 | 2、投资者关系负责人张圣烨 | | | 3、IR 王广熙 | | | Q:公司近期在原料备案上有什么进展？ | | --- | --- | | | ...

2024年、2025年第一季度，贝泰妮营收同比变动幅度分别为3.87%、-13.51%，归母净利润同比增速分别为-33.53%、-83.97% 投资时间网、标点财经研究员 王子西 端午节后的首个交易日即6月3日，"中国功效性护肤品第一股"贝泰妮（300957.SZ）股价上涨，当天报收于49.35元/股（不复权，下同），较前一交易日上 涨11.63%。6月4日，贝泰妮继续涨势，但涨幅收小，收盘价50.0元/股，微涨1.32%。 消息面上，近期医美行业受到市场关注，相关个股也在上述两日收获不小涨幅。有分析指出，高年龄层及高端客户的医美消费意愿提升，叠加新材料迭代 推动新赛道发展，行业全年业绩具备增长动力。 而在5月，贝泰妮接受交银施罗德基金、华安基金、景顺长城基金等35家机构调研，涉及问题包括品牌"薇诺娜宝贝"与"瑷科缦"的今年规划、线下渠道如 何、"2025中国化妆品科技技术大会"的参会情况等。 作为敏感肌赛道优质国货龙头，贝泰妮以"薇诺娜"品牌为核心，致力于应用纯天然的植物活性成分提供温和、专业的皮肤护理产品。但近年来，公司业绩 承压、盈利能力亟待修复。2024年、2025年第一季度，贝泰妮营收同比变动幅度分 ...

编号：2025-003 | 投资者关系活 | □特定对象调研 □分析师会议 | | --- | --- | | 动类别 | □媒体采访 业绩说明会 | | | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | 参与单位名称 | 通过全景网(https://ir.p5w.net)参与 2024 年度云南辖区 | | | 上市公司投资者网上集体接待日的投资者 | | 时间 | 2025 年 5 月 16 日(周五)16:00-17:00 | | 地点 | 网上直播 | | 上市公司接待 | 1、副总经理、财务总监、董事会秘书王龙 | | 人员姓名 | 2、证券事务代表徐慜婧 | | | 3、原证券事务代表许玲 | | | Q:贝泰妮 2024 年主品牌增速不高，但彩妆、瑷科缦等子品 | | | 牌增长亮眼，公司如何平衡资源分配？是否会将战略重心转 | | | 向培育新品牌？ | | | A:尊敬的投资人您好，主品牌进一步做大做强和多品牌发展 | | 投资者关系活 | 这两个在内部运营上并不矛盾。公司对子品牌采取内部孵化 | | 动主要内容介 | 的机制，独立团队运营。薇诺娜和其他子品 ...

证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 投资者关系活动记录表 | 题，是因为不够重视么还是因为其他？ | | | | --- | --- | --- | | A: 尊敬的投资人您好，感谢您的提问，关于替换芯的问题， | | | | 我们也收到了很多反馈。这也是我们第一次在核心品上做替 | | | | 换芯的尝试。出发点还是希望能够从降低塑料，环保的角度 | | | | 来给用户更好的体验。谢谢您对薇诺娜和贝泰妮的关注和信 | | | | 任。 | | | | Q: 郭总您好，作为薇诺娜的忠实用户和公司投资者，公司产 | | | | 品力没有问题，但售后真的一言难尽，举个例子：小红书上 | | | | 有用了很多年的老用户反应商品没到期但是发生了质变没 | | | | 法用，客服都是很官方的回答，一点人性化的服务都没有， | | | | 让人很寒心，一般多年的老用户是不会故意找麻烦的，丢掉 | | | | 一个老用户很简单，但发展一个用户却很难，希望公司的售 | | | | 后能跟对待自己的员工，对产品质量一样能打，成为一家伟 | | | | 大的公司. | | | | A ...

在消费复苏势头放缓、化妆品行业竞争白热化的当下，国货美妆行业正经历一场深刻变革。曾经喧嚣的流量争夺战逐渐沉寂，取而代之的是一场关于科技实 力与品牌价值的马拉松。 每经编辑｜万清澄 对国货美妆企业而言，战略升维和差异化竞争成为必选项。在这场没有硝烟的战争中，以贝泰妮为代表的国货美妆领军企业，正在用"硬科技"重新定义行业 游戏规则。 在这一阶段赛程中，贝泰妮以研发为基，形成稳核心、强新秀的品牌生态圈阵地，加之"产学研医"协同的全球化模式，在行业调整中交出了一份逆势上扬的 成绩单：全年营收57.36亿元，同比增长3.87%；经营活动现金流净额连续三年为正，同比增长13.83%至6.95亿元。这份财报背后，隐藏着国货美妆突围的密 码。 更为关键的是，在这一轮调整中，贝泰妮的战略升维不仅是顺势而为，更推动国货美妆走向价值深耕和新的范式构建。 窄路做宽：多品牌生态版图成形生效 五年前，当同行还在为爆款单品厮杀时，贝泰妮已经开始布局一盘更大的棋局。如今，这盘棋开始在周期性波动中显现其威力。 2024年，国货美妆整体承压。据国家统计局数据，去年全年我国限额以上化妆品类商品零售总额为4356.50亿元，同比下滑约1.10%。 ...

公司发布24 年年报及25Q1 季报，业绩略低于市场预期。1）24 年营收57.36 亿元，同比增长3.87%；归 母净利润5.03 亿元，同比下滑33.53%；扣非净利润2.4 亿元，同比下滑61.12%；2）25Q1 营收9.49 亿 元，同比下滑13.51%，归母净利润0.28 亿元，同比下滑83.97%，扣非净利润0.21 亿元，同比下滑 86.44%。25Q1 费用率增加影响利润释放。3）每10 股派发现金红利6.00 元（含税）。 公司深耕国内护肤市场，薇诺娜2.0 时代聚焦打穿敏感肌品类，进阶敏感PLUS 持续突破。 品牌矩阵贯穿高端大众，品类布局纵横护肤彩妆，组织架构调整，预计将为公司带来积极变化。根据 25Q1 业绩，下调25-26 年盈利预测并新增27 年盈利预测，预计25-27 年归母净利润为6.67/7.69/8.99 亿元 （原预测为24-26 年归母净利润10.23/13.00 亿元），对应PE 为26/23/20 倍。考虑到珀莱雅、丸美生物、 若羽臣3 家可比公司估值，维持"买入"评级。 风险提示：市场需求变动；行业竞争加剧；渠道费用高企；新品牌销售不及预期。 费用端表现承压，运 ...

2024 年报及 2025 年一季报点评：短期业绩 承压，期待经营拐点 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 5,522 | 5,736 | 6,214 | 6,718 | 7,284 | | 同比（%） | 10.14 | 3.87 | 8.33 | 8.11 | 8.43 | | 归母净利润（百万元） | 756.80 | 503.05 | 660.45 | 808.77 | 935.70 | | 同比（%） | (28.02) | (33.53) | 31.29 | 22.46 | 15.69 | | EPS-最新摊薄（元/股） | 1.79 | 1.19 | 1.56 | 1.91 | 2.21 | | P/E（现价&最新摊薄） | 23.18 | 34.87 | 26.56 | 21.69 | 18.75 | [Table_Tag] [Table_Summary] 投资要点 2025 年 05 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on projected earnings growth and valuation metrics [4][5]. Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, reflecting a year-on-year growth of 3.87%. However, the net profit attributable to shareholders decreased by 33.53% to 503 million yuan [2][5]. - The main revenue source is the brand "Winona," which saw a revenue decline of 5.45% to 4.909 billion yuan, while "Winona Baby" and "Aikeman" experienced significant growth of 34.03% and 65.59%, respectively [2][4]. - The gross margin for 2024 was 73.74%, with a slight decrease of 0.16 percentage points year-on-year. The net profit margin decreased by 4.93 percentage points to 8.77% [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.285 billion yuan, 7.153 billion yuan, and 8.146 billion yuan, respectively, with growth rates of 9.6%, 13.8%, and 13.9% [5][7]. - The net profit attributable to shareholders is expected to recover to 700 million yuan in 2025, with a growth rate of 39.2%, followed by 856 million yuan in 2026 and 1.059 billion yuan in 2027 [5][7]. - The report indicates an increase in operating expenses, with sales, management, and R&D expense ratios rising significantly in recent quarters [3][4]. Brand Strategy and Market Position - The company is expanding its market presence with a multi-brand strategy, focusing on the main brand "Winona" and introducing new products in the sensitive skin segment [4]. - The launch of the "Winona 2.0" strategy aims to enhance brand positioning and product offerings, which is expected to drive long-term growth [4][5].

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]