Group 1 - The core viewpoint of the article highlights the recognition of Beitaini Group as a leading brand in the international market, particularly through its inclusion in the "Top 100 Chinese Brands for Internationalization" list, showcasing its global influence and innovative capabilities [1][2] - The conference aimed to decode the successful path of Chinese brand internationalization, focusing on innovation, leadership, and brand value, thereby establishing a new image for Chinese brands on the global stage [1] - Beitaini Group has established research and development centers in Shanghai and Kunming, as well as advanced laboratories in Paris and Tokyo, to enhance international R&D collaboration [1] Group 2 - The company is set to launch its Southeast Asia headquarters in Bangkok in early 2024, further solidifying its global operational footprint [1] - Beitaini Group leverages its strong R&D capabilities and unique plant resources from Yunnan to market advanced skincare technologies, including sensitive skin and anti-aging products [1] - The core brand Winona has been recognized in the first batch of China's consumer brand list published by the Ministry of Industry and Information Technology, reflecting its brand value and market position [2]

Group 1: Company Developments - The company has successfully registered 3 new raw materials, including the first single new raw material, Long-stem Wintergreen Glycoside, bringing the total to 16 registered cosmetic raw materials [3] - The main brands, including Winona and Aikeman, have products featured in the 618 shopping festival livestream hosted by Li Jiaqi [3] Group 2: Product Launches - Winona's new product "Little Ice Ton" features high-energy technology for cooling and moisturizing, while the "Clear Whitening Sunscreen" targets sensitive skin with sun protection and whitening benefits [3] - Aikeman has launched the "White Moonlight" series, which includes products aimed at reducing spots and tightening skin [3] Group 3: Brand Activities - Aikeman participated in the "Blue UP" salon focusing on marine biodiversity protection, showcasing the company's commitment to environmental sustainability [3] - The company emphasizes its eco-friendly product development, such as the "Little King Kong" physical sunscreen that avoids coral reef pollution [3] Group 4: Financial Performance - The company's overseas revenue grew by over 550% in 2024, accounting for 1.37% of total revenue [4] - The top five online self-operated stores contributed approximately 58.15% to online sales revenue, with a two-year repurchase rate of 38.76% for one Tmall store and 31.13% for one Douyin store [4]

Core Viewpoint - Beitaini's revenue and net profit have significantly declined in recent quarters, indicating pressure on its financial performance and the need for strategic adjustments in its product offerings and market positioning [3][5][6]. Financial Performance - In 2024, Beitaini's revenue growth rates were 3.87% and -13.51% for the first quarter, while net profit growth rates were -33.53% and -83.97% respectively [3][5]. - The company's net profit for 2024 dropped to 503 million yuan, less than half of the same period in 2022 [6]. - The overall performance in the first quarter of 2025 showed a revenue of 949 million yuan, a decline of 13.51%, and a net profit of 28 million yuan, marking an 84% decrease, the lowest since its listing [7]. Brand and Product Strategy - Beitaini focuses on the "skin health internet+" model, with multiple brands including Winona, Winona Baby, and AOXMED, targeting various skincare needs [5]. - The main brand, Winona, has undergone a brand upgrade to focus on "sensitive skin," launching key products like the Winona Soothing Moisturizing Cream [9]. - Despite the brand's efforts, Winona's revenue declined by 5.5% in 2024, contrasting with significant growth in its sub-brands Winona Baby and AOXMED, which saw increases of 34% and 65.6% respectively [9][10]. Market Position and Competition - Beitaini's performance in major promotional events has weakened, with Winona ranking 10th in the Tmall beauty sales during the 2024 promotional events, down from 5th in 2023 [9][11]. - The company faces increased competition and has had to raise marketing expenditures, impacting profitability [6][10]. Future Outlook - Beitaini plans to implement five core solutions for its main brand, focusing on enhancing customer value through product combinations [10]. - The company aims to leverage its advancements in plant-based ingredients and AI technology to regain market traction [9].

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]

Core Insights - The Chinese beauty industry is undergoing a significant transformation, shifting from a focus on traffic competition to one centered on technological strength and brand value [1] - Strategic elevation and differentiated competition are essential for domestic beauty brands, with companies like Betaini redefining industry rules through "hard technology" [1][3] Financial Performance - Betaini reported a total revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, with a net cash flow from operating activities of 695 million yuan, up 13.83% [3][4] - The overall retail sales of cosmetics in China decreased by approximately 1.10% year-on-year, highlighting Betaini's ability to achieve growth in a challenging market [4] Brand Ecosystem - Betaini has developed a multi-brand ecosystem, with its core brand Winona maintaining a leading market share in the domestic dermatological skincare segment [6] - New businesses within Betaini's brand matrix, such as Winona Baby and AOXMED, have shown significant growth, with sales increases of approximately 34.03% and 65.59% respectively [6][7] R&D Investment - Betaini's R&D investment reached 337 million yuan in 2024, accounting for 5.87% of its revenue, positioning the company among the top tier in the industry [7][10] - The company has established a strong advantage in the field of Yunnan specialty plant extraction, completing the development of 13 unique plant raw materials [10] Industry Standards and Leadership - Betaini has set six national standards and 68 group standards in 2024, aiming to establish industry authority and influence [11] - The company is actively involved in creating standards for children's skincare products, addressing the challenges of an immature market [11][13] Strategic Vision - Betaini's three-step strategy of "R&D foundation, ecological layout, and standard leadership" illustrates its transition from marketing competition to value competition [13] - The company's focus on technological core competencies is expected to distinguish it as a leader in the beauty industry as market conditions evolve [13]

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's short-term performance is under pressure, but there is an expectation for an operational turning point in the future [1] - The company reported a revenue of 5.736 billion yuan for 2024, representing a year-on-year growth of 3.87%, while the net profit attributable to shareholders was 503.05 million yuan, down 33.53% year-on-year [7] - The company is actively advancing its brand matrix construction to solidify its leading position in the sensitive skin market [7] Financial Performance Summary - Total revenue forecast for 2024 is 5.736 billion yuan, with a projected growth of 3.87% [1] - The net profit attributable to shareholders for 2024 is expected to be 503.05 million yuan, reflecting a decline of 33.53% [1] - The earnings per share (EPS) for 2024 is projected at 1.19 yuan, with a price-to-earnings (P/E) ratio of 34.87 [1] - The company anticipates a recovery in net profit to 660.45 million yuan in 2025, with a growth rate of 31.29% [1] - The gross profit margin for 2024 is expected to be 73.74%, slightly down from the previous year [8] Brand and Market Position - The company has established a brand matrix centered around "Winona," which includes several sub-brands, contributing to its market leadership in dermatological skincare products [7] - The "Winona" brand ranks eighth in the skincare product market, with a market share of approximately 20.70% [7] - Online channels and color cosmetics categories have shown growth, with skincare revenue slightly declining by 1.4% [7]

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]