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 ...

证 券 研 究 报 告 贝泰妮（300957）2025 年中报点评 中性（维持） 品牌矩阵与研发创新蓄力长期复苏 目标价：47.75 元 事项： 评论： 风险提示：市场竞争加剧、新品市场接受度不及预期等风险。 [主要财务指标 ReportFinancialIndex] | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,736 | 5,406 | 5,952 | 6,655 | | 同比增速(%) | 3.9% | -5.8% | 10.1% | 11.8% | | 归母净利润(百万) | 503 | 547 | 642 | 777 | | 同比增速(%) | -33.5% | 8.7% | 17.4% | 21.1% | | 每股盈利(元) | 1.19 | 1.29 | 1.51 | 1.83 | | 市盈率(倍) | 38 | 35 | 30 | 25 | | 市净率(倍) | 3.2 | 3.0 | 2.8 | 2.7 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 9 ...

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]

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].

Core Viewpoint - The article discusses the operational and strategic developments of Betaini, particularly focusing on its flagship brand Winona and the company's multi-brand strategy to mitigate reliance on a single brand while exploring international markets for growth [4][10][22]. Group 1: Company Overview - Betaini's central factory in Kunming, Yunnan, represents a significant investment of 500 million yuan, with an expected annual output value of 5 billion yuan when fully operational [6]. - The current output value of the central factory is approximately 2.6 billion yuan, with the Winona brand accounting for over 90% of production [7]. - Betaini operates multiple brands, including Aikeman (high-end anti-aging), Winona Baby (baby skincare), Beifuting (professional acne treatment), Jirui (mass-market cosmetics), and others, with Winona contributing over 80% of the company's revenue [7][10]. Group 2: Financial Performance - In the first half of 2025, Betaini reported a revenue of 2.372 billion yuan, a year-on-year decrease of 15.43%, and a net profit of 247 million yuan, down 49.01% [8]. - Despite the decline in revenue and profit, the company showed operational resilience with improved gross margins and cash flow in the second quarter [8]. - Aikeman's revenue reached 51.47 million yuan in the first half of 2025, marking a year-on-year growth of 93.90%, while Winona Baby generated 110 million yuan, up 8.62% [11]. Group 3: Strategic Initiatives - Betaini is focusing on a multi-brand strategy to reduce dependency on Winona, with significant resources allocated to new brands like Aikeman and Beifuting [10][14]. - The company has made strategic acquisitions, including a 5.36 billion yuan investment to acquire 51% of Yuejiang Investment, bringing in brands like Jirui and Beifuting, which contributed 551 million yuan in revenue in 2024 [12]. - The company is also implementing a "slimming plan" for Winona, focusing on five core product lines to enhance customer value [15]. Group 4: International Expansion - Betaini is targeting Southeast Asia for international expansion, with a focus on the Thai market, where Winona has established a presence through various channels [21][22]. - The company has set up research institutes in Tokyo and Paris to support its global strategy, with overseas revenue growing over 550% year-on-year in 2024 [21]. - The initial investment in overseas markets is substantial, but it is seen as crucial for breaking through domestic growth ceilings [22][23].

Core Insights - The article highlights the operational efficiency and production capabilities of Betaini's central factory in Kunming, Yunnan, which is crucial for the company's competitive edge in the sensitive skin care market with its Winona brand [1] - Betaini is facing revenue and profit pressures due to a slowdown in the domestic market, prompting a strategic shift towards international expansion, particularly in Southeast Asia [2][10] Group 1: Company Overview - Betaini's central factory, with an investment of 500 million yuan, is expected to achieve an annual output value of 5 billion yuan when fully operational, currently generating approximately 2.6 billion yuan, with Winona accounting for over 90% of production [1] - The company operates multiple brands under its umbrella, including high-end anti-aging brand Aikeman and children's skincare brand Winona Baby, with Winona contributing over 80% of total revenue [1][3] Group 2: Financial Performance - In the first half of 2025, Betaini reported a revenue of 2.372 billion yuan, a year-on-year decrease of 15.43%, and a net profit of 247 million yuan, down 49.01% [2] - Despite revenue declines, the company has shown operational resilience with improved gross margins and cash flow in the second quarter [2][6] Group 3: Brand Strategy - Betaini is accelerating its multi-brand strategy to reduce reliance on Winona, with Aikeman and Winona Baby showing significant growth potential [3][4] - Aikeman's revenue reached 51.47 million yuan in the first half of 2025, a year-on-year increase of 93.90%, while Winona Baby generated 110 million yuan, up 8.62% [4] Group 4: Market Expansion - Betaini's international strategy includes entering the Southeast Asian market, with a focus on Thailand, where Winona has established a presence through various channels [10][11] - The company has set up research institutes in Tokyo and Paris to support its global strategy, with overseas revenue expected to grow significantly [10] Group 5: Challenges and Opportunities - The company faces challenges in brand diversification and market competition, particularly in the high-end anti-aging and children's skincare segments [7][8] - Betaini's entry into the medical beauty sector is seen as a potential growth area, with plans to provide compliant products and professional services to medical institutions [8]

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].

Core Viewpoint - Domestic beauty brands are collectively facing a slowdown after years of rapid growth, as evidenced by Beitaini's significant revenue and profit declines in the first half of 2025 [1] Financial Performance - Beitaini reported a revenue of 2.372 billion yuan and a net profit of 247 million yuan for the first half of 2025, representing year-on-year declines of 15.43% and 49.01% respectively [1] - The company's second-quarter revenue was 1.423 billion yuan, down 16.67% year-on-year, marking its first loss during the "618 shopping festival" in four years [2] Marketing Strategy Adjustments - Beitaini is controlling its promotional spending, with sales expenses for the first half of 2025 at 1.285 billion yuan, a modest increase of 0.6% year-on-year, but a slowdown of 15.81 percentage points compared to the same period in 2024 [2] - The company has shifted its focus from low-efficiency promotions to content marketing, user education, and precise conversion strategies, which has improved gross margins and operating cash flow [6] Product Category Performance - Beitaini has seen declines across various product categories, particularly in medical device products, which generated 116 million yuan in revenue for the first half of 2025, a drop of over 50% year-on-year [6] - The company has reduced resource allocation for medical device products and is concentrating more on core skincare categories and high-growth segments [8] Growth Potential - Beitaini's anti-aging skincare brand, Aikeman, has transitioned from beauty salons to e-commerce, achieving over 90% year-on-year growth with revenue of 51 million yuan in the first half of 2025 [8][9]

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 56.57 CNY [4][10]. Core Insights - The company focuses on big product lines and streamlining its main brand SKU strategy to drive continuous improvement in gross margin. However, the significant decline in offline channels in 1H25 has impacted main brand growth. There are expectations for new products to expand the consumer base and improve operational efficiency on platforms like Douyin [2][10]. - In 1H25, the company reported total revenue of 2.372 billion CNY, a year-on-year decline of 15.43%, and a net profit attributable to the parent company of 247 million CNY, down 49.0% year-on-year. The gross margin improved to 76.0%, up 3.42 percentage points, attributed to a focus on big products and reduced promotions [10][11]. - The company has adjusted its EPS forecasts for 2025 and 2026 to 1.12 CNY and 1.49 CNY, respectively, reflecting the impact of short-term offline channel adjustments and product line streamlining [10][11]. Financial Summary - For 2023A, the total revenue is projected at 5.522 billion CNY, with a year-on-year growth of 10.1%. The net profit attributable to the parent company is expected to be 757 million CNY, down 28.0% [3][11]. - The company’s gross margin is expected to improve to 75.3% in 2025E, with a net profit margin of 8.6% [11]. - The company’s total assets are projected to reach 8.456 billion CNY by 2025E, with total liabilities of 1.936 billion CNY [11]. Market Performance - The stock has a 52-week price range of 39.34 CNY to 70.30 CNY, with a total market capitalization of 19.871 billion CNY [5][10]. - The stock has shown an absolute increase of 14% over the past 12 months, although it has underperformed relative to the index by 41% [9][10].

Core Viewpoint - Betaini (300957) reported a decline in revenue and net profit for the first half of 2025, indicating potential challenges in its financial performance and operational efficiency [1][2]. Financial Performance - Total revenue for the first half of 2025 was 2.372 billion yuan, a year-on-year decrease of 15.43% [1]. - Net profit attributable to shareholders was 247 million yuan, down 49.01% year-on-year [1]. - In Q2 2025, revenue was 1.423 billion yuan, a decline of 16.67% compared to the same quarter last year [1]. - Q2 net profit attributable to shareholders was 218 million yuan, a decrease of 28.87% year-on-year [1]. - Gross margin was 76.01%, an increase of 4.71% year-on-year, while net margin was 10.47%, down 38.23% [1]. - Total selling, administrative, and financial expenses amounted to 1.483 billion yuan, representing 62.53% of revenue, an increase of 21.18% year-on-year [1]. - Earnings per share were 0.58 yuan, a decrease of 49.57% year-on-year [1]. Accounts Receivable - The company has a significant accounts receivable issue, with accounts receivable amounting to 132.3% of the latest annual net profit [1][2]. Return on Investment - The company's return on invested capital (ROIC) for the previous year was 7.43%, indicating average capital returns [2]. - Historical median ROIC since the company went public is 41.16%, suggesting better investment returns in the past [2]. Business Model - The company's performance is primarily driven by marketing efforts, necessitating a deeper analysis of the underlying factors [2]. Fund Holdings - Major funds holding Betaini include CITIC Jiantou Value Growth A, Guofu China Income Mixed A, and others, indicating interest from institutional investors [3]. Brand Positioning - The Aikeman brand is positioned as a mid-to-high-end domestic product, initially benchmarking against international beauty brands, with strengths in R&D and supply chain management [4].