证券代码：300957 证券简称：贝泰妮 投资者关系活动记录表 编号：2025-007 | 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 | | | 中金公司、东方财富、申万宏源证券、国海证券、WFM Asia、 | | | | | Aberdeen、工银瑞信、博时基金、富国基金、交银施罗德基 | | | | | 金、万家基金、华安基金、华宝基金、平安养老等 24 家机 | | | | 构 | | | 时间 | | 2025 | 年 9 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 | 王丹琦 | | | | | Q：毛利率提升的主要原因，采取了哪些举措改善毛利？ A：公司聚焦推进战略换挡，收缩 ...

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]

Core Viewpoint - The company, Betaini, is focusing on expanding its product offerings in the skincare and medical device sectors, particularly targeting anti-aging and sensitive skin care, while also venturing into overseas markets, especially in Southeast Asia [2][3][7]. Group 1: Company Overview - Betaini Biotechnology Group Co., Ltd. is based in Kunming, Yunnan, and was established on May 13, 2010, with its stock listed on March 25, 2021 [7]. - The company primarily operates under the "Winona" brand, specializing in gentle and professional skincare products using natural plant active ingredients, focusing on sensitive skin [7]. - The revenue composition of the company includes skincare products (84.36%), makeup (10.07%), medical devices (4.88%), and other services (0.70%) [7]. Group 2: Financial Performance - For 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 attributable to shareholders of 247 million yuan, down 49.01% year-on-year [8]. - The company has distributed a total of 1.289 billion yuan in dividends since its A-share listing, with 844 million yuan distributed over the past three years [9]. Group 3: Market Position and Strategy - The company is actively developing its high-end anti-aging brand AOXMED, which aims to integrate medical aesthetics with home beauty care, achieving sales of approximately 59.92 million yuan in 2024, a year-on-year growth of about 65.59% [2]. - Betaini is expanding its overseas market presence, particularly in Southeast Asia, with trademark registrations and partnerships with local e-commerce platforms like Shopee and Lazada [3]. - The company is also involved in the research, production, and sales of skin care-related medical devices, including hyaluronic acid repair biological membranes and dressings [3]. Group 4: Stock Performance and Investor Sentiment - On September 4, Betaini's stock rose by 0.39%, with a trading volume of 228 million yuan and a market capitalization of 19.447 billion yuan [1]. - The stock has seen a net outflow of 4.7889 million yuan from major investors, indicating a lack of strong control by major shareholders and a dispersed chip distribution [4][5].

Core Viewpoint - The company, Betaini, reported a resilient performance in the sensitive skin segment despite short-term revenue and profit pressures, with a strategic focus on product optimization, channel refinement, and supply chain efficiency [1][3]. Financial Performance - In the first half of 2025, Betaini achieved revenue of 2.372 billion yuan and a net profit of 247 million yuan [1]. - The gross margin improved by 3.42 percentage points to 76.01%, indicating enhanced product profitability [1]. - Operating cash flow reached 347 million yuan, a year-on-year increase of 145.70%, providing ample cash reserves for future R&D and market expansion [1]. Brand Strategy - Betaini has developed a multi-brand matrix, including key brands such as Winona, Winona Baby, AOXMED, Beforteen, Za, PURE&MILD, and TriPollar [2]. - The core brand, Winona, generated revenue of 1.95 billion yuan in the first half of 2025, maintaining its leading position in the Chinese sensitive skin care market [3]. - Winona's strategic upgrade to focus on "researching sensitive skin" has expanded its product offerings to include anti-aging and whitening solutions [3]. Growth Drivers - The AOXMED brand recorded revenue of 51.47 million yuan, a year-on-year growth of 93.90%, indicating strong market demand [4]. - The company has also invested in the high-end body care brand "BATHFELL," acquiring a 20% stake to enhance its health ecosystem [5]. - Betaini's channel strategy includes a focus on both online and offline sales, with online revenue accounting for 73.93% of total sales [7]. Global Expansion - Betaini has established a Southeast Asia headquarters in Bangkok, focusing on local market adaptation and brand building [8]. - The company is leveraging social media platforms like Instagram and TikTok to enhance brand recognition in international markets [9]. - The participation in the China-South Asia Expo reflects the company's commitment to global expansion and enhancing international competitiveness [9]. Future Outlook - With the release of new products and growth in overseas markets, Betaini is expected to experience a performance recovery in the second half of the year [10].

来源：新浪证券-红岸工作室 8月21日，贝泰妮涨0.64%，成交额3.21亿元，换手率1.61%，总市值198.71亿元。 异动分析 医美概念+三胎概念+跨境电商+医疗器械概念+西部大开发 1、2025年5月9日互动易：我们自有高端医美级抗衰品牌AOXMED有部分专妍线产品，串联医美+家 美。提供高效安全的院内械妆联合护理与居家医美级序贯护肤， 倡导以正确理念抵御皮肤老化，实现 身心内外年轻的全程抗衰品牌。2024年内，"瑷科缦（AOXMED）"品牌实现销售额人民币 5,992.21 万 元，同比增长约 65.59%，品牌全渠道业务矩阵已初具形态。"瑷科缦（AOXMED）"品牌坚持以循证医 学与先锋科研为根基，围绕灵魂专利成分"美雅安缇 MLYAAT1002?多维抗衰精萃"在抗衰领域发挥多靶 点功效和全层抗衰的核心优势，打造从医美到家美所需的全渠道产品矩阵，以满足消费者多场景下的皮 肤年轻化诉求。 2、公司塑造了专注于专业婴幼儿护理的"WINONA Baby" 品牌。 3、2023年11月16日互动易：公司于今年开始发力海外市场布局，重点布局东南亚地区，目前在"一带一 路"倡议的沿线国家已完成了薇诺娜等主要品 ...

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 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]

Group 1 - The core viewpoint of the article highlights that Yunnan Betaini Biotechnology Group Co., Ltd. reported a revenue of 5.736 billion yuan for 2024, marking a year-on-year increase of 3.87%, while net profit decreased by 33.53% to 503 million yuan due to various factors including increased marketing expenses and rising operational costs [1][2] - The revenue growth is attributed to the company's continuous investment in brand expansion, product innovation, and channel development, alongside effective product strategies [1] - The company plans to distribute a cash dividend of 6 yuan per 10 shares, totaling 253 million yuan for its shareholders [1] Group 2 - In 2024, the company's R&D investment reached 337 million yuan, maintaining over 5% of revenue dedicated to R&D for three consecutive years, emphasizing its strategy of building value through technological barriers [1] - The company is focusing on a dual strategy of "multi-brand synergy + product matrix expansion" to enhance market vitality, particularly targeting sensitive skin consumers with core brand Winona consistently ranking in the top ten on Tmall for eight years [1] - The high-end anti-aging sub-brand AOXMED saw a revenue increase of 65.59% year-on-year in 2024, showcasing the effectiveness of the brand's collaborative efforts in niche markets [1][2] Group 3 - The Chinese dermatological skincare market is expanding, with a market size of approximately 33.96 billion yuan, growing by about 3.30% year-on-year despite a slowdown in overall cosmetics retail [2] - Analysts predict that domestic brands will continue to rise as international beauty brands retreat from the market, reinforcing confidence in domestic consumption and the growth of local brands [2] - The company is establishing a framework for sustainable growth amidst industry challenges, focusing on its mission to create a "Chinese skin health ecosystem" and enhancing its brand foundation and ecological layout [2]