2022年至今，国内化妆品行业逐步掌握"活性物标记、杂质分 离、纯度控制"的全流程技术。多家中国品牌相继突破关键性 技术，植物中核心功效成分的"分子画像"愈发清晰。 作者： 罗文利 封图：图虫创意 再过一个多月，生长在海拔1800-3200米高原地区的青刺果将渐次进入开花期，这种植物受积雪融水灌溉，盛开时满树白花，被当地人称为"百花之 王"。 青刺果寒冬开花，春季结果，全株均可入药，云南少数民族将其嫩尖捣烂，外敷可消炎止痛、促进伤口愈合。2015年，云南本土美妆企业贝泰妮发现 了青刺果在人体皮肤上的效用：青刺果含有的不饱和脂肪酸具有皮肤屏障修复作用；青刺果仁经萃取后得到的青刺果油含有黄酮提取物，具有抗衰老作 用。 2018年，贝泰妮旗下品牌薇诺娜将青刺果应用于护肤品中，推出青刺果修护保湿喷雾，宣称起到屏障修护与舒缓功效，该产品在2019年"双11"期间通 过直播间售出1.7万套。2024年3月，薇诺娜通过提取青刺果多糖（PROMAX），将其明星产品舒敏保湿特护霜升级为2.0版本。当年财报显示，该产品 在天猫"双11"大促活动期间的敏感肌面霜赛道中蝉联销售榜首。 像贝泰妮一样，用"植物成分"打造爆品的逻辑，如今 ...

再过一个多月，生长在海拔1800-3200米高原地区的青刺果将渐次进入开花期，这种植物受积雪融水灌溉，盛开时满树白花，被当地人称为"百花之王"。 青刺果寒冬开花，春季结果，全株均可入药，云南少数民族将其嫩尖捣烂，外敷可消炎止痛、促进伤口愈合。2015年，云南本土美妆企业贝泰妮发现了青刺 果在人体皮肤上的效用：青刺果含有的不饱和脂肪酸具有皮肤屏障修复作用；青刺果仁经萃取后得到的青刺果油含有黄酮提取物，具有抗衰老作用。 2018年，贝泰妮旗下品牌薇诺娜将青刺果应用于护肤品中，推出青刺果修护保湿喷雾，宣称起到屏障修护与舒缓功效，该产品在2019年"双11"期间通过直播 间售出1.7万套。2024年3月，薇诺娜通过提取青刺果多糖（PROMAX），将其明星产品舒敏保湿特护霜升级为2.0版本。当年财报显示，该产品在天猫"双 11"大促活动期间的敏感肌面霜赛道中蝉联销售榜首。 像贝泰妮一样，用"植物成分"打造爆品的逻辑，如今成为国内化妆品企业的共同选择。 在9月25日到9月27日举行的2025年中国香料香精化妆品行业年会上，多家化妆品企业展示最新研发成果，其中，中国本土植物成分成为各化妆品企业展示产 品功效与差异化竞争的" ...

Core Viewpoint - The functional skincare industry in China is experiencing a rise of domestic brands, with products categorized into three main segments: dermatological skincare, high-efficacy skincare, and medical aesthetic skincare [1][2]. Group 1: Industry Overview - Functional skincare products are designed to alleviate or assist in treating specific skin issues, classified as either cosmetic (妆字号) or medical devices (械字号) [1]. - The industry is characterized by a growing presence of domestic brands, indicating a shift in market dynamics [1]. Group 2: Market Segmentation - The functional skincare market is divided into three segments: - Dermatological skincare, typically developed by cosmetic companies in collaboration with dermatologists, includes brands like Winona and La Roche-Posay [2]. - High-efficacy skincare, which emphasizes chemical ingredients, features brands such as WIS and HFP [2]. - Medical aesthetic skincare, developed by companies with a background in biomedicine or medical devices, includes brands like Fulejia and Kefu Mei [2]. Group 3: Product Composition - Dermatological skincare products focus on simplified and targeted ingredients, with examples like Winona's "Soothing Moisturizing Cream" containing ingredients such as sea buckthorn and hyaluronic acid [4]. - High-efficacy skincare products highlight active ingredients like niacinamide and salicylic acid [4]. - Medical aesthetic skincare products, such as those from Chuangfukang, contain fewer ingredients, focusing on essential components like collagen [4]. Group 4: Company Product Strategies - Companies in the functional skincare sector are diversifying their product lines, with many offering both cosmetic and medical device products [6]. - For instance, Betaini focuses on dermatological skincare while also extending into medical device products [6]. Group 5: Company Registration Data - Various companies have registered a significant number of products under both cosmetic and medical device categories, indicating a robust presence in the market: - Huaxi Biological has 1,766 cosmetic registrations and 27 medical device registrations [7]. - Fulejia has 3 cosmetic registrations and 110 medical device registrations [7].

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 report maintains a "Buy" rating for the company [1] Core Views - The company has released its 2024 annual report and Q1 2025 quarterly report, with performance slightly below market expectations. 2024 revenue was 5.736 billion yuan, a year-on-year increase of 3.87%, while net profit attributable to shareholders was 503 million yuan, a year-on-year decline of 33.53% [4][6] - In Q1 2025, revenue was 949 million yuan, a year-on-year decline of 13.51%, and net profit attributable to shareholders was 28 million yuan, a year-on-year decline of 83.97% [4][6] - The company plans to focus on brand building, member operations, and overall collaborative growth in 2025, with a strategic emphasis on sensitive skin products [6] Financial Data and Profit Forecast - The company’s total revenue for 2024 is projected at 5.736 billion yuan, with a forecasted revenue of 6.281 billion yuan for 2025, representing a year-on-year growth rate of 9.5% [5] - The net profit attributable to shareholders is expected to be 667 million yuan in 2025, with a projected growth rate of 32.6% [5] - The gross profit margin for 2024 was 73.7%, with an expected margin of 74.9% in 2025 [5] Operational Insights - The company’s skincare segment showed resilience despite pressure, with skincare revenue at 4.801 billion yuan in 2024, a year-on-year decline of 1.42% [6] - The makeup segment experienced significant growth, with revenue increasing by 226.51% to 551 million yuan, accounting for 9.60% of total revenue [6] - Online sales channels drove overall resilience, with revenue from online channels reaching 3.912 billion yuan, a year-on-year increase of 10.13% [6] Strategic Focus - The company is deepening its "Sensitive Skin PLUS" strategy, focusing on core products that enhance brand value and sales [6] - The brand matrix includes various sub-brands targeting specific demographics, such as infants and anti-aging products, to achieve precise market coverage [6] - The organizational restructuring is expected to bring positive changes, with a focus on high-end and mass-market segments [6]

Investment Rating - The report maintains a "Buy" rating for the company [7] Core Views - The company is steadily advancing transformation and optimization, with expectations for multi-brand contributions to incremental growth [1] - The main brand continues to deepen its focus on sensitive skin, while the multi-brand layout is expected to contribute additional growth [2] - Online channel optimization is improving operational efficiency, and offline channels are steadily expanding to reach more customers [3] - The brand matrix is essentially complete, and the main brand is continuously optimizing its product structure, with self-research and investment in multi-brands poised to contribute to a second growth peak [4] Financial Performance Summary - In 2024, the company is projected to achieve revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 503 million yuan, a decrease of 33.53% [1] - The gross profit margin is expected to remain stable at approximately 73.74% [1] - For Q1 2025, the company is expected to report revenue of 949 million yuan, a year-on-year decrease of 13.51%, with a net profit of 28 million yuan, a decrease of 83.97% [1] - The company anticipates revenue growth of 6.368 billion yuan in 2025, with net profits of 751 million yuan, reflecting a significant recovery in profitability [4] Brand and Product Performance Summary - The skincare category accounts for 84.13% of the company's self-owned brand sales, with the main brand Winona performing well in the sensitive skin segment [2] - Winona Baby brand achieved revenue of 200 million yuan, a year-on-year increase of 34.03%, while the Aikeman brand saw revenue growth of 65.59% [2] - The company is focusing on private domain member operations, achieving high repurchase rates, particularly among the 18-30 age group targeted by the Beifuting brand [2] Channel Strategy Summary - The company’s online, OMO, and offline channels account for 68.55%, 9.13%, and 22.32% of its main business, respectively [3] - Online sales from major platforms such as Alibaba and Douyin have shown varied performance, with Douyin sales increasing by 31% [3] - The company has expanded its offline distribution, covering over 129,000 pharmacy stores nationwide and opening 179 new brand stores [3] Future Earnings Forecast - Revenue projections for 2025-2027 are set at 6.368 billion yuan, 7.198 billion yuan, and 8.200 billion yuan, respectively, with net profits expected to recover to 751 million yuan, 924 million yuan, and 1.031 billion yuan [4][6]