出品：新浪财经上市公司研究院 作者：木 2025年上半年，贝因美提交了一份增利不增收的成绩单，公司营收为13.55亿元，同比下降4.37%；归母净利润为0.74亿元，同比增长43.68%。 这份不算理想的成绩单背后的根本原因，或是由于公司过度依赖奶粉产品，而奶粉产品销售承压，其他产品，如米粉、用品类产品销售额增速可观，但是销售占比较低，对整体业绩提振效果有限 值得关注的是，为助力降低家庭生育养育成本，国家宣布面向育儿家庭全国范围全面直接发放现金补贴，但随之而来的是消费者对于部分母婴品牌产品应声涨价的质疑，贝因美便是被质疑涨价的 主业承压、奶粉销售额下滑致营收下降 只赚5%背后公司营销费用率直逼30% 贝因美贝因美创立于1992年，主要从事婴幼儿配方奶粉、营养米粉和其他婴幼儿辅食、营养品的研发、生产和销售。作为曾经少数没有检测到"三聚氰胺"的国产奶粉，其市占率达到过国产奶粉 2025年上半年，公司营收同比下降4.37%至13.55亿元，分业务来看，公司营收下滑主要还是奶粉产品销售额下降所致，虽然米粉、用品类产品销售额增速可观，但是该两部分产品销售占比较 报告期内，公司奶粉类产品营收12.09亿元，同比下降4.4 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：木 这份不算理想的成绩单背后的根本原因，或是由于公司过度依赖奶粉产品，而奶粉产品销售承压，其他 产品，如米粉、用品类产品销售额增速可观，但是销售占比较低，对整体业绩提振效果有限。除此之 外，我们看到公司营销开支进一步增长，销售费用率直逼30%，但依旧难拉动营收的同步增长。 值得关注的是，为助力降低家庭生育养育成本，国家宣布面向育儿家庭全国范围全面直接发放现金补 贴，但随之而来的是消费者对于部分母婴品牌产品应声涨价的质疑，贝因美便是被质疑涨价的品牌之 一。国家育儿补贴发布后，贝因美相关产品平台补贴退坡是否偶然之举尚未可知，但是通过此次事件或 也反映出贝因美终端定价方面的问题。 主业承压、奶粉销售额下滑致营收下降 只赚5%背后公司营销费用率直逼30% 贝因美贝因美创立于1992年，主要从事婴幼儿配方奶粉、营养米粉和其他婴幼儿辅食、营养品的研发、 生产和销售。作为曾经少数没有检测到"三聚氰胺"的国产奶粉，其市占率达到过国产奶粉第一，2011年 登陆资本市场成为"国产奶粉第一股"。但在中国飞鹤、达能及海外品牌 ...

Group 1 - The stock price of Beiyinmei as of August 22, 2025, is 7.27 yuan, down 0.07 yuan or 0.95% from the previous trading day [1] - The opening price for the day was 7.29 yuan, with a high of 7.38 yuan and a low of 7.18 yuan, and the trading volume reached 1.2556 million hands with a transaction amount of 910 million yuan [1] - Beiyinmei is primarily engaged in the research, production, and sales of infant food products, including infant formula milk powder, nutritional rice flour, and complementary foods [1] Group 2 - Beiyinmei has recently invested in the establishment of Hangzhou Meiyinbei Smart Technology Co., Ltd. through its wholly-owned subsidiary, with a registered capital of 10 million yuan [1] - The new company's business scope includes the development of artificial intelligence basic software and digital cultural creative software [1] - On August 22, the net outflow of main funds for Beiyinmei was 86.9269 million yuan, with a cumulative net outflow of 240 million yuan over the past five trading days [1]

Core Viewpoint - The court has accepted the pre-restructuring application from the controlling shareholder of Beingmate, indicating a potential change in control. Despite the overall downturn in the dairy industry, Beingmate has achieved counter-cyclical growth in its performance. In Q1 2025, foreign institutions heavily bought into Beingmate, but within a month, they significantly reduced their holdings, suggesting a strategy of precise low buying and high selling [1][2][12]. Group 1: Shareholder and Corporate Actions - The controlling shareholder, Zhejiang Xiaobei Demei Holdings Co., Ltd., holds approximately 133 million shares, accounting for 12.28% of the total shares, with about 98.85% of these shares being pledged or frozen [3]. - The shareholder has repeatedly reduced its stake in Beingmate, with a total reduction of approximately 6.38 million shares, representing about 5.91% of the total share capital, through various methods including court-ordered disposals [4][3]. - In 2025, key executives of Beingmate received penalties from the Zhejiang Securities Regulatory Bureau for violations related to information disclosure, highlighting governance issues within the company [6]. Group 2: Performance and Market Dynamics - Beingmate's revenue for 2024 reached 2.773 billion yuan, a year-on-year increase of 9.70%, with a net profit of 103 million yuan, up 116.92%. In Q1 2025, revenue continued to grow to 728 million yuan, a 1.01% increase, and net profit reached 42.8 million yuan, up 93.87% [14]. - The growth is attributed to a significant increase in ODM (Original Design Manufacturer) custom business, which saw a revenue increase of 33.52% year-on-year [14]. - Despite the growth in ODM, other business models such as direct supply and e-commerce experienced declines, with the number of distributors decreasing by 11.53% from 1995 to 1765 [15][16]. Group 3: Foreign Investment Activity - In Q1 2025, several foreign institutions, including Morgan Stanley and Goldman Sachs, entered Beingmate's top ten shareholders, indicating a strategic investment move [7]. - However, by late April 2025, these institutions began to reduce their holdings significantly, with Barclays Bank reducing its stake by 11.25% and Goldman Sachs by 49.75% [9][10]. - The timing of these buy and sell actions suggests that foreign institutions may have strategically avoided public disclosures, raising questions about their investment rationale [13].