两年前花费巨资收购的子公司业绩承诺难以兑现，叠加近两年业绩大幅下滑，"药妆茅" 贝泰妮（300957）的转型正面临严峻考验。 对此，贝泰妮董秘回复称，公司始终致力于提升资产质量与运营效率，对所有投资项目均进行审慎管理。关于悦江投资的具体事项，公司将严格依据相关 协议与会计准则进行处理，切实维护上市公司及全体股东权益。投资悦江是公司从多品牌发展角度考虑的战略性布局。未来将通过集团赋能，逐步完善集 团的品牌矩阵，提升运营质量，充分发挥资产价值，为股东创造回报。 近日，贝泰妮在深交所互动易平台针对投资者关于"收购标的业绩承诺完成率不足三成"的追问，进行了回复。 有投资者提问："悦江投资承诺2023年~2025年净利润达到不低于2.35亿元，截至目前大概才完成7000万元，基本上完不成目标了，按照约定悦江投资无偿 转让19.6%的股权。对本公司来讲也是一个包袱，后期有计划转让持有的悦江投资股权吗？" 资料显示，云南贝泰妮生物科技集团股份有限公司成立于2010年，是一家集研发、生产和营销为一体，定位于皮肤健康互联网+的大健康产业集团。公司 于2021年3月25日登陆深交所创业板，为中国功效性护肤品第一股。目前，贝泰妮旗 ...

2025年9月25日至27日，第四届山地未来国际会议在云南昆明举行。本届会议以"包容性生物经济：自然 积极与气候韧性的山地之道"为主题，由中国科学院昆明植物研究所联合联合国环境署、联合国粮农组 织、国际山地综合发展中心等机构共同主办。来自30余个国家的近200位科学家、政策制定者、企业代 表与社区实践者齐聚一堂，探讨全球山地可持续发展的路径。 在开幕式上，世界农用林业中心首席科学家、中国科学院昆明植物研究所研究员、山地未来研究中心主 任许建初强调了山地在全球生态体系中的关键地位。联合国助理秘书长兼联合国环境规划署副执行主任 Elizabeth Maruma Mrema则通过视频致辞指出："山地生态系统是地球生物多样性与淡水供应的重要屏 障，其保护与可持续管理对实现昆明-蒙特利尔全球生物多样性目标至关重要。" amos C NDJWAY d 参考案 COMES 会议期间，《全球山地生物经济框架》正式发布，围绕中国西南山地、东南亚大陆山地、兴都库什-喜 马拉雅山脉、非洲高地和南美安第斯山脉五大热点区域，提出系统性行动指南，为全球山地可持续发展 和绿色转型提供科学支撑与合作框架。 在本次国际会议上，贝泰妮集团被推荐 ...

2025年云南省政府工作报告明确提出，将发展特色优势产业作为主攻方向，构建符合省情实际的现代化产业体系。其中，以生物多样性赋能美妆产业"绿色基因"，打造"中国绿色美谷"成为地方 集团旗下拥有薇诺娜、瑷科缦、贝芙汀等多个知名品牌。其中，核心品牌薇诺娜连续八年（2017-2024）荣获"天猫金妆奖"，并连续五年稳居中国敏感肌护肤市场首位，成功入选工信部首批"中 研发投入行业领先，系统性构建科技壁垒 在研发方面，贝泰妮持续强化科技创新，构建起覆盖基础研究、原料开发、配方创新与临床评价的完整研发体系。2025年上半年，研发投入达1.19亿元，营收占比5%，处于行业领先水平。 公司已形成"产学研医"深度融合的创新机制。截至2024年末，累计完成63家医院皮肤学科临床研究合作，发表SCI及核心期刊论文493篇，立项国家标准样品4项，参与制定国家标准6项、团体 基于对云南特色植物资源的系统挖掘，贝泰妮在原料领域建立起显著优势。2025年上半年新增4项新原料备案，累计自主备案原料达16项，居行业前列。今年4月，云南特色植物提取实验室携自 多品牌+全渠道协同，国际化布局稳步推进 在品牌与业务布局方面，贝泰妮已形成层次清晰、覆盖 ...

Core Insights - Betaini Group has been recognized as one of the top 100 private enterprises in Yunnan Province for eight consecutive years, winning three awards in the manufacturing, innovation, and employment sectors, with innovation ranking first [1][2] - The company emphasizes strategic resilience and R&D to build long-term value, aligning with Yunnan's policy to develop characteristic advantageous industries and modern industrial systems [1][2] Group 1: Business Performance - From 2021 to the first half of 2025, Betaini achieved a cumulative revenue of 22.666 billion yuan and a profit of 3.421 billion yuan, with tax contributions around 2.7 billion yuan, indicating stable operational quality and growth [2] - The core brand, Winona, has won the "Tmall Golden Makeup Award" for eight consecutive years and has maintained its position as the leader in China's sensitive skin care market for five years [2] Group 2: R&D and Innovation - Betaini's R&D investment reached 119 million yuan in the first half of 2025, accounting for 5% of revenue, placing it at the forefront of the industry [3] - The company has established a comprehensive R&D system covering basic research, raw material development, formula innovation, and clinical evaluation, with 281 authorized patents and numerous collaborations with hospitals [3] Group 3: Brand and Market Strategy - Betaini has developed a clear brand matrix that meets diverse consumer needs, with the main brand Winona transitioning from focusing solely on sensitive skin to exploring advanced functions like whitening and anti-aging [4] - The company is expanding internationally, particularly in Southeast Asia, and has begun establishing brand recognition through social media platforms like Instagram and TikTok [4] - Betaini is committed to long-term strategies through technological innovation and sustainable operations, adapting to the transformation of the cosmetics industry from demographic dividends to value-driven growth [4]

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 domestic functional skincare brands in China are facing challenges despite achieving significant sales during promotional events like Double 11, with concerns over product quality and market positioning becoming increasingly prominent [1][2][3]. Group 1: Market Overview - The Chinese skincare market has evolved over the past fifty years, starting from local brands like Meijiajing and Yumeijing in the 70s and 80s to the dominance of international brands such as Estée Lauder and L'Oréal, which now hold over 60% market share [2]. - As consumer expectations have shifted towards products that address specific skin issues, domestic brands struggle to compete against established international labels that have ingrained safety and efficacy perceptions in consumers' minds [2]. Group 2: Brand Strategies - Brands like Winona and Yuze have focused on soothing sensitive skin and barrier repair, capitalizing on a market trend that prioritizes these attributes over traditional Japanese skincare concepts [3][4]. - The success of domestic brands is heavily reliant on online sales channels, with companies like Betaini (Winona's parent company) reporting that 82.34% of their sales came from online platforms in 2021 [5]. Group 3: Financial Metrics - Domestic brands face high customer acquisition costs, with sales expense ratios for Betaini, Giant Biological, and Shanghai Jahwa at approximately 46%, 22%, and 40% respectively, compared to international brands like L'Oréal and Estée Lauder at around 30% and 25% [7]. - Research and development (R&D) expenditure remains low for many domestic brands, with Betaini's R&D rate at 2.99% and Giant Biological at 1.6%, significantly lower than international competitors like Shiseido at 4.3% [7]. Group 4: Future Challenges - Despite positive sales trends, the core competitiveness of domestic skincare brands hinges on their R&D capabilities, which need to improve to compete with international brands that showcase advanced technologies at events like the China International Import Expo [8][9]. - The overall market for domestic skincare is entering a new cycle, with uncertainty about which brands will successfully navigate the challenges ahead [10].

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]