4月24日，云南贝泰妮（300957）生物科技集团股份有限公司(下称"贝泰妮"，300957.SZ)披露的财报显示，2024年，贝泰妮实现营业收入57.36亿元，同比增 长3.87%。值得关注的是，该公司经营性现金流连续三年保持正向增长，2024年同比增长13.83%，反映出核心业务强大的自我造血能力。 "敏感肌"的故事还能讲多久？薇诺娜用"敏感肌+"给出了答案。如今，薇诺娜步入敏感肌抗老赛道，新的故事已经开始。 在运营管理方面，贝泰妮通过持续优化库存取得显著成效。数据显示，2023年至2025年一季度，公司库存水平呈现持续下降趋势，这一优化举措直接推动 2025年一季度毛利率提升至77.47%的高位水平。 在股东回报方面，贝泰妮展现出长期稳定的分红政策。2021至2024年间，公司累计现金分红达10.98亿元，占归母净利润的34.6%。其中，2024年度拟实施现 金分红2.53亿元，分红比例提升至50.3%。在当前消费行业普遍承压的市场环境下，公司仍能保持分红增长，充分体现了其经营韧性和财务稳健性。 虽然，贝泰妮的一季度短期业绩存在波动，但从贝泰妮近来所推出的一系列举措可以发现，公司正不断扩充成长空间：一方 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on projected earnings growth and valuation metrics [4][5]. Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, reflecting a year-on-year growth of 3.87%. However, the net profit attributable to shareholders decreased by 33.53% to 503 million yuan [2][5]. - The main revenue source is the brand "Winona," which saw a revenue decline of 5.45% to 4.909 billion yuan, while "Winona Baby" and "Aikeman" experienced significant growth of 34.03% and 65.59%, respectively [2][4]. - The gross margin for 2024 was 73.74%, with a slight decrease of 0.16 percentage points year-on-year. The net profit margin decreased by 4.93 percentage points to 8.77% [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.285 billion yuan, 7.153 billion yuan, and 8.146 billion yuan, respectively, with growth rates of 9.6%, 13.8%, and 13.9% [5][7]. - The net profit attributable to shareholders is expected to recover to 700 million yuan in 2025, with a growth rate of 39.2%, followed by 856 million yuan in 2026 and 1.059 billion yuan in 2027 [5][7]. - The report indicates an increase in operating expenses, with sales, management, and R&D expense ratios rising significantly in recent quarters [3][4]. Brand Strategy and Market Position - The company is expanding its market presence with a multi-brand strategy, focusing on the main brand "Winona" and introducing new products in the sensitive skin segment [4]. - The launch of the "Winona 2.0" strategy aims to enhance brand positioning and product offerings, which is expected to drive long-term growth [4][5].

Brand Performance - The brand "Winona Baby" achieved revenue of over 200 million RMB, a year-on-year growth of 34% in 2024 [2] - The brand "Aikeman" generated approximately 60 million RMB in revenue, with a year-on-year increase of over 65% [2] - "Jirui" reported revenue of 470 million RMB in 2024, while "Bomei" generated over 50 million RMB, contributing significantly to the company's growth [2] Profitability and Financial Metrics - The company's gross profit margin improved from 73.74% in 2024 to 77.47% in Q1 2025 [3] - Cumulative dividends from 2021 to 2024 amounted to 1.098 billion RMB, representing 34.60% of the net profit attributable to shareholders during this period [3] - The 2024 dividend was approximately 250 million RMB, accounting for over 50% of the net profit attributable to shareholders [3] Inventory and Supply Chain Management - Inventory turnover rate increased from 1.78 times/year in 2023 to 1.87 times/year in 2024, a growth of 5.43% [3] - Inventory decreased from over 900 million RMB at the end of 2023 to 600 million RMB by the end of 2024, and further down to 560 million RMB by the end of Q1 2025 [3] Marketing and Sales Strategies - The brand "Aikeman" ranked among the top 6 new beauty brands on Tmall during the "Double 11" shopping festival in 2024 [4] - "Jirui" saw a 56% year-on-year increase in search index on Douyin for its core product, while its sunscreen category experienced a 97% increase [4] - "Bomei" achieved a 1181% year-on-year increase in search index for its flagship product on Douyin [4] Offline and Online Channel Development - The OTC distribution channel covered over 129,000 pharmacy stores nationwide by the end of 2024 [5] - The company opened 179 new brand direct stores in key urban areas, enhancing brand visibility and service capabilities [5] - The self-built OMO online sales platform saw large orders (over 1000 RMB) account for approximately 62.82% of total orders, with an average transaction value exceeding 1500 RMB [5]