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！ 业绩不佳，194亿护肤品龙头盯上产业基金记者丨朱艺艺 编辑丨高梦阳 "功效护肤第一股"贝泰妮（300957.SZ），正加码资本领域布局。 | 1 | | | | | | SUUSS / X2 | | --- | --- | --- | --- | --- | --- | --- | | 15:30:18 闭市 | | | | | ● > 電 風 過去裝置公園 | | | 50.17% 委左 | 147 | Wind ESG评级 | | AA | | 详情 | | 45.91 | 17 | 交电 | | 8.85% 120日 | | 10.129 | | 45.90 | 3 | 5日 | | -0.26% 250日 | | -33.909 | | 45.88 | 1 | 20日 | | -7.93% 52周高 | | 73.0 | | 45.87 | 1 | 60日 | | 4.02% 52周低 | | 36.9 | | 45.86 | 45 | | | 2023 | 2024 | 2025H | | 45.85 | 177 | EbS ...

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].