今年5月25日是第18个全国护肤日，为积极响应"健康中国行动"，着力提升全民健康素养水平，当日，薇诺娜"525全国护肤日"公益行动再次启程，携手 中国医师协会开展全国皮肤义诊行动，普及皮肤健康知识与科学护肤意识，促进皮肤健康的理念融入公共社会行动。 当前，在"健康中国"2030战略指引下，薇诺娜正在以健康为引领，把握健康领域发展规律，坚持预防为主、防治结合。以绿色为依托，以打造中国皮肤 健康生态为使命，聚焦功效性护肤领域，书写中国美妆创新故事，促进皮肤健康和美丽。 25日，在上海人民广场来福士活动现场，除为前来咨询的市民提供问诊咨询外，薇诺娜还设置了资料发放区、互动体验区等多个服务区域，通过专业、 趣味的方式向大众传播科学的护肤观念及知识。据悉，薇诺娜将在全国范围内持续开展为期一个月的全民免费皮肤义诊与皮肤健康科普行动，走进社区、药 房、医院、屈臣氏等多个渠道进行公益问诊，并在相关平台开展线上问诊专区，加强皮肤健康理念普及。 上海三甲医院皮肤学专家表示："如今大家对皮肤健康、护肤等方面关注度越来越高，但由于了解相关知识的渠道有所不同，所以可能会产生一些认知 偏差。薇诺娜携手中国医师协会开展的这次全国皮肤义诊行 ...

Core Insights - Several domestic beauty brands have reported mixed results for the first half of the year, with some achieving revenue and net profit growth while others struggle with stagnation or losses [1][3][4] Group 1: Performance Overview - Up to mid-2025, companies like Proya, Shangmei, Mao Geping, and Shuiyang have shown revenue and net profit growth, while Betaini, Huaxi Biology, and Yixian E-commerce continue to face challenges [1][3] - Shangmei achieved revenue of 4.108 billion yuan, a 17.3% increase year-on-year, and a net profit of 524 million yuan, up 30.65% [3] - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3] - Shuiyang's revenue reached 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3] - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and net profit was 799 million yuan, up 13.8% [4] - Betaini's revenue fell to 2.372 billion yuan, down 15.43%, with a net profit decrease of 49.01% to 247 million yuan [4] - Yixian E-commerce reported revenue of 1.92 billion yuan, a 22.48% increase, but a net loss of 22.97 million yuan [4] - Huaxi Biology's revenue dropped 19.57% to 2.261 billion yuan, with a net profit decline of 35.38% to 221 million yuan [4] Group 2: Strategic Responses - Companies are adapting to the end of the traffic dividend era by focusing on multi-brand strategies and high-end product offerings [6][9] - Proya is pursuing a multi-brand strategy, acquiring various brands to strengthen its market position [7] - Shuiyang is focusing on high-end transformation, acquiring international brands to enhance its premium offerings [7] - Betaini is also working on a multi-brand approach, with significant growth in its high-end anti-aging brand [8] - Shangmei is leveraging price advantages in the budget market, but this has led to concerns about entering a price war [8] Group 3: International Expansion - Domestic beauty brands are increasingly looking for growth opportunities overseas [9][10] - Proya plans to issue H-shares for international expansion and has announced overseas acquisitions in various beauty segments [9] - Betaini is establishing regional headquarters in Thailand and expanding its product presence in local markets [9] - Yixian E-commerce has launched a global innovation R&D center and is expanding into Southeast Asia and North America [10] - Shuiyang is also pursuing a global strategy, focusing on brand and supply chain globalization [10]

Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a 3.9% year-on-year increase in revenue for 2024, reaching 5.74 billion yuan, while the net profit attributable to shareholders decreased by 33.5% to 500 million yuan [5][11] - The first quarter of 2025 saw a significant decline in performance, with revenue dropping by 14% year-on-year to 950 million yuan and net profit down 84% to 28.34 million yuan [6][11] - The company is undergoing business transformation and optimization, focusing on brand operation and member management to strengthen its market position [11] Financial Performance Summary - In 2024, the company reported a revenue of 5.74 billion yuan, with a net profit of 500 million yuan, and a basic EPS of 1.20 yuan [5][11] - The gross margin for 2024 was 73.7%, slightly down from the previous year, but has shown signs of recovery since Q4 2024 [8][11] - The company’s operating cash flow for 2024 was 690 million yuan, reflecting a 13.8% increase year-on-year [10] Revenue Breakdown - In 2024, online channels contributed 68% of total revenue, with a year-on-year growth of 10.1%, while offline channels accounted for 22% with a decline of 10.7% [7][11] - The skincare segment remains the largest contributor to revenue at 84%, although it saw a slight decline of 1.4% year-on-year [7][11] Cost and Expense Analysis - The company’s expense ratio increased by 4.3 percentage points to 64% in 2024, driven by higher sales and management expenses [8][11] - The sales expense ratio rose to 50%, primarily due to increased marketing and promotional activities [9][11] Future Earnings Forecast - The report projects net profits of 690 million yuan, 830 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS estimates of 1.62 yuan, 1.97 yuan, and 2.36 yuan [11][12]