进入7月，各地迎来高温模式，如何清凉玩转夏天成为关注焦点。京东服饰美妆清凉季正式开启，携手 兰蔻、安热沙、阿迪达斯、蕉下、ubras、新秀丽等大牌，带来美妆防晒、清凉夏装、运动装备、凉感 内衣、出行箱包、时尚配饰等多品类爆款好物，不仅有跨店每满300减30等优惠，更推出大牌秒杀7元 起、反季清仓7折封顶、潮品拍卖1元起等夏日多重惊喜。即日起至7月31日，大家打开京东APP搜索"时 尚一夏"进入会场，入手心仪清凉好物，轻松应对炎炎烈日！ 高温天紫外线强烈，涂抹防晒霜是每日外出必备功课。兰蔻小白管水漾防晒乳以SPF50+ PA++++高倍防 护力，轻盈质地连敏感肌也能安心使用；欧莱雅美颜防晒隔离露创新实现防晒+遮瑕二合一功效，一支 搞定底妆需求；薇诺娜清透防晒乳专为敏感肌研发，舒缓配方清爽不刺激；安热沙智感防晒喷雾搭载智 能感应技术，遇水遇热自动增强防护力，是户外活动的理想选择。 暑假来临，出游不知道带什么装备更合适？京东服饰美妆清凉季精选大容量箱包、潮流饰品、防晒墨镜 等多款度假好物：新秀丽竖条纹行李箱采用大容量分区收纳设计，让行李井井有条；帕森范丞丞同款墨 镜，有效护眼；此外还有深海蓝表盘的浪琴康卡斯潜水系列 ...

为进一步助力经济高质量发展、提振消费信心，南方都市报近日启动"高品质消费观察"系列专题，聚焦颜值经济、运动户外、食品康养、智能消电、宠物经 济、体验经济、兴趣消费、跨境出海、消费科技九大热门赛道，展开系列调研、走访和报道。 同时，南方都市报将联合广东连锁经营协会等多个省市的连锁协会成立组委会，举办"2025高品质消费生态大会"，组委会将从企业品质力、成长性、创新 性、社会责任等方面综合评定"2025高品质消费品牌TOP100"。 颜值经济中，美妆个护赛道向来是消费热点。国家统计局的数据显示，今年5月，化妆品类的零售总额同比增长达到4.4%，1-5月这一数据为4.1%，相比去年 有明显的回暖态势。当前，中国的美妆个护市场也正在逐渐进入变革期，报告观察到，功效护肤正在成为消费刚需，防晒和洗护等垂类赛道迎来明显增长， 直播电商、社交电商等新型电商渠道正在重构销售链路。 随着618大促的来临，美妆护肤品的消费延续高增长态势。据蝉妈妈数据，5月抖音美妆品牌榜单发生巨变，销售额破亿元的护肤品牌有25个，7个品牌销量 达100多万件。值得注意的是，今年618大促期间，不少国际大牌重回销售榜单的排名前列，高端化妆品市场竞争颇 ...

" 已是悬崖百丈冰，犹有花枝俏 "。 这首千古名句并不仅仅适用于描绘梅花的独特风骨，同样适用于"青刺果"。 在中国西南地区，有一种逆寒而生的植物——青刺果。它的花朵在寒冬中绽放，经过漫长冬天 的孕育，在春末夏初果熟蒂落。只不过，和梅花被文人墨客宠爱两千多年的旷世奇缘相比，属 于青刺果的机缘要晚了太多。 相关资料显示，青刺果在云南地区的少数民族中通过口口相传，已有超过千年的药用和食用传 统。摩梭人将其油称为"青娜曼安"，用于护肤和医疗，历史甚至可追溯至古代。现存有明确文 献记录关于青刺果被用于医疗的记载有约5 0 0年。 尽管如此，在千年的漫长岁月中，青刺果并不为大多数人所知，直到遇见薇诺娜。 2 0 2 5年5月2 4日，《FBe a u t y未来迹》辗转来到哈巴雪山下海拔约3 0 0 0米左右的薇诺娜青刺果 种植示范基地（以下简称"青刺果基地"），这些惯常只能结出直径约5毫米左右，大小如枸杞 的植物，在这里却颗颗饱满如花生大小，昂首挺胸，仿佛是站在家门口自信张望的孩子。 据薇诺娜介绍，在哈巴雪山生长的青刺果不仅颗粒普遍偏大，且不饱和脂肪酸的含量也比其他 产地的高5%～1 0%。青刺果基地总面积约2 0 0 ...

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].

2024 年销售/管理/研发费用率分别同比+2.71/+1.46/-0.27pct，2025Q1分别同比 +9.30pct/+5.54pct/+3.13pct，收入压力导致费用率持续上行。营运能力方面，公司2024 年/2025Q1 存货 周转天数分别同比减少15 天/9 天；主要由于新系统完善、自产比例增加及砍掉长尾产品。 风险提示：宏观环境风险，新品销量不及预期，行业竞争加剧。 投资建议：公司目前处于品牌矩阵打造以及渠道战略转型期，短期业绩承压明显，但主品牌薇诺娜在敏 感肌护肤领域仍有深厚的消费者认可度。同时公司围绕中国皮肤健康生态，积极拓展医美及大健康领域 布局，有望带动长期发展。考虑公司新品培育周期拉长，同时转型期各项费用率仍维持高位，我们下调 2025-2026 归母净利至6.87/8.22（原值为8.26/9.42）亿，并新增2027 年预测9.08 亿元，对应PE 分别为 25/21/19x，维持"优于大市"评级。 多方原因致业绩承压。公司2024 年实现营收57.36 亿/yoy+3.87%；归母净利5.03 亿/yoy-33.53%；扣非归 母净利2.40 亿/yoy-61.12%。归母净利 ...

根据年报数据，贝泰妮2024年全年实现营业收入57.36亿元，同比增长3.87%，尽管归母净利润受到多重因素影响，同比下降33.53%至5.03亿元，但公司核心 财务指标仍保持健康，资产总额达83.04亿元，净资产规模突破60亿元。 | | 2024 年末 | 2023 年末 | 本年末比上年 增減 | | --- | --- | --- | --- | | 总资产 | 8,303,551,892.22 | 7.506.930.342.79 | 10 | | 归属于上市公司股东的净资产 | 6,049,901,389.45 | 5,860,994,371.02 | 3 | | | 2024 年度 | 2023 年度 | 本年比上年 | | | | | 增減 | | 营业收入 | 5,735,865,254.21 | 5.522.168.263.00 | 3 | | 归属于上市公司股东的净利润 | 503,053,586.13 | 756,795,007.56 | -33 | | 归属于上市公司股东的扣除非经常性损 | 240,289,033.33 | 618.058.791.53 | -61 | | 益的净利 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company's performance is under pressure due to multiple factors, including disappointing sales during major promotional events and high marketing costs on platforms like Douyin. The net profit for 2024 is expected to decline by 33.53% year-on-year, while revenue is projected to grow by 3.87% [1][7] - The main brand, Winona, continues to have strong consumer recognition in the sensitive skin care sector, despite short-term performance challenges. The company is actively expanding into the medical beauty and health sectors, which may drive long-term growth [4][18] - The company is currently in a brand matrix development and channel strategy transformation phase, with high expense ratios impacting profitability during this transition [4][18] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 57.36 billion, a year-on-year increase of 3.87%, and a net profit of 5.03 billion, a year-on-year decrease of 33.53% [1][7] - The first quarter of 2025 shows a revenue of 9.49 billion, down 13.51% year-on-year, and a net profit of 0.28 billion, down 83.97% year-on-year [8] - The gross margin for 2024 is projected at 73.74%, a slight decrease of 0.16 percentage points year-on-year, while the first quarter of 2025 shows an improvement in gross margin to 77.47% [12][3] Brand and Channel Performance - In 2024, the main brand Winona generated revenue of 49.1 billion, a decrease of 2.8% year-on-year, while the sub-brand Winona Baby saw a revenue increase of 34.03% to 2 billion [2][8] - Online sales channels achieved revenue of 39.12 billion in 2024, a year-on-year increase of 10.13%, with significant growth on platforms like Douyin and JD [9][2] - The offline channel revenue decreased by 10.72% year-on-year to 12.74 billion, indicating a shift in consumer purchasing behavior towards online platforms [9][2] Expense and Profitability Metrics - The sales expense ratio for 2024 is projected to increase by 2.71 percentage points year-on-year to 49.97%, reflecting higher marketing investments [12][3] - The company plans to distribute a cash dividend of 6 yuan per 10 shares for 2024, representing a payout ratio of 50% of net profit [1][7] - The net profit forecast for 2025-2026 has been revised down to 6.87 billion and 8.22 billion, respectively, due to prolonged new product development cycles and high expense ratios during the transformation period [4][18]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company experienced a temporary pressure on performance, but the makeup business showed remarkable growth [1] - The skincare segment's revenue decreased by 1.41% year-on-year, while the makeup segment's revenue surged by 226.48% [3] - The company is focusing on multi-brand development with Winona as the core brand, aiming to enhance customer value through a combination strategy of single products and sets [4] Financial Performance Summary - For 2024, the company reported a revenue of 5.736 billion yuan, a year-on-year increase of 3.87%, and a net profit attributable to the parent company of 503 million yuan, a decrease of 33.53% [1] - The gross profit margin for 2024 was 73.74%, a slight decrease of 0.16 percentage points year-on-year [2] - The company’s revenue for Q1 2025 was 949 million yuan, down 13.51% year-on-year, with a net profit of 28 million yuan, down 83.97% [1] Segment Performance Summary - The skincare segment accounted for 83.70% of total revenue in 2024, while the makeup segment contributed 9.60% [3] - Online sales increased by 10.13% year-on-year, representing 68.21% of total revenue, while offline sales decreased by 10.72% [3] Future Projections - Revenue projections for 2025-2027 are 6.335 billion, 7.260 billion, and 8.491 billion yuan respectively, with net profits of 760 million, 923 million, and 1.057 billion yuan [4] - The company is expected to maintain a stable position in the market while exploring overseas expansion [4]