中青报·中青网记者温维娜 平均海拔3000多米的香格里拉，清晨的阳光穿透稀薄的空气，格外强烈。迪庆藏族自治州人民医院的空 地上，义诊台前排起了长队。人群中，63岁的独知次姆牵着她3岁的小孙女丹增卓玛。祖孙俩的脸颊 上，都带着高原阳光留下的鲜明印记——清晰可见的泛红。 "手机上看到义诊信息，我们就来了。" 独知次姆指了指自己和孙女泛红的脸颊。当被问及参加义诊的 感受时，她朴实地笑着，并为此次义诊活动点赞，"听医生讲了很多防晒知识，很不错"。 今年是薇诺娜"薇笑阳光计划"公益十周年。8月初，该计划走进云南香格里拉，联合云南省红十字会、 迪庆藏族自治州人民医院及国家教育部创新团队何黎教授团队，开展公益义诊活动。10年来，该公益活 动持续深入紫外线强烈的高原地区，足迹遍及6省，15地，开展25场义诊活动，累计为5000余人提供一 对一的皮肤病咨询与治疗，并发布1400多条防晒科普内容，将科学防晒理念传递给1.8亿消费者。 薇诺娜"薇笑阳光计划"活动现场 紫外线下的健康危机 "即便20多岁的姑娘，黄褐斑基底都带着明显的潮红，这是紫外线带来的炎症表现。"苏州大学附属第一 医院皮肤科副主任医师朱婷婷回忆着义诊过程，语气凝重 ...

Group 1: Brand Positioning and Strategy - The brand Aikeman targets high-end domestic market, benchmarking against international beauty brands, leveraging R&D and supply chain resources for competitive advantage [2] - Winona has begun expanding into Southeast Asia in 2023, focusing on local residents who share similar skin types with Chinese consumers, offering a full range of skincare products [3] Group 2: Product and Market Development - Winona's core product, the special protective cream, has achieved sales exceeding 1 billion, showcasing strong brand recognition and growth potential [3] - Aikeman's initial market strategy involved offline channels such as beauty and medical stores, with plans to enter e-commerce through live streaming in 2024 [4] Group 3: Innovation and Competitive Edge - Key competitive advantages include a reserve of new plant-based raw materials, continuous investment in innovation, and high consumer recognition of the Winona brand [3] - The company maintains a cautious approach to mergers and acquisitions, focusing on targets within the skin health ecosystem to leverage existing resources for growth [4]

Core Insights - The Watsons Health and Beauty Awards (HWB) 2025 announced that Winona won the Best Brand Award and its Clear Sunscreen won the Best Product Award, marking a significant achievement for the brand in the sensitive skin care market [1][3] Group 1: Brand Performance - Winona has maintained its position as the number one brand in sensitive skin care sales in China from 2020 to 2024, as certified by international agency, Sullivan [2][3] - The brand's success is attributed to its unique approach of developing skin care products based on clinical research and consumer needs, establishing a strong reputation and trust among consumers [2][4] Group 2: Product Innovation - Winona's new generation of star product, the second-generation Winona Special Care Cream, represents a significant iteration after 13 years, utilizing breakthrough technology for effective skin repair [3][4] - The Clear Sunscreen, which has been on the market for ten years, is recognized for its gentle formulation and effectiveness, having been rigorously tested for safety and efficacy [4][5] Group 3: Market Strategy - Winona's "Sensitive Skin PLUS" strategy focuses on addressing specific needs within the sensitive skin demographic, creating a diverse product line that includes specialized creams and sunscreens [4][5] - The brand has achieved significant recognition in the market, ranking in the top 10 sales at Watsons and demonstrating strong consumer approval [3][5] Group 4: Future Outlook - Winona aims to lead the sensitive skin care sector with medical-grade standards, continuously enhancing consumer trust and satisfaction while striving for health and beauty goals [7]

Group 1 - The core achievement of Betaini Group's brand Winona is being recognized as the top-selling sensitive skin care brand in China for five consecutive years (2020-2024) by Frost & Sullivan, highlighting the effectiveness of its medical research-driven skincare standards [1] - Winona's leading position is attributed to its dual-engine strategy of "medical genetics + plant technology," utilizing over 6,500 medicinal plant resources from Yunnan and establishing a comprehensive solution for sensitive skin through the unique "NUTE principle" [1] - Betaini has successfully registered 16 new cosmetic plant ingredients, leading the domestic beauty industry in registration volume, and plans to invest 337 million yuan in R&D in 2024, maintaining an annual R&D investment growth rate of over 5% for three consecutive years [1] Group 2 - Winona was selected as the only dermatological brand in the first batch of "Chinese Consumer Brands" by the Ministry of Industry and Information Technology, filling a gap in the national brand matrix, while Betaini was included in the first "100 Benchmark Brands for Chinese Brand Internationalization" alongside Huawei and BYD [2] - Betaini has established a multinational R&D network across China, France, and Japan, with a Southeast Asia headquarters in Bangkok, and has successfully entered sales channels in Thailand and Hong Kong [3] - The combination of three authoritative certifications reinforces the "medical genetics + plant technology" model and positions Chinese efficacy skincare brands for global competition, emphasizing scientific credibility [3]

Core Viewpoint - The article highlights the journey of the "Qing Ciguo" (青刺果) from a little-known plant in the mountains of Southwest China to a significant ingredient in skincare products, particularly through the efforts of the brand Winona (薇诺娜) [2][19]. Group 1: Qing Ciguo's Historical and Cultural Significance - Qing Ciguo has a history of over a thousand years in medicinal and culinary use among ethnic minorities in Yunnan, with documented medicinal use dating back approximately 500 years [2][6]. - The plant is known for its resilience, blooming in harsh winter conditions, symbolizing strength and beauty [2]. Group 2: Winona's Research and Development Efforts - Winona has been researching Qing Ciguo since its inception, selecting it as a core ingredient from over 6,500 medicinal plants in Yunnan [8][10]. - The brand has published 17 academic papers related to Qing Ciguo, with 13 being published and 4 presented at conferences, showcasing its commitment to scientific validation [10]. - Winona's research has transitioned Qing Ciguo from a traditional medicinal plant to a scientifically validated ingredient, establishing its efficacy in skin barrier repair [11][19]. Group 3: Product Development and Innovation - Winona has developed multiple iterations of its flagship product, the "Special Care Cream," utilizing advanced extraction and refinement techniques to enhance the stability and efficacy of Qing Ciguo oil [11][14]. - The introduction of new components like Qing Ciguo polysaccharides and flavonoids represents a shift from single-component to multi-component applications in skincare [14][16]. Group 4: Economic and Ecological Impact - The expansion of Qing Ciguo cultivation has positively impacted local economies, improving infrastructure and creating job opportunities in the region [20][21]. - Winona has implemented sustainable practices, including carbon footprint management and ecological restoration projects, contributing to environmental conservation [23][28]. Group 5: Industry Recognition and Future Prospects - Winona has received international awards for innovation in raw materials and research excellence, positioning itself as a leader in the Chinese cosmetics industry [17][19]. - The company plans to replicate its success with Qing Ciguo by exploring other local plants, further driving innovation and economic growth in the region [30][31].

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company reported a revenue of 5.736 billion yuan for 2024, representing a year-on-year growth of 3.87%, while the net profit attributable to shareholders was 500 million yuan, a decline of 33.53% year-on-year. For Q1 2025, the revenue was 949 million yuan, down 13.51% year-on-year, and the net profit attributable to shareholders was 28.34 million yuan, a decrease of 83.97% year-on-year [2][4] Summary by Sections Revenue Analysis - In 2024, the company's revenue from online, offline, and OMO channels was 3.91 billion, 1.27 billion, and 520 million yuan respectively, with year-on-year changes of 10%, -11%, and flat. The online channel outperformed the offline channel, with Tmall showing better performance than the market average [10] - The main brand, Winona, generated 4.91 billion yuan in revenue, a year-on-year decline of 5%, while smaller brands experienced high double-digit growth, contributing to overall revenue stability [10] Profitability Analysis - The gross profit margin for 2024 was 73.74%, remaining stable year-on-year. However, the sales expense ratio increased by 2.7 percentage points to 49.97%, and the management expense ratio rose by 1.5 percentage points to 8.94%. This led to a decline in the net profit margin from 13.7% to 8.8% [10] - In Q1 2025, the revenue decreased by 13.5%, but the gross profit margin improved by 5.4 percentage points to 77.5% due to operational optimizations and a focus on core products [10] Investment Recommendations - Despite the challenges in revenue and profit, the company is expected to see a recovery in profit margins due to ongoing inventory optimization and stable pricing for core products. The projected EPS for 2025-2027 is 1.66, 2.04, and 2.49 yuan respectively, supporting the "Buy" rating [10]

Core Insights - The report focuses on successful marketing strategies in the beauty and personal care sector on Xiaohongshu, providing practical references for industry practitioners. It highlights various brands' innovative approaches to enhance product visibility and sales conversion during promotional events [1]. Group 1: Marketing Strategies - The combination of opening screen and H5 new styles has proven effective, with brands like La Roche-Posay and OLAY using this model to drive user engagement and sales, resulting in a 64% increase in brand audience assets for OLAY within a week [1]. - Celebrity co-creation notes have become a popular tactic, with brands like La Mer and L'Oréal leveraging celebrity endorsements to enhance brand interaction and visibility [1][12]. - The "Search Audience Optimization" feature has been launched, allowing brands like Estée Lauder to segment audiences and optimize keywords, leading to a 42% increase in traffic from expanded keywords [1][23]. Group 2: Campaign Effectiveness - The "One-Click Volume Plan" by Xuelingfei has reduced time costs in campaign execution, contributing 86% of traffic during the campaign period while maintaining ROI [1][44]. - ELL's management function, combined with advanced audience targeting, has helped brands overcome challenges in note volume, increasing the share of traffic in information flow by 40% and improving advertising ROI by 8% [1][50]. - The report emphasizes the importance of innovative marketing methods to effectively reach target audiences, enhance brand awareness, and boost product sales in a competitive market [1].

Core Viewpoint - The future direction of Haotemai will be determined by its ability to maintain its "low-price" advantage while pursuing diversification in its product offerings [4][15][25]. Group 1: Product Expansion - Haotemai has shifted from a focus on soft discounting with a primary emphasis on department stores and snacks to a greater inclusion of beauty products, which now account for 14% of SKUs and 15% of revenue, up from 10% and 11% respectively from 2020 to 2024 [6][9]. - The beauty products offered are often not market bestsellers, with many being lesser-known items that brands are unable to sell through mainstream channels [8][9]. - The company is also exploring new categories such as apparel and anime merchandise, with plans to open a large outlet store in Nanjing selling brands like Adidas and Nike [11][19]. Group 2: Strategic Adjustments - The shift in strategy is driven by the limitations of the expiring product model, which has faced challenges in supply stability and market competition [15][17]. - Haotemai aims to broaden its target audience from just bargain hunters to a wider demographic seeking high cost-performance products [19]. - The company is also looking to improve profitability by introducing new categories with higher margins compared to traditional expiring products [19]. Group 3: Challenges Ahead - The transition to new product categories introduces significant supply chain complexities, which may challenge Haotemai's existing operational capabilities [21][23]. - The risk of diluting brand identity arises from expanding into diverse product lines, potentially confusing consumers about Haotemai's core value proposition [24]. - Increased operational management complexity and inventory risks are anticipated as the company expands its product offerings, which could strain cash flow and operational efficiency [24][25].

Core Insights - The article discusses the transformation of Haotemai, which is shifting from a focus on food and snacks to a broader range of products, particularly in the beauty and fashion sectors [1][8][9] - The beauty segment has seen an increase in SKU share from 10% to 14% and revenue share from 11% to 15% between 2020 and 2024, indicating that beauty products are becoming a new growth engine for the company [3][9] - However, the beauty products offered are often not popular items, as they are typically clearance or less sought-after products, leading to consumer dissatisfaction [3][6][13] Product Strategy - Haotemai's current product selection includes many low-demand beauty items, which are often not the best sellers in the market [3][4] - The company is also expanding into other categories such as anime merchandise and clothing, with plans to open a large outlet store in Nanjing selling brands like Adidas and Nike [8][9] - The core strategy remains focused on low prices, targeting price-sensitive consumers while attempting to diversify product offerings [8][9] Market Dynamics - The shift in strategy is driven by the limitations of the previous clearance model, which has faced challenges in sourcing stable inventory and maintaining growth [9][11] - Increased competition in the discount retail space has pressured Haotemai to differentiate itself by expanding its product categories [13][14] - The company is facing challenges in maintaining its brand identity as it diversifies its offerings, which could dilute its core value proposition [16][18] Operational Challenges - The complexity of supply chains for new product categories like beauty and fashion poses significant challenges for Haotemai, which has historically focused on fast-moving consumer goods [14][16] - The expansion into multiple categories increases operational complexity, requiring more specialized management and marketing strategies [16][18] - There are concerns about inventory risks and cash flow pressures associated with introducing new product lines, which could impact the company's financial stability [18]

Core Insights - The company faced performance pressure in 2024, with revenue of 5.736 billion, a year-on-year increase of 3.87%, and a net profit attributable to shareholders of 503 million, a year-on-year decrease of 33.53% [1] - The decline in net profit is attributed to lower-than-expected sales during major promotional events and high marketing expenses on platforms like Douyin [1] - The company is undergoing a transformation period in its product and channel strategies, which continues to exert pressure on its performance [1] Financial Performance - In 2024, the company's revenue from the main brand Winona was 4.91 billion, a year-on-year decrease of 2.8%, while the sub-brand Winona Baby saw revenue growth of 34.03% to 200 million [2] - Online sales channels generated 3.912 billion in revenue, a year-on-year increase of 10.13%, with significant growth on platforms like Douyin and JD [2] - The overall gross margin for 2024 decreased by 0.16 percentage points, while the net margin fell by 5.12 percentage points [2] Cost and Efficiency - The company's selling, general, and administrative expenses as a percentage of revenue increased in 2024, reflecting ongoing revenue pressure [3] - Inventory turnover days improved by 15 days in 2024, indicating enhanced operational efficiency due to system upgrades and increased self-production [3] Future Outlook - The company plans to maintain a cash dividend of 6 yuan per 10 shares, with a dividend payout ratio of 50% for 2024 [1] - Despite short-term performance challenges, the main brand Winona retains strong consumer recognition in the sensitive skin care sector, which may support long-term growth [4] - The company is actively expanding into the medical beauty and health sectors, which could drive future development [4]