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]

Core Viewpoint - The beauty industry is experiencing a cyclical trend, shifting from "all-in-one" products to specialized efficacy and back to multi-functional products, indicating a potential evolution in consumer behavior towards more rational and simplified choices [1][3][28]. Group 1: Trends in Skincare - The skincare market is witnessing a significant trend towards "multi-functional" products, particularly in serums and sunscreens, with brands increasingly promoting the concept of "one bottle for multiple effects" [3][10]. - Serums are evolving from targeting single skin issues to offering combined benefits such as anti-aging, whitening, and repair, with products like Proya's dual anti-aging serum exemplifying this trend [4][6]. - The traditional boundaries between sensitive skin care and advanced efficacy are being blurred, with brands launching multi-functional products specifically designed for sensitive skin, such as Winona's silver core cream [8][16]. Group 2: Innovations in Sunscreen - Sunscreen products are transitioning from basic UV protection to "skincare-grade" experiences, incorporating multiple skincare benefits while maintaining high SPF [10][12]. - The combination of "sunscreen + whitening" is a prominent trend, with brands like Mentholatum and Lancaster launching products that emphasize dual certification for efficacy [12][14]. Group 3: Developments in Makeup - The makeup sector is embracing the "N-in-one" concept, focusing on simplifying application processes and meeting diverse consumer needs through innovative product forms and functional integration [17][27]. - Brands are launching multi-use products that combine various makeup functions, such as the "气色多用膏" from 彩棠, which serves as a blush, eyeshadow, and lip color [19][23]. - The trend of integrating skincare benefits into makeup products is evident, with Perfect Diary's bionic film foundation offering moisturizing and anti-aging properties alongside coverage [25][27]. Group 4: Consumer Behavior and Market Dynamics - Consumers are increasingly knowledgeable about skincare science, leading to a demand for products that address multiple concerns efficiently, reflecting a shift towards rational consumption [14][28]. - The competitive landscape in skincare and sunscreen is characterized by high levels of homogeneity, prompting brands to differentiate through multi-functional claims and innovative formulations [15][29]. - The beauty market in China is evolving towards a more mature stage, with consumers seeking precise solutions and simplified routines, aligning with global trends of rational consumption [29][30].

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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].

Financial Performance - In 2024, Betaini achieved operating revenue of 5.736 billion yuan, a year-on-year increase of 3.87% [1] - The company's operating cash flow has maintained positive growth for three consecutive years, with a year-on-year increase of 13.83% in 2024, indicating strong self-sustaining capabilities of its core business [1] - Betaini's cumulative cash dividends from 2021 to 2024 reached 1.098 billion yuan, accounting for 34.6% of net profit attributable to shareholders, with a proposed cash dividend of 253 million yuan in 2024, increasing the dividend payout ratio to 50.3% [1] Operational Management - Betaini has achieved significant results through continuous inventory optimization, leading to a sustained decline in inventory levels from 2023 to Q1 2025, which directly contributed to an increase in gross margin to 77.47% in Q1 2025 [1] Brand Development - Betaini is expanding its growth space by deepening its focus on sensitive skin, transitioning from a single product line to multi-functional and multi-scenario solutions [2] - The core brand Winona has launched new products targeting sensitive skin, including the Winona Silver Core Cream, which has entered the anti-aging segment for sensitive skin [3][5] - The sensitive skin market is large, with 42% of the Asian population reporting sensitive skin, and 54% globally, indicating a broad market for skincare needs [8] Research and Development - In 2024, Betaini's R&D expenditure reached 337 million yuan, accounting for 5.87% of total revenue, significantly higher than the average R&D ratio in the A-share beauty sector [13] - Betaini has established a comprehensive R&D system from plant selection to efficacy verification, successfully filing for 13 new cosmetic raw materials, leading in the domestic beauty industry [11] ESG Strategy - Betaini has integrated ESG strategies into its operations, establishing a green management system across the entire supply chain, leveraging the ecological advantages of Yunnan's "Plant Kingdom" [15] - The company has implemented various measures for energy conservation and emission reduction, including reducing plastic usage in packaging by 22 tons compared to 2023 [17] - Betaini has committed over 21.32 million yuan to social responsibility initiatives, including scholarships and support for vulnerable groups [17]

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]