证券代码：300957 证券简称：贝泰妮 投资者关系活动记录表 编号：2025-007 | 投 资 者 | 关 | 系 活 | □特定对象调研 分析师会议 | | --- | --- | --- | --- | | 动类别 | | | □媒体采访 □业绩说明会 | | | | | □新闻发布会 路演活动 | | | | | 现场参观 | | | | □其他 | | | 参与单位名称 | | | 中金公司、东方财富、申万宏源证券、国海证券、WFM Asia、 | | | | | Aberdeen、工银瑞信、博时基金、富国基金、交银施罗德基 | | | | | 金、万家基金、华安基金、华宝基金、平安养老等 24 家机 | | | | 构 | | | 时间 | | 2025 | 年 9 月 | | 地点 | | | 线上、线下交流 | | 上 市 公 | 司 | 接 待 | 1、副总经理、财务总监、董事会秘书王龙 | | 人员姓名 | | | 2、投资者关系负责人张圣烨 | | | | 3、IR | 王丹琦 | | | | | Q：毛利率提升的主要原因，采取了哪些举措改善毛利？ A：公司聚焦推进战略换挡，收缩 ...

Investment Rating - The investment rating for the company is "Maintain Buy" [5] Core Views - The company is experiencing pressure on its performance in the first half of 2025, with both revenue and profit declining. The revenue for the first half of 2025 was 2.372 billion yuan, a year-on-year decrease of 15.43%, and the net profit attributable to shareholders was 247 million yuan, down 49.01% year-on-year [1][2] - The company has a clear brand positioning and strong brand-building capabilities, focusing on natural plant active ingredients for skin care products, particularly targeting sensitive skin. It has successfully integrated online and offline sales channels, leveraging internet and AI technologies to create a new retail system [3][4] Financial Summary - Revenue for 2023 is projected at 5.522 billion yuan, with a growth rate of 10.1%. However, a decline of 4.7% is expected in 2025, with revenue estimated at 5.468 billion yuan [1] - The net profit attributable to shareholders is expected to decrease to 476 million yuan in 2025, reflecting a year-on-year decline of 5.3% [1] - The company's gross margin for the first half of 2025 was 76.01%, an increase of 3.42 percentage points year-on-year, while the net profit margin decreased by 6.48 percentage points to 10.47% [2] - The company is projected to have an EPS of 1.12 yuan in 2025, with a corresponding P/E ratio of 40.7 times [9]

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].

Group 1 - The core viewpoint of the article highlights that Yunnan Betaini Biotechnology Group Co., Ltd. reported a revenue of 5.736 billion yuan for 2024, marking a year-on-year increase of 3.87%, while net profit decreased by 33.53% to 503 million yuan due to various factors including increased marketing expenses and rising operational costs [1][2] - The revenue growth is attributed to the company's continuous investment in brand expansion, product innovation, and channel development, alongside effective product strategies [1] - The company plans to distribute a cash dividend of 6 yuan per 10 shares, totaling 253 million yuan for its shareholders [1] Group 2 - In 2024, the company's R&D investment reached 337 million yuan, maintaining over 5% of revenue dedicated to R&D for three consecutive years, emphasizing its strategy of building value through technological barriers [1] - The company is focusing on a dual strategy of "multi-brand synergy + product matrix expansion" to enhance market vitality, particularly targeting sensitive skin consumers with core brand Winona consistently ranking in the top ten on Tmall for eight years [1] - The high-end anti-aging sub-brand AOXMED saw a revenue increase of 65.59% year-on-year in 2024, showcasing the effectiveness of the brand's collaborative efforts in niche markets [1][2] Group 3 - The Chinese dermatological skincare market is expanding, with a market size of approximately 33.96 billion yuan, growing by about 3.30% year-on-year despite a slowdown in overall cosmetics retail [2] - Analysts predict that domestic brands will continue to rise as international beauty brands retreat from the market, reinforcing confidence in domestic consumption and the growth of local brands [2] - The company is establishing a framework for sustainable growth amidst industry challenges, focusing on its mission to create a "Chinese skin health ecosystem" and enhancing its brand foundation and ecological layout [2]