Core Viewpoint - Beitaini emphasizes the professional development of its acne treatment brand, Beifuting, leveraging a team of dermatology experts and AI consultation technology to provide a comprehensive acne treatment solution [1] Group 1: Brand Development - Beifuting is positioned as a specialized acne treatment brand under Beitaini, focusing on integrating food, medicine, and cosmetics for precise acne treatment [1] - The brand is currently in the incubation stage, with a strong emphasis on professional development and continuous technological iteration [1] Group 2: Research and Technology - The brand's approach is based on research accumulated from over one million cases, showcasing a commitment to evidence-based treatment [1] - AI consultation technology is utilized to enhance the user experience and treatment accuracy [1] Group 3: Future Planning - Future resource planning for the brand will be based on market feedback and strategic considerations, allowing for dynamic deployment [1] - The company aims to provide a more scientific and systematic acne treatment plan through ongoing service optimization [1]

贝泰妮（300957.SZ）11月12日在投资者互动平台表示，贝芙汀作为公司旗下专业祛痘品牌，依托皮肤 学级专家团队对超百万例病例的研究积累，结合AI问诊技术，通过"食+药+妆"整合来精准治痘。目前品 牌处于孵化阶段，公司高度重视该品牌的专业化发展路径，将通过持续的技术迭代与服务优化，为用户 提供更科学的系统性祛痘方案。关于品牌未来的资源规划，公司将基于市场反馈与战略全局进行综合考 量与动态部署。 （记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：贵公司一直在强调旗下贝芙汀对集团的重要性，但是 自上市以来，贝芙汀每年营收几乎少的可怜，淘宝上官网看到贝芙汀产品几乎没有增长，郭总之前访 谈，谈到过靠单一外敷对于痘痘治疗效果很差，一定是内外兼修分区治疗的联合方案的路径，但是好像 一直对于内服也没看到相关动作，对于分区治疗看了一些反馈似乎效果也一般，公司是如何定位这个品 牌，将来会加大资源投入么？还是会直接放弃这个品牌？ ...

Core Viewpoint - Beitaini is experiencing significant operational challenges, reflected in its declining revenue and net profit for the first three quarters, despite a slight recovery in the third quarter [1][4][10] Financial Performance - For the first three quarters, Beitaini reported revenue of 3.464 billion yuan, a year-on-year decrease of 13.78%, and a net profit of 272 million yuan, down 34.45% year-on-year [1][4] - In the third quarter alone, the company achieved a net profit of 25.22 million yuan, marking a return to profitability, but this does not offset the overall performance decline [1][4] Market Position and Valuation - Beitaini's market capitalization has dropped significantly from over 120 billion yuan at its peak to approximately 19 billion yuan, indicating a loss of over 100 billion yuan in market value since its IPO [2][4] - The stock price has fallen below its initial offering price, reflecting investor concerns about the company's growth prospects [2] Revenue Channels - All three major revenue channels (online, OMO, and offline) have shown declines, with offline sales plummeting by 41.6% [6] - Specific declines in major e-commerce platforms include a 10.5% drop in Alibaba, 22.1% in JD.com, and 18.9% in Vipshop, while Douyin was the only platform to show a 7.4% increase [6] Product Performance - The core product categories, skincare and cosmetics, saw revenue declines of 12.0% and 7.1%, respectively, with skincare accounting for 85% of total revenue [6][7] - The primary brand, Winona, generated 1.95 billion yuan in revenue for the first half of 2025, representing 82.17% of total revenue, but its growth has slowed significantly [7] Strategic Initiatives - To mitigate reliance on its main brand, Beitaini is diversifying its product offerings, including launching new brands and acquiring existing ones [7] - However, the development of new brands requires substantial investment and may take time to yield results, leading to revised profit forecasts for 2025-2027 [7][9] Profitability Challenges - Despite a slight increase in gross margin to 74.3%, the company's expense ratio has risen to 67.7%, with sales expenses reaching a record high of 53.1%, squeezing profit margins [10][12] - The sales expense ratio has increased significantly over the years, indicating that a large portion of revenue is being consumed by marketing without driving growth [12]

Core Viewpoint - The significant increase in net profit for Betaini in Q3, up 136.55%, is seen as a potential turning point after several quarters of declining performance, although the sustainability of this growth remains uncertain due to reliance on cost-cutting measures [1][3]. Financial Performance - In Q3, Betaini reported revenue of 1.092 billion yuan, a year-on-year decline of 9.95%, while net profit reached 25.22 million yuan, marking a 136.55% increase [3]. - For the first three quarters of 2025, Betaini's operating costs were 889 million yuan, down 15.75% year-on-year, with a gross profit margin of approximately 74.33%, an increase of about 0.6 percentage points compared to the previous year [4]. - Despite the profit increase in Q3, overall performance shows significant pressure, with total revenue for the first three quarters of 2025 at 3.464 billion yuan, down 13.78%, and net profit at 272 million yuan, down 34.45% [4]. Brand Dependency - Betaini heavily relies on its main brand, Winona, which accounted for 82.17% of total revenue in the first half of 2025, indicating that other brands contribute less than 20% [7]. - Winona's revenue has shown a declining trend, with figures of 4.885 billion yuan, 5.192 billion yuan, and 4.909 billion yuan from 2022 to 2024, reflecting a slowdown in growth [7]. Strategic Initiatives - Betaini is actively seeking new growth points beyond its main brand through investments and acquisitions, including a partnership with the home-use RF beauty device brand Chupu and the acquisition of Shiseido's Za and Bomei brands [10]. - The company has increased its R&D investment, with 59 new patents obtained and R&D spending rising by 1.87% to 116 million yuan [11]. - Betaini aims to leverage its unique advantages in Chinese herbal ingredients and has established the "Yunnan Province Nest Zhi Mao Expert Workstation" to enhance product quality and technical standards [11].

Core Viewpoint - Betaini (300957.SZ), known as the "first stock in functional skincare," is intensifying its capital market strategy by investing in a new healthcare fund, aiming to diversify its business beyond its core beauty segment [1]. Investment Strategy - On October 13, Betaini announced plans to invest as a limited partner in the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership (referred to as "Jinyu Fund"), with a total fund size of 1 billion CNY, focusing on consumer healthcare, pharmaceuticals, medical devices, and AI drug development [1][4]. - Betaini will contribute 50 million CNY, acquiring a 5% stake in the Jinyu Fund, which is part of a broader strategy to deepen cooperation with professional funds and enhance its presence in the health ecosystem [4]. Historical Investments - Over the past three years, Betaini has invested approximately 280 million CNY in various funds, including the Sequoia Fund and the San Zheng Fund, indicating a strategic shift towards capital investments to seek growth opportunities [3][9]. - The company has made several notable investments: 100 million CNY in the Sequoia Fund in June 2022, another 100 million CNY in the San Zheng Fund in April 2023, and 30 million CNY in the Jinguo Fund in October 2023 [5][9]. Financial Performance - Betaini's revenue growth has been declining, with reported revenues of 4.022 billion CNY in 2021, 5.014 billion CNY in 2022, 5.522 billion CNY in 2023, and 5.736 billion CNY in 2024, showing a decreasing growth rate from 52.57% to 3.87% [9]. - The net profit has also seen a downward trend, with figures of 863 million CNY in 2021, 1.051 billion CNY in 2022, 757 million CNY in 2023, and 503 million CNY in 2024, reflecting a significant decline in profitability [9]. Market Position and Competition - Betaini's core brand, Winona, has been a major revenue driver, contributing approximately 97% of total revenue in 2022, which decreased to around 86% in 2024, indicating a heavy reliance on a single brand [9]. - Other beauty brands, such as Proya and Marubi, are also increasing their capital investments to seek growth, highlighting a trend among leading beauty companies to diversify and enhance their market positions [10][11].

Core Viewpoint - Betaini, known as the "first stock in functional skincare," is intensifying its capital market strategy by establishing a new investment fund focused on healthcare and medical industries [1][3]. Investment Fund Overview - Betaini plans to invest as a limited partner in the Wuxi Jinyu Maowu Medical Health Industry Investment Partnership, with a total fund size of 1 billion yuan, focusing on consumer healthcare, pharmaceuticals, medical devices, and AI in drug development [1][3]. - The company will contribute 50 million yuan, acquiring a 5% stake in the fund, which has a 10-year partnership duration [2][3]. Historical Investment Activities - Over the past three years, Betaini has invested approximately 280 million yuan across various funds, including Sequoia Fund and San Zheng Fund, indicating a strategic shift towards capital investments beyond its core beauty business [2][4]. - Specific investments include 100 million yuan in Sequoia Fund in June 2022, 100 million yuan in San Zheng Fund in April 2023, and 30 million yuan in Jiangsu Jinguo New Materials Fund in October 2023 [2][4]. Financial Performance and Strategic Concerns - Betaini's revenue growth has been declining, with revenues of 4.022 billion yuan in 2021, 5.014 billion yuan in 2022, 5.522 billion yuan in 2023, and 5.736 billion yuan in 2024, showing a decreasing growth rate from 52.57% to 3.87% [6]. - The company's net profit has also decreased significantly, from 8.63 billion yuan in 2021 to 5.03 billion yuan in 2024, reflecting a trend of increasing revenue but declining profitability [6]. Brand Diversification Efforts - To mitigate reliance on its core brand Winona, which accounted for approximately 86% of total revenue in 2024, Betaini is expanding its brand portfolio by acquiring stakes in other brands and developing a multi-brand strategy [6][7]. - The company has invested 536 million yuan to acquire a 51% stake in Yuejiang (Guangzhou) Investment Co., aiming to integrate brands like Za and Pure&Mild into its offerings [6]. Industry Trends - Other major beauty brands, such as Proya and Marubi, are also increasing their capital investments to seek growth opportunities amid slowing sales, indicating a broader trend in the beauty industry towards capital market engagement [7][8].

Core Viewpoint - Beitaini's 2025 semi-annual report shows resilience in operations despite challenges in the cosmetics industry, with significant improvements in cash flow and inventory management [1][2] Financial Performance - In the first half of 2025, Beitaini achieved operating revenue of 2.372 billion yuan and net profit attributable to shareholders of 247 million yuan [1] - Operating cash flow reached 347 million yuan, a year-on-year increase of 145.70%, with Q2 cash flow netting 416 million yuan, indicating enhanced cash return capability [1][2] - The overall gross profit margin for the first half of 2025 was 76.01%, reflecting strong profitability and operational efficiency [2] Industry Context - The cosmetics industry in China is transitioning from "scale expansion" to "high-quality development," facing challenges of demand slowdown and intensified competition [1] - Companies are shifting growth strategies from external expansion to internal optimization, with a focus on improving operational efficiency [1] Inventory and Accounts Receivable Management - Beitaini effectively managed inventory turnover and accounts receivable, with 96.02% of accounts aged within one year and a reasonable bad debt provision rate of 5.29% [2] - The overall working capital structure has been optimized, maintaining ample liquidity [2] Research and Development - Despite short-term revenue pressures, Beitaini increased R&D investment, with an R&D expense ratio of 4.91%, up 0.83 percentage points year-on-year, maintaining industry leadership [2] Brand Performance - The main brand, Winona, continues to lead the sensitive skin care market in China, recognized as the top seller in sensitive skin care products for five consecutive years [3] - Beitaini's multi-brand matrix is maturing, with significant revenue growth from brands like Aikeman and Winona Baby, indicating successful activation of differentiated market segments [3] Global Expansion Strategy - Beitaini is focusing on deepening its presence in Southeast Asia and leveraging the Belt and Road Initiative for product registration and local operations [4] - The company emphasizes brand building and local adaptation, with products entering mainstream channels and establishing brand recognition through social media platforms [4]

Core Viewpoint - The event "New Journey of Investor Education Service" was successfully held by Guotai Junan Securities at the Shenzhen Stock Exchange, focusing on enhancing communication between listed companies and investors, specifically featuring the local cosmetics leader, Beitaini [1][11]. Group 1: Event Overview - The event took place at Beitaini's newly established central factory, which integrates cosmetics and medical device production, showcasing a modern "smart factory" [3]. - Over 20 investors participated in an immersive visit and in-depth dialogue, gaining insights into Beitaini's innovative genes and strategic layout [1][3]. Group 2: Company Insights - Beitaini's Vice General Manager, CFO, and Board Secretary Wang Long detailed the company's development history, highlighting its evolution from sensitive skin care to a multi-brand matrix [10]. - The company emphasized its strategic investments in research, including the establishment of the Beitaini Research Institute and a rare plant research institute, focusing on raw material innovation and sustainable practices [10]. Group 3: Investor Interaction - During the Q&A session, investors engaged in discussions about annual report performance, sub-brand incubation progress, competitive strategies, and marketing innovations [10]. - Wang Long provided targeted responses regarding core brand growth drivers, new brand cultivation rhythms, and strategic adjustments in response to market changes, offering clarity on the company's long-term value [10]. Group 4: Future Directions - The event facilitated better information symmetry and interaction between Beitaini and investors, laying a solid foundation for improving investor relations management and enhancing market image [11]. - Guotai Junan Securities plans to continue organizing investor education activities, fostering communication between investors and listed companies to promote a healthy capital market ecosystem [11].

在互动交流环节，贝泰妮副总经理、财务总监、董事会秘书王龙向投资者详细讲述了企业发展历程。他 以品牌成长为脉络，详述了贝泰妮从敏感肌护肤领域突围到多品牌矩阵（如瑷科缦、贝芙汀等）协同发 展的进阶之路，解析线上线下全渠道融合的运营策略。重点介绍了公司在科研端的战略投入：贝泰妮研 究院的前沿探索、珍稀植物研究所的原料创新、绿色供应链及环保包装的实践成果，以及全球化研发布 局的推进路径。同时阐述了企业在ESG领域的持续深耕，展现科技向善的发展理念。 为深化投资者服务内涵，推动上市公司与投资者深入交流，8月13日上午，在深圳证券交易所、云南证 监局、云南省证券业协会及云南省上市公司协会的联合指导下，国泰海通证券于深交所上市公司贝泰妮 （股票代码：300957）成功举办"踔厉奋发新征程 投教服务再出发"专题活动。国泰海通证券云南投教 基地组织20余名投资者走入贝泰妮，通过沉浸式探访与深度对话，零距离感知本土化妆品龙头的创新基 因与战略布局。 本次活动在贝泰妮2023年正式投产的集团中央工厂举办。这座集化妆品与医疗器械生产于一体的现代化 基地，生动展现了"智慧工厂"的科技内核。在工作人员引导下，投资者系统了解了贝泰妮旗下核 ...

Summary of the Conference Call Transcript Company Overview - **Company**: 贝泰妮 (Betaini) - **Industry**: Consumer Goods, specifically skincare and beauty products Key Points and Arguments 1. **Profitability Goals**: The company aims for a double-digit net profit margin by 2025, up from 8.8% in 2024, supported by a targeted 3% increase in gross margin, efficiency improvements, and operational leverage [1][4] 2. **Revenue Targets**: - Main brand, 薇诺娜 (Winona), is expected to achieve single-digit revenue growth, focusing on product reform and promotional control [1][4] - Emerging brands are projected to maintain growth momentum, with 薇诺娜宝贝 (Winona Baby) targeting over 30% growth, 瑗科缦 (Yuan Keman) over 100%, and 贝芙汀 (Beifutin) aiming for 50 million yuan [1][4] 3. **Quarterly Performance**: The second quarter shows improvement, with a strong start to the 6.18 shopping event, reporting a 20-30% increase in GMV through live streaming channels and a 30-40% increase on Douyin [1][4] 4. **Inventory Management**: Inventory balances improved, with figures of 556 million yuan and 612 million yuan for Q1 2025 and FY2024 respectively, down 34% and 32% from FY2023 [1][4] 5. **OTC Channel Expansion**: Sales in the OTC channel are recovering, with a projected 10% growth in sales for approximately 129,000 OTC pharmacies in 2024 [1][4] 6. **Financial Forecasts**: - Revenue is expected to grow from 5.736 billion yuan in FY24 to 6.196 billion yuan in FY25, with a compound annual growth rate (CAGR) of 10% from 2025 to 2027 [1][9] - Adjusted net profit is projected to increase from 503 million yuan in FY24 to 654 million yuan in FY25 [1][8] 7. **Market Position**: Winona is the largest efficacy skincare brand in China, holding a 20% market share, outperforming competitors like 理肤泉 (La Roche-Posay) and 修丽可 (SkinCeuticals) [1][9] 8. **Valuation**: The target price is set at 66 yuan, corresponding to a 35x 12-month forward P/E ratio, based on a discounted cash flow analysis [1][14] Additional Important Information - **Risks**: - Downside risks include potential failure in brand expansion, high traffic costs, intensified competition, and increased regulatory scrutiny on efficacy skincare advertising [1][16] - Upside catalysts include better-than-expected performance of new products and successful acquisitions [1][16] - **Stock Performance**: The stock price as of May 28, 2025, is 45.29 yuan, with a target price of 66.00 yuan by December 2025 [2][22] This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial targets, market positioning, and associated risks.