12月5日至7日，2025腾冲科学家论坛在云南腾冲举办。作为论坛的系列活动之一，南亚东南亚国际知识 产权创新合作研讨会12月7日举行。会上，云南贝泰妮生物科技集团股份有限公司（简称"贝泰妮"） 以"云南特色植物资源的创新开发与产业化实践"为主题进行分享，向国内外专家介绍了贝泰妮在植物新 原料研发领域的实践路径与创新成果。 2023年底，位于香格里拉哈巴雪山的青刺果科研种植基地竣工，基地围绕原料青刺果开展种质研究与优 化，并开展高原特色植物的种植研究工作。同时，基地通过打造农旅结合的生物多样性科普教育展馆， 坚持长期发展理念，推进生物多样性保护的教育与实践。2024年，贝泰妮哈巴雪山西坡生态修复项目正 式启动，通过科学方式保持水土、涵养水源，建设防护围栏，种植当地原生植物云南沙棘、黄花木、油 麦吊云杉、杜鹃等，对珍稀濒危的雅致杓兰和西藏杓兰进行抢救性保护。 建设综合服务平台，赋能科技成果转化 由贝泰妮牵头建设的云南特色植物提取实验室，基于云南特色植物的开发利用，以产业化为导向，聚焦 功效性化妆品、功能性食品以及药品研发。实验室聚焦云南特色植物产业，搭建了功效性化妆品CRO （合同研究组织）产品研发服务平台及CR ...

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]

Core Viewpoint - The company emphasizes the importance of its acne treatment brand, Beifutin, despite its low revenue since listing and limited growth observed on e-commerce platforms. The company is committed to developing Beifutin through a comprehensive treatment approach and ongoing technological improvements [1]. Group 1 - Beifutin is positioned as a professional acne treatment brand, leveraging a team of dermatology experts and AI consultation technology to provide integrated solutions for acne treatment [1]. - The brand is currently in the incubation stage, with the company prioritizing its professional development path and aiming to offer more scientific and systematic acne treatment solutions through continuous technological iteration and service optimization [1]. - Future resource allocation for the brand will be based on market feedback and strategic considerations, allowing for dynamic deployment and comprehensive evaluation [1].

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].

Core Insights - The event "New Journey of Investment Education Services" was successfully held at the Shenzhen Stock Exchange, focusing on enhancing communication between listed companies and investors [1] - The event showcased Betaini's new central factory, emphasizing its modernized production capabilities and commitment to quality through a fully digitalized control system [2] - Betaini's management provided insights into the company's growth trajectory, multi-brand strategy, and ongoing investments in research and development, including ESG initiatives [3] - The event facilitated better information symmetry and interaction between Betaini and investors, laying a foundation for improved investor relations management [4] Group 1 - The event was organized by Guotai Junan Securities in collaboration with various regulatory bodies, aiming to deepen investor engagement [1] - Betaini's new factory integrates cosmetics and medical device production, highlighting its technological advancements and automated processes [2] - The management discussed the company's evolution from sensitive skin care to a multi-brand approach, detailing its operational strategies and R&D investments [3] Group 2 - The interactive session allowed investors to engage with management on key topics such as annual performance, brand incubation, and marketing innovations [3] - The event served as a platform for enhancing the company's market image and investor relations, with plans for future investor education initiatives [4] - Guotai Junan Securities aims to continue facilitating investor-company interactions to foster a healthy capital market ecosystem [4]