证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 | 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 | 交银施罗德基金、华安基金、景顺长城基金、富国基金、华 | | | 夏基金、野村东方证券、Columbia Management Investment | | | Advisers 、 Fullerton Fund Management Company Ltd 、 | | | Matthews International Capital Management、Moon Capital | | | Management、Burgundy Asset Management Ltd 等 35 家机构 | | 时间 | 2025 年 5 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 | ...

证券代码：300957 证券简称：贝泰妮 云南贝泰妮生物科技集团股份有限公司 投资者关系活动记录表 | 题，是因为不够重视么还是因为其他？ | | | | --- | --- | --- | | A: 尊敬的投资人您好，感谢您的提问，关于替换芯的问题， | | | | 我们也收到了很多反馈。这也是我们第一次在核心品上做替 | | | | 换芯的尝试。出发点还是希望能够从降低塑料，环保的角度 | | | | 来给用户更好的体验。谢谢您对薇诺娜和贝泰妮的关注和信 | | | | 任。 | | | | Q: 郭总您好，作为薇诺娜的忠实用户和公司投资者，公司产 | | | | 品力没有问题，但售后真的一言难尽，举个例子：小红书上 | | | | 有用了很多年的老用户反应商品没到期但是发生了质变没 | | | | 法用，客服都是很官方的回答，一点人性化的服务都没有， | | | | 让人很寒心，一般多年的老用户是不会故意找麻烦的，丢掉 | | | | 一个老用户很简单，但发展一个用户却很难，希望公司的售 | | | | 后能跟对待自己的员工，对产品质量一样能打，成为一家伟 | | | | 大的公司. | | | | A ...

24 年及1Q25 业绩低于我们预期 发展趋势 基于公司尚处产品及渠道调整阶段，下调25-26 年净利润预测22%/17%至6.7/7.9 亿元，当前股价对应25- 26 年26/22x P/E。维持跑赢行业评级，基于盈利预测调整及板块估值中枢上行，下调目标价12%至53 元，对应25-26 年33/29P/E，有31%的上行空间。 1、主品牌薇诺娜聚焦核心单品，子品牌培育稳步推进。①分品牌：24 年主品牌薇诺娜收入同比-5.5% 至49 亿元，品牌发布2.0 战略，持续聚焦大单品战略，明星单品特护霜完成2.0 升级，于天猫双11 期间 敏感肌面霜赛道蝉联榜首；修白瓶位列抖音双11 美白精华Top1；薇诺娜宝贝收入同增34.0%至2.0 亿 元；AOXMED 收入同增65.6%至0.6 亿元，新并购品牌姬芮/泊美分别贡献收入4.7/0.5 亿元；②分渠 道：24 年线上收入同比+10.1%，其中抖音渠道同比+31%，表现亮眼；OMO/线下收入同比分 别-0.4%/-10.7%。 风险 2、产品聚焦、渠道控价带动1Q25 毛利率显著优化，资产减值损失、营销投放增加导致24 年及Q1 净利 率同比下滑。24 年/ ...

Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, a year-on-year increase of 3.87%, while the net profit attributable to shareholders was 503 million yuan, down 33.53% year-on-year [1] - In Q1 2025, the revenue was 949 million yuan, a decrease of 13.51% year-on-year, and the net profit attributable to shareholders was 28.34 million yuan, down 83.97% year-on-year [1] - The decline in profit for 2024 and Q1 2025 is attributed to multiple factors including pressure from online promotions, intensified market competition leading to increased marketing expenses, asset impairment provisions, and rising operational costs [1] - The company is focusing on core product categories, resulting in a significant improvement in gross margin in Q1 2025, laying a solid foundation for product performance [1] Revenue and Profit Analysis - The main brand experienced a temporary slowdown in growth, while the sub-brands Aikeman and Winona Baby saw rapid growth, with Winona's revenue for 2024 at 4.909 billion yuan, down 5.41% year-on-year; Aikeman (AOXMED) targeting the high-end anti-aging market saw a revenue increase of 66% year-on-year to 59.92 million yuan; Winona Baby, focusing on effective skincare for infants and children, achieved a revenue of 201 million yuan, up 34.03% year-on-year [1] - The revenue from the acquired brands Jirui and Pomei in 2023 was 467 million yuan and 515 million yuan, respectively [1] Margin and Expense Overview - In Q1 2025, the gross margin improved significantly, increasing by 5.39 percentage points to 77.47% due to category structure optimization [2] - The sales expense ratio was 56.04%, up 9.30 percentage points year-on-year, primarily due to increased marketing investments; the management expense ratio was 12.44%, up 5.54 percentage points year-on-year, mainly due to fixed cost increases from organizational expansion; the R&D expense ratio was 6.10%, up 3.13 percentage points year-on-year, reflecting ongoing investment in innovation [2] - In 2024, the company's sales revenue from Alibaba, Douyin, and JD.com reached 1.73 billion yuan, 827 million yuan, and 527 million yuan, respectively, with year-on-year changes of -2.07%, +30.96%, and +40.69% [2] Profit Forecast and Valuation - The company is still in the phase of restructuring product categories and channel strategies, with brand building and marketing investments likely to continue, although results remain to be seen [3] - The profit forecast for 2025-2026 has been lowered, with expected net profits attributable to shareholders of 769 million yuan, 949 million yuan, and 1.048 billion yuan for 2025-2027, respectively, down from previous estimates of 1.069 billion yuan and 1.332 billion yuan [3] - The target price has been adjusted to 56.11 yuan, down from 60.48 yuan, corresponding to a 31 times PE for 2025, considering the ongoing adjustments in product categories and the performance of major online channels [3]

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]