Investment Rating - The report maintains an "Accumulate" rating for the company [1] Core Views - The company experienced a 3.9% year-on-year increase in revenue for 2024, reaching 5.74 billion yuan, while the net profit attributable to shareholders decreased by 33.5% to 500 million yuan [5][11] - The first quarter of 2025 saw a significant decline in performance, with revenue dropping by 14% year-on-year to 950 million yuan and net profit down 84% to 28.34 million yuan [6][11] - The company is undergoing business transformation and optimization, focusing on brand operation and member management to strengthen its market position [11] Financial Performance Summary - In 2024, the company reported a revenue of 5.74 billion yuan, with a net profit of 500 million yuan, and a basic EPS of 1.20 yuan [5][11] - The gross margin for 2024 was 73.7%, slightly down from the previous year, but has shown signs of recovery since Q4 2024 [8][11] - The company’s operating cash flow for 2024 was 690 million yuan, reflecting a 13.8% increase year-on-year [10] Revenue Breakdown - In 2024, online channels contributed 68% of total revenue, with a year-on-year growth of 10.1%, while offline channels accounted for 22% with a decline of 10.7% [7][11] - The skincare segment remains the largest contributor to revenue at 84%, although it saw a slight decline of 1.4% year-on-year [7][11] Cost and Expense Analysis - The company’s expense ratio increased by 4.3 percentage points to 64% in 2024, driven by higher sales and management expenses [8][11] - The sales expense ratio rose to 50%, primarily due to increased marketing and promotional activities [9][11] Future Earnings Forecast - The report projects net profits of 690 million yuan, 830 million yuan, and 1 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS estimates of 1.62 yuan, 1.97 yuan, and 2.36 yuan [11][12]

国信证券股份有限公司 关于云南贝泰妮生物科技集团股份有限公司 首次公开发行股票并在创业板上市的保荐总结报告书 国信证券股份有限公司（以下简称"国信证券"或"保荐机构"）作为云南 贝泰妮生物科技集团股份有限公司（以下简称"贝泰妮"或"公司"）首次公开 发行股票并在创业板上市的保荐机构，持续督导期限截至 2024 年 12 月 31 日。 目前，持续督导期限已届满。国信证券根据《证券发行上市保荐业务管理办法》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指 引第 13 号——保荐业务》等有关法规和规范性文件的要求，对贝泰妮履行持续 督导义务并出具本持续督导保荐总结报告书。 | 保荐人名称 | 国信证券股份有限公司 | | --- | --- | | 保荐人编号 | Z27074000 | 一、保荐机构及保荐代表人承诺 （一）保荐总结报告书和证明文件及相关资料的内容不存在虚假记载、误导 性陈述或重大遗漏，保荐机构及保荐代表人对其真实性、准确性、完整性承担法 律责任。 （二）保荐机构及保荐代表人自愿接受中国证券监督管理委员会（以下简称 "中国证监会"）对保荐总结报告书相关事项进行的任何质询和调 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on projected earnings growth and valuation metrics [4][5]. Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, reflecting a year-on-year growth of 3.87%. However, the net profit attributable to shareholders decreased by 33.53% to 503 million yuan [2][5]. - The main revenue source is the brand "Winona," which saw a revenue decline of 5.45% to 4.909 billion yuan, while "Winona Baby" and "Aikeman" experienced significant growth of 34.03% and 65.59%, respectively [2][4]. - The gross margin for 2024 was 73.74%, with a slight decrease of 0.16 percentage points year-on-year. The net profit margin decreased by 4.93 percentage points to 8.77% [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.285 billion yuan, 7.153 billion yuan, and 8.146 billion yuan, respectively, with growth rates of 9.6%, 13.8%, and 13.9% [5][7]. - The net profit attributable to shareholders is expected to recover to 700 million yuan in 2025, with a growth rate of 39.2%, followed by 856 million yuan in 2026 and 1.059 billion yuan in 2027 [5][7]. - The report indicates an increase in operating expenses, with sales, management, and R&D expense ratios rising significantly in recent quarters [3][4]. Brand Strategy and Market Position - The company is expanding its market presence with a multi-brand strategy, focusing on the main brand "Winona" and introducing new products in the sensitive skin segment [4]. - The launch of the "Winona 2.0" strategy aims to enhance brand positioning and product offerings, which is expected to drive long-term growth [4][5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.736 billion yuan in 2024, a year-on-year increase of 3.9%, but the net profit attributable to shareholders decreased by 33.5% to 503 million yuan. In Q1 2025, revenue was 949 million yuan, down 13.5%, with a net profit of 28 million yuan, down 84.0%. Due to rising costs and increased competition, profit forecasts for 2025-2026 have been revised downwards, with new estimates for net profit at 672 million yuan for 2025, 803 million yuan for 2026, and 927 million yuan for 2027. The expected EPS for these years is 1.59, 1.90, and 2.19 yuan respectively, with corresponding PE ratios of 25.4, 21.2, and 18.4 times [5][8][11]. Financial Performance - In 2024, the company achieved revenue of 5.736 billion yuan, with a year-on-year growth of 3.9%. The net profit attributable to shareholders was 503 million yuan, reflecting a decline of 33.5%. For Q1 2025, revenue was 949 million yuan, down 13.5%, and net profit was 28 million yuan, down 84.0% [5][8]. - The gross margin for 2024 was 73.7%, a slight decrease of 0.2 percentage points, while Q1 2025 saw an improvement in gross margin to 77.5%, an increase of 5.4 percentage points [6][12]. - The company’s operating expenses increased in 2024, with sales, management, and R&D expense ratios rising by 2.7, 1.5, and -0.3 percentage points respectively. In Q1 2025, these ratios further increased by 9.3, 5.5, and 3.1 percentage points, indicating higher costs due to intensified market competition [6][12]. Brand and Channel Performance - The main brand, Winona, focuses on sensitive skin solutions, enhancing customer value through a "single product + set" strategy. The second-tier brands, including Winona Baby and Aikeman, have shown strong performance in their respective markets. The company is also optimizing its online channels and has begun to enter mainstream beauty channels in Thailand [7][8]. - In 2024, the revenue from the skincare segment was 4.801 billion yuan, down 1.4%, while the makeup segment saw significant growth, achieving 551 million yuan, an increase of 226.5% [6][8]. Valuation Metrics - The company’s total market capitalization is 170.67 billion yuan, with a current stock price of 40.29 yuan. The stock has a one-year high of 74.00 yuan and a low of 37.46 yuan [1][8]. - The projected P/E ratios for 2025, 2026, and 2027 are 25.4, 21.2, and 18.4 respectively, indicating a reasonable valuation based on expected earnings growth [5][8]. Summary of Financial Forecasts - The company is expected to achieve revenues of 6.277 billion yuan in 2025, 7.023 billion yuan in 2026, and 7.962 billion yuan in 2027, with corresponding net profits of 672 million yuan, 803 million yuan, and 927 million yuan [8][11]. - The gross margin is projected to stabilize around 73.8% from 2025 to 2027, while the net profit margin is expected to improve gradually from 10.5% in 2025 to 11.5% in 2027 [8][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a revenue of 5.736 billion yuan in 2024, representing a year-on-year increase of 3.9%, while the net profit attributable to shareholders was 503 million yuan, down 33.5% [5] - In Q1 2025, the company achieved a revenue of 949 million yuan, a decrease of 13.5%, and a net profit of 28 million yuan, down 84.0% [5] - The report anticipates a recovery in profit after adjustments, with projected net profits for 2025-2027 at 672 million, 803 million, and 927 million yuan respectively, with corresponding EPS of 1.59, 1.90, and 2.19 yuan [5] - The company is expected to maintain a reasonable valuation with a current PE of 25.4 for 2025, 21.2 for 2026, and 18.4 for 2027 [5] Financial Performance Summary - Revenue for 2024 is projected at 6.277 billion yuan, with a year-on-year growth of 9.4% [8] - The gross profit margin for 2024 is expected to be 73.8%, consistent with previous years [8] - The net profit margin is projected to improve to 10.5% in 2025, up from 8.6% in 2024 [8] - The company’s return on equity (ROE) is expected to rise to 9.6% in 2025 from 8.0% in 2024 [8] Brand and Channel Performance - The main brand, Winona, focuses on sensitive skin solutions, with a strategy to enhance average transaction value through single products and sets [6] - In 2024, the revenue from the Winona brand was 4.909 billion yuan, a decrease of 5.5% year-on-year, while other brands like Aikeman and Jirei saw significant growth [6] - Online sales channels generated 3.912 billion yuan in revenue, reflecting a 10.1% increase, while offline channels saw a decline of 10.7% [6] Market Outlook - The report indicates that after adjustments, growth is expected to resume, supported by a well-established brand matrix in the sensitive skin care segment [5] - The company is also expanding its presence in international markets, having entered mainstream beauty channels in Thailand [7]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][18] Core Views - The company's performance is under pressure due to multiple factors, including disappointing sales during major promotional events and high marketing costs on platforms like Douyin. The net profit for 2024 is expected to decline by 33.53% year-on-year, while revenue is projected to grow by 3.87% [1][7] - The main brand, Winona, continues to have strong consumer recognition in the sensitive skin care sector, despite short-term performance challenges. The company is actively expanding into the medical beauty and health sectors, which may drive long-term growth [4][18] - The company is currently in a brand matrix development and channel strategy transformation phase, with high expense ratios impacting profitability during this transition [4][18] Financial Performance Summary - For 2024, the company is expected to achieve revenue of 57.36 billion, a year-on-year increase of 3.87%, and a net profit of 5.03 billion, a year-on-year decrease of 33.53% [1][7] - The first quarter of 2025 shows a revenue of 9.49 billion, down 13.51% year-on-year, and a net profit of 0.28 billion, down 83.97% year-on-year [8] - The gross margin for 2024 is projected at 73.74%, a slight decrease of 0.16 percentage points year-on-year, while the first quarter of 2025 shows an improvement in gross margin to 77.47% [12][3] Brand and Channel Performance - In 2024, the main brand Winona generated revenue of 49.1 billion, a decrease of 2.8% year-on-year, while the sub-brand Winona Baby saw a revenue increase of 34.03% to 2 billion [2][8] - Online sales channels achieved revenue of 39.12 billion in 2024, a year-on-year increase of 10.13%, with significant growth on platforms like Douyin and JD [9][2] - The offline channel revenue decreased by 10.72% year-on-year to 12.74 billion, indicating a shift in consumer purchasing behavior towards online platforms [9][2] Expense and Profitability Metrics - The sales expense ratio for 2024 is projected to increase by 2.71 percentage points year-on-year to 49.97%, reflecting higher marketing investments [12][3] - The company plans to distribute a cash dividend of 6 yuan per 10 shares for 2024, representing a payout ratio of 50% of net profit [1][7] - The net profit forecast for 2025-2026 has been revised down to 6.87 billion and 8.22 billion, respectively, due to prolonged new product development cycles and high expense ratios during the transformation period [4][18]

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]

Brand Performance - The brand "Winona Baby" achieved revenue of over 200 million RMB, a year-on-year growth of 34% in 2024 [2] - The brand "Aikeman" generated approximately 60 million RMB in revenue, with a year-on-year increase of over 65% [2] - "Jirui" reported revenue of 470 million RMB in 2024, while "Bomei" generated over 50 million RMB, contributing significantly to the company's growth [2] Profitability and Financial Metrics - The company's gross profit margin improved from 73.74% in 2024 to 77.47% in Q1 2025 [3] - Cumulative dividends from 2021 to 2024 amounted to 1.098 billion RMB, representing 34.60% of the net profit attributable to shareholders during this period [3] - The 2024 dividend was approximately 250 million RMB, accounting for over 50% of the net profit attributable to shareholders [3] Inventory and Supply Chain Management - Inventory turnover rate increased from 1.78 times/year in 2023 to 1.87 times/year in 2024, a growth of 5.43% [3] - Inventory decreased from over 900 million RMB at the end of 2023 to 600 million RMB by the end of 2024, and further down to 560 million RMB by the end of Q1 2025 [3] Marketing and Sales Strategies - The brand "Aikeman" ranked among the top 6 new beauty brands on Tmall during the "Double 11" shopping festival in 2024 [4] - "Jirui" saw a 56% year-on-year increase in search index on Douyin for its core product, while its sunscreen category experienced a 97% increase [4] - "Bomei" achieved a 1181% year-on-year increase in search index for its flagship product on Douyin [4] Offline and Online Channel Development - The OTC distribution channel covered over 129,000 pharmacy stores nationwide by the end of 2024 [5] - The company opened 179 new brand direct stores in key urban areas, enhancing brand visibility and service capabilities [5] - The self-built OMO online sales platform saw large orders (over 1000 RMB) account for approximately 62.82% of total orders, with an average transaction value exceeding 1500 RMB [5]

Summary of Betaini's Conference Call Company Overview - **Company**: Betaini - **Fiscal Year**: 2024 - **Revenue**: RMB 57.35 billion, up 3.87% year-on-year - **Net Profit**: RMB 5.03 billion, down 33% year-on-year - **Non-recurring Profit**: RMB 2.4 billion, down 60% year-on-year [2][4][6] Key Financial Metrics - **Online Sales Proportion**: 69% - **Private Domain Sales Proportion**: 9% - **Offline Sales Proportion**: 22% [2][4] - **Main Brand Revenue**: - Winona: RMB 49.1 billion, down 5.45% - Baby Brand: RMB 60 million, up 66% - Betaini Brand: RMB 460 million - Gome Brand: over RMB 50 million [2][4][5] - **Gross Margin**: - 2024: 73.7% - Q1 2025: 77.47% [2][4][6] - **Inventory Reduction**: From RMB 900 million to RMB 550 million [2][4][6] Brand Performance - **Winona**: Revenue decline indicates brand performance issues - **Baby Brand**: Significant growth suggests strong market potential - **Okas**: Revenue of RMB 60 million, up 66%, indicating successful market penetration [2][4][12][13] Strategic Initiatives - **Channel Investment**: Increased focus on Douyin (TikTok) for sales and marketing, with notable success in whitening products [2][8] - **OTC Channel Expansion**: Plans to increase the number of pharmacies carrying makeup products from 100,000 to 150,000 and medical devices from 200,000 to 250,000 [2][35][36] - **Sustainability Goals**: Commitment to low-carbon initiatives, including increased use of recyclable materials and bottle recycling [3][16][17] Research and Development - **New Ingredients**: 12 new cosmetic ingredients registered, 88 patents granted [7] - **International R&D**: Establishment of research centers in Japan and France to enhance product innovation [39] Marketing and Sales Strategy - **E-commerce Focus**: Emphasis on balancing content e-commerce and shelf e-commerce to optimize sales channels [26] - **Membership Strategy**: Enhancing customer loyalty through targeted membership programs and personalized skin care solutions [19][23] Future Outlook - **Profit Recovery**: Expected gradual improvement in profit margins throughout 2025, aiming for double-digit growth [38] - **Brand Development**: Continued focus on core product lines and expansion into sensitive skin care solutions [20][31] - **Investment in Partnerships**: Strategic investments in upstream and downstream companies to enhance market position [30] ESG and Corporate Responsibility - **Sustainability Practices**: Integration of sustainable practices into operations, with a focus on environmental impact and community support [15][18] Challenges and Market Dynamics - **Competitive Landscape**: Increased competition in the efficacy skincare market necessitates continuous innovation [22][28] - **Supply Chain Management**: Emphasis on efficient supply chain management to maintain product quality and cost-effectiveness [28] This summary encapsulates the key points from Betaini's conference call, highlighting financial performance, strategic initiatives, brand dynamics, and future outlook.

Industry Overview - The cosmetics industry is undergoing a significant transformation due to slowing consumer recovery and intensified competition, leading to a deep adjustment period driven by evolving consumer demands and channel model changes [1] - Domestic brands are reshaping market dynamics, with market share projected to reach 55.2% by 2024, an increase of 23% since 2020 [1] - There is a surge in demand for efficacy-driven products, particularly in skincare, with strong interest in anti-aging and whitening products [1] - Emerging technologies such as plant-based ingredients and scientific anti-aging solutions are becoming core competitive advantages [1] - The integration of domestic and international channels is redefining value pathways in the industry [1] Company Performance - Betaini has demonstrated resilience against industry pressures, achieving a revenue of 5.736 billion yuan in 2024, a year-on-year growth of approximately 3.87%, and a net profit of 503 million yuan [3] - The company has maintained positive operating cash flow for three consecutive years, with a year-on-year increase of 13.83% in 2024, highlighting its financial robustness [3] - Betaini's gross profit margin reached 73.74% in 2024, indicating effective cost management and a focus on high-value products [3] Shareholder Value - Over the past four years, Betaini has distributed 1.098 billion yuan in cash dividends to shareholders, with a dividend payout ratio of 50.25% in 2024, significantly higher than the industry average of 30% [4] - The company has also announced a share buyback plan of 235 million yuan for 2024, reinforcing its commitment to returning value to shareholders [4] Innovation and R&D - Betaini's R&D investment reached 337 million yuan in 2024, accounting for 5.87% of its revenue, positioning it as a leader in R&D intensity within the industry [5] - The company has established a plant extraction laboratory in Yunnan, successfully developing 13 unique plant ingredients, enhancing its product competitiveness [8] - Betaini's global R&D collaboration model, linking its Yunnan lab with a Swiss anti-aging research center, strengthens its position in the efficacy skincare market [10] Market Strategy - Betaini has built a multi-brand ecosystem through "internal incubation and external mergers," covering diverse skin needs and fostering collaborative growth [13] - The company has strategically invested in high-end body care brands to enhance its efficacy skincare ecosystem, aiming to establish a first-mover advantage in this segment [16] - Betaini is leveraging OMO (Online-Merge-Offline) retail strategies and expanding into Southeast Asia, enhancing its market presence and growth potential [17][19] Consumer Trends - Recent data indicates that product ingredients and efficacy are the primary concerns for Chinese consumers when purchasing cosmetics, aligning with national policies promoting the development of unique plant-based ingredients [7] - The cosmetics retail market in China has shown signs of recovery, with a total retail sales of 72 billion yuan in January-February 2024, reflecting a 4.4% year-on-year growth [22] Future Outlook - Betaini is positioned to benefit from the dual advantages of the "Healthy China" strategy and consumer upgrades, potentially leading to a reassessment of its technological and ecological value in the capital market [25]