写在贝泰妮重新回到200亿元之时20260209【东财新消费|美护】 短期上涨近20%后，按我们26年300亿元目标价，仍有40%+空间。 主要测算逻辑：1、主品牌净利率继续提升，200亿元，2、子品牌孵化，50亿元，3、医美option，50亿元（具体测 算可与我们交流）。 自1.14我们独家推荐贝泰妮以来，股价已经上涨18.9%，市场从最开始"虽然认可底部但算不清估值"=>逐步认可我 们基于主品牌+子品牌+医美新材料分阶段看到300亿元的测算 ; 市场风格从担心"以成长为主逻辑的化妆品板块是 否能buy in底部反转逻辑"=>逐步转向"认可并寻找更多底部反转的美护标的"。 短期上涨近20%后， 写在贝泰妮重新回到200亿元之时20260209【东财新消费|美护】 自1.14我们独家推荐贝泰妮以来，股价已经上涨18.9%，市场从最开始"虽然认可底部但算不清估值"=>逐步认可我 们基于主品牌+子品牌+医美新材料分阶段看到300亿元的测算 ; 市场风格从担心"以成长为主逻辑的化妆品板块是 否能buy in底部反转逻辑"=>逐步转向"认可并寻找更多底部反转的美护标的"。 【医美市值打入时间点可参考乐普获批时间点和 ...

Investment Rating - The report indicates a positive outlook for the cosmetics and medical beauty sector, with strong performance compared to the market [2][3]. Core Insights - Estee Lauder reported double-digit growth in China, with net sales reaching RMB 29.35 billion, a year-on-year increase of 6%, and profits improving by 127% to RMB 1.12 billion [8][26]. - The Tmall beauty category saw a significant increase of 24% year-on-year in January 2026, indicating strong consumer demand and confidence in the market [8][29]. - The report highlights the government's focus on promoting service consumption, which is expected to drive growth in key sectors, including beauty and personal care [9][10]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector outperformed the market, with the Shenwan Beauty Care Index rising by 3.7% from January 30 to February 6, 2026 [3]. - The Shenwan Cosmetics Index increased by 2.8%, outperforming the Shenwan A Index by 4.4 percentage points [3]. Company Highlights - Estee Lauder's sales in mainland China surged by 13% to RMB 6.44 billion, confirming the recovery of international beauty brands in the Chinese market [8][26]. - The report notes that the top-performing stocks in the sector included Betaini (+13.5%), Huaxi Biological (+12.0%), and Beijia Clean (+10.8%) [4]. E-commerce Insights - The report provides data on the performance of domestic brands on platforms like Douyin and Tmall, showing significant growth in GMV for several brands [20]. - For instance, the brand "毛戈平" saw a GMV increase of 298% in December 2025 [21]. Market Trends - The overall retail sales of cosmetics in December 2025 grew by 8.8%, with a total retail sales figure of RMB 465.3 billion for the year, reflecting a steady recovery in consumer spending [22][23]. - The report emphasizes the shift in consumer preferences towards personalized and high-quality products, indicating a strategic opportunity for brands to innovate [10][11].

Core Viewpoint - The partnership between Winona and table tennis champion Wang Chuqin symbolizes a fusion of professional values and a pioneering spirit, aiming to elevate the standards in the sensitive skin care market through the campaign "Step Forward, Special Care" [1] Group 1: Winona's Brand Positioning - Winona has established itself as a leader in the sensitive skin care market in China, maintaining the top sales position for five consecutive years and dominating the dermatological skin care segment [4] - The brand emphasizes a long-term commitment to research and development, paralleling the rigorous training and skill enhancement required in professional sports [4][9] Group 2: Wang Chuqin's Influence - Wang Chuqin, the current world number one in men's table tennis, embodies a spirit of continuous self-improvement and excellence, which resonates with Winona's commitment to innovation in skin care [6][8] - His achievements, including Olympic and World Championship titles, enhance the credibility and appeal of the brand, aligning with the growing consumer demand for trustworthy and effective products [9][12] Group 3: Product Innovation - Winona's second-generation special care mask features a patented technology that allows the mask fabric to possess self-repairing properties, effectively providing the benefits of two masks in one [6][8] - The mask has undergone rigorous testing, achieving certification for contact with infant skin, ensuring a high-quality user experience [8] Group 4: Market Trends and Consumer Behavior - The sensitive skin care market is facing challenges such as product homogeneity and a lack of scientific backing for efficacy claims, leading consumers to prioritize professional credibility over mere celebrity endorsements [12] - The collaboration between Wang Chuqin and Winona is rooted in a shared commitment to professionalism and long-termism, enhancing both brand trust and consumer relationships [12][13] Group 5: Strategic Goals - Winona aims to build a comprehensive ecosystem for skin health in China, aligning with the "Healthy China 2030" strategy, and sees its partnership with Wang Chuqin as a crucial step in this long-term vision [13]

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Insights - The company is expected to implement a product focus and stable pricing strategy in 2025, leading to improved gross margins in the first three quarters. The main brand shows strong resilience, while the sub-brand Aikeman is experiencing breakthroughs, indicating a positive outlook for multi-brand growth to restore the company's growth momentum [2][11] - The forecast for EPS has been raised for 2025-2027 to 1.23 (+0.13), 1.56 (+0.08), and 1.90 (+0.18) yuan, respectively. A target PE of 38x for 2026 has been set, resulting in an updated target price of 59.28 yuan [11] Financial Summary - Total revenue is projected to be 5,522 million yuan in 2023, increasing to 5,736 million yuan in 2024, but decreasing to 5,479 million yuan in 2025, before rising to 6,059 million yuan in 2026 and 6,663 million yuan in 2027 [4] - Net profit attributable to the parent company is expected to decline from 757 million yuan in 2023 to 503 million yuan in 2024, with a slight recovery to 520 million yuan in 2025, and further increases to 663 million yuan in 2026 and 806 million yuan in 2027 [4] - The gross margin for the first three quarters of 2025 improved to 74.33%, a year-on-year increase of 0.6 percentage points [11] Market Performance - The company's stock price has ranged between 39.34 and 50.85 yuan over the past 52 weeks, with a total market capitalization of 20,138 million yuan [6] - The stock has shown an absolute increase of 17% over the past month, 13% over the past three months, and 18% over the past year [10] Brand Performance - The main brand, Winona, has streamlined its product series and focused on core products, achieving a ranking of 9th in the Tmall beauty industry during the Double Eleven shopping festival, maintaining its position in the top 10 for nine consecutive years [11] - The sub-brand Aikeman has seen significant growth, ranking 2nd in the Tmall beauty new brand transaction list during Double Eleven 2025, with key products achieving sales of over 100,000 units [11]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The report highlights Meituan's acquisition of Dingdong Maicai for approximately $717 million, aiming to enhance its instant retail supply chain efficiency. Dingdong Maicai has achieved profitability for 12 consecutive quarters and operates over 1,000 front warehouses in China, with a monthly purchasing user base exceeding 7 million [4][24][27] - The report emphasizes the importance of supply chain efficiency and product quality in the competitive landscape of the instant retail industry, suggesting that the focus will shift towards these aspects post-acquisition [27] Summary by Sections Industry Dynamics - Meituan's acquisition of Dingdong Maicai is expected to create synergies in supply chain, regional layout, and warehouse scale, enhancing operational efficiency in the East China region [24][27] - Dingdong Maicai's established direct sourcing and self-operated production capabilities are anticipated to be preserved and amplified within Meituan's platform [27] Investment Themes - Investment Theme 1: Focus on high-end and fashionable gold jewelry brands, recommending companies like Laopuhuangjin and Chaohongji, which are expected to benefit from the emotional consumption trend [6][29] - Investment Theme 2: Emphasize retail companies adapting to trends and AI-enabled cross-border e-commerce leaders, with recommendations for Yonghui Supermarket and Aiyingshi [6][29] - Investment Theme 3: Highlight domestic beauty brands that cater to emotional value and innovative safe ingredients, recommending brands like Maogeping and Pola [6][29] - Investment Theme 4: Focus on differentiated medical beauty product manufacturers and leading chain medical beauty institutions, recommending Meilitiantian Medical Health and Aimeike [6][29] Market Performance - The retail and social service indices reported a slight decline of 0.34% and a slight increase of 0.02% respectively during the week of February 2 to February 6, 2026 [14][15] - The brand cosmetics sector showed the highest weekly increase of 4.99%, while the watch and jewelry sector led with a year-to-date increase of 16.56% [16][19] Company Highlights - Laopuhuangjin reported a significant revenue increase of 250.9% in FY2025H1, driven by brand expansion and customer base growth [31][32] - Chaohongji is expected to achieve a net profit growth of 125% to 175% in 2025, supported by differentiated product strength and multi-channel marketing [31][32] - Meilitiantian Medical Health anticipates a net profit increase of at least 34% in 2025, driven by both internal growth and acquisitions [39][40]

Investment Rating - The report assigns an "Accumulate" rating for the cosmetics industry, indicating a positive outlook for selected companies within the sector [5]. Core Insights - The beauty industry is expected to maintain steady growth in 2026, driven by product innovation and the rising trend of domestic brands. The report suggests a bottom-up selection of high-growth products and brands with strong potential, as well as companies that exhibit resilience amid product and channel changes [2][5]. Summary by Sections Industry Overview - The report highlights that the cosmetics sales during the off-peak season have shown marginal improvement. It suggests focusing on products and brands with strong growth momentum and resilience in the face of changing product and channel dynamics [2]. Key Investment Points - The report identifies two main lines of investment: 1. **High-Growth Companies**: Companies like RuYuchen, BeiJiaJie, MaoGePing, LinQingXuan, and ShangMei are expected to perform well due to strong fundamentals and product innovation [5]. 2. **Brands with Strong Asset Value**: Companies such as BeiTaiNi and PoLaiYa are anticipated to see marginal improvements following adjustments in their channels and product structures [5]. Market Performance - According to data from the National Bureau of Statistics, the retail sales of cosmetics in December 2025 grew by 8.8% year-on-year, significantly outpacing the overall retail growth of 0.9%. The annual retail sales for cosmetics in 2025 reached 465.3 billion yuan, reflecting a 5.1% year-on-year increase [5]. Company Valuations - The report provides a valuation table for key companies, indicating their earnings per share (EPS) and price-to-earnings (PE) ratios for 2025E, 2026E, and 2027E. For instance, RuYuchen has an EPS of 0.59 yuan for 2025E with a PE of 60, while BeiTaiNi has an EPS of 1.10 yuan for 2025E with a PE of 43 [7].

Core Insights - The beauty and personal care industry is experiencing significant development opportunities, with companies expanding internationally and making key advancements in innovative drug research [1] - Huolong Securities maintains a "recommended" rating for the beauty and personal care industry, highlighting the overall shift towards high-quality development [1] - Betaini Group's core brand, Winona, has successfully entered the Middle Eastern market, becoming the first Chinese functional skincare brand registered in Qatar, marking a new phase in the internationalization strategy of Chinese beauty brands [1] Group 1 - Winona opened its first offline store in Doha Mall, Qatar, representing a geographical expansion of the brand [1] - The opening ceremony was attended by prominent figures from the local healthcare and retail sectors, showcasing Winona's professional strength and international influence in the functional skincare field [2] - The successful entry into Qatar is attributed to Betaini's systematic compliance capabilities driven by independent research and development, as well as high-quality product formulations validated by extensive clinical trials [2] Group 2 - Betaini has stated that it is continuously improving its global channel network, with its brands operating locally in Southeast Asia, the Middle East, North America, and Europe [3] - The company emphasizes a cautious and pragmatic approach to international expansion, based on in-depth insights into different regional markets [3] - Future expansion plans will be disclosed through official company communications, ensuring transparency in the progress of specific country or region developments [3]

Group 1 - The beauty care sector is experiencing a surge, with companies like Lafang Jiahua hitting the daily limit up, Jin Sanjiang rising over 10%, and others like Beitaini and Babi shares also showing significant gains [1][2] - Men's skincare products are becoming increasingly popular among Generation Z, with brands like C Coffee and Gu Yu seeing sales growth of 1900% and 1000% respectively during the recent holiday season [1] - Shanghai is focusing on consumer upgrades and market innovation, with plans to enhance domestic brands and improve inbound consumer services by 2026 [2][3] Group 2 - The beauty raw materials sector is witnessing a rapid increase in demand for specialized ingredients tailored to Chinese skin types, benefiting companies with core R&D capabilities [4] - Domestic beauty brands are gaining recognition and are expected to continue growing, especially those with innovative products and multi-channel operations [4] - The demand for cosmetic testing services is rising due to stricter regulations and consumer focus on product efficacy, creating opportunities for companies with advanced technical capabilities [5] Group 3 - Lafang Jiahua is a well-established beauty company focusing on hair care and skincare, actively pursuing brand rejuvenation and increasing R&D investments [6] - Huaxi Biological is a leading biotech firm specializing in hyaluronic acid, benefiting from the trend of domestic raw material production and industry upgrades [6] - Porlaia is a top domestic beauty brand known for effective skincare products, expected to increase R&D investments and expand its market leadership [6] - Beitaini specializes in sensitive skin care and has gained market recognition through collaborations with dermatological institutions, poised to benefit from the growing efficacy skincare market [6]

（文章来源：证券日报） 证券日报网讯 2月4日，贝泰妮在互动平台回答投资者提问时表示，公司始终高度重视品牌声誉与消费 者权益，对市场上各类信息保持密切关注。对于任何不实或误导性信息，公司会基于事实与专业立场， 通过适当方式与渠道进行必要的澄清与沟通。品牌建设与口碑维护是一项长期而系统的工作，公司将持 续以优质的产品与专业的服务作为根本。 ...

证券日报网讯2月4日，贝泰妮（300957）在互动平台回答投资者提问时表示，目前，薇诺娜等品牌在中 东等新兴市场的业务正处于市场引入与本土化运营的早期阶段。公司对海外市场的长期发展抱有充分耐 心与信心，正稳步推进包括市场教育、渠道建设在内的各项基础工作，致力于为当地消费者提供专业的 敏感肌护肤解决方案。关于具体的市场表现与财务数据，敬请关注公司后续发布的定期报告。 ...