Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - In Q3 2024, the company achieved operating revenue of 1.21 billion, a year-on-year increase of 14%, while the net profit attributable to the parent company was -70 million, a decline of 153% year-on-year. The non-recurring net profit attributable to the parent company was -80 million, down 158% year-on-year [3][4]. Revenue Analysis - The main brand showed steady growth, with the contribution from the newly consolidated subsidiary, Yuejiang, adding incremental revenue. The revenue growth rates for Q1, Q2, and Q3 were 27.1%, 13.5%, and 14.0%, respectively, maintaining double-digit growth in Q3. The main brand, Winona, and other brands are expected to generate revenue of 1.12 billion in Q3, a year-on-year increase of 5.3% [3][4]. Profitability Analysis - The profit margin faced pressure due to increased sales expenses. The gross margin for Q3 was 76.4%, a decrease of 2.4 percentage points year-on-year, primarily due to promotional policies and changes in product sales structure. The sales expense ratio rose significantly to 60.4%, with sales expenses amounting to 733 million, an increase of 225 million year-on-year. The management expense ratio also increased to 13.5%, with management expenses of 164 million, up 72.48 million year-on-year [4][5]. Investment Recommendations - The report suggests that the company's profits are under temporary pressure due to increased investments in Douyin channel and brand promotion expenses. However, the core product, Winona's special cream, maintains a solid market position, and the freeze-dried mask is expected to recover after product upgrades. Looking ahead, the contribution from new products is anticipated to continue to grow, with projected EPS for 2024, 2025, and 2026 being 1.54, 1.89, and 2.36, respectively [5][6].

证券代码：300957 证券简称：贝泰妮 公告编号：2024-056 控股股东昆明诺娜科技有限公司、持股5%以上的股东厦门臻丽咨询有限公 司保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 持有云南贝泰妮生物科技集团股份有限公司（以下简称"公司"或"本公 司"或"发行人"）股份195,212,611股（占公司股份总数的46.34%，本公告中 公司股份总数421,292,882股，系按公司总股本423,600,000股剔除截至本公告披 露日公司回购专用账户中的股份数量计算而来，下同）的控股股东昆明诺娜科 技有限公司（以下简称"诺娜科技"）计划在本公告披露之日起15个交易日后 的3个月内以集中竞价方式或大宗交易方式合计减持本公司股份不超过6,740,600 股（即不超过公司股份总数的1.60%）。 持有公司股份27,685,934股（占公司股份总数的6.57%）的股东厦门臻丽咨 询有限公司（以下简称"臻丽咨询"）计划在本公告披露之日起15个交易日后 的3个月内以集中竞价方式或大宗交易方式合计减持本公司 ...

证券代码：300957 证券简称：贝泰妮 公告编号：2024-055 持股5%以上的股东天津红杉聚业股权投资合伙企业（有限合伙）保证向本 公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗 漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 云南贝泰妮生物科技集团股份有限公司（以下简称"公司"）于2024年10 月14日发布《关于持股5%以上股东减持股份的预披露公告》（公告编号： 2024-052，以下简称"减持公告"），披露了公司持股5%以上股东天津红杉聚 业股权投资合伙企业（有限合伙）（以下简称"红杉聚业"）的股份减持计划。 红杉聚业已于2022年2月27日通过中国证券投资基金业协会的政策备案申请 ，符合《上市公司创业投资基金股东减持股份的特别规定》《深圳证券交易所 上市公司创业投资基金股东减持股份实施细则》中的减持规定，具体如下：截 至首次公开发行上市日，投资期限已满60个月的，创业投资基金通过集中竞价、 大宗交易方式减持其持有的首次公开发行前股份的，减持股份总数不受比例限 制。 公司于近日收到红杉聚业出具的《关于贝泰妮股份减持计划实施完毕暨权 益变动情况的告知函 ...

公司报告 | 季报点评 24Q1-3 营收同增 17%，静期业绩拐点 公司发布 24 年三季报。24 年 Q1-3 营收 40.2 亿，yoy+17%，；归母净利 4.1 亿元，yoy-28%。24 年 Q3 公司实现营收 12.1 亿，yoy+14%，归母净利-0.69 亿，yoy-153%。 ■Za 和泊美 24Q1-3 营收 3.8 亿元，销售毛利率约为 58.37%；按去年同期 统计范围，薇诺娜及其他主要品牌 24Q1-3 营收 36.37 亿元，同比增长约 5.98%，销售毛利率约为 75.34%。 投资建议：自公司内部改革&渠道经营调整以来，产品打造逻辑愈发清晰， 修白系列&特护系列上新优化，数据呈现整体改善趋势，新品牌贝芙汀延 续集团"医研"属性&提供祛痘系统化解决方案，精准性&科学性持续验证， 随着多渠道营销逐步延伸，有望结合私域和公域两端抢占消费者心智，打 造第二成长曲线！收购 ZA&泊美补全公司大众护肤品领域布局，有望加强 TOC 运营能力。考虑外部环境及三季度业绩情况，下调盈利预测，预计 24-26 年归母净利润 7.1/8.5/9.6 亿元（原为 10.3/12.7/13.8 亿元）， ...

证 券 研 究 报 告 贝泰妮（300957）2024 年三季报点评 中性（下调） 扩渠道导致费用率提升，短期利润率承压 目标价：52.83 元 当前价：52.34 元 事项： ❖ 贝泰妮 24 年 3 季度实现营收 12.13 亿元，同比+14%；实现归母净利润-0.7 亿 元，yoy-153%；实现扣非归母净利润-0.78 亿元，yoy-158%；24 年 1-3 季度实 现营收 40.18 亿元，同比+17%，（其中悦江旗下姬芮 Za 和泊美品牌贡献营收 3.8 亿元，剔除收购悦江的影响，同比+6%）；实现归母净利润 4.15 亿元，同比 -28%，扣非归母净利润 3.41 亿元，同比-33%。 评论： ❖ 薇诺娜新品与收购品牌支撑增长。根据通联数据，3Q 薇诺娜淘天与抖音两大 平台合计 GMV6.8 亿元，yoy+20%，其中淘天+4%/抖音+55%，主品牌扩渠道 扩人群，虽单月数据波动较大，料与达播带货探索相关；薇诺娜主品牌在天猫 快消抢先购中排名 Top12（10.21-10.24）、在天猫快消狂欢节中 Top10（10.31 20-24 点）。3Q 薇诺娜 Baby 增速不弱+64%，但总量较小 ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 贝泰妮（300957.SZ）：24 年 Q3 费 用大幅增加，盈利能力短期承压 事件：公司发布 2024 年三季报，2024 年前三季度实现营业收入 40.18 亿元， 同比增长 17.09%，实现归母净利润 4.15 亿元，同比下降 28.39%。24 年 Q3 实现营业收入 12.13 亿元，同比增长 14.04%，实现归母净利润-6899 万元， 同比下降 153.41%。 新品牌贡献新收入拉动营收增长，原主要品牌表现稳健。公司 24 年前三季度 营收同比增长 17.09%，主要源于悦江投资于 23 年 10 月 31 日起纳入公司合 并范围，旗下的"姬芮（Za）"和"泊美（PURE&MILD）"品牌前三季度实现 营收 3.8 亿元，带来新的收入贡献，为公司营收增长的主要拉动。24 年前三季 度主品牌薇诺娜及其他主要品牌实现营收 36.4 亿元，同比+5.98%，与上半年 增速基本持平，在行业需求较为疲软的背景下稳健增长。 新品牌收购导致毛利率下降，Q3 费用率的大幅上升导致单季度业绩承压。24 年前三季度公司毛利率同比-2 ...

Investment Rating - The investment rating for the company is "Buy" [1]. Core Views - The company reported a revenue of 1.213 billion yuan in Q3 2024, representing a year-on-year increase of 14.04%. However, it experienced a net loss attributable to shareholders of 69 million yuan, a shift from profit to loss compared to the previous year [1]. - The revenue for the first three quarters of 2024 reached 4.018 billion yuan, up 17.09% year-on-year, while the net profit attributable to shareholders decreased by 29.39% to 415 million yuan [1]. - The integration of the new brand, Yujing, contributed significantly to revenue growth, but changes in brand structure led to a decline in gross margin year-on-year [1]. - The gross margin for Q3 2024 was 76.35%, down 2.37 percentage points year-on-year but up 3.44 percentage points quarter-on-quarter [1]. - The increase in sales expenses was a major factor contributing to the net loss in Q3 2024, with sales, management, R&D, and financial expense ratios at 60.41%, 13.55%, 7.04%, and 0.21%, respectively [1]. - The company is expected to achieve stable growth through self-incubation and acquisitions, maintaining a positive outlook despite the current challenges [1]. Financial Summary - For 2024, the company is projected to have a net profit attributable to shareholders of 735 million yuan, a decrease of 2.9% year-on-year, with further projections of 1.011 billion yuan and 1.179 billion yuan for 2025 and 2026, respectively [2]. - The gross margin is expected to decline slightly to 72.6% in 2024 and stabilize at 72.7% in the following years [2]. - The company's P/E ratio is projected to be 30.81 in 2024, decreasing to 19.19 by 2026 [2].

Investment Rating - The report downgrades the company's rating to "Overweight" with a DCF target valuation of 58.84 RMB [1][6] Core Views - The company reported 24Q3 revenue of 40.18 billion RMB, up 17.1% YoY, but net profit attributable to shareholders dropped 28.3% YoY to 4.15 billion RMB [1] - 24Q3 revenue grew 14% YoY, but net profit was -0.69 billion RMB, below market expectations [1] - Revenue growth was driven by the acquisition of Yuejiang Investment, contributing 3.8 billion RMB, while organic growth was only 5.98% [1] - Gross margin declined 2.69pct to 73.7% due to changes in business structure, with Yuejiang Investment's brands having a lower margin of 58.37% [1] - The main brand "Winona" and other major brands saw a gross margin increase of 5.98pct to 75.34% [1] - Rising expense ratios, particularly in sales and management, pressured profitability [1] - The company is transitioning "Winona" to a 2.0 era, focusing on comprehensive sensitive skin care solutions [1] Financial Performance - 24Q3 sales expense ratio surged 12.7pct YoY to 60.4%, driven by increased marketing and promotional activities [1] - Management expense ratio rose 4.9pct YoY to 13.5% in 24Q3 due to employee stock incentive plans [1] - Revenue is expected to grow from 6.407 billion RMB in 2024E to 8.252 billion RMB in 2026E, with a CAGR of 13.3% [2] - Net profit attributable to shareholders is projected to increase from 724 million RMB in 2024E to 1.157 billion RMB in 2026E [2] - Gross margin is forecasted to decline slightly from 71.2% in 2024E to 70.6% in 2026E [2] Valuation and Metrics - The company's PE ratio is expected to decrease from 31.1 in 2024E to 19.5 in 2026E [2] - PB ratio is projected to decline from 3.5 in 2024E to 2.8 in 2026E [2] - ROE is forecasted to improve from 11.8% in 2024E to 15.2% in 2026E [2] Market Performance - The stock's absolute performance over the past 12 months was -28.22%, underperforming the CSI 300 index by -41.12% [4] - Over the past month, the stock gained 24.59%, outperforming the CSI 300 index by 8.28% [4]

证券研究报告：美容护理 | 公司点评报告 2024 年 10 月 26 日 公司基本情况 最新收盘价（元） 53.15 总股本/流通股本（亿股）4.24 / 4.24 总市值/流通市值（亿元）225 / 225 52 周内最高/最低价 78.94 / 39.35 资产负债率(%) 19.9% 市盈率 29.69 第一大股东 昆明诺娜科技有限公司 股票投资评级 买入|维持 个股表现 -45% -40% -35% -30% -25% -20% -15% -10% -5% 0% 5% 2023-10 2024-01 2024-03 2024-06 2024-08 2024-10 贝泰妮 美容护理 资料来源：聚源，中邮证券研究所 研究所 分析师:李媛媛 SAC 登记编号:S1340523020001 Email:liyuanyuan@cnpsec.com 贝泰妮(300957) 期间费用大幅拖累 Q3 业绩，期待拐点 ⚫ 事件描述 公司公布 24 年三季报， 24 年前三季度实现营收 40.2 亿元，同 比+17.1%，归母净利润为 4.1 亿元，同比-28.4%；其中 24Q3 实现营 收 12.1 亿元，同比+1 ...

证券研究报告 | 2024年10月27日 贝泰妮（300957.SZ） 优于大市 三季度收入平稳增长 14%，高费用投放致利润阶段性亏损 单三季度利润在高投放下导致利润出现亏损。前三季度公司实现营收 40.18 亿/yoy+17.09%，实现归母净利 4.15 亿/yoy-28.39%。单 Q3 公司实现营收 12.13 亿/yoy+14.04%，实现归母净利-0.69 亿元，为公司上市以来首次单季 度亏损。公司收入端保持平稳增长，但为实现品牌进一步破圈，在抖音等低 利润率渠道加大投放，导致阶段性利润承压。从目前双 11 的表现来看，根 据各平台官方战报，目前主品牌薇诺娜在天猫平台稳定前 10，抖音平台 10.18-10.20 日名列第 4，前期 Q3 高投放带来的品牌宣传效果也对四季度大 促产生一定正向影响。 分品牌看，前三季度悦江投资旗下"姬芮"和"泊美"实现营收 3.81 亿； 剔除悦江投资公司前三季度实现营业收入 36.37 亿/yoy+5.98%。单三季度悦 江投资实现营收 1.17 亿，剔除悦江投资公司实现营收 10.96 亿/yoy+3.1%。 高额抖音推广费用投放及一次性员工持股费用计提导致费 ...