Summary of China Cosmetics Sector Conference Call Industry Overview - The China cosmetics sector is expected to experience a reset for higher-quality growth in 2026, moving away from reliance on high-cost Key Opinion Leaders (KOLs) and focusing on popular core SKUs. This shift has led to a contraction in Net Profit Margin (NPM) due to deleveraging impacts, despite improvements in Return on Investment (ROI) [1][2]. Key Trends and Insights - **Consumer Acquisition Costs**: Monitoring new consumer acquisition costs will be critical, especially as channel migration benefits diminish and the ingredient cycle remains ambiguous. Anti-involution policies will also play a significant role [1]. - **Branding Strategy**: Branding is anticipated to be the most effective strategy for consumer engagement and new product launches in 2026. Companies with high repurchase rates and cost-efficient omni-channel strategies are better positioned for success [1][2]. - **Market Dynamics**: The cosmetics market is expected to grow at a normalized rate, with growth projected at less than 1x GDP growth. The market is forecasted to see a 2.1% increase in beauty spending in 2026, with a mix of onshore and offshore market performance [17][18]. Company-Specific Insights - **Mao Geping Cosmetics (MGP)**: Upgraded from Neutral to Buy with a target price increase from HK$89 to HK$105, reflecting a 27% upside. The company is noted for strong branding and a balanced channel presence, with a forecasted sales and net income CAGR of 23% and 22% from 2025 to 2027, respectively [2][9]. - **Giant Biogene**: Maintained as Buy, with a target price lowered from HK$71 to HK$46, indicating a 36% upside. The company is expected to recover with new skincare products and a focus on medical aesthetics, projecting sequential growth of -8%/+12%/+17% YoY for 1H26E/2H26E/2027E [2][9]. - **Shanghai Jahwa**: Target price reduced from RMB 31 to RMB 28, with a 22% upside. The company is on a turnaround trajectory with improving margins and cash flow [2][9]. - **Proya Cosmetics**: Remains Neutral as the company is expected to moderate organic growth while awaiting more execution on white space exploration [2][9]. - **Botanee Biotech**: Neutral rating with early signs of a potential turnaround but lacking clear growth drivers [2][9]. - **Bloomage Biotech**: Maintained as Sell due to downside risks in skincare and muted growth in medical aesthetics amid a mature product cycle [2][9]. Market Performance and Projections - **E-commerce Trends**: Tmall is expected to maintain strong growth momentum, supported by anti-involution measures. Douyin's performance has been softer than expected, with a significant decline in KOL channel performance [19][21]. - **Sales Growth Expectations**: The cosmetics sector is projected to see sustained GMV growth on Tmall, while Douyin is expected to experience a narrowing gap in growth rates compared to Tmall [20][21]. Conclusion - The China cosmetics sector is poised for a shift towards higher-quality growth in 2026, with branding and strategic channel management becoming increasingly important. Companies that adapt to these changes and focus on core products are likely to outperform in the evolving market landscape [1][2][19].

Core Insights - The announcement of Zhou Keyu as the skincare ambassador for Winona, a core brand of Betaini Group, reflects a strategic partnership aimed at enhancing professional value and brand image in the sensitive skin care market [1][3] Group 1: Brand and Market Positioning - Winona has been recognized as the top-selling brand in China's sensitive skin care market for five consecutive years (2020-2024), showcasing its strong market presence and professional credibility [4] - The collaboration between Winona and Zhou Keyu is rooted in a shared commitment to professional values, beauty, and health, indicating a long-term strategic vision for Betaini Group [3][4] Group 2: Strategic Development and Ecosystem - Betaini Group is transitioning from a single-brand operation to a multi-brand ecosystem, emphasizing sustainable growth and collaborative synergies among its brands [7][9] - Winona is evolving from a focus on sensitivity repair to a broader range of solutions addressing various sensitive skin needs, which supports the group's ecological expansion and enhances its market offerings [6][9] Group 3: Research and Innovation - Betaini Group's commitment to research and innovation is evident in its high R&D expenditure and the successful registration of new plant-based ingredients, which strengthens its competitive edge in the market [10][13] - The company has established a comprehensive research framework that integrates clinical insights and technological advancements, ensuring the continuous development of unique products [10] Group 4: Sustainability and Social Responsibility - Betaini Group integrates sustainability into its core operations, with initiatives such as ecological restoration in raw material sourcing and a product lifecycle responsibility program [13][15] - The company's long-standing commitment to social responsibility is exemplified by the "We Smile Sunshine Program," which provides skin health services in underserved areas, reinforcing its brand value and market trust [13][15] Group 5: Future Outlook - The strategic focus on building a tightly integrated ecosystem that fosters both internal collaboration and external partnerships is crucial for the long-term viability of Betaini Group [15] - The company's approach to leveraging its professional brand advantages and research capabilities positions it well for sustained growth in the evolving beauty industry [15]

Group 1 - The core point of the article is that Tianjin Sequoia Juye Equity Investment Partnership plans to reduce its stake in Yunnan Betaini Biotechnology Group Co., Ltd. by up to 2.8% within a specified timeframe [1] - As of the announcement date, Tianjin Sequoia holds approximately 32.27 million shares, representing 7.66% of the total shares of the company, which is approximately 421 million shares [1] - The planned reduction will occur through centralized bidding and block trading methods, with a maximum of about 11.8 million shares to be sold between February 3, 2026, and May 2, 2026 [1] Group 2 - The article also highlights advancements in agricultural technology, specifically the emergence of "plant factories" in China, which can produce rice with a yield 120 times greater than traditional fields [1] - The production cycle for rice has been reduced from 120 days to 60 days, eliminating the need for pesticides due to the absence of pests [1]

Core Viewpoint - The major shareholder, Tianjin Sequoia Juye Equity Investment Partnership (Limited Partnership), plans to reduce its stake in the company due to funding needs, which involves a significant number of shares [1] Group 1 - Tianjin Sequoia holds 32.2728 million shares, accounting for 7.66% of the company's total shares [1] - The planned reduction will occur between February 3, 2026, and May 2, 2026, through centralized bidding or block trading [1] - The total shares to be reduced amount to 11.7962 million, representing 2.8% of the company's total shares of 421 million [1]

截至本公告披露日，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"）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"、"发行人"）股份32,272,757股，占公司股份总数的 7.66%（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证券账户中的股份数量计算而来，下同）。 证券代码：300957 证券简称：贝泰妮 公告编号：2026-001 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。 特别提示： 红杉聚业计划在本公告披露之日起15个交易日后的3个月（即2026年2月3 日至2026年5月2日）内以集中竞价交易方式、大宗交易方式等法律、法规和深 圳证券交易所规则允许的方式合计减持公司股份的数量不超过公司股份总数的 2.8%（按公司股份总数421,292,882股计算，对应的股份数量为11,796,200股）。 公司于近日收到了红杉聚业出具 ...

Core Insights - The beauty industry is undergoing a significant transformation as consumers prioritize product ingredients and efficacy over marketing narratives and brand stories [1][2] - The competition among companies is shifting from traditional marketing to a focus on scientific validation and technical authority, particularly regarding core ingredients [1][3] Group 1: Industry Dynamics - The battle for defining the "ingredient king" is exemplified by the prolonged conflict between Huaxi Biological and Juzhi Biological over recombinant collagen, highlighting the industry's shift towards scientific discourse [1][2] - Companies are increasingly engaged in disputes over intellectual property and scientific narratives, as seen in the conflict between medical company Aierfu and skincare brand Zhanmeiya, which revolves around the storytelling of scientific advancements [3] Group 2: Market Competition - The competition for established, cash-generating scientific products is illustrated by the dispute between Shuiyang Co. and Ruoyu Chen over the agency rights for the Spanish brand "Mestique," which has shown remarkable growth in the Chinese market [5][6] - The financial performance of companies varies significantly, with some experiencing revenue growth alongside increased R&D spending, while others face declining revenues despite high R&D investments [6][7] Group 3: Consumer Behavior - A significant shift in consumer preferences is noted, with 58.8% of consumers prioritizing product ingredients in their purchasing decisions, indicating a growing demand for transparency and efficacy [15][21] - The rise of the "ingredient party" has led to increased scrutiny of product claims, pushing companies to provide credible testing reports and validate their ingredients [15][21] Group 4: Future Trends - The beauty industry's future is marked by a "scientific arms race," with brands striving to establish their authority in scientific research and ingredient validation [8][16] - Companies are exploring unique natural ingredients and integrating skincare with makeup, reflecting a trend towards holistic beauty solutions [20][21]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights the successful IPO of Shaanxi Tourism, which leverages its rich tourism resources and strong operational experience to build competitive advantages through a combination of performance-driven tourism, cable car operations, and dining services [22][24][34] - The report emphasizes the resilience of the cultural tourism industry amid ongoing trends to expand domestic demand and promote consumption, suggesting that Shaanxi Tourism's future growth will be supported by new performance projects and cable car capacity upgrades [36] Summary by Sections Retail and Social Services Market Review - The retail and social services indices rose by 4.23% and 4.71% respectively during the week of January 5 to January 9, 2026, with the Shanghai Composite Index increasing by 3.82% [12][14] - Among the sub-sectors, the supermarket segment showed the highest growth, with an increase of 8.18% year-to-date [15][17] Industry Dynamics: Shaanxi Tourism - Shaanxi Tourism, a leading regional tourism company, successfully listed on the Shanghai Stock Exchange on January 6, 2026, becoming the first A-share listed company of the year [22] - The company reported significant revenue contributions from its tourism performance and cable car operations, with a net profit margin and gross profit margin remaining high post-pandemic [24][27] - Revenue breakdown for the first half of 2025 shows that tourism performance accounted for 60.2%, cable car operations for 35.8%, and dining services for 4.0% [24] Investment Recommendations - The report recommends focusing on high-end gold and fashion jewelry brands, highlighting companies like Chow Tai Fook and Chao Hong Ji, which are expected to benefit from market trends [39] - It also suggests monitoring offline retail companies adapting to market changes and AI-enabled cross-border e-commerce leaders, with specific recommendations for Yonghui Supermarket and Aiying Room [39] - In the cosmetics sector, the report emphasizes brands that capture emotional value and innovate with safe ingredients, recommending companies like Mao Ge Ping and Proya [40]

Core Insights - The approach of listed companies towards public welfare has significantly evolved, with a notable increase in the number of beneficiaries per project compared to traditional models [2][6] - The Betaini Group launched a public welfare initiative in collaboration with the Yunnan Youth Development Foundation, donating over 2.89 million yuan in materials to support various projects benefiting over 11,210 individuals in border areas [2][3] Group 1: Public Welfare Initiatives - The Betaini Group's initiative reached multiple locations, delivering care packages to students and young border defense personnel, showcasing the impact of coordinated efforts [3][4] - Beneficiaries expressed gratitude for the support, emphasizing the importance of such initiatives in maintaining morale and encouraging continued dedication to their roles [3][4] Group 2: Corporate Social Responsibility - Betaini has integrated social responsibility into its core business strategy, with cumulative public welfare investments exceeding 68 million yuan, focusing on biodiversity, cultural heritage, and health education [4] - The company aims to align its public welfare efforts with its mission of promoting skin health, thereby enhancing the effectiveness of its initiatives [4][5] Group 3: Trends in Corporate Philanthropy - In 2023, corporate donations accounted for 76.58% of total social donations in China, highlighting the significant role of listed companies in public welfare [5] - Companies are increasingly leveraging their resources and expertise to create impactful public welfare projects, moving from traditional methods to innovative, technology-driven approaches [5][6]

Market Overview - The cosmetics sector increased by 1.29% on January 9, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - Shuiyang Co., Ltd. (300740) closed at 25.65, up 5.90% with a trading volume of 223,500 shares and a transaction value of 561 million yuan [1] - Qingsong Co., Ltd. (300132) closed at 8.70, up 2.47% with a trading volume of 253,700 shares [1] - Beitaini (300957) closed at 41.20, up 1.85% with a trading volume of 163,500 shares and a transaction value of 261 million yuan [1] - Other notable stocks include Furuida (600223) at 7.53 (+1.76%), Jiaheng Jiahua (300955) at 39.89 (+1.68%), and Huaye Fragrance (300886) at 26.64 (+1.06%) [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 31.72 million yuan from institutional investors and 34.45 million yuan from speculative funds, while retail investors saw a net inflow of 66.18 million yuan [2] - Individual stock capital flows indicate that Qindao Jinwang (002094) had a net inflow of 13.96 million yuan from institutional investors, while it faced a net outflow of 1.23 million yuan from speculative funds [3] - Other stocks like Qingsong Co., Ltd. (300132) and Beitaini (300957) also showed mixed capital flows, with varying levels of net inflows and outflows from different investor categories [3]

（编辑 袁冠琳） 证券日报网讯 1月8日，贝泰妮在互动平台回答投资者提问时表示，此次哈尔滨"特护不红街区"活动， 是品牌将第二代特护滋润霜"应对严寒干敏"的核心功效，置于真实场景中进行体验式沟通的重要实践， 旨在更生动、直观地传递产品专研的"水油封润科技"及针对干敏肌的修护实力。未来，公司将继续探索 此类深度结合产品特性与用户场景的沟通方式，持续巩固品牌在敏感肌护肤领域的专业领导地位，并与 更广泛的消费者建立情感连接。 ...