“药妆茅”盈利腰斩，薇诺娜“降价冲量”难挽颓势

中国基金报2025-08-28

【导读】“药妆茅”营收净利双下滑，薇诺娜“降价冲量”难挽颓势见习记者荧墨8月27日晚间，贝泰妮（300957.SZ）发布2025年上半年业绩报告。报告期内，贝泰妮盈利指标大幅“跳水”：营业收入为23.72亿元，同比下滑15.43%；归母净利润为2.47亿元，同比下滑49%；扣非净利润为1.82亿元，同比下滑56.48%。薇诺娜“降价冲量”记者注意到，贝泰妮一直奉行“降价冲量”的策略。今年上半年，...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2563691063?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-08-28 23:20","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2563691063","market":"hk","top_or_hot":-1,"title":"“药妆茅”盈利腰斩，薇诺娜“降价冲量”难挽颓势","media":"中国基金报","content":"<div>\n<p>【导读】“药妆茅”营收净利双下滑，薇诺娜“降价冲量”难挽颓势见习记者 荧墨8月27日晚间，贝泰妮（300957.SZ）发布2025年上半年业绩报告。报告期内，贝泰妮盈利指标大幅“跳水”：营业收入为23.72亿元，同比下滑15.43%；归母净利润为2.47亿元，同比下滑49%；扣非净利润为1.82亿元，同比下滑56.48%。薇诺娜“降价冲量”记者注意到，贝泰妮一直奉行“降价冲量”的策略。今年上半年，...</p>\n\n<a href=\"http://mp.weixin.qq.com/s?__biz=MzA5MDEzNjQwMA==&mid=2656302677&idx=2&sn=d6b2dcde84af6793eb627ce2907ae7ca&chksm=8af154021a309e2dbb09b1a6a05d2f98fb3c8e2ced05d82a73b6b6ce02c8725cd8e052944e4b&scene=0#rd\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“药妆茅”盈利腰斩，薇诺娜“降价冲量”难挽颓势</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“药妆茅”盈利腰斩，薇诺娜“降价冲量”难挽颓势\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-08-28 23:20 北京时间&nbsp;&nbsp;&nbsp;<a href=http://mp.weixin.qq.com/s?__biz=MzA5MDEzNjQwMA==&mid=2656302677&idx=2&sn=d6b2dcde84af6793eb627ce2907ae7ca&chksm=8af154021a309e2dbb09b1a6a05d2f98fb3c8e2ced05d82a73b6b6ce02c8725cd8e052944e4b&scene=0#rd><strong>中国基金报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>【导读】“药妆茅”营收净利双下滑，薇诺娜“降价冲量”难挽颓势见习记者 荧墨8月27日晚间，贝泰妮（300957.SZ）发布2025年上半年业绩报告。报告期内，贝泰妮盈利指标大幅“跳水”：营业收入为23.72亿元，同比下滑15.43%；归母净利润为2.47亿元，同比下滑49%；扣非净利润为1.82亿元，同比下滑56.48%。薇诺娜“降价冲量”记者注意到，贝泰妮一直奉行“降价冲量”的策略。今年上半年，...</p>\n\n<a href=\"http://mp.weixin.qq.com/s?__biz=MzA5MDEzNjQwMA==&mid=2656302677&idx=2&sn=d6b2dcde84af6793eb627ce2907ae7ca&chksm=8af154021a309e2dbb09b1a6a05d2f98fb3c8e2ced05d82a73b6b6ce02c8725cd8e052944e4b&scene=0#rd\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0229","symbol_name":"化学制品","start_time":0,"source_url":"http://mp.weixin.qq.com/s?__biz=MzA5MDEzNjQwMA==&mid=2656302677&idx=2&sn=d6b2dcde84af6793eb627ce2907ae7ca&chksm=8af154021a309e2dbb09b1a6a05d2f98fb3c8e2ced05d82a73b6b6ce02c8725cd8e052944e4b&scene=0#rd","article_id":"2563691063","we_media_id":"6","thumbnails":[],"rights":{"source":null,"url":"http://mp.weixin.qq.com/s?__biz=MzA5MDEzNjQwMA==&mid=2656302677&idx=2&sn=d6b2dcde84af6793eb627ce2907ae7ca&chksm=8af154021a309e2dbb09b1a6a05d2f98fb3c8e2ced05d82a73b6b6ce02c8725cd8e052944e4b&scene=0#rd","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2563691063","pubTimestamp":1756394400,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"中国基金报","introduction":"关注中国基金报，即时获取深度理财资讯","home_visible":1,"id":"6","head_image":"https://static.tigerbbs.com/2b2c79a68beb44c7bc06ad7210091200"},"summary":"“药妆茅”营收净利双下滑，薇诺娜“降价冲量”难挽颓势见习记者荧墨8月27日晚间，贝泰妮发布2025年上半年业绩报告。其中，薇诺娜头部效应显著。报告期内，薇诺娜实现营收19.49亿元，当期护肤品品类总营收为20.01亿元。公告称，贝泰妮以薇诺娜品牌为核心，薇诺娜宝贝、瑷科缦、贝芙汀、姬芮、泊美以及初普等多品牌共同发展。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"300957":"贝泰妮","BK0229":"化学制品"},"translate_title":"The profit of \"Cosmeceutical Mao\" is halved, and Winona's \"price reduction impulse\" is difficult to reverse the decline","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"300957":1},"content_text":"【导读】“药妆茅”营收净利双下滑，薇诺娜“降价冲量”难挽颓势见习记者 荧墨8月27日晚间，贝泰妮（300957.SZ）发布2025年上半年业绩报告。报告期内，贝泰妮盈利指标大幅“跳水”：营业收入为23.72亿元，同比下滑15.43%；归母净利润为2.47亿元，同比下滑49%；扣非净利润为1.82亿元，同比下滑56.48%。薇诺娜“降价冲量”记者注意到，贝泰妮一直奉行“降价冲量”的策略。今年上半年，公司“支柱型”业务护肤品品类平均售价为39.01元，较上年同期的42.78元下滑近4元，2023年同期护肤品均价则达49.96元。此外，公司彩妆产品平均售价从上年同期的54元降至37.77元，医疗器械产品平均售价从106.61元降至95.88元。其中，薇诺娜头部效应显著。报告期内，薇诺娜实现营收19.49亿元，当期护肤品品类总营收为20.01亿元。一位医美领域商品战略顾问总监向记者表示，贝泰妮的业绩下滑更多与产品结构单一和渠道依赖有关。他认为，贝泰妮主打敏感肌护理，虽然在这一细分市场有较强优势，但因其营收过度依赖于主品牌薇诺娜，使得公司承压与抗风险能力较为薄弱。在薇诺娜之外，贝泰妮通过并购、投资等形式拓宽新增长点。上半年，薇诺娜宝贝实现营收1.10亿元，同比微增8.62%；瑷科缦实现营收5147.07万元，同比增长93.89%。“赛道”拥挤另一边，贝泰妮的彩妆品牌销售并不尽如人意。报告期内，姬芮实现营收2.12亿元，同比下滑11.50%；泊美实现营收2382.57万元，同比下滑4.72%。上述医美领域商品战略顾问总监向记者表示，2025年上半年，敏感肌护肤赛道竞品增多，导致贝泰妮的核心产品增长乏力。从财务角度来看，贝泰妮的产品毛利率虽然较高，但公司营收增速放缓，再叠加渠道费用（如线下专柜和电商平台投入）增加，直接影响到该公司的当期盈利表现。半年报显示，贝泰妮线上渠道销售总额为17.4亿元，占主营业务收入的73.93%；OMO渠道销售额为1.9亿元，占主营业务收入的8.08%；线下渠道销售额为4.2亿元，占主营业务收入的17.99%。其中，人员费用由上年同期的2.05亿元增加至2.61亿元。值得一提的是，在此次公告中，贝泰妮首次公开披露了高端美容仪品牌Tripollar（初普）的收购信息。公告称，贝泰妮以薇诺娜品牌为核心，薇诺娜宝贝、瑷科缦、贝芙汀、姬芮、泊美以及初普等多品牌共同发展。编辑：黄梅校对：纪元制作：舰长审核：许闻版权声明《中国基金报》对本平台所刊载的原创内容享有著作权，未经授权禁止转载，否则将追究法律责任。授权转载合作联系人：于先生（电话：0755-82468670）\n\n文章原文","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2563691063","isCrawlerRequest":true}