财报解析丨贝泰妮Q1营收创新高 薇诺娜不再“死磕”二类械？

Betaine's Q1 2026 financial report shows positive performance, with both revenue and net profit increasing.

1. Total revenue reached 1.118 billion yuan, a year-on-year increase of 17.84%, marking the highest value in nearly six years.

2. Net profit attributable to the parent company was 66 million yuan, up 132.76% year-on-year, but still below the level of the same period in 2021.

3. Operating costs rose 39.41% year-on-year, with gross margin dropping from 77.47% to 73.35%, indicating significant cost pressures.

Group restructuring effects became visible in 2025.

1. Revenue fell 6.58% to 5.359 billion yuan, but net profit increased by 4.45%, with expenses declining for the first time (sales expenses reduced by 190 million yuan).

2. Channel divergence: Online growth plateaued, offline channel revenue dropped 27.91%, while Douyin-related revenue grew 17.25%.

New developments in brand transformation.

1. Winona was upgraded to a full-cycle skin health management platform for medical aesthetics, launching a cosmetic-medical device integration strategy that combines daily skincare with professional repair.

2. In 2025, Winona's revenue declined 9.73%, while other brands like Aikeman grew 115.09%.

Betaine's brand marketing and channel development strategy.

1. Winona transitioned from a sensitive skin repair brand to a medical aesthetics platform, strengthening cosmetic-medical device integration and targeting post-procedure recovery scenarios.

2. Launch of the new 311 Barrier series (cosmetic-grade), targeting both sensitive skin and medical aesthetics consumers, synergizing with medical-grade products.

Changes in brand pricing and product R&D.

1. Medical device category revenue fell 25.39% due to intense competition and price wars in the Class II medical device market, with gross margin plummeting to 56.44%.

2. Gross margins for skincare and cosmetics improved, indicating pricing optimization; the newly acquired brand TriPollar is developing Class III medical device products.

Consumer trends and user behavior observations.

1. Douyin-related channels grew 17.25% within online channels, while Alibaba and JD platforms declined, reflecting a shift in user preferences.

2. Rising demand for medical aesthetics-related products, with Winona's transformation targeting pre- and post-procedure care consumers.

Changes in growth markets and consumer demand.

1. Douyin channel revenue grew 17.25%, becoming a new opportunity; offline channels declined severely by 27.91%, indicating risk.

2. Category performance: Online cosmetics sales increased by approximately 70 million yuan, while offline skincare and medical devices both declined by over 150 million yuan.

Event response and business model updates.

1. Betaine's cosmetic-medical device integration strategy combines daily-use cosmetic products with professional medical-grade repair, offering comprehensive solutions.

2. The group acquired TriPollar and is developing Class III medical devices to expand product lines; Aikeman brand grew 115.09%, offering learnable points.

Risk and opportunity alerts.

1. High operating costs (Q1 2026 up 39.41% YoY), with the positive being a decline in the sales expense ratio to 53.03%.

2. Intense competition in medical devices leading to price wars, with opportunities in rising demand for medical aesthetics-related products.

Product production and design requirements.

1. Operating costs rose 39.41% YoY, with declining gross margins highlighting the need for production optimization; medical device costs increased due to Class II device market competition.

2. The cosmetic-medical device integration strategy requires coordinated production of cosmetic and medical-grade products, such as the new 311 Barrier series.

Business opportunities and digital insights.

1. Online channel performance: Douyin grew 17.25%, indicating the need for e-commerce platform diversification; offline declined 27.91%, requiring layout adjustments.

2. Successful cost control in 2025 (sales expenses reduced by 190 million yuan) offers cost management insights.

Advancing digital opportunities.

1. Channel data: Decline in Alibaba and JD platforms, rise of Douyin, showing a shift in digital marketing focus.

2. New brands like Aikeman grew 115.09%, highlighting opportunities in product innovation.

Industry trends and client pain points.

1. Severe competition in the Class II medical device market, with price wars causing Betaine's medical device revenue to fall 25.39% and gross margin to plummet.

2. Online channel divergence: Douyin-related growth of 17.25%, while Alibaba and JD platforms declined, reflecting intensified platform competition.

New technologies and solutions.

1. Betaine's cosmetic-medical device integration strategy provides full-cycle medical aesthetics solutions, combining cosmetic and medical-grade product synergy.

2. Winona's upgrade to a skin health management platform addresses client pain points like sensitive skin and post-procedure repair needs.

Client pain point insights.

1. High operating costs (Q1 2026 operating costs up 39.41% YoY), with the pain point being cost control.

2. Brand transformation needs: Winona's consecutive revenue decline requires solutions including product line expansion.

Business demands and issues for platforms.

1. Platform performance: Alibaba-related revenue down 0.67%, JD down 16.06%, Douyin up 17.25%, indicating a shift in demand.

2. Offline channel issues: Revenue fell 27.91%, with risk in channel contraction; overall online growth has plateaued.

Platform merchant recruitment and operations management.

1. Betaine's channel optimization: Sales expense ratio dropped from 56.04% to 53.03%, highlighting cost control; Douyin becomes a new growth point, offering recruitment opportunities.

2. Brand expansion, such as acquiring TriPollar, may bring platform collaboration needs; new brand Aikeman's 115.09% growth shows potential.

Risk avoidance trends.

1. Medical device category declined 25.39% due to Class II device market competition, suggesting related risks to avoid.

2. Rising operating costs necessitate improved platform operational efficiency.

New industry developments and issues.

1. Betaine shifted from revenue growth without profit growth to profit and revenue growth; Q1 2026 revenue hit a record high, but net profit has not recovered to historical levels.

2. Intense competition and price wars in the Class II medical device market caused medical device revenue to fall 25.39%, with gross margin plummeting to 56.44%.

Policy and regulatory insights and business models.

1. Betaine obtained 27 Class II medical device registrations, but market challenges indicate policy risks; new brand TriPollar's Class III device R&D shows regulatory adaptation.

2. Cosmetic-medical device integration business model: Winona's transformation into a medical aesthetics platform, combining cosmetic and medical-grade products, explores new pathways.

Industry insights.

1. Channel structure changes: Online growth plateauing, offline contracting, Douyin rising, reflecting evolving consumer behavior.

2. Successful cost control (2025 saw the first decline in sales expenses) offers management lessons for the industry.