Stockcode:300957Stockabbreviation:BotaneeAnnouncementnumber:2026-011
YunnanBotaneeBio-TechnologyGroupCo.,Ltd.
Summaryofthe2025AnnualReport
I.ImportantNotice
(1)Thisannualreportsummaryisderivedfromthefulltextoftheannualreport.TofullyunderstandtheCompany’soperatingresults,financialstatus,andfuturedevelopmentplans,investorsshouldcarefullyreadthefullannualreportonthemediadesignatedbytheChinaSecuritiesRegulatoryCommission.
(2)AlldirectorsattendedtheBoardmeetingfordeliberatingonthisreport.
(3)TianhengCertifiedPublicAccountants(SpecialGeneralPartnership)issuedastandardunqualifiedopinionontheCompany’sfinancialreportfortheyear.Noticeofthenon-standardauditopinion
□Applicable?NotapplicableTheCompanywasnotprofitableatthetimeofitslistingandhasnotachievedprofitabilitytodate
□Applicable?NotapplicableProfitdistributionplanorcapitalreservetransferplantoincreasecapitalapprovedbytheboardduringthereportingperiod?Applicable□NotapplicableTheprofitdistributionplanapprovedbytheBoardduringthismeetingis:BasedontheCompany’stotalsharecapitalof423,600,000shares,subtracting2,307,118sharesintherepurchasespecialaccountthatdonotparticipateintheprofitdistribution,i.e.,using421,292,882sharesasthebase,acashdividendofCNY3.50(taxincluded)willbedistributedforevery10sharestoallshareholders,with0bonusshare(taxincluded)and0shareforevery10sharestransferredtoallshareholdersfromcapitalreserve.TheprofitdistributionplanforpreferredsharesapprovedbytheBoardduringthereportingperiod
□Applicable?NotapplicableII.CompanyOverview
1.CompanyProfile
| Stockname | Botanee | Stockcode | 300957 | |
| Stocklistingexchange | ShenzhenStockExchange | |||
| Contactpersonandcontactinformation | BoardSecretary | Securitiesrepresentative | ||
| Name | WangLong | XuMinjing | ||
| Officeaddress | No.53,KeyiRoad,KunmingHigh-techIndustrialDevelopmentZone,Kunming, | No.53,KeyiRoad,KunmingHigh-techIndustrialDevelopmentZone,Kunming, | ||
| YunnanProvince | YunnanProvince | |
| Fax | 021-62321125 | 021-62321125 |
| Tel. | 021-62321125 | 021-62321125 |
| ir@botanee.com | ir@botanee.com |
2.OverviewofMainBusinessorProductsDuringtheReportingPeriod
2.1Company’sMainBusinessandProductsYunnanBotaneeBio-TechnologyGroupCo.,Ltd.(hereinafterreferredtoasthe“Company”)focusesonthedevelopmentofmultiplebrands,includingcorebrandWinonaaswellasWinonaBaby,AOXMED,Beforteen,Za,PURE&MILDandTriPollar
.Wespecializeinprovidingprofessionalandeffectiveskincareproductsusingpurenaturalplant-derivedactiveingredients,withaparticularemphasisonsensitiveskin.Asaspecializedcosmeticsmanufacturerthatintegratesdeeplywithinternet-basedsaleschannels,ourmissionisto“createChina’sskinhealthecosystem”bydeeplyunderstandingconsumerneeds,basingitsproductsondermatologicaltheories,andcombiningmultidisciplinarytechnologiessuchasbiologyandbotanytocontinuouslyconductproductresearchandtechnologicalinnovation.Westrivetoprovideprofessionalskincare,medicaldevicesandmakeupproductsthatcatertodifferentskinneeds.Wehaveestablishedafoundationthroughofflinepharmaceuticalchannelsandimplementedanomnichannelstrategycoveringonlineplatforms.Withacomprehensiveretailtouchpointsystem,wehavesuccessfullyrealizedcross-industrymarketing(OMO)leveragingtheinternetandnewtechnologieslikeartificialintelligence.Thishasfacilitatedmutualpenetrationbetweenofflineandonlinechannelsandachievedextensivecoverageofconsumergroups,whichmakesBotaneealeadingcompanyintheinternet+greaterhealthindustryinChina.Additionally,wecapitalizeontheefficiencyoftheinternet,thevastusertrafficonmainstreame-commerceplatforms,andflexiblenewmediamarketingmethods.Withourstrengthsinonlineoperationsandhigh-qualityproducts,wehavesuccessfullyseizedtheopportunitiesforrapidgrowthinthecosmeticsindustrydrivenbythe“Chinesedomesticproducts”trend.Ourmainproductcategoriesincludefacialcreams,toners,facemasks,serums,lotions,aswellasmakeupproductssuchassunscreens,powders,BBcreams,andmakeupremovers.Inadditiontoskincareandmakeup,wearealsoengagedintheresearch,development,production,andsalesofmedicaldevicesandelectronicbeautydevicesrelatedtoskincare.Thisincludesmedicaldevicesandhome-useelectronicradiofrequency(RF)beautydevicessuchashyaluronicacidrepairbiofilmandhyaluronicacidrepairdressingsusedfortheprotectionandcareofdamagedskinbarriersafterminimallyinvasiveprocedures.
TriPollarislimitedtotheChinesemainland;thesamebelow.
2.2MainBrandMatrixWinona
Winonaprotectssensitiveskinwithprofessionalexpertise,andstudiesYunnan’suniqueplantsbasedondermatologicalresearch.Empoweredbytechnologyandevidence-basedsupport,Winonaoffersprofessional,precise,andsafeefficacy-drivenskincaresolutionsforsensitiveskin.WinonaBaby
InheritingthegeneticessenceoftheparentbrandWinona,WinonaBabycollaborateswithpediatricdermatologyexpertstodevelopeffectiveskincareproductsforbabiesandfocusesontheeczematreatmentsectorforinfantsandtoddlers.Basedondermatologicalexpertiseandclinicalexperience,
WinonaBabyoffersaprofessionalinfantandtoddlerskincarebrandwithasimplifiedingredient
andexclusivepatentedplantextractformulas.
AOXMED
Bornforprofessionalbeauty,focusingonskinrejuvenationandlinkingmedicalaestheticswithhomebeauty,AOXMEDofferseffectiveandsafein-clinicmedicalbeautyandcosmeticcarecombinedwithhome-basedmedical-gradesequentialskincare,whileadvocatingformindfulnessin
youthfulnessandpromotingtherightapproachtopreventskinaging,achievingholisticanti-aging
forbothbodyandmind.Beforteen
Beforteencollaborateswithdermatologicalexpertstoconductcasestudiesonoveronemillioncases,integratingAIconsultationsandprovidingpersonalized,uniqueandintegrated“food+medicine+cosmetics”solutionsfortheprecisetreatmentofdifferenttypesofacne.
Za
ZafocusesonthecharacteristicsofAsianwomen’sskinandoffershigh-performancebasemakeupsolutionsthataremulti-functionalandeasytouse.Zaispositionedasaninternationallightmakeup
brandthatallowsuserstoeffortlesslyenjoytheirbeautifuldailylife.ThecoreproductsofZaincludebasemakeupproductssuchasfour-colorsunscreen,tintedmoisturizer,powders,andoil
cleanser.Itsstarproduct,thesunscreen,hasbeenabestsellerinternationallyfor22years.PURE&MILD
AsaskincarebranddesignedspecificallyforChinesewomen,PURE&MILDcarefullyselectsrare
plantsfromaroundtheworld,andcombinesadvancedskincaretechnologiesandeffective
ingredientstoofferconsumersagentleyetlong-lastingplant-basedskincaresolutionthat
rejuvenatestheskin.ThecoreproductsofPURE&MILDincludetoners,lotions,andfacialcreams,
andthebrandhasbeenoperatingfor25years.TriPollar
Specializinginbringingprofessionalanti-agingsolutionsfromclinicalsettingstohomeuse,TriPollarleveragesLumenis’over50yearsofclinicaestheticmedicaltechnologywhiledeeplyintegratingBotanee’sdermatologicalscienceexpertise.Withprofessionalenergy-basedmedicine
technologyatitscore,TriPollarcreatesasynergistichomerepairandanti-agingsolutionthatcombines“clinicalenergywithphotoelectric-specificskincare”.Asadermatology-gradebranddedicatedtoat-homeclinicalanti-aging,itdeliversasafeandefficienthomeanti-agingexperience
forusers.
2.3ReviewofMajorAccomplishmentsin2025Duringthereportingperiod,facingmultiplechallengessuchastheslowrecoveryoftheconsumermarket,intensifiedindustrycompetition,risingonlinetrafficcosts,andprofoundadjustmentsinchannelstructure,Botaneeadheredtothecorestrategyofcreatingaskinhealthecosystem”.Guidedby“onecenterandtwobasicpoints”(withbrandbuildingasthecenter,andmemberoperationandomnichannelsynergisticgrowthasthebasicpoints),theCompanyachievedcomprehensivebreakthroughsinareassuchasbrandupgrading,productinnovation,intensivechannelcultivation,tacklingkeyR&Dchallenges,digitaltransformation,supplychainqualityimprovement,andorganizationalreform.Asaresult,overalloperationsremainedsteady,themulti-brandmatrixgeneratedsynergisticeffects,andthepositivemomentumofhigh-qualitydevelopmentincorebusinesseshascontinuedtosolidify.
2.3.1ContinuouslydeepenbrandandacademicdevelopmenttoconsolidatetheleadingpositionindermatologyDuringthereportingperiod,theCompanybuiltacomprehensivemarketingmatrix,fullyshiftingfrompursuing“exposure”todeeplycultivating“brandequityaccumulation”,ensuringtheconsistencyofuserexperiencebyunifyingbrandpersonalityandlanguage.Duringthereporting
period,Winonaofficiallyestablisheditsbrandimageasa“professionaldermatologyexpert+radiantlifestyleexpert”,andclarifiedtheoriginalaspirationofreturningto“beautystemsfromhealth”.Duringthereportingperiod,thecoreproductsofWinonamaintainedstrongperformance:
The“WinonaSensitivenessRelievingMoisturizingTolerance-ExtremeCream”seriesonceagainrankedfirstinsaleswithinthesensitiveskincreamsegment.The“WinonaSunblockMilk”seriesfurtherincreaseditsmarketshare,establishingarefinedscenariomatrixcoveringneedsfromdailycommutingtooutdooractivities.TheCamellia-Lucentseriessawsteadygrowth,amongwhichthesetofCamellia-LucentCorrectingEssenceLotionandLuminousBrighteningRadianceRepairEmulsionrankedTOP1amongnewtonerandlotionproductsonDouyin.Inaddition,duringthereportingperiod,Winonasuccessfullypioneeredanewanti-agingtrackforsensitiveskin,launchingtheflagship“SilverCore”seriesanti-agingsolution,whichattractedsignificantmarketattentionuponitsdebut.Meanwhile,thenewlyupgradedBarrierRepairEssence(311Single-PulseEssence)seriesrapidlyrankedamongtheTOP10inthesingle-pulseessencecategoryonTmall.Duringthereportingperiod,theCompanycontinuedtostrengthenthecorestrategyof“medicalempowermentofbrands”,systematicallyconstructedandelaboratedthescientifictheoreticalsystemofitsbrandsandproductsthroughthewhitepaperAdvancingtheHigh-QualityDevelopmentofEfficacySkincareProductsinChinaFollowingtheNUTEPrinciple
officiallyreleasedatthe6thChinaSensitiveSkinSummit,andcompletedthedevelopmentoftwomajorcoreknowledgebases.Duringthereportingperiod,theCompanyactivelyparticipatedintheAnnualMeetingofChinaDermatologistAssociation&NationalCongressofCosmeticDermatology,andcontinuedtoincreaseinvestmentinpublicwelfareprojectssuchasthe“525ScientificSkincareWeek”and“919AcneWeek”,demonstratingandconveyingthemedicalempowermentcapabilitiesofBotanee’sbrandsthroughformssuchasprofessionalendorsements,skinhealtheducation,andprofessionalfreeclinics.Internationally,theCompanywastheonlyChinesebrandinvitedtoattendthe4thILDSWorldSkinSummitandactivelyparticipatedinthedraftingoftheworld’sfirstconsensusonvisiblelightprotection.ThismarksamilestonewheretheCompanyhasmadeChina’svoiceheardattheglobaldermatologydecision-makinglevel.
2.3.2MaturethebrandmatrixtodrivesynergisticgrowthacrossdifferentiatedtracksDuringthereportingperiod,WinonaBabyachievedhigh-qualitygrowth.Byfocusingonsolutionsforinfantandtoddlereczema,itrealizedasalesrevenueofCNY234,725,300,representingayear-on-yearincreaseofapproximately17.02%.Notably,revenueontheDouyinplatformsurgedbyapproximately109.56%.WinonaBabysuccessfullyenteredpremiumofflineKAchannelssuchasSam’sClubandWatsons.Thecoreproducts“SoothingHydratingCream”and“MildMulticareSunscreenbothachievedsteadygrowth,whilethenewproducts“Xiaobingdun”(PrinsepiaUtilisMicrocapsuleSoothingCoolingEssenceGel)and“Nuanrongrong”(Multi-EffectPlant-BasedSoothingandMoisturizingCream)facecreamsbecameinstanthitsuponlaunch,firmlysecuringitspositioninthefirsttieroffunctionalskincareforinfants.Duringthereportingperiod,AOXMEDachievedamilestonebreakthrough,withsalesrevenuegrowingover100.00%year-on-year.Revenuefromonlinechannelssurgedapproximately140.90%year-on-year,successfullymarkingthebrand’sleap“from0toCNY100million”.Duringthereportingperiod,AOXMEDadoptedacorestrategyof“full-processanti-agingcombiningmedical
TheNUTEscientificprinciples,whichunderpinthehigh-qualitydevelopmentoffunctionalskincareproducts,mainlycomprisefouraspects:
Need:Startingfromaddressingkeypainpointsandunmetneeds;Unique:Newmechanisms,newtargets,andnewoutcomes;Technology:Innovationiningredients,formulations,andtechnologies;Evidence:Basedonclinicalobservations,withreal-worldefficacyvalidation.
beautyandcosmetics”,andpartneredwithover600professionalclinic-basedinstitutionsnationwide.Itspremiumanti-agingbrandimagehasbecomedeeplyrootedinthemarket.Duringthereportingperiod,Beforteencontinuedtocenteronitscorepropositionof“AI-poweredprecisionandeffectiveacnetreatment”,intensifyingitspresenceonsocialplatformslikeXiaohongshu,withover320millionexposures.Thissuccessfullyestablishedtheassociationbetween“Beforteen=GradedAcneTreatment”inusermindset.Duringthereportingperiod,Beforteensuccessfullyachievedanincreaseintherepurchaseratethroughthe“medicine+cosmetics”solutionandInternetmedicalservices.Duringthereportingperiod,theCompanysuccessfullyacquiredTriPollar,layingasolidfoundationforitsstrategiclayoutinthefieldsofmedicaldevicesandhomebeautydevices.Duringthereportingperiod,TriPollarachievedaleapinrankingfromTop15toTop5inthehigh-endhomeRFbeautydevicemarket.Inthefuture,TriPollarwillrebuildthe“facialanti-aging+eyeanti-aging”productmatrix,leveragingtheCompany’send-to-endqualitycontrolsystemandtheoperationalcapabilitiesofanomnichannelmarketingclosedlooptore-establishtheimageof“theleaderinbringingclinicalanti-agingtohomeuse”inusermindset.Duringthereportingperiod,ZaandPURE&MILDachievedsteadyoperationsundertheCompany’sempowerment.Zahaslaunchedhigh-qualityproductsacrossChineseMainland,TaiwanofChina,HongKongofChina,andSingapore,coveringadiverserangeofbeautycategories,includingmakeupprimers,basemakeup,eyeandlipproducts,andfinishingproducts.Thebrand’sheroproduct,itsmakeupprimer,achievedfull-channelexposurethroughofficialannouncementsfeaturingbrandambassadorsandIPcollaborations,andrankedNo.1onTmall’sbest-sellinglistforoil-controlprimers.PURE&MILDpartneredwithaYunnanSpecialtyPlantExtractionLaboratorytoconductresearchonBotanSTBPlusforanti-photoaging,withthefindingssuccessfullypublishedinaninternationalacademicjournal.In2025,leveragingtheKeyLaboratoryofAppliedEnzymologyattheYangtzeRiverDeltaInstituteofTsinghuaUniversity,PURE&MILDintegratedAI-poweredcomputationalbiotechnologywithbiopharmaceutical-grademanufacturingtechnologiestoincorporateitspatentedrecombinantTypeXXIcollagenintotheupgradedCollagenBouncyAnti-WrinkleCream2.0forthefirsttime,deliveringfull-pathanti-agingefficacy.Shortlyafteritslaunch,CollagenBouncyAnti-WrinkleCream2.0rankedamongtheTop10mostpopularanti-agingcreamsonDouyinMall.
2.3.3CultivatechannelexcellenceanddrivingsynergisticomnichanneldeploymentDuringthereportingperiod,facingonlinetrafficfragmentationandofflinefoottrafficchallenges,theCompanyactivelypromotedchanneltransformationandrefinedoperations.Whilesolidifyingitspositioninonlinechannels,theCompanysawparticularlyimpressiveperformancefromemerginginstantretailchannels.WinonafirmlymaintaineditstoppositioninthefunctionalskincareindustrywithintheOTCretailpharmacychannel,expandingitscoveragebyover3,500chainretailpharmacies.Duringthereportingperiod,theCompanyfullycommittedtoitsinstantretailchannelexpansion.ByleveragingthematuredistributionnetworksofKAchannelpartnersalongsideitsownbrandedcounters,itmadeastrongentryintoO2Oplatforms,securingtheNo.1positionintheskincarebrandcategoryonMeituan’sinstantretailbusiness.ThisenabledtheCompanytosuccessfullycapturethetrafficdividendsfromboththenighttimeeconomyandon-demandsensitiveskinscenarios.Duringthereportingperiod,theCompanycontinuouslyoptimizeditsonlinechannelstructure.Despitepressureongrossmerchandisevalueinshelf-basede-commerce,theCompanyachievedasignificantincreaseingrossprofitmargindrivenbythestrongperformanceofinfluencerlivestreaming,withthesalesgrossmarginrisingbyapproximately2.70percentagepointsyear-on-
year.Content-drivene-commercebenefitedfromcustomizedmarketplaceoperationsandtheestablishmentofaninfluencerdistributionsystem,deliveringayear-on-yearrevenuegrowthofapproximately17.25%.Duringthereportingperiod,theCompanyalsoimplementedmorerefinedoperationsacrossdifferentplatformsandcities,drivingimpressivegrowthinlower-tierchannelsincludingPinduoduo,privatedomains,anddistribution,whilemaintainingatop-tierindustrypositiononJD.comandVipshop.Duringthereportingperiod,theCompanysteadilyexpandeditsoverseasmarkets.Throughmultiplemodelsincludingself-operated,distribution,andagencychannels,itestablishedapresenceinHongKongSAR,MacaoSAR,Taiwanregion,andmultiplecountriesandregionsinSoutheastAsiaandNorthAmerica.Thepaceofbrandinternationalizationhasbeencontinuouslyacceleratingandintensifying.
2.3.4ContinuouslyenhanceR&DandinnovationandbuildadeepmoatwithhardcoretechnologyDuringthereportingperiod,theCompanycontinuedtoadheretotheR&Dphilosophyof“TargetedFocus,In-DepthResearch,RealResults”,andachievedmilestonebreakthroughsacrossfundamentalresearch,rawmaterialinnovation,medicaldevices,andglobalexpansion.Duringthereportingperiod,theCompanycontinuedtodeeplyengageintheinnovativeresearchanddevelopmentofnewcosmeticrawmaterials,addingfivenewcosmeticrawmaterialfilingsduringtheyearandbringingthecumulativenumberoffilingsto17.TheCompany’sfilingscalefirmlyrankedfirstnationwide,leadingtheindustry’srawmaterialinnovationtrack.RelyingontheendowmentofYunnan’splantresources,theCompanyindependentlycompletedtheresearchanddevelopmentof43cosmeticrawmaterialsandeightfoodrawmaterials,amongwhichthewhiteningrawmaterialBTN-737,developedbasedonYKMB-002andAIgenerativedesign,wassuccessfullyincludedintheinnovationservicecatalogoftheNationalInstitutesforFoodandDrugControl.Theself-developedrawmaterialswontwoprestigiousawards，namelythe“InnoCosmeAwards2025forRawMaterials”andthe“ChinaInnovativeRawMaterialAward”.Intermsofglobalexpansion,theCompanysuccessfullyparticipatedinIn-CosmeticsGlobal,theworld’stopprofessionalexhibitionforcosmeticrawmaterials,makingtheinternationaldebutofitsself-developedrawmaterials.Itshowcased11proprietaryingredientproducts,demonstratingtotheglobalindustrytheinnovativestrengthofChinesebeautyingredients.Duringthereportingperiod,theCompanycompletedthefilingof31generalcosmeticsproductsandtheregistrationof10specialcosmeticsproducts.Tosupportoverseasmarketexpansion,theCompanyalsocompleted13exportfilings,coveringregionsincludingNorthAmerica,Europe,theMiddleEast,andSoutheastAsia,therebylayingasolidcompliancefoundationfortheglobalexpansionofitsbrands.Duringthereportingperiod,theCompanyobtainedsevennewClassIImedicaldeviceregistrationcertificates,whichfeaturesodiumhyaluronateandrecombinantcollagenascorecomponentsandcovervariousdosageformssuchasliquids,gels,lotions,creams,anddressings,furtherimprovingthesynergisticproductecosystemfeaturingmedicaldeviceandcosmetics.Meanwhile,theCompanyachievedabreakthroughinClassIIImedicaldevices,markingamilestoneforClassIIIimplantablemedicaldevices.Both“BTN001”and“BTN002”successfullypassedregistrationtesting,clinicaltrials,andqualitysysteminspections,andhaveenteredthereviewstageoftheNationalMedicalProductsAdministration.Inaddition,athirdfiller-typemedicaldevicehasinitiatedregistrationtesting.Intermsofglobalscientificresearchcooperation,duringtheReportingPeriod,theCompanyestablishedalong-termPh.D.trainingpartnershipwithSaint-LouisHospitalinFrance.ItalsodeepeneditsresearchcollaborationwithUniversityofParis-Saclayonthemolecularmechanismsofneurocosmetics.InpartnershipwithLabskinCreations,theCompanyco-developedtwoproprietary
3Dskinmodels,whichwerepresentedattheAnnualMeetingoftheEuropeanSocietyforDermatologicalResearch.Furthermore,theCompanyenteredintoastrategicpartnershipwithanorgan-on-a-chipcompanyaffiliatedwithMIT,jointlyexploringtheapplicationoforganoidsandorgan-on-a-chiptechnologiesincosmeticevaluation.Duringthereportingperiod,theCompanywasgranted50inventionpatents,16utilitymodelpatents,andthreedesignpatents.Italsoparticipatedintheformulationandreleaseoffournationalstandardsand10groupstandards,andinitiatedtheR&Dofonenationalstandardsample.Duringthereportingperiod,theCompanypublished160academicpapers,including115SCI-indexedpapersand45papersinChinesecorejournals.Duringthereportingperiod,the“R&DandIndustrializationofDomesticEfficacySkincareProducts”projectwasshortlistedinthepublicnotificationlistfortheSpecialPrizeofthe2025YunnanProvincialScienceandTechnologyAward,“R&DandIndustrialApplicationofWinonaEfficacySkincareProductsforSensitiveSkin”wontheFirstPrizeoftheScienceandTechnologyProgressAwardoftheChinaNationalLightIndustryCouncil,andtheCompany’scorebrand,Winona,wasselectedintothefirstbatchof“ChinaPremiumConsumerBrands”bytheMinistryofIndustryandInformationTechnology.
2.3.5Improvesupplychainqualityandefficiencyanddeepengreenandlow-carbondevelopmentDuringthereportingperiod,theCompany’ssupplychainsystemfocusedon“digitalandintelligentempowerment,supplyanddemandbalance,qualityimprovementandefficiencyenhancement”,achievingremarkableresults.TheCompany’sproportionofindependentproductioncontinuedtoincreasesteadily,effectivelyensuringthecapacityreleaseofself-operatedfactoriesandthestabilityofproductgrossprofitmargins.BydeepeningtheS&OPmechanismandleanmanagement,inventoryturnoverefficiencywassignificantlyoptimizedbyapproximately16.97%year-on-year.Inaddition,theCompanyimplementedproductlifecyclemanagement.Asoftheendofthereportingperiod,thenumberoflong-tailandinefficientinventoryproductswasreducedbynearly50%,andoperationalefficiencywassignificantlyimproved.
2.3.6FullyempowerthesignificantenhancementofoperationalefficiencywithdigitalizationandAIDuringthereportingperiod,theCompany’sDigitalTechnologyCentertransitionedfrom“buildingplatforms”to“creatingvalue”.TheCompany’sinternalAIplatformChatBTNwassuccessfullylaunched,coveringcorebusinessscenariosacrossmultipledepartments.TheConsumerDataPlatform(CDP)wasfullylaunched,anddataextractionefficiencyimprovedfromthe“day”leveltothe“minute”level.Theintegratedbusinessandfinanceplatformwasfullyestablished,achievingthesamesourceofbusinessandfinancialdataaswellasprocedureconnectivity.Duringthereportingperiod,themembershipmiddleplatformachievedremarkableresults.TheCompany’stotalregisteredmembersacrossallchannelssurpassed46million,representingayear-on-yearincreaseofapproximately10%.Leveragingtheconsumerdataplatform,theretentionrateofexistingmembersincreasedbyapproximately8%,andtheconversionrateofnewmembersincreasedbyapproximately5%.Duringthereportingperiod,theCompanyreleaseditsfirstMemberPointsWhitePaper,drivingthememberpointssystemfromextensiveoperationstowardintelligentriskcontrolandprecisionmarketing.Duringthereportingperiod,theCompany’sself-developedsupplychainplanningandmanagementplatformwaslaunched,initiallyrealizingthedeploymentofover20smartscenarios,includingAI-poweredintelligentinspectionandautomatedreplenishment.
2.3.7Insistonthelong-termESGstrategyandpracticegreen,low-carbondevelopmentandbusinessforgood
Duringthereportingperiod,guidedbythephilosophyof“allforthehealthandbeautyofhumansandnature”,theCompanydeeplyintegratedESGintoitsstrategy.LeveragingYunnan’srichbotanicalresources,ithasbuiltaclosed-loopmodelcombiningecologicalconservationwithgreenindustrialization,settingabenchmarkforsustainabilityinthebeautyindustry.Intermsofenvironmentalaspect,theCompanycontinuestoadvancebiodiversityconservation,establishingapproximately10.42muofecologicaldemonstrationplotsintheHutiaoGorgeareaandcarryingoutthereintroductionofrarealpineplantspeciestostrengthenmountainecosystemresilience.Incleanenergy,thecentralfactorygeneratedapproximately1.59millionkWhofsolarpowerforself-consumptionannually.Significantprogresswasmadeingreenpackagingreduction,with3.5484millioninnerboxesand2.106millionpaperleafletseliminatedduringtheyear,alongsidetherecyclingof3.17millionemptybottles.RSPO-certifiedrawmaterialsaccountedforapproximately58%ofprocurement,withamaterialsubstitutionrateof96%.TheCompanyalsooptimizeditswarehousingandlogisticsnetworkbypromotingnewenergytransportationandenergy-efficientstorage,andcontinuedtoconductfulllifecyclecarbonfootprintassessmentstodriveemissionsreductionacrossthevaluechain.Intermsofsocialaspect,theCompanyremainscommittedtopublicwelfare.Duringthereportingperiod,itcontributedCNY13.678million(includingcashandin-kinddonations),supporting31initiatives.TheCompanyhascontinuedits“WinonaSmileSunshineProgram”forthe10thconsecutiveyear,conductingfreemedicalconsultationsandpubliceducationcampaignsinhigh-UVregionssuchasShangri-La.The“WinonaBaby”brandalsoadvanceditspublicwelfareinitiativesupportingchildrenwithatopicdermatitis(AD),reachingover180millionpeoplethrougheducationaloutreach.Meanwhile,theCompanyhasfosteredaninclusiveworkplace,withwomenaccountingfor56%ofmanagementpositions,andhasplacedstrongemphasisontalentdevelopment,withemployeesreceivinganaverageofover108traininghoursperyear.Intermsofgovernanceaspect,theCompanyhasmaintainedanAratingforinformationdisclosurefromtheShenzhenStockExchangeforthethirdconsecutiveyear.Duringthereportingperiod,itwasincludedinWind’sTop100BestESGPracticesamongChinese’sListedC0ompaniesandreceivedan“AA”ESGrating.ItwasalsorecognizedamongtheTOP100A-sharelistedcompaniesforESGexcellencebySino-SecuritiesIndex,achievingthehighest“AAA”rating.Lookingahead,theGroupwillcontinuetoempowerecologicaldevelopmentthroughtechnologyandupholdalong-termapproach,expandingitssustainablemountainecosystemmodelanddeliveringanEasternapproachtogreenbeautysolutionstotheglobalmarket.
2.4OverviewofOverallPerformancein2025Duringthereportingperiod,theCompanyactivelyrespondedtothecomplexandchangingmarketenvironment,strivingtoovercomevariousadversefactors,andachievedcertainresultsinitsoperationalperformance.Duringthereportingperiod,theCompanyachievedoperatingrevenueofapproximatelyCNY5,358,638,800,ayear-on-yeardecreaseofapproximately6.58%;anetprofitattributabletotheshareholdersofthelistedcompanyofapproximatelyCNY505,719,700,aslightyear-on-yearincreaseofapproximately0.53%;anetprofitattributabletotheshareholdersofthelistedcompanyafterexcludingnon-recurringgainsandlossesofapproximatelyCNY356,146,600,asignificantyear-on-yearincreaseofapproximately48.22%;asalesgrossprofitmarginofapproximately74.46%,ayear-on-yearincreaseofapproximately0.72percentagepoints;andanetsalesmarginattributabletoshareholdersofthelistedCompanyofapproximately9.44%,ayear-on-yearincreaseofapproximately0.67percentagepoints.Duringthereportingperiod,althoughtheCompany’ssalesvolumedeclinedslightly,profits(grossprofitandnetprofit)showedasteadytrend,andprofitabilityhasimprovedwithrecurringprofitachievingamoresignificantimprovement.Duringthereportingperiod,fluctuationsintheCompany’srevenueandprofitwereprimarilyattributabletoacombinationofthefollowingfactors:First,increasedinvestmentinbrandbuilding,channeldevelopment,andmarketingexpensestoconsolidatetheCompany’smarket
positionandincubatenewbrandsandproducts;second,strategicinvestmentstorespondtomarketchangesandchanneltransformation,includingtheactiveexpansionofnewgrowthdriverssuchasinstantretailandcontent-drivene-commerce;third,necessaryexpenditurestoenhancetheautonomyandcontrollabilityofsupplychainandtostrengthenproductinnovation.Inaddition,assetimpairmentprovisionsresultingfromtheunderperformanceofacquiredtargetsrelativetoexpectationsalsohadacertainimpactonperformance.Meanwhile,duringthereportingperiod,theCompany’scashflowremainedhealthy,thequalityandefficiencyofoperatingcashflowfurtherimproved,andoperatingfundamentalsweresolid.Lookingahead,theCompanywillstaycommittedtolong-termism,focusonitsadvantageoussegments,andstrengthenomnichannelsynergy.Bycontinuouslydrivingcostreductionandefficiencyenhancement,organizationaltransformation,andrefinedoperations,theCompanyaimstoachievebothhealthybranddevelopmentandhigherprofitquality,facilitatingitstransitionfromscale-drivengrowthtovalue-drivengrowth.
3.KeyAccountingDataandFinancialIndicators
3.1KeyAccountingDataandFinancialIndicatorsfortheLastThreeYearsWhethertheCompanyretrospectivelyadjustedorrestatedaccountingdataforpreviousyear
□Yes?No
Unit:CNY
| Endof2025 | Endof2024 | YoYincrease/decreasecomparedwiththepreviousyear | Endof2023 | |
| Totalassets | 8,341,346,880.58 | 8,303,551,892.22 | 0.46% | 7,506,930,342.79 |
| Netassetsattributabletoourshareholders | 6,157,265,024.87 | 6,049,901,389.45 | 1.77% | 5,860,994,371.02 |
| 2025 | 2024 | YoYincrease/decreasecomparedwiththepreviousyear | 2023 | |
| Operatingrevenue | 5,358,638,784.56 | 5,735,865,254.21 | -6.58% | 5,522,168,263.00 |
| Netprofitattributabletoourshareholders | 505,719,663.85 | 503,053,586.13 | 0.53% | 756,795,007.56 |
| Netprofitattributabletoourshareholdersafterdeductingnon-recurringgainsandlosses | 356,146,562.10 | 240,289,033.33 | 48.22% | 618,058,791.53 |
| Netcashflowfromoperatingactivities | 976,595,739.84 | 694,865,456.23 | 40.54% | 610,438,763.71 |
| Basicearningspershare(CNY/share) | 1.20 | 1.20 | Nochange | 1.79 |
| Dilutedearningspershare(CNY/share) | 1.20 | 1.20 | Nochange | 1.79 |
| Weightedaveragereturnonnetassets | 8.20% | 8.53% | Decreasedby0.33percentagepoints | 13.21% |
3.2KeyAccountingDatabyQuarter
Unit:CNY
| Q1 | Q2 | Q3 | Q4 |
| Operatingrevenue | 948,763,070.82 | 1,423,079,513.94 | 1,092,432,006.28 | 1,894,364,193.52 |
| Netprofitattributabletoourshareholders | 28,340,519.25 | 218,320,285.14 | 25,217,931.45 | 233,840,928.01 |
| Netprofitattributabletoourshareholdersafterdeductingnon-recurringgainsandlosses | 20,924,775.03 | 161,692,314.46 | 1,148,777.26 | 172,380,695.35 |
| Netcashflowfromoperatingactivities | -68,652,234.98 | 415,580,994.65 | 94,950,854.20 | 534,716,125.97 |
WhethertheaforesaidfinancialindicatorsortheirsumaresignificantlydifferentfromrelevantfinancialindicatorsdisclosedbytheCompanyinitsquarterlyandsemi-annualreports
□Yes?No
4.ShareCapitalandShareholderInformation
4.1NumberofOrdinaryShareholdersandPreferredShareholderswithRestoredVotingRights,andtheShareholdingoftheTop10Shareholders
Unit:share
| Ordinaryshareholdersasoftheendofthereportingperiod | 40,048 | Totalnumberofordinaryshareholdersattheendofthemonthpriortothedisclosureoftheannualreport | 35,462 | Totalnumberofpreferredshareholderswithrestoredvotingrightsattheendofthereportingperiod | Totalnumberofpreferredshareholderswithrestoredvotingrightsasoftheendofthemonthpriortothedisclosureoftheannualreport | Shareholdersholdingspecialvotingshares(ifany) | |||
| Shareholdingofthetop10shareholders(excludingsharesloanedthroughrefinancing) | |||||||||
| Shareholdername | Shareholdertype | Shareholdingratio | Numberofsharesheld | Numberofsharessubjecttotradingrestriction | Pledged,markedorfrozenshares | ||||
| Statusofshares | Quantity | ||||||||
| KunmingNuonaTechnologyCo.,Ltd. | Domesticnon-state-ownedcorporation | 45.97% | 194,743,411.00 | N/A | |||||
| TianjinSequoiaJuyeEquityInvestmentPartnership(LimitedPartnership) | Domesticnon-state-ownedcorporation | 7.62% | 32,272,757.00 | N/A | |||||
| YunnanHaqishengEnterpriseManagementCo.,Ltd. | Domesticnon-state-ownedcorporation | 2.60% | 10,993,678.00 | N/A | |||||
| XiamenZhenliConsultingCo.,Ltd. | Domesticnon-state-ownedcorporation | 2.47% | 10,467,669.00 | N/A | |||||
| HongKongSecuritiesClearingCompanyLimited | Overseaslegalperson | 1.29% | 5,445,491.00 | N/A | |||||
| KuwaitInvestmentAuthority | Overseaslegalperson | 1.04% | 4,390,658.00 | N/A | |||||
| IndustrialandCommercialBankofChinaCo.,Ltd.—EFundGEMTradedOpen-EndIndexSecuritiesInvestmentFund | Miscellaneous | 0.86% | 3,663,991.00 | N/A | |||||
| NationalSocialSecurityFundPortfolio118 | Miscellaneous | 0.81% | 3,417,711.00 | N/A | |||||
| IndustrialandCommercialBankofChinaLimited—CSIMainConsumerExchange-TradedOpen-EndIndexSecuritiesInvestmentFund | Miscellaneous | 0.73% | 3,084,657.00 | N/A | |||||
| AgriculturalBankofChinaCo.,Ltd.–CSI500Exchange-TradedOpen-EndIndexSecuritiesInvestmentFund | Miscellaneous | 0.71% | 3,021,200.00 | N/A | ||
| Explanationsofrelationshipsbetweenorconcertedactionsoftheaforementionedshareholders | BothKunmingNuonaTechnologyCo.,Ltd.andYunnanHaqishengEnterpriseManagementCo.,Ltd.areenterprisescontrolledbytheCompany’sactualcontroller,GuoZhenyu.Besides,noconnectedrelationshipandactioninconcertbetweenothershareholdersisknowntotheCompany. | |||||
Thesituationofshareholdersholdingmorethan5%ofshares,thetop10shareholders,andthetop10shareholdersofunrestrictedtradablesharesparticipatinginsharesloanthroughrefinancing
□Applicable?NotapplicableChangesoccurredinthetop10shareholdersandthetop10shareholdersofunrestrictedtradablesharescomparedwiththepreviousperiodduetosharesloanthroughrefinancing/return
□Applicable?NotapplicableWhethertheCompanyhasdifferentialvotingrightsarrangements
□Applicable?Notapplicable
4.2TotalNumberofPreferredShareholdersandShareholdingoftheTop10PreferredShareholders
□Applicable?Notapplicable
4.3DisclosureoftheOwnershipandControlRelationshipbetweentheCompanyandtheActualControllerintheFormofaBlockDiagram
5.BondsinEffectasoftheDateofApprovaloftheAnnualReport
□Applicable?Notapplicable
OutsidetheChinesemainland(includingHongKong,Macao,andTaiwan)WithintheChinesemainland(excludingHongKong,Macao,andTaiwan)
WithintheChinesemainland(excludingHongKong,Macao,andTaiwan)
GUOZHENYU
GUOZHENYUHansonCosmeceutical(HongKong)CompanyLimited
HansonCosmeceutical(HongKong)CompanyLimitedKunmingNuonaTechnology
Co.,Ltd.
| KunmingNuonaTechnologyCo.,Ltd. | YunnanHaipoEnterpriseManagementCo.,Ltd. |
YunnanHaqishengEnterpriseManagementCo.,
Ltd.
YunnanHaqishengEnterpriseManagementCo.,
Ltd.YunnanBotaneeBio-TechnologyGroupCo.,Ltd.
III.SignificantMattersFordetails,pleaserefertothe2025AnnualReportofYunnanBotaneeBio-TechnologyGroupCo.,Ltd.(2026-013)disclosedonCNINFO(http://www.cninfo.com.cn).