BTN's 2024 revenue of 5.74 billion shows resilient breakthrough, with R&D laying a solid foundation for long-term logic

The leading efficacy skincare brand BTN is expected to achieve a revenue of 5.74 billion yuan in 2024, demonstrating resilience. With R&D investment of 337 million yuan, it leads the domestic beauty industry, driving a gross margin of 73.74%, firmly positioned in the top tier of the industry. Profits are under temporary pressure due to strategic investments, yet the core brand's repurchase rate remains stable at a high level, and sub-brands are experiencing significant growth, confirming a clear multi-engine growth logic. Enhanced user stickiness across all domains, combined with comprehensive technological reserves, deepens long-term barriers, while strategic reserves await cyclical recovery