Core Viewpoint - The company, Marubi Biotechnology Co., Ltd., is planning a secondary listing in Hong Kong to enhance its capital strength and overseas financing capabilities, despite facing cash flow pressures and regulatory scrutiny [1][2][9]. Financial Performance - Marubi reported total revenue of 686 million yuan for Q3 2025, a year-on-year increase of 14.28%, and total revenue of 2.45 billion yuan for the first three quarters, up 25.51% year-on-year [1]. - The net profit attributable to shareholders for Q3 was 69.48 million yuan, a year-on-year increase of 11.59%, while the first three quarters saw a net profit of 240 million yuan, up 2.13% year-on-year [1][4]. - However, the company's non-recurring net profit fell by nearly 20% in Q3 and 5.42% in the first three quarters, indicating a potential decline in the contribution of core business to profits [4][5]. Cost Structure - Sales expenses for the first three quarters reached 1.41 billion yuan, a 32% increase year-on-year, accounting for 57.6% of total revenue [5]. - The company's gross margin remained high at around 75%, which is above the industry average for domestic beauty brands [4]. Cash Flow and Investments - The net increase in cash and cash equivalents turned negative, dropping from 270 million yuan in the previous year to -390 million yuan this year, with total cash funds decreasing from 2.03 billion yuan to 1.59 billion yuan [9]. - Fixed asset investments nearly doubled, rising from 4.76 billion yuan to 9.97 billion yuan, indicating significant property acquisitions that have impacted cash flow [9]. Dividend Policy - Despite cash flow pressures, Marubi announced a dividend of 100 million yuan, with a per-share payout of 0.25 yuan, primarily benefiting the founding couple who hold over 80% of the shares [10][11]. - The high dividend payout raises questions about the company's financial strategy, especially in light of its upcoming secondary listing [10][11]. Regulatory Issues - The company received a warning from the China Securities Regulatory Commission for irregular financial accounting, including issues with revenue recognition and improper management of raised funds [16]. - These regulatory concerns may affect investor perception and valuation during the upcoming listing [17].

Market Overview - The cosmetics sector experienced a decline of 1.1% on November 26, with Kesheng Co. leading the drop [1] - The Shanghai Composite Index closed at 3864.18, down 0.15%, while the Shenzhen Component Index closed at 12907.83, up 1.02% [1] Individual Stock Performance - Notable gainers included: - Shuiyang Co. (300740) with a closing price of 19.85, up 2.58% [1] - Fulejia (301371) also rose by 2.58% to 27.88 [1] - Major decliners included: - Kesheng Co. (300856) fell by 4.88% to 14.80 [2] - Marubi Bio (603983) decreased by 2.95% to 33.55 [2] - Jiahen Home (300955) dropped by 2.85% to 37.84 [2] Trading Volume and Capital Flow - The cosmetics sector saw a net inflow of 7.95 million yuan from institutional investors, while retail investors contributed a net inflow of 7.35 million yuan [2] - However, there was a net outflow of 15.30 million yuan from speculative funds [2] Detailed Capital Flow Analysis - Key stocks with significant capital flow: - Jiahen Home (300955) had a net inflow of 18.65 million yuan from institutional investors, but a net outflow of 19.54 million yuan from retail investors [3] - Fulejia (301371) saw a net inflow of 12.12 million yuan from speculative funds, despite a net outflow from retail investors [3] - Other stocks like Qingdao King (002094) and Shanghai Jahwa (600315) also experienced mixed capital flows, indicating varied investor sentiment [3]

广东丸美生物技术股份有限公司 2025 年第二次临时股东大会会议资料 广东丸美生物技术股份有限公司 2025 年第二次临时股东大会 会议资料 2025 年 11 月 28 日 1 广东丸美生物技术股份有限公司 2025 年第二次临时股东大会会议资料 广东丸美生物技术股份有限公司 2025 年第二次临时股东大会会议须知 各位股东及股东代表： 为维护投资者的合法权益，确保广东丸美生物技术股份有限公司（以下简称"公 司"）2025 年第二次临时股东大会的顺利召开，依据中国证券监督管理委员会《上 市公司股东会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》《证券法》《上市公司股东会规则》和《公司章程》的规 定，认真做好召开股东大会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 下同）的合法权益，除出席会议的股东、公司董事、监事、高级管理人员、公司聘 请的律师及董事会邀请的人员外，公司有权依法拒绝其他人员进入会场。 四、出席会议的股东须在会议召开前 15 分钟到达会议现场向董事会办公室办理 签到手续，并请按规定出示股 ...

Core Viewpoint - Marubi Biotechnology's stock has shown fluctuations in recent trading, with a current price of 33.64 CNY per share and a market capitalization of 13.49 billion CNY, reflecting a year-to-date increase of 6.76% [1] Financial Performance - For the period from January to September 2025, Marubi Biotechnology achieved a revenue of 2.45 billion CNY, representing a year-on-year growth of 25.51%, while the net profit attributable to shareholders was 244 million CNY, up 2.13% year-on-year [2] - Cumulative cash dividends since the company's A-share listing amount to 1.08 billion CNY, with 710 million CNY distributed over the past three years [3] Stock Market Activity - As of November 25, 2023, Marubi's stock price increased by 2.25% during the trading session, with a trading volume of approximately 79.75 million CNY and a turnover rate of 0.60% [1] - The stock has appeared on the "Dragon and Tiger List" once this year, with the most recent occurrence on August 25, 2023, where it recorded a net buy of -779.08 million CNY [1] Shareholder Information - As of September 30, 2025, the number of shareholders increased by 8.86% to 18,900, with an average of 21,205 circulating shares per shareholder, a decrease of 8.14% [2] - Among the top ten circulating shareholders, several funds maintained their holdings, while Hong Kong Central Clearing Limited exited the list [3]

今年达成40亿目标问题不大？ 作者 | 李小霞 编辑 | 乔芊 当国货美妆市场在渠道迭代与流量浪潮中经历洗牌，一家走过23年的老牌企业，该如何打破路径依赖、重获增 长动能？ 若将时间倒回几年前，这对于丸美而言或许并不成其为一个问题。 即便当时新消费风头正劲，线上市场一片火热，丸美却似乎始终与之保持着一定距离。用创始人孙怀庆的话来 说，那时的心态是："你们做你们的电商，我们继续深耕线下就好。" 然而，疫情带来的根本性变革，将故事推向了另一个方向。丸美不得不直面现实，于2021年启动了从线下为主 向线上为主的战略转型。在孙怀庆看来，正是这场转型为丸美注入了新的生命力——"如果没有转型，就不会有 今天的增长。" 不过，要让一家早已习惯增长的企业放下对过去的执着，从来不是易事。近日，36氪与丸美创始人孙怀庆聊了 聊。 丸美创始人孙怀庆 以下为36氪与丸美创始人孙怀庆的对话（经编辑）： 上个时代成功的企业容易留恋过去 36氪：今年丸美制定了40亿的业绩目标，目前目标实现情况如何？当初为何定这个数字？ 孙怀庆： 这个目标不是突然定的，核心源于我们的转型。 此前线下是我们的主要销售来源，但疫情导致实体零售大幅下滑，消费者习 ...

Investment Rating - The report maintains a "Positive" outlook on the beauty and personal care industry, highlighting robust demand and the continued rise of domestic brands [2]. Core Insights - The beauty care industry is experiencing a stable demand phase, with domestic leading brands expected to grow during the industry consolidation period [3]. - The cosmetics sector showed resilience during the off-peak season, with retail sales reaching 98.2 billion yuan from July to September, reflecting a single-digit year-on-year growth and an acceleration compared to the first half of 2025 [2][3]. - The report emphasizes the strong performance of domestic brands during the Double 11 shopping festival, with Proya ranking first in Tmall's beauty sales [2][11]. Summary by Sections Cosmetics Sector Performance - The cosmetics sector's key A-share companies reported an average revenue growth rate of around 3% in Q3 2025, with overall improvement in net profit [2]. - Proya's cumulative revenue for the first three quarters of 2025 was 7.098 billion yuan, a year-on-year increase of 1.89%, while its Q3 revenue was 1.736 billion yuan, down 11.63% year-on-year [16]. - Other notable performances include: - Ruifucheng: Q1-Q3 revenue of 2.138 billion yuan, up 85.3% year-on-year, with Q3 revenue of 819 million yuan, up 123.4% year-on-year [16]. - Marubi: Q1-Q3 revenue of 2.45 billion yuan, up 25.5% year-on-year, with Q3 revenue of 686 million yuan, up 14.28% year-on-year [16]. Medical Aesthetics Sector Performance - The medical aesthetics sector showed slight fatigue but experienced marginal improvements in Q3 2025 [2]. - Notable performances include: - Aimeike: Q1-Q3 revenue of 1.865 billion yuan, down 21.49% year-on-year, with Q3 revenue of 566 million yuan, down 21.27% year-on-year [2]. - Longzi: Q1-Q3 revenue of 4.328 billion yuan, up 0.9% year-on-year, with Q3 revenue of 1.539 billion yuan, up 11.9% year-on-year [2]. Investment Recommendations - The report recommends focusing on companies with a well-established channel and brand matrix, such as Maogeping, Shangmei, and Shanghai Jahwa, which are expected to see high GMV growth [2][20]. - Companies anticipated to show marginal improvements in performance include Proya, Marubi, and Ruifucheng [2]. - In the medical aesthetics sector, the report highlights Aimeike as a key recommendation, with Longzi suggested for further observation [2]. Market Trends - The domestic market share of leading brands is increasing, with the top ten domestic brands capturing 16.6% of the market share in skincare, up from 11.8% in 2023 [4]. - The report notes that the cosmetics retail sales in October 2025 grew by 9.6% year-on-year, indicating a recovery in demand driven by promotional events [10][11].

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

内容概况：弹性蛋白（Elastin）广泛存在于哺乳动物结缔组织，和胶原蛋白同为皮肤的重要组成部分， 胶原蛋白提供支撑作用，而弹性蛋白提供延展性与回弹性。2024年，中国弹性蛋白行业市场规模约为 6.27亿元，同比增长3.81%。其前体原弹性蛋白（tropoelastin）胞内合成后分泌到胞外，经酶催化交联 成为高度不溶的弹性蛋白网络，使弹性蛋白分子能够任意卷曲，具有高弹性。在应用领域，弹性蛋白通 常与胶原蛋白、透明质酸等成分复配作为护肤品成分以达到综合抗老化效果。其良好的生物相容性和弹 性能使其成为理想的生物医用材料，包括人工血管、创伤敷料、药物递送、伤口修复等多个方面。近年 来弹性蛋白主要用于补剂、化妆品、生物医药等领域，逐渐成为新的热点产品。 相关上市企业：丸美生物（603983） 二、行业产业链 相关企业：内蒙古伊利实业集团股份有限公司、山东得利斯食品股份有限公司、黑龙江宾西牛业有限公 司、温氏食品集团股份有限公司、牧原食品股份有限公司、新希望六和股份有限公司、北京大北农科技 集团股份有限公司、上海药明康德新药开发有限公司、深圳华大基因股份有限公司、苏州泓迅生物科技 股份有限公司、梅花生物科技集团股份有 ...

Market Overview - The cosmetics sector experienced a decline of 2.85% on November 20, with Bavi Co. leading the drop [1] - The Shanghai Composite Index closed at 3931.05, down 0.4%, while the Shenzhen Component Index closed at 12980.82, down 0.76% [1] Individual Stock Performance - Jiahen Home Cosmetics (300955) closed at 38.29, up 1.48% with a trading volume of 27,300 shares and a turnover of 103 million yuan [1] - Bavi Co. (920123) saw a significant drop of 9.28%, closing at 17.89 with a trading volume of 88,500 shares and a turnover of 163 million yuan [2] - Qingdao Kingway (002094) closed at 7.69, down 2.16%, with a trading volume of 214,700 shares and a turnover of 166 million yuan [1][2] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 377 million yuan from institutional investors, while retail investors saw a net inflow of 323 million yuan [2] - The main capital inflow and outflow for various stocks indicate a mixed sentiment, with some stocks like Jiahen Home Cosmetics seeing a net inflow of 9.93 million yuan from institutional investors [3] Notable Stock Movements - Fuleida (600223) had a net outflow of 25.36 million yuan from institutional investors, but a net inflow of 9.99 million yuan from retail investors [3] - Kesheng Co. (300856) experienced a net outflow of 29.14 million yuan from institutional investors, while retail investors contributed a net inflow of 12.29 million yuan [3]

Core Insights - The article discusses the transformation of Marubi, a 23-year-old beauty brand, from a primarily offline sales model to an online-focused strategy due to the pandemic's impact on consumer behavior and retail channels [1][2][3] Group 1: Strategic Transformation - Marubi initiated a strategic shift in 2021, moving from a 70% offline and 30% online sales model to an 80% online and 20% offline model, which has revitalized the company's growth [2][3] - The company set a performance target of 4 billion yuan for the current year, which is seen as achievable based on past growth rates of approximately 30% year-on-year over the last ten quarters [2][3] Group 2: Market Position and Consumer Base - The pandemic led to a significant change in consumer habits, making it difficult for offline retail to recover, prompting Marubi to adapt to the new market dynamics [2][4] - The user base has expanded significantly post-transformation, retaining older offline customers while attracting younger online consumers, thus broadening the overall market reach [9][12] Group 3: Brand Strategy and Product Development - Marubi's approach emphasizes profitability and sustainable growth, focusing on product quality, user experience, and brand trust rather than merely chasing online traffic [10][15] - The company has invested in research and development, holding over 600 patents, with a focus on effective and continuous investment rather than just high spending [14][16] Group 4: Challenges and Future Outlook - The transition has not been without challenges, as the company faced a 30% decline in performance, which necessitated a reevaluation of its strategies and priorities [7][8][20] - Marubi aims to reduce reliance on single online channels and is aware of the competitive pressures in the beauty industry, indicating a long-term focus on sustainable growth rather than short-term gains [19][22]