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]

Core Viewpoint - The company aims to achieve a revenue target of 4 billion yuan this year, driven by a strategic shift from offline to online sales channels, which has revitalized its growth momentum [6][7][11]. Group 1: Strategic Transformation - The company initiated a strategic transformation in 2021, shifting from a primarily offline sales model (70% offline, 30% online) to an online-focused approach (80% online, 20% offline) due to the pandemic's impact on consumer behavior [6][7]. - The founder emphasized that without this transformation, the company would not have experienced its current growth [7][11]. - The decision to transform was driven by a recognition of changing consumer habits and the need to engage with younger demographics [11][12]. Group 2: Market Position and Consumer Base - The company has retained its offline customer base, primarily consisting of older consumers in lower-tier cities, while also attracting younger consumers from first to third-tier cities through online channels [12]. - The online sales growth is notable in provinces like Guangdong, Jiangsu, Shandong, and Henan, indicating a broadening of the customer base [12]. Group 3: Brand Strategy and Product Development - The company focuses on a brand strategy that emphasizes product quality, user experience, and brand trust built over 23 years, rather than relying solely on aggressive marketing tactics [13][19]. - The founder highlighted the importance of continuous and effective R&D investment, with over 600 patents filed, ensuring the company remains competitive in innovation [18][19]. - The company has adapted its product offerings to meet the needs of younger consumers, such as introducing new eye cream products tailored to their preferences [15]. Group 4: Financial Performance and Future Outlook - The company has consistently met its growth targets, achieving approximately 30% year-on-year growth over the past ten quarters, indicating confidence in reaching the 4 billion yuan target this year [6][11]. - The founder expressed concerns about the increasing pressure on profit margins due to competition and market dynamics, emphasizing the need for long-term strategic planning [23][24].

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]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Insights - The beauty and personal care sector is transitioning from "single functional consumption" to "composite efficacy + emotional consumption," indicating enhanced consumer resilience [4] - The beauty industry is no longer reliant on a single traffic window, with narratives around channel efficiency strengthening [4] - Leading brands exhibit stronger resilience, with a positive outlook on companies with robust brand assets that can capitalize on channel and product cycles [4] Summary by Sections Industry Overview - The Double 11 shopping festival saw a total e-commerce sales of 16,950 billion yuan, reflecting a year-on-year growth of 14.2% [8] - Beauty and personal care sales reached 991 billion yuan, growing by 11.65% [8] - Instant retail sales surged to 670 billion yuan, marking a remarkable growth of 138.4% [8] Market Dynamics - Tmall leads in high-end beauty sales, while Douyin is becoming a significant platform for domestic brands [8] - The top five beauty brands on Tmall include Proya, Estée Lauder, Lancôme, L'Oréal, and SkinCeuticals, with Proya maintaining the top position for three consecutive years [8] - Douyin's beauty sales rankings show Han Shu at the top, followed by Proya and L'Oréal [8] Company Performance - Leading brands like Up Beauty, Ruo Yu Chen, and Mao Ge Ping have shown impressive performance during the Double 11 event [8] - Up Beauty's sales increased by 145% year-on-year, with significant growth on both Tmall and Douyin [8] - Ruo Yu Chen's sales saw a staggering 35-fold increase year-on-year, with Douyin sales growing by over 100% [8]

Core Viewpoint - The article highlights the emergence of recombinant collagen as a significant anti-aging ingredient developed in China, marking a shift in the beauty industry where domestic brands gain authority in core raw materials, moving from a follower to a leader position in the global market [3][4][5]. Group 1: Company Overview - Marubi Biotech is one of the few companies in China that has achieved full-chain self-research and production of recombinant collagen, positioning itself as a representative of high-end beauty technology in the country [5][6]. - The company has played a crucial role in establishing national industry standards for recombinant collagen, transitioning from an industry participant to a standard setter, which signifies its technical authority [6][7]. Group 2: Technological Advancements - Marubi has developed a comprehensive research and production chain in the functional protein field, including gene editing, fermentation expression, structural verification, separation purification, and formula application [7][11]. - The establishment of the "National Recombinant Functional Protein Technology Research Center" under Marubi indicates its capability to not only serve its product development but also provide technical output to the industry [11][12]. Group 3: Product Development and Efficacy - Marubi's products, such as the "Recombinant Double Collagen," have achieved significant breakthroughs, including the first global production of high-activity recombinant human collagen through self-research and the use of translation pause technology [13][14]. - Clinical trials have shown that Marubi's products can effectively reduce wrinkle volume, with a reported 56.83% reduction in under-eye wrinkles and 13.18% in nasolabial folds after seven days of use [17][20]. Group 4: Market Strategy and Future Outlook - Marubi aims to establish a global presence by setting up research centers abroad and forming joint ventures, reflecting a shift from merely exporting products to a more comprehensive output of technology, standards, and brand culture [28][29]. - The company's vision includes creating a beauty standard that transcends cultural boundaries, emphasizing the importance of scientific research and long-term commitment to quality over short-term gains [28][30].

Market Overview - The cosmetics sector increased by 1.72% on November 19, with Keshare leading the gains [1] - The Shanghai Composite Index closed at 3946.74, up 0.18%, while the Shenzhen Component Index closed at 13080.09, unchanged [1] Key Performers - Keshare (300856) closed at 15.29, up 7.98% with a trading volume of 315,500 shares and a turnover of 475 million yuan [1] - Bavi (920123) closed at 19.72, up 4.89% with a trading volume of 118,600 shares and a turnover of 229 million yuan [1] - Lafang (603630) closed at 24.60, up 4.15% with a trading volume of 145,700 shares and a turnover of 353 million yuan [1] - Other notable performers include Shuiyang (300740) and Tian Cai Ya (603605), with increases of 3.28% and 2.55% respectively [1] Fund Flow Analysis - The cosmetics sector saw a net inflow of 201 million yuan from institutional investors, while retail investors experienced a net outflow of 252 million yuan [2] - Keshare had a net inflow of 63.71 million yuan from institutional investors, while retail investors had a net outflow of 47.79 million yuan [3] - Other companies like Shuiyang and Furuida also experienced significant net inflows from institutional investors, indicating strong interest in the sector [3]