Market Overview - The cosmetics sector increased by 0.77% on October 29, with Marubi Biological leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Marubi Biological (603983) closed at 36.66, up 3.74% with a trading volume of 41,500 shares and a turnover of 150 million yuan [1] - Babi Co. (920123) closed at 18.06, up 3.56% with a trading volume of 23,700 shares and a turnover of 41.72 million yuan [1] - Shanghai Jahwa (600315) closed at 25.46, up 2.74% with a trading volume of 154,500 shares and a turnover of 392 million yuan [1] - Betaini (300957) closed at 45.83, up 0.57% with a trading volume of 33,400 shares and a turnover of 152 million yuan [1] - Other notable performances include Proya (603605) at 76.87, up 0.18%, and Water Sheep Co. (300740) at 22.14, up 0.09% [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 89.37 million yuan from institutional investors and 51.47 million yuan from retail investors, while individual investors saw a net inflow of 141 million yuan [2] - The detailed fund flow for individual stocks shows that Shanghai Jahwa had a net outflow of 32.36 million yuan from institutional investors [3] - Marubi Biological had a net inflow of 4.95 million yuan from institutional investors, but a net outflow of 8.77 million yuan from retail investors [3]

Core Insights - The collagen market is experiencing significant growth driven by increasing consumer focus on efficacy and ingredients, with two main growth drivers: professional skin care and aesthetic injection applications [1][3] - The collagen market in China is projected to exceed 16 billion yuan at the raw material level and approach 270 billion yuan at the retail level by 2030 [1] - The industry is currently in a phase of policy refinement, accelerated technological iteration, and tight collaboration across the supply chain [1] Industry Structure - The collagen industry has a high degree of integration between raw material supply and end product manufacturing, with upstream suppliers, midstream manufacturers of recombinant collagen, and downstream sales channels [2] - The market is characterized by significant growth potential, high technological barriers, and intense competition [2] End-User Applications - The demand for professional skin care products that combine medical safety and cosmetic efficacy is rapidly increasing, particularly in the aesthetic medicine sector [3] - Applications of collagen products are expanding from traditional moisturizing and nourishing functions to include core roles in aesthetic injection materials [3] Recommended Companies - Companies to watch include: Giant Bio (02367), Jinbo Bio (920982.BJ), Marubi Bio (603983.SH), Huaxi Bio (688363.SH), Fulejia (301371.SZ), Novozymes (688105.SH), Baipusais (301080.SZ), and Betaini (300957.SZ) [4]

Core Points - The company has approved the use of idle raised funds for cash management, allowing up to RMB 200 million for investment in financial products [1][14] - The company has successfully redeemed a structured deposit from Chongqing Bank, recovering the principal of RMB 35 million and earning interest of RMB 857,500 [1][2] - The purpose of using idle funds for financial products is to enhance fund efficiency and provide returns to shareholders [2][4] Summary by Sections Investment Management - The company has utilized idle raised funds to purchase structured deposits, specifically the Chongqing Bank Structured Deposit 2025 No. 457, with an investment amount of RMB 35 million [7][9] - The structured deposit is a principal-protected product with floating returns, meeting the criteria for high safety and liquidity [9][10] Fund Sources - The funds used for the financial products are sourced from idle raised funds, which were initially raised through an IPO that generated RMB 842.14 million, netting RMB 790 million after expenses [4][5] Financial Performance - As of June 30, 2025, the company's monetary funds amounted to RMB 1,608.92 million, with the recent investment of RMB 35 million representing 2.18% of the total funds [13][16] - The investment in financial products is not expected to significantly impact the company's future operations or financial status [13][16] Risk Management - The company has established internal controls for managing investment risks, including regular monitoring and audits by the finance department and independent directors [7][10][12] - The company ensures compliance with relevant regulations and maintains transparency in financial disclosures [11][14]

证券代码：603983 证券简称：丸美生物 公告编号：2025-027 广东丸美生物技术股份有限公司 关于使用闲置募集资金购买理财产品到期赎回 并继续购买的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 履行的审议程序：广东丸美生物技术股份有限公司（以下简称"公司"） 第五届董事会第七次会议通过了《关于使用部分闲置募集资金进行现金管理的议 案》，同意使用不超过人民币 20,000 万元的闲置募集资金进行现金管理，该额度 可滚动使用。具体内容详见公司于 2025 年 8 月 23 日在上海证券交易所网站披露 的《关于使用部分闲置募集资金进行现金管理的公告》（公告编号：2025-022）。 一、本次使用闲置募集资金购买理财产品到期赎回的情况 2024 年 10 月 21 日，公司向重庆银行股份有限公司两江分行（以下简称"重 庆银行两江分行"）认购了重庆银行结构性存款 2024 年第 540 期（以下简称"重 庆银行结构性存款 540 期"），认购金额为人民币 3,500 万元。上述理财产品已 于 202 ...

Core Viewpoint - Marubi Biotech's subsidiary brand Chunji has recently closed its Tmall flagship store, which the company states is a planned operational adjustment based on the brand's business development needs, reflecting a strategic contraction rather than a hasty decision [1] Group 1 - The closure of the Tmall flagship store is described as a normal operational adjustment that has been planned in advance [1] - Marubi Biotech emphasizes that this decision is part of a strategy to optimize its brand portfolio and allocate resources efficiently [1] - The company intends to focus its advantageous resources on core businesses and future growth areas [1]

Core Insights - The cosmetics sector experienced a decline of 0.72% on October 22, with LaFang JiaHua leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Market Performance - Qingdao Jinwang (002094) saw a closing price of 7.88, with an increase of 2.74% and a trading volume of 561,300 shares, amounting to 450 million yuan [1] - Other notable performers included Kesheng Co. (300856) with a closing price of 13.88, up 1.46%, and Yusong Co. (300132) at 6.52, up 1.40% [1] - LaFang JiaHua (603630) closed at 22.55, down 1.83%, with a trading volume of 39,800 shares and a turnover of 90.79 million yuan [2] Capital Flow - The cosmetics sector experienced a net outflow of 12.29 million yuan from institutional investors and 12.90 million yuan from retail investors, while there was a net inflow of 25.19 million yuan from individual investors [2] - The capital flow for individual stocks showed that Qingdao Jinwang had a net inflow of 30.74 million yuan from institutional investors, while LaFang JiaHua had a net outflow of 7.07 million yuan [3] - Other stocks like Kesheng Co. and Yusong Co. also experienced varying degrees of net inflow and outflow from different investor categories [3]

Core Insights - The cosmetics sector experienced a slight decline of 0.03% on October 21, with Lafang Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 1: Stock Performance - Jinsheng New Material (300849) saw a significant increase of 7.74%, closing at 14.76 with a trading volume of 103,000 shares and a turnover of 148 million yuan [1] - Jiaheng Jiahua (300955) rose by 4.90%, closing at 30.62 with a trading volume of 45,700 shares and a turnover of 137 million yuan [1] - Qing Song Co. (300132) increased by 3.71%, closing at 6.43 with a trading volume of 266,600 shares and a turnover of 170 million yuan [1] - Lafang Jiahua (603630) declined by 2.67%, closing at 22.97 with a trading volume of 61,500 shares and a turnover of 141 million yuan [2] - Shanghai Jahwa (600315) fell by 1.85%, closing at 27.09 with a trading volume of 96,400 shares and a turnover of 262 million yuan [2] Group 2: Capital Flow - The cosmetics sector experienced a net outflow of 11.49 million yuan from institutional investors, while retail investors saw a net inflow of 19.36 million yuan [2] - The main capital inflow was observed in brands like Banlaya (603605) with a net inflow of 10.38 million yuan, while Jinsheng New Material (300849) had a net outflow of 11.78 million yuan [3] - Retail investors showed a significant net inflow in Furuida (600223) with 7.23 million yuan, while the outflow from institutional investors was 3.19 million yuan [3]

Core Viewpoint - The beauty brand Chunji under Marubi Biotech is quietly withdrawing from the market, with its flagship store on major e-commerce platforms already closed and no new products launched in over a year [1][2]. Company Overview - Marubi Biotech launched Chunji in 2007, focusing on natural skincare for young women and was once a significant brand within its portfolio [2]. - Chunji's revenue peaked between 2014 and 2016, reaching 170 million yuan, but declined to 142 million yuan by 2018, with its revenue share dropping from 14.11% to 9.06% [2]. - After Marubi Biotech went public in 2019, Chunji's specific revenue data was no longer reported, although it was noted that the brand faced challenges due to increased competition and traditional marketing limitations [2]. Market Dynamics - In contrast to Chunji's decline, Marubi Biotech's makeup brand, Lianhuo, has seen rapid growth since its launch in 2017, with revenues increasing significantly from 66.17 million yuan in 2021 to an expected 1 billion yuan in 2025 [2][3]. - The rise of domestic makeup brands in the context of the "Guochao" trend has contributed to Lianhuo's success, while Chunji struggled to maintain its market position [3]. Strategic Insights - The withdrawal of Chunji is attributed to unclear brand positioning and fluctuating business strategies, leading to a loss of both existing and potential customers [3]. - Experts suggest that for Chunji to succeed, it needs a clearer and more unique positioning and channel strategy, indicating that the brand's traditional operational model may no longer be viable [3].

Core Viewpoint - The beauty brand Chunji under Marubi Bio is quietly exiting the market, with its flagship store on major e-commerce platforms closed and no new products launched since July 2024 [1][2][3]. Group 1: Brand Performance and Market Presence - Chunji's flagship store on Tmall announced its intention to cease operations by October 26, 2025, and has already removed all product links since August 2023 [1]. - The brand has closed its stores on multiple e-commerce platforms, including JD, Chuchujie, Mogujie, Pinduoduo, and Juanpi, and has not updated its WeChat account since early 2023 [1][2]. - Chunji's last registered product was recorded in July 2024, indicating over a year without new product launches [1]. Group 2: Historical Financial Performance - Chunji was launched in 2007 with a focus on natural skincare for young women, and at its peak, it contributed significantly to Marubi Bio's revenue, with sales rising from 144 million yuan in 2014 to 170 million yuan in 2016, accounting for 14.11% of total revenue [2]. - However, after 2016, Chunji's revenue declined to 142 million yuan by 2018, reducing its market share to 9.06% [2]. - Since Marubi Bio's IPO in 2019, Chunji's specific revenue figures have not been disclosed, but the company acknowledged a decline due to intensified market competition and limitations of traditional marketing [2]. Group 3: Strategic Shift and Market Trends - Marubi Bio's strategic shift from Chunji to its rapidly growing color cosmetics brand, Lianhuo, is evident, with Lianhuo's revenue skyrocketing from 66.17 million yuan in 2021 to an expected 1 billion yuan in 2025 [3]. - The rise of domestic color cosmetics brands, fueled by the "Guochao" trend, has contributed to Lianhuo's success, while Chunji's unclear brand positioning and fluctuating strategies led to a loss of both existing and potential customers [3]. - Industry experts suggest that Chunji's exit may be part of Marubi Bio's plan to explore a new business model, emphasizing the need for clearer brand positioning and channel strategies for future success [3].

Core Viewpoint - The beauty brand Chunji under Marubi Biotechnology is quietly withdrawing from the market, with its flagship store on major e-commerce platforms already closed and no new products launched in over a year [2][3][4]. Group 1: Brand Status - Chunji's flagship store on Tmall announced its intention to cease operations by October 26, 2025, and has removed all product links since August 2023 [2]. - The brand has also closed its stores on other major platforms such as JD, Chuchujie, and Pinduoduo, and has not updated its WeChat or Weibo accounts since early 2023 and May 2022, respectively [2][3]. - The last product registered for Chunji was in July 2024, indicating no new product launches in over a year [2]. Group 2: Financial Performance - Chunji was launched in 2007 with a focus on natural skincare for young women, and at one point contributed significantly to Marubi's revenue, with sales rising from 144 million yuan in 2014 to 170 million yuan in 2016, accounting for 14.11% of Marubi's revenue [3][4]. - However, after 2016, Chunji's revenue declined to 142 million yuan by 2018, with its revenue share dropping to 9.06% [4]. - Following Marubi's IPO in 2019, Chunji's specific revenue figures were no longer disclosed, although it was noted that the brand faced challenges due to increased competition and limitations of traditional marketing [4]. Group 3: Strategic Shift - In contrast to Chunji's decline, Marubi's color cosmetics brand, Lianhuo, has seen rapid growth, with revenues increasing from 66.17 million yuan in 2021 to an expected 1 billion yuan in 2025 [4]. - The strategic shift from Chunji to Lianhuo aligns with the rise of domestic color cosmetics brands and changing consumer preferences [4]. Group 4: Expert Opinion - Industry experts suggest that Chunji's withdrawal is primarily due to unclear brand positioning and fluctuating business strategies, leading to a loss of both existing and potential customers [5]. - There is speculation that Marubi may be planning a new model for Chunji, but without a clear departure from traditional operations, the brand's challenges are likely to persist [5].