Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - In 2024, the company achieved operating revenue of 2.97 billion, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million, up 31.7%. The net profit excluding non-recurring items reached 330 million, growing by 73.9% [2][4]. - For Q1 2025, the company reported operating revenue of 850 million, a year-on-year growth of 28%, with a net profit attributable to shareholders of 140 million, increasing by 22.1% [2][4]. - The company's strategy of focusing on major products has been effective, with significant growth in key items such as the "Little Red Pen Eye Cream" and "Little Gold Needle" achieving GMV of 530 million and 350 million respectively, marking increases of 146% and 96% [9]. Summary by Sections Financial Performance - In 2024, the company’s revenue growth was driven by a strong performance in its main brand, which generated 2.06 billion in revenue, a 31.7% increase. The online and offline channels reported revenues of 2.54 billion and 430 million respectively, reflecting growth of 36% and 21% [9]. - The company’s net profit for Q1 2025 showed a year-on-year increase of 22%, with a net profit margin remaining stable despite rising sales expenses [9]. Product and Brand Strategy - The company continues to enhance its major product strategy, with the main brand and the "Lianhuo" brand expected to maintain robust growth. The eye care category saw a significant increase in average price, contributing to overall revenue growth [9]. Future Outlook - The company is projected to achieve net profits of 450 million, 580 million, and 750 million for the years 2025 to 2027, with corresponding EPS of 1.11, 1.44, and 1.87 [9].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Insights - In 2024, the company achieved operating revenue of 2.97 billion yuan, a year-on-year increase of 33.4%; net profit attributable to the parent company was 340 million yuan, up 31.7%; and net profit excluding non-recurring items was 330 million yuan, growing by 73.9%. In Q1 2025, the company reported operating revenue of 850 million yuan, a year-on-year growth of 28%; net profit attributable to the parent company was 140 million yuan, increasing by 22.1%; and net profit excluding non-recurring items was 130 million yuan, up 28.6% [2][4] Summary by Sections Business Performance - The company continues to solidify its big product strategy, with the main brand maintaining high growth. In 2024, revenue growth rates for each quarter were 39%, 19%, 26%, and 48%, with a significant acceleration in Q4. The main brand, Marubi, generated revenue of 2.06 billion yuan, a year-on-year increase of 31.7%. The two core products, the Little Red Pen Eye Cream and the Little Gold Needle, achieved GMV of 530 million yuan and 350 million yuan, respectively, with year-on-year growth of 146% and 96%. The Love Fire brand generated revenue of 910 million yuan, up 40.7%, with six foundation products each exceeding 100 million yuan in annual GMV [13] Financial Forecast - For 2025-2027, the company is expected to achieve net profits attributable to the parent company of 450 million yuan, 580 million yuan, and 750 million yuan, respectively, corresponding to EPS of 1.11 yuan, 1.44 yuan, and 1.87 yuan per share [13][17]

Core Viewpoint - The domestic cosmetics and medical beauty industry is experiencing rapid growth driven by policy incentives, recovering consumption, and trade friction, with domestic brands gaining significant market share and attention [1][20]. Group 1: Market Performance - The Wind Cosmetics Index has risen over 20% since April 7, with Proya's stock increasing by more than 20% in the same period, and Marubi's stock rising nearly 70% over three months since February [1]. - During the 618 pre-sale event, over 13,000 brands saw doubled sales, with 43 brands quickly surpassing 100 million yuan in sales, marking a 50% increase in the number of brands in the "billion club" compared to last year [4]. - The beauty industry saw a 6.6% year-on-year increase in total sales during the 2024 618 event, with skincare sales reaching 38.876 billion yuan (up 5.18%) and fragrance and makeup sales at 11.073 billion yuan (up 12.08%) [5]. Group 2: Brand Performance - Domestic brands are outperforming international brands, with Proya's sales on Tmall increasing by 70% year-on-year and Douyin's GMV rising by 110%, significantly exceeding platform growth rates [6]. - International brands like L'Oréal and Estée Lauder have seen a decline in sales, with Lancôme experiencing only slight growth [7]. - The market share of domestic beauty brands reached 50.4% for the first time, surpassing international brands and establishing them as the main force in China's cosmetics market [20]. Group 3: Consumer Trends - There is a growing recognition of domestic brands among consumers, particularly younger consumers who prioritize cost-effectiveness and cultural identity in products, laying a foundation for long-term growth [21]. - The 2024 China Beauty Industry White Paper indicates that over 60% of consumers are willing to purchase domestic beauty products with innovative technology or ingredients [35]. Group 4: Financial Performance - Proya's revenue for 2024 exceeded 10.778 billion yuan, with a net profit growth of 30%, leading to a stock price surge [22]. - Marubi reported a revenue of 2.970 billion yuan for 2024, a year-on-year increase of 33.44%, with a net profit of 342 million yuan, also showing strong growth [25]. - Yatsen Holding, the parent company of Perfect Diary, reported a revenue of 3.393 billion yuan for 2024, a slight decline of 0.63%, and a net loss of 708 million yuan, indicating ongoing financial struggles [30]. Group 5: Competitive Landscape - The beauty industry is becoming increasingly saturated, with brands competing fiercely for market share, leading to a more challenging operating environment for brand owners [18]. - Brands with strong R&D capabilities and comprehensive channel operations are likely to survive, while those lacking core competitiveness may face elimination [39].

证券代码：603983 证券简称：丸美生物 公告编号：2025-015 广东丸美生物技术股份有限公司 2024年年度股东大会决议公告 (一)股东大会召开的时间：2025 年 5 月 22 日 (二)股东大会召开的地点：广州天河区珠江新城冼村路 11 号保利威座大厦南塔 6 楼丸美生物会议室 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法律责任。 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 122 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 336,471,849 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 83.9081 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采用现场投票与网络投票相结合的方式召开。 因董事长孙怀庆出差在外不能现场主持本次股东大会，半数以上董事推选董事王 开慧先生主持本次股东大会。会议的召集和召 ...

广东信达律师事务所 股东大会法律意见书 中国 深圳 福田区 益田路 6001 号 太平金融大厦 11、12 楼 邮政编码：518038 11F/12F., TAIPING FINANCE TOWER, NO.6001 YITIAN ROAD, SHENZHEN, CHINA 电话（Tel.）：（0755）88265288 传真（Fax.）：（0755）88265537 网站（Website）：https://www.sundiallawfirm.com 广东信达律师事务所 关于广东丸美生物技术股份有限公司 2024 年年度股东大会的 法律意见书 信达会字（2025）第 177 号 致：广东丸美生物技术股份有限公司 广东信达律师事务所（以下简称"信达"）接受广东丸美生物技术股份有限 公司（下称"贵公司"）的委托，指派律师参加了贵公司 2024 年年度股东大会 （下称"本次股东大会"），并进行了必要的验证工作。现根据《中华人民共和 国公司法》（下称"《公司法》"）、《上市公司股东会规则》（下称"《股东 会规则》"）以及贵公司《公司章程》的规定，按照律师行业公认的业务标准、 道德规范和勤勉尽责精神，对本次股东大会的 ...

截至5月21日收盘，重组蛋白概念上涨2.52%，位居概念板块涨幅第2，板块内，30股上涨，三生国健 20%涨停，西陇科学、*ST万方、*ST苏吴等涨停，赛升药业、洁雅股份、锦波生物等涨幅居前，分别 上涨16.37%、9.31%、9.17%。跌幅居前的有福瑞达、中源协和、丸美生物等，分别下跌2.25%、 1.92%、1.80%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 石墨电极 | 2.57 | PEEK材料 | -1.79 | | 重组蛋白 | 2.52 | 露营经济 | -1.56 | | 黄金概念 | 2.06 | 华为盘古 | -1.56 | | 兵装重组概念 | 1.99 | WiFi 6 | -1.55 | | 固态电池 | 1.86 | 共享单车 | -1.55 | | 钠离子电池 | 1.56 | AI语料 | -1.52 | | 供销社 | 1.53 | 工业母机 | -1.50 | | 草甘膦 | 1.44 | 华为欧拉 | -1.47 | | 创新药 | 1.42 | 柔性直流输电 ...

2025开年以来，丸美生物上涨60.82%，排在涨幅榜首位；上海家化上涨46.72%，居次席；华大基因上 涨34.45%；安集科技、信立泰、韦尔股份涨逾20%；科沃斯和广联达分别上涨19.60%和18.79%；珀莱 雅、恒瑞医药涨逾17%；海大集团、兆易创新、澜起科技涨逾14%；天士力、山西汾酒、药明康德分别 上涨13.20%、12.85%和11.48%。 关注国内政策发力力度 展望后市，星石投资表示，短期来看，当前在存量资金博弈背景下，宽基指数或在当前位置保持震荡。 市场结构方面，板块间或继续保持轮动，需要等待新的主线出现。 □本报记者 王宇露 上周市场反弹，中证新华社民族品牌工程指数上涨0.94%，报1666.03点。华大基因、以岭药业、石头科 技等成分股上周表现强势。2025开年以来，丸美生物、上海家化、华大基因等成分股涨幅居前。展望后 市，机构认为，接下来市场或许会重新聚焦国内经济基本面变化，预计政策面会积极应对，市场具有中 期支撑。 多只成分股表现强势 上周市场继续反弹，上证指数上涨0.76%，深证成指上涨0.52%，创业板指上涨1.38%，沪深300指数上 涨1.12%，品牌工程指数上涨0.94% ...

Group 1 - The core viewpoint is that the high sales expenses in the daily chemical skincare industry significantly erode profits, leading to high gross margins but low net margins [1][3] - In 2024, over half of the selected companies in the daily chemical skincare industry have a sales expense ratio exceeding 40%, indicating that they allocate more than 40% of their revenue to marketing [1] - Yatsen E-commerce has the highest sales expense ratio at 60.1%, followed by Shangmei Co. and Marubi Biotechnology with ratios of 58.11% and 55.04% respectively [1] Group 2 - Many listed companies in the daily chemical skincare industry invest heavily in marketing while underinvesting in research and development, leading to severe product homogeneity and insufficient innovation [3] - The heavy reliance on marketing has resulted in a price war within the industry, which diminishes profitability and creates a vicious cycle [3] - Companies like Betaini have become overly dependent on a single brand, with over 90% of their main business revenue coming from the "Winona" brand, which has seen a sales decline of 5.45% in 2024 [3] Group 3 - The challenge for many companies in the daily chemical skincare industry in 2025 will be to balance marketing and research and development expenditures, transitioning from a marketing-driven approach to a product-driven one [4]

Core Viewpoint - The domestic beauty brand market in China is experiencing strong growth, driven by increasing consumer recognition and confidence in local brands, as stated by the CEO of Marubi Biotechnology during the 2024 annual and Q1 2025 earnings presentation [1] Financial Performance - Marubi Biotechnology achieved a net profit attributable to shareholders of 342 million yuan for the fiscal year 2024, representing a year-on-year increase of 31.69%, while the net profit after deducting non-recurring gains and losses was 327 million yuan, up 73.86% year-on-year [1] - In Q1 2025, the company reported a net profit attributable to shareholders of 135 million yuan, a year-on-year increase of 22.07%, with the net profit after deducting non-recurring gains and losses at 134 million yuan, up 28.57% year-on-year [1] - The stock price of Marubi Biotechnology has increased by over 150% since September 2024, with a closing limit up on May 15 [1] Strategic Transformation - The company has undergone a strategic transformation from a traditional beauty enterprise to a biotechnology beauty company, as indicated by the renaming of its stock from "Marubi Co., Ltd." to "Marubi Biotechnology" in 2024 [2] - Marubi Biotechnology emphasizes the importance of biotechnology in its current and future operations, particularly in the development and industrial application of key technologies such as recombinant collagen protein [2] Research and Development - In 2024, Marubi Biotechnology was recognized as a "National Research Center for Recombinant Functional Protein Technology," conducting 20 specialized studies on recombinant functional proteins throughout the year [2] - The company has made significant advancements in the development of various types of recombinant collagen proteins and has filed for 10 invention patents related to key technologies [2] Industry Trends - The beauty industry is witnessing accelerated penetration of advanced technologies such as artificial intelligence, synthetic biology, and smart manufacturing, which are driving industry upgrades [3] - Consumer demand is becoming more diverse and personalized, leading to higher expectations for quality, efficacy, and added value in beauty products and services [3] Sales and Distribution Strategy - Marubi Biotechnology is pursuing a multi-channel collaborative development strategy, with its brands already present in duty-free stores and actively exploring other channel opportunities [3]

Core Viewpoint - The 2024 Annual Shareholders' Meeting of Guangdong Marubi Biotechnology Co., Ltd. outlines the company's operational performance, strategic initiatives, and financial results, emphasizing growth in revenue and profit, alongside a focus on innovation and brand development in the beauty industry. Financial Performance - The company achieved a total revenue of 2.97 billion yuan in 2024, representing a year-on-year increase of 33.44% [29] - The main brand Marubi generated 2.06 billion yuan in revenue, up 31.69% year-on-year, while the PL brand reached 905 million yuan, a growth of 40.72% [31] - The gross profit margin improved to 73.7%, an increase of 3.01 percentage points, attributed to optimized product structure and cost control [31] - Net profit attributable to shareholders was 342 million yuan, up 31.69%, with a higher growth rate of 73.86% for net profit after excluding non-recurring gains and losses [31] R&D and Innovation - The company established a Life Sciences Center to explore new fields such as oral health and oral beauty, enhancing its R&D capabilities [8] - Marubi conducted 42 specialized research projects on raw materials, focusing on innovative plant extracts and bioengineering technologies [9] - The company received recognition as a "National Research Center for Recombinant Functional Proteins," highlighting its advancements in recombinant collagen technology [9] Brand Development - Marubi maintained its position as the top seller in the eye care category for three consecutive years, with the "Peptide Little Red Pen" eye cream achieving online sales of 533 million yuan, a 146% increase [12] - The PL brand successfully launched several products, with six foundation products each generating over 100 million yuan in annual GMV [14] - The company emphasized a dual-brand strategy, focusing on both Marubi and PL to drive growth and market presence [24] Marketing and Sales Strategy - The company implemented a multi-channel marketing strategy, achieving significant online sales growth, with online channels contributing 85.61% of total revenue [31] - Marubi's Tmall flagship store saw a 28% increase in sales, with a focus on enhancing user experience and member engagement [16] - The company utilized emotional and interactive marketing campaigns to strengthen brand recognition and consumer connection [13] Organizational Development - The company is committed to building a young, knowledgeable, and professional workforce, enhancing organizational agility and collaboration [20] - Marubi launched the "Marubi YOUNG Plan" to nurture new talent and improve overall employee capabilities [21] - The company emphasized a culture of innovation and teamwork through various creative activities and training programs [21]