公司报告 | 半年报点评 营销投入增加，毛利率承压 2025H1 毛利率 74.60%/同比-0.07pp，归母净利率 10.50%/同比-2.56pp；销 售费用率 56.50%/同比+3.44pp；管理费用率 2.85%/同比-0.58pp；研发费用 率 2.30%/同比-0.35pp。2025Q2 毛利率 73.28%/同比-1.47pp，归母净利率 5.50%/同比-4.04pp；销售费用率 60.47%/同比+4.76pp；管理费用率 2.81%/ 同比-0.90pp；研发费用率 2.68%/同比-0.15pp。 眼部类产品增速亮眼，线上渠道销售增长 分品类，眼部类 2025H1 收入 4.20 亿元/同比+76.18%，占比 23.75%，毛利 率 77.28%/同比+2.79pp。护肤类收入 6.93 亿元/同比+21.66%，占比 39.20%， 毛利率 75.24%/同比-0.74pp。洁肤类收入 1.35 亿元/同比+11.46%，占比 7.66%，毛利率 74.03%/同比+0.74pp。美容及其他类收入 5.18 亿元，占比 29.30%，毛利率 71.73%。其他业务收入 0.02 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong revenue growth in the first half of 2025, with total revenue reaching 1.769 billion yuan, a year-on-year increase of 30.83% [7] - The main brand, Marubi, continues to perform well, maintaining its position as the leading domestic brand in eye care products [7] - The company is benefiting from a strategic transformation and channel adjustments, leading to a positive outlook for future growth [7] Financial Performance Summary - Revenue Forecasts: - 2023: 2,226 million yuan - 2024: 2,970 million yuan (growth of 33.44%) - 2025E: 3,832 million yuan (growth of 29.04%) - 2026E: 4,735 million yuan (growth of 23.56%) - 2027E: 5,615 million yuan (growth of 18.59%) [6] - Net Profit Forecasts: - 2023: 259 million yuan - 2024: 342 million yuan (growth of 31.69%) - 2025E: 419 million yuan (growth of 22.71%) - 2026E: 540 million yuan (growth of 28.92%) - 2027E: 669 million yuan (growth of 23.88%) [6] - Earnings Per Share (EPS): - 2023: 0.65 yuan - 2024: 0.85 yuan - 2025E: 1.05 yuan - 2026E: 1.35 yuan - 2027E: 1.67 yuan [6] - Return on Equity (ROE): - 2023: 7.75% - 2024: 10.11% - 2025E: 12.03% - 2026E: 14.94% - 2027E: 17.70% [6] Brand Performance - Marubi brand achieved revenue of 1.250 billion yuan in 25H1, a year-on-year increase of 34.36% [7] - PL brand achieved revenue of 516 million yuan in 25H1, a year-on-year increase of 23.87% [7] - The company is focusing on high-quality, minimalist makeup products and has seen significant online sales growth [7] Channel Performance - Online revenue reached 1.571 billion yuan in 25H1, a year-on-year increase of 37.85% [7] - Offline revenue was 197 million yuan, a year-on-year decrease of 7.07% [7] - The company is implementing a multi-platform strategy to enhance user engagement and sales efficiency [7]

Core Viewpoints - The A-share market showed mixed performance with the Shanghai Composite Index down by 0.39% and the Shenzhen Component Index up by 0.26% as of the close on August 26, 2025, with a total market turnover of 27,098 billion yuan, a decrease of 4,671 billion yuan from the previous day [2][6] - Key sectors that performed well included pork, gaming, pesticides, consumer electronics, and Huawei concept stocks, while sectors such as rare earths, innovative drugs, military industry, PEEK materials, securities, and robotics saw declines [2][6] Important News - The State Council held a press conference on August 26, 2025, introducing the 25th China International Investment and Trade Fair, scheduled for September 8-11 in Xiamen, Fujian Province, focusing on "Investing in China," "Chinese Investment," and "International Investment" with an exhibition area of approximately 120,000 square meters and over 70 investment-themed activities [3][6] - The State Council issued an opinion on August 26, 2025, regarding the implementation of the "Artificial Intelligence+" initiative, emphasizing six key actions including the development of AI in science and technology, industry, consumer quality, public welfare, governance, and global cooperation, along with eight foundational support capabilities [3][7] Company Analysis: Marubi Biotechnology (603983) - Marubi Biotechnology reported a revenue of 1.769 billion yuan for the first half of 2025, representing a year-on-year increase of 30.83%, with a net profit attributable to shareholders of 186 million yuan, up by 5.21% [8][9] - The company’s online channel revenue reached 1.571 billion yuan, a growth of 37.85%, accounting for 88.87% of total revenue, while offline channel revenue decreased by 7.07% to 197 million yuan [9][10] - The gross margin slightly declined, with Q2 2025 gross margin at 73.28% and H1 2025 at 74.60%, while net profit margin for Q2 2025 was 5.51% and H1 2025 was 10.52%, reflecting a significant drop due to increased marketing expenses [10][12] - The company is transitioning from a traditional cosmetics firm to a biotechnology cosmetics company, focusing on technological research and development, with 25 new patent applications in the first half of 2025, totaling 619 applications [11][12] - The forecast for net profit attributable to shareholders for 2025-2027 is 411 million, 476 million, and 537 million yuan, respectively, with expected growth rates of 20.40%, 15.75%, and 12.69% [12]

Group 1: Company Insights - Ruipu Biotech reported a comprehensive gross margin increase of 2.36 percentage points, driven by revenue scale expansion and product structure optimization, with a 17.94% year-on-year growth in the pet health sector [1] - Huijia Times has enhanced its fresh food category in Urumqi's Beijing Road shopping center, with a 1.87% increase in fresh food share and a 5% increase in cooked food [2] - Marubi Biotech expanded its audience on Douyin through targeted content, with a focus on brand building and new product launches in the second half of the year [3] - Jiangbolong's domestic market share in eSSD is second only to Solidigm and Samsung, with significant advancements in PCIe SSD and RDIMM products [4] - AVIC High-Tech is focusing on low-altitude economy strategies and has invested 9.17 billion in civil aviation composite materials projects [5] - Tianfu Communication achieved a revenue of 2.456 billion, a year-on-year increase of 57.84%, with a notable growth in active products [6] Group 2: Financial Performance - Ruipu Biotech's raw material drug segment showed significant improvement, with a gross margin increase of 14 percentage points and a reduction in losses by over 10 million compared to the previous year [1] - Huijia Times is prioritizing investor returns and enhancing dividend yields through strategic adjustments in its department stores [2] - Marubi Biotech's core product series accounts for over 70% of sales, indicating potential for further growth [3] - Jiangbolong's self-developed main control chip has shipped over 80 million units, showcasing its strong market position [4] - AVIC High-Tech expects significant improvement in cash collection in the second half of the year due to the maturity of previously received bills [5] - Tianfu Communication's gross margin decreased due to changes in product structure, with an increased focus on active products [6] Group 3: Strategic Developments - Ruipu Biotech plans to accelerate the launch of new products in the second half of the year, supported by significant R&D achievements [1] - Huijia Times is optimizing its product structure and enhancing service training to improve customer experience [2] - Marubi Biotech is set to launch a series of new products under its successful Xiaojin needle series [3] - Jiangbolong is collaborating with SanDisk to launch customized UFS products, enhancing its market presence [4] - AVIC High-Tech is deepening collaboration with core customers in the engine blade business through joint ventures [5] - Tianfu Communication is expanding its product offerings in response to customer demands, ensuring effective resource allocation [6]

Group 1: Chao Hong Ji - The company has launched high-weight series products such as Zhenjin Zhenzuan and Fanhua to enhance customer price and will continue to focus on customer needs [1] - The online subsidiary's net profit increased by 70.64% year-on-year, driving the integration of online and offline operations [1] - As of June, the company had 1,540 stores, with a net increase of 72 stores, and has opened locations overseas in Kuala Lumpur, Thailand, and Cambodia [1] Group 2: Marubi Biological - The company is expanding its audience on Douyin through targeted content delivery, leading to an increase in its traffic pool [2] - The strategic investment in the second quarter is expected to convert into growth in the fourth quarter, with the brand "Lianhuo" entering a normal development phase [2] - The core product series accounts for over 70% of sales, indicating potential for further growth [2] Group 3: Tianfu Communication - In the first half of 2025, the company achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [3] - The growth in active business is primarily due to the increased delivery of high-speed active products, with strong demand for these products [3] - The company maintains high R&D investment and collaborates with clients to develop new products [3]

Group 1: Chao Hong Ji - The company has launched high-weight series products such as Zhenjin Zhenzuan and Fanhua to enhance customer price and will continue to focus on customer needs [1] - The online subsidiary's net profit increased by 70.64% year-on-year, promoting the integration of online and offline sales [1] - As of June, the number of stores reached 1,540, with 72 new stores added, and international expansion in Kuala Lumpur, Thailand, and Cambodia exceeded expectations [1] Group 2: Marubi Biological - The company has expanded its audience on Douyin through precise content delivery, leading to an increase in traffic [2] - The strategic investment in the second quarter is expected to convert into growth in the fourth quarter, with the brand "Lianhuo" entering a normal development phase [2] - The small gold needle series has improved customer purchase rates through synergy effects, and the company emphasizes both brand building and advertising investment [2] Group 3: Kangguan Technology - In the first half of 2025, the company achieved revenue of 6.935 billion, a year-on-year increase of 5.06%, and a net profit of 384 million [3] - Revenue from innovative display products increased by 39.16% year-on-year, driven by AI technology and successful overseas brand strategies [3] - The company announced a mid-term dividend of 3.60 yuan per 10 shares, accounting for over 65% of net profit [3] Group 4: Tianfu Communication - The company reported revenue of 2.456 billion in the first half of 2025, a year-on-year increase of 57.84%, and a net profit of 899 million, up 37.46% [4] - Growth in active products is attributed to increased deliveries of high-speed active products, with a strong demand for these products [4] - The company maintains high R&D investment and is expanding production capacity based on orders to ensure effective resource allocation [4]

Group 1: Marubi Biotechnology - Marubi Biotechnology is expanding its audience on Douyin through targeted content delivery, leading to an increase in its traffic pool [1] - The company is undergoing organizational restructuring, optimizing its talent team and updating its compensation management system to support growth [1] - The strategic investment in the second quarter is expected to convert into results in the fourth quarter, with the "Lianhuo" brand entering a normal development phase and plans to continue launching new products in the second half of the year [1] Group 2: Tianfu Communication - In the first half of 2025, Tianfu Communication achieved revenue of 2.456 billion yuan, a year-on-year increase of 57.84%, and a net profit of 899 million yuan, up 37.46% [2] - The growth in active business is primarily driven by the increased delivery of high-speed active products, with the company continuously expanding its new customer base [2] - The company's gross margin has decreased due to changes in product structure, with an increased proportion of revenue from active products [2] Group 3: Plit - Plit reported significant growth in the first half of 2025, driven by a full order book in modified materials and the release of new production capacity [3] - The renewable energy segment saw a year-on-year revenue increase of 21.32%, supported by high demand for square batteries and an increase in orders for sodium-ion batteries [3] - The company is actively applying modified materials in the robotics sector, with some materials already being supplied in bulk to industrial robots [3]

Group 1: Chao Hong Ji - The company has launched high-weight series products such as Zhenjin Zhenzuan and Fanhua to enhance customer price and will continue to focus on customer needs [1] - The online subsidiary's net profit increased by 70.64% year-on-year, promoting online and offline integration [1] - As of June, the number of stores reached 1,540, with a net increase of 72 stores, including international expansions in Kuala Lumpur, Thailand, and Cambodia [1] Group 2: Marubi Biological - The company is expanding its audience on Douyin through targeted content, leading to an increase in its traffic pool [2] - The strategic investments made in Q2 are expected to convert in Q4, with the brand "Lianhuo" entering a normal growth phase [2] - The three core product series account for over 70% of sales, indicating potential for further growth [2] Group 3: Meirui New Materials - The company has made progress in the functional chemical raw materials sector, with its subsidiary's polyurethane industrial park's first phase now in trial production [3] - Plans to increase capital in the Henan subsidiary aim to enhance financial strength and alleviate liquidity pressure [3] - Two fundraising projects are expected to commence by the end of 2024 and reach operational status by June 2026 [3]

Group 1: Marubi Biotechnology - Marubi Biotechnology is expanding its audience on Douyin through targeted content delivery, leading to an increase in its traffic pool [1] - The company is implementing organizational restructuring, optimizing its talent team, and upgrading its compensation management system to support growth [1] - The strategic investment in the second quarter is expected to convert significantly in the fourth quarter, with the "Lianhuo" brand entering a normal development phase and plans to continue launching new products in the second half of the year [1] - The three core product series account for over 70% of sales, indicating potential for further explosive growth [1] - The "Xiaojinzheng" series is enhancing customer purchase rates through synergistic effects, fostering consumption linkage between new and old customers [1] - The company is balancing investment in traffic and brand building while continuously promoting brand development [1] - The "Xiaohongbi" eye cream is performing exceptionally well in the market, with plans to gradually launch a series of products [1] - The company possesses core R&D capabilities and is leading the establishment of national industry standards for restructured collagen [1] Group 2: AVIC High-Tech - AVIC High-Tech is consolidating its main business while deepening its strategic layout in the low-altitude economy during the "14th Five-Year Plan" [2] - The company is advancing the research and industrialization of products such as honeycomb and composite structural components [2] - AVIC High-Tech has invested 9.17 billion in a project to enhance its capabilities in civil aviation composite components, specifically for large aircraft and G600 projects [2] - The Shenzhen subsidiary is collaborating with leading companies in the low-altitude economy, with some clients already initiating commercial operations [2] - The improvement in gross margin is attributed to changes in product structure, and new incubated businesses are expected to maintain reasonable gross margin levels [2] - The company anticipates significant improvement in cash collection in the second half of the year due to the maturity of bills received last year [2] - AVIC High-Tech is actively positioning itself in the large aircraft sector, with a significant expected increase in the application of composite materials [2] - R&D expenses have increased as projects are progressing as planned, with some costs being recognized in a timely manner [2]

机构简介： 深圳市凯丰投资管理有限公司，是一家投资于全球大宗商品、债券、权益类资产及其衍生品的宏观对冲 基金管理公司。凯丰投资是中国基金业协会会员、中国期货业协会会员，具有中国证券基金业协会批准 的私募基金管理人资格。公司管理的多只阳光化基金产品的业绩与规模均居于国内同类产品前列，并荣 获"2014年度金牛私募管理公司（宏观期货策略）"、"第一届央证管理期货奖"、"2015年度金牛私募管 理公司（宏观期货策略）"等奖项。凯丰投资秉承"细节暗藏产业密码，研究发现价值内核"的投资理 念，着力打造了一支50余人的高水平投研团队，专注于宏观和产业基本面研究。目前，产业研究已经覆 盖了国内外期货市场主要交易品种，通过深入产业链调研、挖掘产业细节，并辅以量化手段，协助公司 交易决策。2016年，凯丰投资将进一步加强与实体企业的交流合作，以专业的资产管理能力和深厚的产 业研究实力，为其提供包括产业咨询、合作套保、产业基金等服务在内的产业链综合解决方案。让金融 助力中国企业，圆中国金融强国梦！ 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成投资建议。 1）丸美 ...