Core Viewpoint - The domestic beauty industry in China is entering a phase of deeper development, with a shift in competition from channel expansion to technological innovation and precise positioning [1] Group 1: Industry Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation, with overall strong results [2] - Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [2] - Marubi Biotech reported revenue of 1.769 billion yuan, a 30.83% increase, and a net profit of 186 million yuan, up 5.21% [2] - Shiseido's revenue is expected to be between 4.09 billion and 4.11 billion yuan, with a year-on-year growth of 16.8% to 17.3%, and a net profit forecast of 540 million to 560 million yuan, up 30.9% to 35.8% [2] Group 2: Market Trends - The sensitive skin market is becoming a hot sector, with the consumer base expected to approach 100 million by 2024, and a market size of approximately 45 billion yuan, with a compound annual growth rate of 21.7% over the past three years [4] - The market for sensitive skin products is projected to exceed 200 billion yuan, indicating significant growth potential [4] - Companies are increasingly focusing on the needs of sensitive skin consumers, moving beyond basic repair to include multiple functions such as whitening and anti-aging [4][5] Group 3: Strategic Adjustments - Some companies, like Betaini, are still in a strategic adjustment phase, with a first-quarter revenue of 949 million yuan, down 13.51%, and a net profit decline of 83.97% [3] - Betaini's main brand, Winona, experienced a revenue decline of 5%, but remains a leader in the sensitive skin segment [3] - The competitive landscape is shifting towards brands that can effectively address the dual needs of efficacy and gentleness for sensitive skin consumers [5]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company achieved a revenue of 1.77 billion yuan in the first half of 2025, representing a year-on-year growth of 30.8%, while the net profit attributable to shareholders grew by only 5.2% [5] - The slower profit growth compared to revenue is attributed to increased sales expenses [9] - The company plans to distribute a cash dividend of 0.25 yuan per share, corresponding to a payout ratio of 54% for the first half of the year [5] Revenue Performance - The company's two main brands, Marubi and Lianhuo, saw revenue growth of 34% and 24% respectively, with online channel revenue increasing by 38% [6] - For the first half of 2025, Marubi brand revenue was 1.25 billion yuan, accounting for 71% of total revenue, while Lianhuo brand revenue was 520 million yuan, making up 29% [6] Financial Metrics - The gross margin for the first half of 2025 slightly decreased by 0.1 percentage points to 74.6% [7] - The operating cash flow significantly increased by 97.4% year-on-year to 120 million yuan [8] - The company’s inventory as of June 2025 increased by 35.9% year-on-year to 240 million yuan [8] Profitability and Valuation - The report projects a downward revision of the net profit forecast for 2025 to 390 million yuan, reflecting a 13% decrease from previous estimates [9] - The current stock price corresponds to a price-to-earnings (P/E) ratio of 46 for 2025 [9] Future Projections - The company is expected to achieve a revenue of 3.75 billion yuan in 2025, with a growth rate of 26.3% [10] - The projected net profit for 2025 is 393 million yuan, with a growth rate of 15.1% [10]

Core Insights - The company reported a revenue of 1.769 billion yuan for the first half of 2025, representing a year-on-year growth of 30.83% [1] - The net profit attributable to shareholders was 186 million yuan, with a year-on-year increase of 5.21% [1] - The net cash flow from operating activities saw a significant increase of 97.41% year-on-year [1] - A cash dividend of 2.50 yuan per 10 shares is proposed for all shareholders [1] Revenue Growth Drivers - The online channel accounted for 88.87% of total revenue, serving as the main driver for growth [2] - The "Marubi" brand generated 1.250 billion yuan in revenue, up 34.36% year-on-year, while the "Lianhuo" brand achieved 516 million yuan, growing by 23.87% [2] - The overall gross margin remained stable at 74.60% [2] R&D and Innovation - R&D expenses reached 40.6958 million yuan, reflecting a year-on-year increase of 13.53% [2] - The company successfully established a yeast expression platform and developed several innovative recombinant functional proteins, including the launch of the "Super Mask" [2] - A total of 25 new patent applications were filed, bringing the cumulative authorized patents to 365, including 255 invention patents [2] - The establishment of the Zhuhai Hengqin laboratory supports cutting-edge life science research [2] Digital Transformation and Multi-Platform Strategy - The company adopted a "multi-platform collaboration and refined operation" strategy, achieving user growth and sales efficiency on platforms like Tmall and Douyin [3] - The Tmall flagship store's top 5 core products accounted for 73% of sales, with member transaction amounts increasing by 28% year-on-year [3] - Douyin's brand search index improved by 72.07% due to a "seed and harvest" strategy [3] - Digital initiatives included the launch of a product operation system and MES system, creating a closed-loop system for "business dataization - data intelligence" [3] - The company aims to continue focusing on beauty and health, strengthening R&D barriers and promoting multi-brand and multi-channel collaborative development for sustainable growth [3]

Group 1 - The stock price of Marubi Biotechnology reached 45.29 yuan as of August 22, 2025, with an increase of 0.14 yuan, representing a growth of 0.31% compared to the previous trading day [1] - The trading volume on that day was 32,767 lots, with a total transaction amount of 1.48 billion yuan [1] Group 2 - Marubi Biotechnology is primarily engaged in the research, development, production, and sales of cosmetics, covering various categories including skincare and makeup [1] - The company is located in Guangdong Province and operates within the beauty and personal care industry [1] Group 3 - For the first half of 2025, the company reported a revenue of 1.769 billion yuan, reflecting a year-on-year growth of 30.83% [1] - The net profit attributable to shareholders for the same period was 186 million yuan, showing a year-on-year increase of 5.21% [1] - The company announced a profit distribution plan, proposing a cash dividend of 2.5 yuan (including tax) for every 10 shares, with a total expected payout of 100 million yuan, which accounts for 53.97% of the net profit [1]

Core Viewpoint - The company announced its semi-annual distribution plan for 2025, proposing a cash dividend of 2.5 yuan per 10 shares, totaling 1 billion yuan, which represents 53.97% of its net profit [3]. Financial Performance - The company reported a revenue of 1.769 billion yuan for the latest half-year, reflecting a year-on-year growth of 30.83% [1]. - The net profit for the same period was 186 million yuan, showing a year-on-year increase of 5.21% [1]. - The basic earnings per share were reported at 0.46 yuan [1]. Dividend Distribution History - The company has a history of dividend distributions since its listing, with the following key data: - 2025.06.30: 10 shares pay 2.5 yuan (total 1 billion yuan, dividend yield 0.61%) [1] - 2024.12.31: 10 shares pay 5 yuan (total 201 million yuan, dividend yield 1.74%) [1] - 2023.12.31: 10 shares pay 5.2 yuan (total 209 million yuan, dividend yield 1.63%) [1] - 2022.12.31: 10 shares pay 2.5 yuan (total 100 million yuan, dividend yield 0.88%) [1] - 2021.12.31: 10 shares pay 1.9 yuan (total 76 million yuan, dividend yield 0.42%) [1] - 2020.12.31: 10 shares pay 3.5 yuan (total 141 million yuan, dividend yield 0.48%) [1] - 2019.12.31: 10 shares pay 3.9 yuan (total 156 million yuan, dividend yield 0.72%) [1] Industry Comparison - In the beauty and personal care sector, the company ranks among eight firms that announced their 2025 semi-annual distribution plans, with the highest cash distribution being from Aimeike at 362 million yuan [2]. - The company's cash distribution of 1 billion yuan places it in a competitive position within the industry, with a dividend yield of 0.61% [4].

格隆汇8月22日丨丸美生物(603983.SH)披露半年报，公司上半年实现营业收入17.69亿元，同比增长 30.83%；归属于上市公司股东的净利润1.86亿元，同比增长5.21%；基本每股收益0.46元。公司拟向全 体股东每10股派发现金红利2.5元（含税）。 ...

证券代码：603983 证券简称：丸美生物 公告编号：2025-019 广东丸美生物技术股份有限公司 关于第五届监事会第六次会议决议公告 本公司监事会及全体监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。 一、监事会会议召开情况 表决情况：3 票同意，0 票反对，0 票弃权。 广东丸美生物技术股份有限公司（以下简称"公司"）第五届监事会第六次 会议于 2025 年 8 月 21 日（星期四）在公司会议室以现场结合通讯方式召开。会 议通知已于 2025 年 8 月 11 日以电子邮件、微信方式发出。本次会议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席陈青梅主持。会议召开符合有关法 律、法规、部门规章、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 1、审议通过了《公司 2025 年半年度报告及摘要》 公司 2025 年半年度报告及其摘要的编制和审议程序、内容、格式符合中国 证监会和上海证券交易所的有关规定；报告内容真实、客观地反映公司的财务状 况和经营成果；在提出本意见前，未发现参与 2025 年半年度报告编制和审议的 ...

证券代码：603983 证券简称：丸美生物 公告编号：2025-018 广东丸美生物技术股份有限公司 第五届董事会第七次会议决议公告 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。 一、董事会会议召开情况 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 次会议于 2025 年 8 月 21 日在公司会议室以现场结合通讯方式召开。会议通知已 于 2025 年 8 月 11 日以电子邮件、微信方式发出。本次会议由董事长孙怀庆主持， 应出席董事 9 名，实出席董事 9 名，监事和相关高级管理人员列席了会议。本次 董事会会议的召集、召开符合《公司法》等有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定，决议内容合法有效。 本议案已经董事会审计委员会及独立董事专门会议事先审议通过。 2、审议通过了《关于 2025 年半年度募集资金存放与使用情况的专项报告》 表决情况：9 票同意，0 票反对，0 票弃权。 具体内容详见公司同日披露的《关于 2025 年半年度募集资金存放与使用情 况的专项报告》。 3、审 ...

证券代码：603983 证券简称：丸美生物 公告编号：2025-023 广东丸美生物技术股份有限公司 2025年半年度利润分配方案公告 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： 利润分配比例：每10股派发现金红利2.50元（含税）。 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日期 将在权益分派实施公告中明确。在实施权益分派的股权登记日前公司总股本发生 变动的，拟维持每股分配比例不变，相应调整每股分配总额，并将在相关公告中 披露。 为积极合理回报投资者、共享企业价值，增强投资者获得感，广东丸美生物 技术股份有限公司（本文简称"公司"）结合经营发展实际情况以及对未来发展 的信心，综合考虑股东利益，制定了2025年半年度利润分配方案。 一、2025 年半年度利润分配方案内容 根据公司 2025 年半年度报告（未经审计），截至 2025 年 6 月 30 日，广东丸 美 生 物 技 术 股 份 有 限 公 司 母 公 司 报 表 中 期 末 未 分 配 利 润 为 人 民 币 1,517, ...

中信证券股份有限公司 关于广东丸美生物技术股份有限公司 一、募集资金基本情况 经中国证券监督管理委员会《关于核准广东丸美生物技术股份有限公司首次 公开发行股票的批复》（证监许可[2019]917 号）核准，并经上海证券交易所同意， 丸美生物首次公开发行人民币普通股（A 股）股票 4,100 万股，发行价格为每股 人民币 20.54 元。共计募集资金人民币 84,214.00 万元，扣除各项发行费用人民 币 5,213.80 万元后的募集资金净额为人民币 79,000.20 万元。上述募集资金到位 情况已经广东正中珠江会计师事务所（特殊普通合伙）审验，并于 2019 年 7 月 22 日出具了广会验字[2019]G16044670870 号《验资报告》。 二、募集资金管理、存放与使用情况 为规范公司募集资金管理，保护投资者的权益，根据相关法律法规以及公司 募集资金管理制度的有关规定，公司、全资子公司广州丸美生物科技有限公司、 广州禾美实业有限公司及保荐人中信证券股份有限公司与招商银行股份有限公 司广州天河支行、重庆银行股份有限公司两江分行分别签署了《募集资金专户储 存三方监管协议》《募集资金专户储存四方监管协议 ...