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]

Group 1 - The market experienced a slight adjustment last week, with the brand index closing at 1657.60 points, while several component stocks rose against the trend, including Xinlitai, Tigermed, and Stone Technology [1][2] - Xinlitai led the gains with an increase of 14.96%, followed by Tigermed at 12.48%, and Stone Technology at 11.47%. Other notable gainers included Three Squirrels and Supor, which rose by 7.69% and 6.07% respectively [2] - Since the beginning of 2025, Maimai Biological has seen a significant increase of 51.27%, with Shanghai Jahwa and Xinlitai also showing strong performance with gains of 47.96% and 47.71% respectively [3] Group 2 - Looking ahead, the market is expected to gradually shift towards a more positive trend as investors remain sensitive to favorable factors, with ongoing accumulation of positive elements supporting economic expectations and fundamentals [4] - The current market structure indicates a potential for mid-term positive performance, driven by policy support, domestic technological breakthroughs, and a favorable external environment, which may enhance liquidity in the domestic capital market [4] - In the medium to long term, opportunities may arise in sectors such as domestic demand, technology, and overseas expansion, with a focus on defensive dividend sectors and aggressive technology sectors, including internet and robotics [5]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report highlights a steady recovery in social consumption, with April 2025 retail sales showing a year-on-year increase of 5.1%, and a total retail sales amount of 1618.45 billion yuan for the first four months of 2025, reflecting a 4.7% year-on-year growth [4][25] - The report suggests that the overall social consumption is expected to maintain stable growth due to effective policy measures aimed at boosting domestic demand, with a focus on the high-growth segments of gold jewelry and cosmetics [4][31] Summary by Sections Retail Market Overview - The retail industry index closed at 2110.59 points, down 1.61% for the week, underperforming the Shanghai Composite Index, which fell by 0.57% [6][15] - The jewelry sector showed the highest growth among retail segments, with a weekly increase of 7.56% and a year-to-date increase of 18.83% [17][20] Social Consumption Trends - In April 2025, the retail sales of consumer goods increased by 5.1%, driven by favorable consumption policies and the Qingming holiday effect [28][31] - Online retail sales for the first four months of 2025 reached 4741.9 billion yuan, growing by 7.7%, with physical goods online retail accounting for 24.3% of total retail sales [28][29] Investment Recommendations - Investment focus on high-growth segments under emotional consumption themes, particularly in gold jewelry and cosmetics [7][39] - Recommended companies in the gold jewelry sector include Laopuhuangjin, Chaohongji, and Zhou Dasheng, which are expected to benefit from differentiated product offerings and consumer insights [39][41] - In the cosmetics sector, recommended brands include Proya, Shangmei, and Juzi Biological, which are positioned to capitalize on the ongoing trend of domestic brand growth [39][41] Company Performance Highlights - Proya reported a 28.9% year-on-year increase in net profit for Q1 2025, driven by new product launches [40] - Chaohongji achieved a 25.4% year-on-year revenue growth in Q1 2025, indicating strong brand momentum [40] - Zhou Dasheng's revenue for Q1 2025 was down 47.3% year-on-year, highlighting challenges in the current market environment [40]

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 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。 重要内容提示： ● 本次会议是否有否决议案：无 一、会议召开和出席情况 (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 (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： 审议结果：通过 ■ (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。会议的召集和召开程 序、出席会议人员的资格、会议的表决方式与程序均符合《公司法》《上市公司股东会规则》及《公司 章程》的有关规定。 (五)公司董事、监事和董事会秘书的出席情况 1、公司在任董事9人，出席9人，董事长孙怀庆 ...

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 ...

Group 1 - The recombinant protein concept sector rose by 2.52%, ranking second among concept sectors, with 30 stocks increasing in value [1][2] - Notable gainers included Sangon Biotech, which hit the daily limit with a 20% increase, and other significant performers such as Sai Sheng Pharmaceutical, Jie Ya Co., and Jinbo Bio, which rose by 16.37%, 9.31%, and 9.17% respectively [1][2] - The sector experienced a net inflow of 221 million yuan from main funds, with 23 stocks receiving net inflows, and 8 stocks exceeding 10 million yuan in net inflow [2][3] Group 2 - Leading the net inflow was Xilong Scientific, which saw a net inflow of 242 million yuan, followed by Rejuve Pharmaceutical and Zexin Pharmaceutical with net inflows of 37.78 million yuan and 32.48 million yuan respectively [2][3] - The top three stocks by net inflow ratio were Xilong Scientific at 20.85%, Zexin Pharmaceutical at 8.53%, and Chengdu Xian Dao at 7.96% [3][4] - Stocks with notable declines included Furuida, Zhongyuan Xiehe, and Wanmei Biological, which fell by 2.25%, 1.92%, and 1.80% respectively [1][5]

Summary of Marubi Biotech Conference Call Company Overview - **Company**: Marubi Biotech - **Industry**: Beauty and Health Key Points and Arguments Financial Performance and Strategy - Marubi Biotech has improved its gross margin significantly by streamlining SKUs and implementing a big product strategy, particularly with the Xiaohongbi and Xiaojin series. The supply chain turnover period has been reduced from 90 days to approximately 40 days, enhancing operational efficiency. The additional profits will be reinvested into market sales expenses [2][5][6]. - In 2024, the online GMV for Xiaohongbi reached 530 million yuan, nearly doubling year-on-year, accounting for about 25% of the main brand. The Xiaojin series also saw a growth rate of approximately 90%. The company aims for at least a 50% growth in these two major products by 2025, with expectations for Xiaojin cream and Super Mask to achieve sales in the hundreds of millions [2][7][12]. Sales Channels and Marketing - Marubi's sales on content e-commerce platforms like Douyin and Kuaishou account for over 40%, with Tmall around 30% and Vipshop about 20%. The remaining sales are distributed across platforms like JD and Pinduoduo, with net profit levels across channels being relatively similar [2][15]. - The company has shifted its marketing strategy to focus on long-term growth rather than short-term sales spikes, with a series of marketing activities planned leading up to major sales events like 618 [3][12]. Product Development and Innovation - Marubi is actively expanding its product lines in the beauty and health sectors, including functional skincare brands and oral care products. The company has also invested in medical beauty projects, such as Shuangmei Biotech [2][20][21]. - The company has established a dual beauty strategy combining lifestyle beauty and medical beauty, with expectations for significant results in the medical beauty sector within three years [5][22]. Supply Chain and Operational Efficiency - The company has implemented measures to enhance supply chain efficiency, particularly in transitioning from a B2B to a B2C model, requiring faster delivery times and improved product variety [6][7]. - The integration of front, middle, and back-end management has led to significant improvements in operational speed and gross margin [6][7]. Market Trends and Consumer Behavior - The beauty market is experiencing structural changes, with a trend towards younger consumers and a shift in purchasing habits. The company aims to attract younger demographics to build brand loyalty [14][26]. - The competition in the beauty industry is intense, with a focus on product quality, content, and operational capabilities being crucial for success [29]. Future Outlook - 2025 is considered a pivotal year for Marubi, as the company aims to maintain its growth trajectory amidst increasing market competition. The company has set a three-year goal to validate its online transformation success [25][33]. - The company is also exploring opportunities for external investments and brand acquisitions, although current growth from existing brands is deemed sufficient for the near future [23][24]. Additional Important Insights - The company has a robust technical research system, particularly in collagen technology, which supports its product development and market competitiveness [22][30]. - Marubi's non-main business income primarily comes from investment subsidies and returns, indicating a diversified revenue stream [18]. This summary encapsulates the key insights from the conference call, highlighting Marubi Biotech's strategic initiatives, market positioning, and future growth plans.