Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty industry, highlighting the potential for domestic brands to gain market share and improve competitive dynamics [4]. Core Insights - The domestic beauty market is expected to see an optimization in competitive dynamics, driven by a rise in domestic consumption and a retreat of international brands due to increasing geopolitical uncertainties [9][10]. - The cosmetics and medical beauty sector outperformed the market during the period from April 3 to April 11, 2025, with the Shenwan Beauty Care Index declining by 2.5%, which is better than the Shenwan A Index's decline of 1.9 percentage points [5][6]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector showed resilience, with key indices performing better than the overall market, indicating a positive trend for domestic brands [5][6]. - The report notes that the retail sales growth for cosmetics in January and February 2025 was 4.4%, outperforming the overall retail sales growth of 4.0% [23]. Market Trends - According to Euromonitor data, the market for domestic skincare and makeup brands is on the rise, with significant improvements in market share for brands like Proya and Natural Hall, which have entered the top ten in market share [9][35]. - The report anticipates that domestic brands will continue to benefit from the trend of rising domestic consumption, especially as international brands face challenges [10][35]. Company Performance Forecasts - For Q1 2025, several companies are expected to report positive growth: - Up Beauty Co. is projected to see a revenue and net profit increase of 10% year-on-year [11]. - Marubi is expected to achieve a revenue increase of 40% and a net profit increase of 35% [11]. - Proya is forecasted to have a revenue increase of 8% and a net profit increase of 10% [11]. - The report highlights that companies like Giant Biological and Mao Geping are also expected to see significant growth, with revenue and net profit both projected to increase by 40% and 25% respectively [11]. Investment Recommendations - The report recommends focusing on companies with strong brand matrices and high growth potential, such as Up Beauty Co., Proya, and Marubi, which are well-positioned to leverage the e-commerce boom [14]. - It also suggests keeping an eye on companies like Shanghai Jahwa and Betaini, which are expected to perform well in the upcoming quarters [14]. Industry Dynamics - The report discusses the entry of four prominent researchers into Proya, indicating a strong focus on technological innovation and talent development within the company [26]. - The competitive landscape in the medical beauty sector is evolving, with new products and innovations expected to drive growth and market share for companies like Jinbo Biological and Huaxi Biological [29][30].

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing impact of tariff shocks and suggests focusing on high-quality retail channels and differentiated consumer brands that cater to domestic demand [4][22] - The report highlights the transformation of traditional retail, with Yonghui Supermarket leading the way in adapting to a consumer-centric retail era [4][22] - The rise of domestic brands and the recovery of consumer demand are seen as inevitable trends, with recommendations to focus on quality retail channels and differentiated brands [4][22] Summary by Sections Retail Market Review - The retail industry index rose by 2.88% during the week of April 7 to April 11, outperforming the Shanghai Composite Index, which fell by 3.11% [6][13] - The supermarket sector showed the largest increase, with a weekly rise of 13.54% [14][17] - Notable individual stock performances included Guofang Group (+61.1%), Eurasia Group (+26.3%), and Nanning Department Store (+22.4%) [19][20] Industry Dynamics - Yonghui Supermarket has opened a "green channel" for domestic manufacturers affected by export restrictions, receiving over 100 cooperation requests from various sectors [4][22] - The report discusses the approval of a new collagen product by Jinbo Bio, which is expected to strengthen its leading position in the medical beauty sector [4][23] Investment Recommendations - Investment focus areas include: - Traditional retail: Highlighting companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [7][27] - Gold and jewelry: Recommendations for brands like Laopu Gold and Chaohongji that possess differentiated product capabilities [7][28] - Cosmetics: Emphasizing domestic brands such as Maogeping and Shangmei that are expanding into high-potential segments [7][28] - Medical aesthetics: Focusing on companies like Aimeike and Kedi that are positioned to benefit from the recovery in medical beauty consumption [7][28] Company-Specific Insights - Laopu Gold reported a revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) for FY2024, indicating strong growth potential [29] - Yonghui Supermarket's revenue for the first three quarters of 2024 was 54.549 billion yuan (-12.1%), with a net loss of 78 million yuan, but it is undergoing significant transformation [32] - Jinbo Bio's new collagen product is expected to provide both immediate filling effects and stimulate collagen regeneration, enhancing its competitive edge in the market [23][24]

证券代码：603983 证券简称：丸美生物 公告编号：2025-001 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 董事会第二次会议通过了《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 2024 年 8 月 24 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：2024-036）。 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 3 月 19 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 108 期（以下简称"重庆银行结构性 存款 108 期"），认购金额为人民币 4,000 万元。上述理财产品已于 2025 ...

Investment Rating - The report recommends a "buy" rating for the cosmetics and medical beauty sectors, highlighting a favorable outlook for 2025 due to improved consumer expectations and policy support [4][6]. Core Insights - The report emphasizes that the cosmetics sector will focus on three key elements: domestic brands, segmentation, and cost-effectiveness, with a projected steady growth in demand for 2025 [4][6]. - The medical beauty industry is expected to benefit from improved income expectations, with domestic companies poised to become major competitors in the light medical beauty segment [4][6]. - E-commerce is identified as a growth area, with new consumption models and brands emerging to drive development [4][6]. Summary by Sections 1. Industry Performance Review - The beauty and personal care sector has not achieved excess returns in 2025 due to trading disruptions, but is expected to rebound with policy support [7][8]. - The SW beauty index has seen a growth of 0.6% since the beginning of 2025, underperforming compared to the broader A-share index [8][10]. 2. Cosmetics Sector - The report forecasts a recovery in the cosmetics demand in 2025, with a focus on high cost-performance brands benefiting from consumer preferences [15][18]. - Domestic brands are gaining market share, with significant growth in the skincare market, where domestic brands now occupy four out of the top ten positions [18][19]. - The report highlights the success of domestic brands in e-commerce platforms, particularly during promotional events, indicating a strong competitive position against international brands [21][22]. 3. Medical Beauty Sector - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expanding their product lines and research pipelines [4][6]. - Key recommendations include focusing on companies with strong product pipelines and high profitability, such as Ai Meike [4][6]. 4. E-commerce Sector - The report suggests that the e-commerce sector will continue to thrive with the rise of new consumption models and brands, particularly benefiting from the growth of domestic brands [4][6]. 5. Key Company Recommendations - The report recommends several companies based on their brand matrix and growth potential, including Shangmei Co., Pulaile, and others in the cosmetics sector [4][6]. - In the medical beauty sector, Ai Meike is highlighted as a key player, with a focus on companies with strong product offerings and research capabilities [4][6].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that Marubi Biotech has received approval for the first domestic Class III medical device registration for hydroxyapatite microspheres, indicating a significant advancement in its "dual beauty integration" strategy [6][8] - The company is expected to maintain steady growth, with projected revenues of 28.92 billion, 35.90 billion, and 42.58 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29.94%, 24.15%, and 18.60% [9] - The report emphasizes the strong market demand for hydroxyapatite products, with a compound annual growth rate of 16% in the U.S. from 2017 to 2022, outpacing other aesthetic treatments [8] Summary by Sections Investment Rating - The company maintains an "Overweight" rating, indicating a relative performance expectation of 5%-15% above the market index [12] Financial Performance - The forecasted main revenue figures are as follows: 17.32 billion yuan in 2022, 22.26 billion yuan in 2023, 28.92 billion yuan in 2024, 35.90 billion yuan in 2025, and 42.58 billion yuan in 2026 [7] - The projected net profit attributable to shareholders is expected to grow from 1.74 billion yuan in 2022 to 5.33 billion yuan in 2026, with corresponding EPS increasing from 0.43 yuan to 1.33 yuan [7][9] Market Position and Strategy - Marubi Biotech is actively expanding into the color cosmetics sector with its new brand "Lianhuo," focusing on the base makeup segment, which is expected to serve as a second growth engine [9] - The company has made strategic investments in various beauty and health-related firms, enhancing its market presence and growth potential [8][9]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the company has received approval for the first domestic Class III medical device registration for hydroxyapatite microspheres, indicating a significant advancement in its medical aesthetics strategy [6][8] - The company is expected to maintain steady growth, with projected revenues of 28.92 billion, 35.90 billion, and 42.58 billion for the years 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 29.94%, 24.15%, and 18.60% [9][11] - The report emphasizes the company's strategic focus on the "dual beauty" strategy, which integrates beauty and health, and its proactive investments in various beauty-related sectors [8][9] Summary by Sections Investment Rating - The company maintains an "Increase" rating, indicating a favorable outlook compared to the market [2] Financial Performance - The company's main revenue is projected to grow from 17.32 billion in 2022 to 42.58 billion by 2026, with net profit increasing from 1.74 billion to 5.33 billion in the same period [7][11] - Earnings per share (EPS) are expected to rise from 0.43 in 2022 to 1.33 in 2026, reflecting a positive trend in profitability [7][11] Market Position - The report notes that the hydroxyapatite microsphere product has shown strong market demand, with a 21% year-on-year increase in treatment numbers in the U.S. in 2022 [8] - The company is expanding its product offerings in the color cosmetics sector, which is expected to serve as a new growth engine [9] Strategic Initiatives - The company is actively investing in various beauty and health-related businesses, including partnerships with firms specializing in regenerative materials and high-end beauty devices [8][9]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company has made a strategic investment in Shanghai Moyang Biotechnology Co., which has received regulatory approval for its CaHA facial filler product, Aphranel®, marking a significant step in the company's "Double Beauty" strategy [1][2]. - The company is positioned as a leader in the eye care and anti-aging sectors, with strong growth anticipated from its main brand, Marubi, and its new makeup brand, Lianhuo, which is focused on the foundation segment [3][4]. - Revenue and profit forecasts show a robust growth trajectory, with expected net profits of 363 million, 470 million, and 575 million yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of 39.8%, 29.7%, and 22.2% [4][8]. Summary by Sections Company Overview - Marubi has established a diversified brand matrix, with its core anti-aging brand complemented by emerging makeup and functional skincare brands [2]. Market Position - The company is actively expanding its presence in the medical aesthetics market through investments in innovative companies and technologies, enhancing its competitive edge [2][3]. Financial Projections - The company is projected to achieve total revenues of 2.93 billion, 3.65 billion, and 4.30 billion yuan for 2024, 2025, and 2026, with respective growth rates of 31.5%, 24.7%, and 17.9% [4][9]. - The earnings per share are expected to increase from 0.90 yuan in 2024 to 1.43 yuan in 2026, with corresponding price-to-earnings ratios decreasing from 33 to 21 [4][9].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company has made significant strides in its "Double Beauty" strategy, enhancing its growth potential through a diversified brand matrix that includes its core anti-aging brand, Marubi, alongside emerging color cosmetics and functional skincare brands [2][3]. - The approval of the CaHA facial filler product Aphranel® by the National Medical Products Administration marks a pivotal moment for the company, positioning it as a leader in the medical aesthetics sector and filling a gap in the domestic market for CaHA microsphere applications [1][2]. - The company is expected to see substantial revenue growth, with projected net profits for 2024, 2025, and 2026 estimated at 363 million, 470 million, and 575 million yuan respectively, reflecting growth rates of 39.8%, 29.7%, and 22.2% [3][4]. Summary by Sections Company Overview - Marubi Biotech has strategically invested in Shanghai Moyang Biotechnology, which specializes in the development and application of modified hydroxyapatite materials, further solidifying its position in the regenerative medicine field [1][2]. Financial Projections - The company’s revenue is projected to grow from 2,226 million yuan in 2023 to 4,304 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 28.5% to 17.9% over the forecast period [4][9]. - The expected earnings per share (EPS) are forecasted to increase from 0.65 yuan in 2023 to 1.43 yuan in 2026, indicating a strong upward trend in profitability [4][9]. Market Position - The company is recognized as a leader in the eye care and anti-aging sectors, with its main brand Marubi actively adjusting its channel and product structure to achieve stable growth [3][4]. - The emerging color cosmetics brand, Lianhuo, is expected to create a second growth curve for the company by focusing on differentiated strategies in the base makeup segment [3][4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report highlights that Marubi Biotech is transitioning from cosmetics to medical aesthetics, with a recent approval for its subsidiary's calcium phosphate injection product, marking a significant step in the medical beauty sector [5] - The company has shown strong e-commerce performance, with a notable increase in sales on platforms like Douyin, and has a robust pipeline of new products [5] - Financial projections indicate substantial revenue and profit growth, with expected revenues of 2.94 billion, 3.67 billion, and 4.27 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 382 million, 497 million, and 631 million yuan [5][6] Financial Data Summary - Total shares outstanding: 401 million [5] - Current price: 29.63 yuan [2] - Market capitalization: 11.88 billion yuan [5] - Revenue growth rates: 28.5% in 2024, 32.2% in 2025, and 24.6% in 2026 [6] - Net profit growth rates: 48.9% in 2024, 30.0% in 2025, and 27.0% in 2026 [6] - Gross margin is projected to improve from 70.7% in 2023 to 71.7% in 2026 [6] - The company has a diversified investment portfolio, holding stakes in nine companies across various sectors [5]

证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2025 年 02 月 12 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com 王悦 wangyue03@huayuanstock.com 市场表现： | 基本数据 | | | | 年 | 02 | 月 | | 日 | | 2025 | | 11 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | | | | 31.16 | | | | | | | | 一 年 内 低 | 最 | 高 | / | | | | | | 最 | | | | 36.82/20.17 | | （元） | | | | | | | | | | | | | | | 总市值（百万元） | | | | | | | | | | | 12,495.16 | | | | 流通市值（百万元） | | | | | | | | | | | 12,495.16 | | | ...