丸美生物今日跌6.76%，成交额4.11亿元，换手率2.44%，盘后龙虎榜数据显示，沪股通专用席位买入 1455.46万元并卖出1268.01万元，1家机构专用席位净买入580.66万元，有4家机构专用席位净卖出1.17亿 元。 ...

华西证券研报指出，丸美生物2025H1归母净利润1.86亿元，同比上升5.21%；2025Q2实现归母净利润 0.51亿元，同比下滑23.08%。分红方面，拟每股派现2.5元（含税），分红率53.97%。2025H1公司稳步 推进丸美与PL恋火双品牌的差异化布局与协同发展，双星品牌保持较好发展,市场渗透率稳步。公司胶 原重组蛋白产品丰富，护肤体系完整。此外，2025年其投资的上海摩漾生物科技有限公司获得国家药品 监督管理局颁发的Ⅲ类医疗器械注册证，凸显了丸美生物在市场前沿的前瞻布局。2025H1公司旗下主 品牌丸美与新锐品牌PL恋火分别在护肤与彩妆赛道稳步推进。品牌聚焦大单品战略持续发力，小金针 等经典单品持续表现优异，维持公司"买入"评级。 ...

Core Viewpoint - Mamei Bio achieved significant revenue growth in H1 2025, with a 30.8% year-on-year increase, and continues to expand its product line, maintaining a "buy" rating from Dongwu Securities [1][3]. Financial Performance - In H1 2025, Mamei Bio reported revenue of 1.77 billion yuan, up 30.8% year-on-year, and a net profit attributable to shareholders of 190 million yuan, up 5.2% year-on-year. The net profit after deducting non-recurring items was 180 million yuan, up 6.6% year-on-year [1]. - For Q2 2025, the company achieved revenue of 920 million yuan, a 33.5% increase year-on-year, but the net profit attributable to shareholders decreased by 23.1% to 50 million yuan, with a net profit after deducting non-recurring items of 40 million yuan, down 30.2% year-on-year [1]. - The company declared a dividend of 100 million yuan for H1 2025, with a payout ratio of 53% [1]. Profitability Metrics - The gross margin for H1 2025 was 74.6%, a slight decrease of 0.1 percentage points year-on-year, while Q2 2025 gross margin was 73.3%, down 1.5 percentage points year-on-year [1]. - The total expense ratio for H1 2025 was 61.0%, an increase of 2.5 percentage points year-on-year, primarily due to a 3.4 percentage point increase in sales expense ratio. For Q2 2025, the total expense ratio rose to 65.6%, up 3.9 percentage points year-on-year [1]. - The net profit margin for H1 2025 was 10.5%, down 2.6 percentage points year-on-year, while Q2 2025 net profit margin was 5.5%, down 4.1 percentage points year-on-year [1]. Brand Performance - Mamei and PL brands achieved strong growth in H1 2025, with revenues of 1.25 billion yuan and 520 million yuan, respectively, representing year-on-year increases of 34.4% and 23.9% [2]. - The company launched the "Super Mask" featuring advanced collagen as a key ingredient and appointed Yang Zi as its first global brand ambassador [2]. - PL brand focused on high-quality minimalist makeup, launching the "Unremovable Foundation Liquid 4.0" and appointing Li Hao as its first brand ambassador, achieving over 350 million yuan in online GMV during the 618 shopping festival [2]. Sales Channels - In H1 2025, online and offline revenues were 1.57 billion yuan and 197 million yuan, respectively, with year-on-year growth of 37.9% for online and a decline of 7.1% for offline, accounting for 88.9% and 11.1% of total revenue [2]. - The company utilized platforms like Tmall, JD, and Douyin, employing a "grass-planting to live conversion" strategy, leveraging celebrity endorsements and KOL/KOC collaborations [2]. Future Outlook - The company is expected to continue its transformation and brand focus, with strong performance anticipated from key products like the Super Mask and Unremovable Foundation Liquid [3]. - Profit forecasts for 2025-2027 are 440 million yuan, 550 million yuan, and 690 million yuan, respectively, with year-on-year growth rates of 28%, 26%, and 24% [3].

证券研究报告·公司点评报告·化妆品 丸美生物（603983） 2025 年半年报点评：25H1 收入高增 31%， 大单品系列持续扩充 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 2,226 | 2,970 | 3,788 | 4,682 | 5,725 | | 同比（%） | 28.52 | 33.44 | 27.56 | 23.58 | 22.28 | | 归母净利润（百万元） | 259.42 | 341.63 | 438.81 | 553.22 | 687.16 | | 同比（%） | 48.93 | 31.69 | 28.45 | 26.07 | 24.21 | | EPS-最新摊薄（元/股） | 0.65 | 0.85 | 1.09 | 1.38 | 1.71 | | P/E（现价&最新摊薄） | 70.01 | 53.16 | 41.39 | 32.83 | 26.43 | [Table_Tag ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 45.29 yuan [4]. Core Insights - The company achieved a revenue of 1.769 billion yuan in H1 2025, representing a year-on-year growth of 30.83%. The net profit attributable to shareholders was 186 million yuan, up 5.21% year-on-year [1]. - The skincare segment led revenue growth with 693 million yuan, followed by other beauty categories [1]. - The company continues to deepen its focus on key products, achieving significant technological breakthroughs, including the launch of a new collagen mask that topped sales rankings [3]. - The PL brand also saw growth driven by enhanced product offerings and effective online marketing strategies [3]. Financial Performance - In H1 2025, the gross margin was 74.6%, with a slight decrease of 0.07 percentage points year-on-year. The net profit margin was 10.5%, down 2.56 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling 100 million yuan, which accounts for 53.97% of the net profit for the first half of the year [1]. - Revenue projections for 2025-2027 indicate a steady growth trajectory, with net profits expected to reach 440 million yuan in 2025, 580 million yuan in 2026, and 739 million yuan in 2027 [5][7]. Product and Market Strategy - The main brand, Marubi, focuses on key products and strong brand momentum, while the PL brand is developing a second growth curve in the foundation segment [4]. - The company has launched several new products and marketing campaigns that have significantly increased engagement and sales, particularly through online platforms [3]. Future Outlook - The company is expected to maintain a robust growth rate, with projected net profit growth rates of 27.6% in 2025, 31.8% in 2026, and 27.3% in 2027 [4]. - The current price-to-earnings (PE) ratios for 2025-2027 are projected at 42x, 32x, and 25x respectively, indicating a favorable valuation trend [5][7].

Market Overview - The A-share market has shown strong performance, breaking through last year's high, with expectations for continued upward movement supported by reasonable valuations and new positive factors such as a potential interest rate cut by the Federal Reserve and a recovery in public fund issuance [2][3] - The weighted REITs index has decreased by 1.52% during the week of August 18-22, 2025, indicating a downward trend in the secondary market prices of publicly listed REITs [2] Credit Bonds - A total of 375 credit bonds were issued from August 18 to August 22, 2025, with a total issuance scale of 376.74 billion, reflecting a week-on-week increase of 12.45% [3] - The total transaction volume of credit bonds reached 1,286.40 billion, up 16.04% week-on-week, with commercial bank bonds, corporate bonds, and medium-term notes being the top three in transaction volume [3] Convertible Bonds - The CSI Convertible Bond Index increased by 2.8% during the week, with a year-to-date increase of 17.9%, slightly below the equity market performance [4] - Current valuations of convertible bonds are close to or exceed historical highs, yet the equity market remains robust, suggesting continued strong performance in the convertible bond market [4] High-end Manufacturing - Exports of engineering machinery maintained double-digit growth, with excavators, tractors, and mining machinery showing year-on-year increases of 24%, 30%, and 25% respectively [6] - The report suggests focusing on companies like QuanFeng Holdings, JuXing Technology, and Xugong Machinery due to their strong export performance [6] TMT Sector - The company SUTENG has seen rapid growth in its robotics business, indicating a successful strategic transformation [6] - The report highlights the importance of SUTENG's self-research technology and its competitive advantages in the ADAS and robotics ecosystem [6] Agriculture, Forestry, Animal Husbandry, and Fishery - The report notes a slight decline in pig prices, with the average price of live pigs at 13.75 yuan/kg, down 0.07% week-on-week [6] - The government has initiated pork storage measures to boost market sentiment, suggesting a potential recovery in pig prices [6] Medical and Biological Sector - The report recommends increasing allocations to the medical device sector, highlighting undervalued companies in Hong Kong and those with strong growth potential [7] - Companies like Weikang Medical and Mindray Medical are noted for their robust growth and research capabilities [7] Petrochemical Sector - The report indicates a significant market opportunity for the renovation of old refineries, with companies like Sinopec Engineering and PetroChina Engineering expected to benefit [7] - The report emphasizes the trend of "de-involution" in the refining industry, which may lead to a substantial market for dismantling and renovation [7] Basic Chemicals - The second phase of phosphate fertilizer export quotas has been allocated, with leading companies expected to benefit from high overseas prices [7] - The report anticipates continued high demand for high-grade phosphate rock in the short to medium term [7] Non-Banking Financials - AIA Insurance has seen new business value reach new highs, with stable growth in operating profits [10] - The report adjusts profit forecasts for AIA for 2025-2027, maintaining a "buy" rating [10] Real Estate - The property management sector shows steady growth, with a stable dividend outlook from companies like Yuexiu Services [10] - The report notes a slight decline in net profit but maintains a positive outlook due to strong project delivery from related companies [10] Electric New Energy - The report highlights the growth potential in the energy storage battery sector, with companies like Yiwei Lithium Energy expected to benefit from increased demand [24] - The company has adjusted its profit forecasts for 2025, reflecting a strong competitive position in the market [24] Textile and Apparel - The report indicates a decline in profit margins for companies like Li Ning, despite revenue growth [34] - The company is expected to maintain a strong brand presence, with a "buy" rating maintained [34]

Core Viewpoint - The daily chemical industry in China is experiencing significant growth, driven by rising consumer demand and an increase in living standards, with projections indicating substantial revenue and profit growth in the coming years [1][4][6]. Group 1: Industry Overview - The daily chemical industry is a vital part of the national economy and a significant segment of the fast-moving consumer goods sector, providing essential products for daily use [1][4]. - The industry is expected to see sales revenue from large-scale enterprises increase from CNY 404.14 billion in 2018 to CNY 413.84 billion in 2024, with profits projected to rise from CNY 43.04 billion to CNY 38.63 billion in the same period [1][4][6]. - By 2025, sales revenue is anticipated to reach CNY 435 billion, with total profits expected to hit CNY 40 billion [1][6]. Group 2: Industry Chain - The upstream of the daily chemical industry includes raw materials such as surfactants, matrix materials, natural/plant materials, and packaging materials, with surfactants being crucial for product efficacy [8]. - The midstream involves the production and manufacturing of daily chemical products, while the downstream encompasses sales channels and end consumers, including supermarkets, convenience stores, specialty shops, and e-commerce platforms [8]. Group 3: Development Environment and Policies - The government has implemented various policies to support the development of the daily chemical industry, enhancing the regulatory framework and promoting sustainable growth [10]. - Key policies include the "Cosmetics Sampling Inspection Management Measures" and announcements aimed at optimizing the registration and inspection processes for ordinary cosmetics, which contribute to a more robust industry structure [10][12]. Group 4: Competitive Landscape - The Chinese daily chemical market is characterized by intense competition, with both international brands like L'Oréal and Unilever and domestic brands like Shanghai Jahwa and Proya coexisting [13][15]. - Domestic brands are gaining traction by leveraging their understanding of local markets and flexible strategies, while international brands maintain consumer trust through established reputations [13][15]. Group 5: Industry Trends - The daily chemical industry is witnessing a surge in brand proliferation, with local companies increasingly capturing market share and developing competitive advantages [19]. - There is a growing trend towards personalization in consumer demands, necessitating companies to adapt to diverse regional preferences and consumer behaviors [20]. - The male grooming market is emerging as a new competitive frontier, with increasing demand for male-targeted daily chemical products [20]. - Safety and health concerns are driving consumer preference towards natural and organic products, prompting companies to focus on reducing harmful additives in their offerings [20].

Core Viewpoint - Marubi Biological achieved a revenue growth of 30.83% year-on-year, contrasting with a mere 5.21% increase in net profit, indicating a structural adjustment in the beauty industry where the company is prioritizing online direct sales over profitability [2][7]. Revenue Performance - In the first half of the year, Marubi Biological reported a revenue of 1.769 billion yuan, up from 1.352 billion yuan in the same period last year, marking a significant acceleration in growth [2][4]. - The overall cosmetics retail sales in China grew by only 2.9%, significantly lower than the 5% increase in total retail sales, highlighting Marubi's outperformance in a sluggish market [2]. Brand Strategy - The main brand Marubi continues to strengthen its position in eye care, while the new makeup brand Lianhuo focuses on foundation products, contributing to a diversified product matrix [4]. - Marubi's core products, such as the peptide eye cream and collagen essence, have driven substantial revenue, with the new collagen mask achieving top sales on Tmall [4]. Channel Performance - Online sales accounted for 89% of total revenue, growing by 37.9%, while offline sales declined by 7.1%, indicating a strong shift towards online channels [6]. - Tmall serves as the primary online platform for Marubi, with top products accounting for 73% of sales, and membership transactions increasing by 28% [6]. Profitability Challenges - The company's net profit for the first half was 186 million yuan, a modest increase of 5.21%, with a significant drop in net profit in the second quarter [7][8]. - Sales expenses surged to 1 billion yuan, with a sales expense ratio of 56.53%, far exceeding competitors, driven by high marketing costs [8][10]. Marketing and Cost Structure - Advertising expenses reached 905 million yuan, a 42.97% increase from the previous year, contributing to the disparity between revenue growth and profit [10][12]. - The overall gross margin slightly decreased to 74.6%, with a more pronounced decline in the second quarter, indicating pressure on profit margins due to pricing strategies and cost structures [10][12]. Industry Context - The trend of "spending to gain volume" is prevalent in the beauty industry, where companies must continuously invest in marketing to avoid revenue stagnation [12].

Core Viewpoint - The company reported strong revenue growth in the first half of 2025, driven by the synergistic development of its dual brands, Marumi and PL Lianhuo, alongside a focus on innovation and digital transformation [2][4]. Financial Performance - In H1 2025, the company achieved revenue of 1.769 billion yuan, representing a year-on-year increase of 30.8% [1][2]. - The net profit attributable to shareholders was 186 million yuan, up 5.2% year-on-year, while the non-recurring net profit was 177 million yuan, reflecting a 6.6% increase [1][2]. - The sales expense ratio increased to 56.5%, up 3.44 percentage points year-on-year, while the management expense ratio decreased to 2.85%, down 0.58 percentage points [2]. Brand Strategy - The company continues to deepen its focus on core products through a big single product strategy, enhancing brand effectiveness and market presence [3]. - Marumi's brand revenue reached 1.25 billion yuan, growing by 34.36% year-on-year, while PL Lianhuo's revenue was 516 million yuan, with a year-on-year increase of 23.87% [2][3]. Future Projections - Revenue forecasts for 2025-2027 are 3.872 billion yuan, 4.857 billion yuan, and 5.923 billion yuan, with corresponding growth rates of 30.4%, 25.5%, and 22.0% [4]. - Net profit projections for the same period are 414 million yuan, 530 million yuan, and 644 million yuan, with growth rates of 21.1%, 28.0%, and 21.6% [4]. - Earnings per share (EPS) are expected to be 1.03 yuan, 1.32 yuan, and 1.61 yuan for the years 2025, 2026, and 2027, respectively [4].

Core Insights - The domestic beauty industry in China is entering a phase of deeper development, with market competition shifting from channel expansion to R&D innovation and precise positioning [1][3]. Company Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation. 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% [3]. - Marubi Biotech reported revenue of 1.769 billion yuan, a 30.83% increase, with a net profit of 186 million yuan, up 5.21%. The company focused on a big product strategy [3]. - Up Beauty Holdings projected revenue between 4.09 billion and 4.11 billion yuan, a year-on-year growth of 16.8% to 17.3%, with net profit expected to reach between 540 million and 560 million yuan, up 30.9% to 35.8% [3]. - Beitaini has not yet released its semi-annual report, but its Q1 revenue was 949 million yuan, down 13.51%, with a net profit of 28.34 million yuan, down 83.97% [4]. Market Trends - The market for functional skincare products in China is projected to reach approximately 48.743 billion yuan in 2024, with Beitaini holding an 11.71% market share [5]. - The sensitive skin market is becoming a hot sector, with consumer numbers expected to approach 100 million and a market size of around 45 billion yuan in 2024, reflecting a compound annual growth rate of 21.7% over the past three years [7]. - The demand for sensitive skin care is evolving, with consumers seeking products that offer multiple benefits beyond basic repair, such as whitening and anti-aging [7]. Technological Challenges - The sensitive skin market faces core technological bottlenecks, particularly in the area of whitening products, which often struggle to balance effectiveness and gentleness for sensitive skin [8]. - Companies like Ximu Yuan are focusing on R&D in sensitive skin whitening, with new ingredients aimed at addressing these challenges, although large-scale application remains difficult [8]. Competitive Landscape - The competition in the sensitive skin market has shifted from initial market entry to a deeper technological contest, where brands must address advanced needs like whitening and anti-aging while ensuring scientific validation [9].