证券之星消息，12月24日化妆品板块较上一交易日上涨0.73%，嘉亨家化领涨。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 41.51 | 8.32% | 7.93万 | | 3.25 乙 | | 300132 | 青松股份 | 8.26 | 4.03% | 33.14万 | | 2.72亿 | | 300849 | 锦盛新材 | 16.44 | 1.54% | 3.26万 | 5332.58万 | | | 600315 | 上海家化 | 22.93 | 1.37% | - 3.05万 | 6938.73万 | | | 300740 | 水羊股份 | 21.62 | 1.22% | 8.64万 | | 1.86亿 | | 301371 | 敷尔佳 | 24.02 | 0.88% | 1.77万 | 4224.01万 | ...

Investment Rating - The industry maintains a "Recommended" rating, focusing on new consumption sectors such as beauty care, IP derivatives, and gold jewelry [5][28]. Core Insights - The market performance for the week of December 15-20, 2025, showed significant gains in the retail, social services, and beauty care sectors, outperforming the overall market with increases of +6.66%, +2.66%, and +2.87% respectively [2][14]. - The total retail sales of consumer goods from January to November 2025 reached 45.61 trillion yuan, a year-on-year increase of 4%. In November alone, retail sales totaled 4.39 trillion yuan, growing by 1.3% year-on-year, which was below market expectations [3][22]. - The service consumption growth rate outpaced that of goods retail, with service retail sales increasing by 5.4% year-on-year from January to November 2025 [3][22]. Summary by Sections Market Performance - The beauty care, retail, and social services sectors ranked first, fourth, and third among 31 primary industries, respectively, during the week [2][14]. - Specific sub-sectors such as general retail, hotel and catering, and professional chains saw notable increases of +9.67%, +8.40%, and +5.06% [15]. Key Industry Data and News - The retail sales of consumer goods in November 2025 showed a modest increase, with categories like communication equipment and jewelry performing well, while automotive and home appliances faced challenges due to high base effects and subsidy reductions [3][22]. - The Ministry of Commerce initiated a two-year pilot program for new consumption models in 50 cities, aiming to stimulate consumption through various innovative approaches [3][22]. Investment Recommendations - The report suggests focusing on companies in the beauty care and new consumption sectors, recommending specific stocks such as Shangmei Co., Juzhi Biotechnology, and Marubi Biotechnology [5][28].

Core Viewpoint - Marubi Biological, known as the "first stock of eye cream" in A-shares, is preparing for a dual listing on the Hong Kong Stock Exchange while undergoing a power transition within the controlling family [2][3]. Group 1: Company Background and Control - Marubi Biological was founded by Sun Huaqing in 2002, focusing on eye care products and has maintained its position as the leading domestic eye care brand from 2021 to 2024 [1][19]. - The controlling shareholders, Sun Huaqing and Wang Xiaopu, hold a combined 80.8% of the company [3][10]. - The company underwent a significant dividend distribution before its IPO, benefiting the controlling family [4][30]. Group 2: IPO and Financial Adjustments - Marubi Biological submitted its IPO application to the Hong Kong Stock Exchange, aiming for an "A+H" dual listing [2]. - The company has faced challenges with its fundraising projects since its A-share listing, with all initial investment projects experiencing delays [5][7]. - Specific projects, such as the cosmetic smart manufacturing factory, have seen multiple delays and budget increases, indicating potential issues in project management [8][9]. Group 3: Financial Performance - Marubi Biological's revenue from 2022 to 2024 showed a compound annual growth rate (CAGR) of 31%, with net profits growing at a CAGR of 43% during the same period [22]. - The company reported a revenue of 24.5 billion yuan in the first nine months of 2025, a 25.5% year-on-year increase, but net profit growth slowed to only 2.86% [23]. - The gross profit margin has been steadily increasing, reaching 74.8% in 2025 [24]. Group 4: Marketing and Sales Strategy - The company has heavily invested in marketing, with total marketing expenses amounting to 4.464 billion yuan from 2022 to 2024, leading to a rising sales expense ratio [25]. - Online sales channels accounted for 87.6% of revenue in the first nine months of 2025, while offline channels have been declining [27]. Group 5: Regulatory Issues and Governance - Marubi Biological received a warning letter from the Guangdong Regulatory Bureau for financial accounting irregularities and improper management of raised funds [15][16]. - The company has committed to rectifying these issues and improving governance practices following the regulatory scrutiny [18].

Group 1 - The core viewpoint of the articles highlights the increasing competition in the domestic beauty industry, with rising online traffic costs putting pressure on customer acquisition for companies like Marubi Biotechnology Co., Ltd. [1] - Marubi is strategically shifting its resources towards research and development (R&D), indicating a long-term development model driven by core technology [1][2] - The company has significantly increased its R&D investment, with a year-on-year growth of 15.34% in R&D expenses for the first three quarters of 2025, positioning it among the top in the industry [1] Group 2 - Marubi has developed over 80 proprietary ingredients, including recombinant double collagen, with more than 30 achieving large-scale production [1] - The company has filed 651 patents globally, with 375 granted, including 265 invention patents, ranking first among Chinese beauty companies in terms of granted invention patents [1][2] - The name change from "Marubi Co., Ltd." to "Marubi Biotechnology" reflects a strategic repositioning towards being a research-driven enterprise based on biotechnology [2] Group 3 - Marubi aims to establish a dual-core long-term strategy centered on "research" and "brand," focusing on enhancing differentiated R&D capabilities and brand leadership [3] - The ongoing plan for a Hong Kong listing is intended to provide crucial capital support for the company's long-term R&D and global expansion efforts [2][3] - The company's strategy emphasizes converting technological advantages into sustainable market advantages, which will be tested through its R&D and branding initiatives [3]

Core Viewpoint - Marubi Biotech has submitted its prospectus to the Hong Kong Stock Exchange to initiate the "A+H" listing process, aiming to raise funds for enhancing online and offline channels, brand marketing, R&D investment, and general operations. However, the company has recently faced regulatory scrutiny from the Guangdong Securities Regulatory Commission due to financial accounting and fundraising issues, raising concerns about its financial health and governance [1][2][10]. Financial Performance - The company's revenue has shown volatility, with figures for 2020-2025 (up to Q3) being 1.745 billion, 1.787 billion, 1.732 billion, 2.226 billion, 2.970 billion, and 2.450 billion respectively, reflecting year-on-year changes of -3.10%, 2.41%, -3.10%, 28.52%, 33.44%, and 25.51% [4][21]. - The net profit attributable to the parent company has also fluctuated, with figures of 464 million, 248 million, 174 million, 259 million, 342 million, and 244 million for the same period, showing year-on-year changes of -10.50%, -55.70%, -24.03%, 38.16%, 73.86%, and -5.42% [4][21]. Sales and Marketing Expenses - Marubi's sales expenses have significantly increased, with amounts of 1.199 billion, 1.635 billion, and 1.415 billion for 2023, 2024, and the first three quarters of 2025, respectively, showing year-on-year growth of 41.65%, 36.38%, and 32.09% [6][23]. - The sales expense ratio reached 57.73%, while R&D expenses were only 63 million, resulting in an R&D expense ratio of just 2.6%, indicating that sales expenses are 22 times higher than R&D expenses [8][25]. Dividend Policy - Since its A-share listing in 2019, Marubi has distributed a total cash dividend of 1.083 billion, with dividend payout ratios of 80.38% and 88.03% for 2023 and 2024, respectively. The majority of these dividends have benefited the controlling shareholders, who hold over 80% of the company [2][19][29]. Regulatory and Governance Issues - The company has faced administrative regulatory measures due to issues such as inaccurate revenue accounting and improper management of raised funds, which have raised concerns about its internal controls and compliance governance [10][27]. - The slow progress of its A-share IPO fundraising projects, including multiple delays in the "cosmetics intelligent manufacturing plant" project, has further highlighted governance concerns [10][32].

近日，国内化妆品企业丸美股份的运营主体——广东丸美生物技术股份有限公司（以下简称"丸美生物"）发布公告，宣布已正式向香港联合交易 所递交H股上市申请。 值得关注的是，此次递表距离该公司完成一系列监管整改仅相隔13天。今年10月底，丸美生物因财务核算、募集资金使用等问题收到广东证监局 出具的行政监管措施决定书，并于11月29日宣告整改完毕。 整改完成不足半月，公司便匆忙踏上赴港IPO之路，此举引发市场诸多疑问：这究竟是国际化战略的雄心，还是一场为缓解内部压力而进行的资 本运作？ 监管整改余波未平 治理合规存疑 公司治理的规范性是资本市场信任的基石，而丸美生物在这一基础环节暴露出的问题，让其赴港上市之路蒙上阴影。 销售与研发投入失衡 大额分红流向实控人 作为A股市场"眼霜第一股"，在2019年A股上市之初，公司曾创下营收18.01亿元、归母净利润5.15亿元的业绩峰值，但此后盈利水平持续波动下 滑，2021年归母净利润降至2.48亿元，2022年进一步下滑至1.74亿元，尽管2023-2024年有所回升至2.59亿元和3.42亿元，但仍未恢复至上市初期水 平。 来源：公司公告 10月30日，广东证监局向丸美生物出 ...

Core Insights - The shift in consumer behavior towards ingredient-focused purchasing in the beauty industry is becoming mainstream, particularly among Generation Z, with over 90% of respondents in a survey indicating that researching materials and ingredients is a wiser choice when buying products [1] - Marubi Biotechnology has submitted its listing application to the Hong Kong Stock Exchange, aiming to become a dual-listed company (A+H), which will enhance its international financing channels and global brand influence [1] Group 1: Company Strategy and Innovation - Marubi Biotechnology focuses on biotechnological advancements in the beauty sector, particularly in anti-aging and skin repair products, establishing an integrated R&D platform from basic research to production [1] - The company has invested over 250 million yuan in R&D since 2022, collaborating with around 30 top global universities and research institutions, and holds 375 authorized patents, leading the Chinese beauty industry in the number of invention patents [2] - Marubi has made significant breakthroughs in recombinant collagen, developing a recombinant double collagen that enhances biological similarity, activity, stability, and scalability in production [2] Group 2: Financial Performance and Market Position - From 2022 to 2024, Marubi's revenue grew from 1.732 billion yuan to 2.97 billion yuan, with a compound annual growth rate (CAGR) of 31%, while net profit increased from 167 million yuan to 342 million yuan, with a CAGR of 43% [4] - The company's online direct sales revenue share surged from 46.4% in 2022 to 74.8% in the first three quarters of 2025, leveraging major e-commerce platforms like Douyin, Tmall, and Kuaishou [4] - Marubi is recognized as the third-largest beauty company in China within the recombinant collagen skincare segment, establishing a strong competitive moat [4]

Investment Rating - The report assigns an "Accumulate" rating for the beauty and personal care sector, indicating a positive outlook for the industry [6]. Core Insights - The beauty and personal care sector has experienced a significant pullback since August, with leading high-growth companies' valuations returning to 20-30x, and PEG ratios mostly below 1x, suggesting the sector is expected to bottom out [3][6]. - Lin Qingxuan is set to go public, focusing on the oil-based skincare segment, with a projected doubling of performance in the first half of 2025 [3][6]. Summary by Sections Market Performance - The beauty and personal care sector saw a decline of over 15% since August, with leading companies experiencing a valuation correction to 20-30x. The sector's maximum drawdown reached 17%, with top companies seeing declines of over 30% [6][8]. - The Shenyuan Beauty Care Index recorded a maximum increase of 19% in 2025, with key growth stocks like Ruoyuchen, Shangmei, and Maogeping achieving maximum gains of 239%, 198%, and 121% respectively [6][8]. Company Highlights - Lin Qingxuan, which is set to launch its IPO, plans to issue 13.97 million shares at an offering price of 77.77 HKD per share, corresponding to a market capitalization of 10.9 billion HKD. The company has secured cornerstone investors including Fidelity and others, with total subscriptions reaching 62 million USD [6][8]. - Lin Qingxuan's revenue for the first half of 2025 is projected at 1.05 billion CNY, reflecting a year-on-year increase of 98%, with a net profit of 182 million CNY, up 110%. The company's main product, a camellia oil essence, generated 480 million CNY in revenue, marking a 176% increase [6][8]. Investment Recommendations - The report suggests a bottom-up selection of stocks with product and channel innovations, highlighting strong growth potential in the beauty and personal care sector. Recommended stocks include: 1. High-growth brands: Ruoyuchen, Shangmei, Maogeping 2. Stable fundamentals with potential for improvement: Dengkang Oral, Shanghai Jahwa, Shuiyang, Jinbo Biological, Beitaini, Marubi, Qingsong 3. Stocks expected to bottom out: Pola, Juzibio, Lafang, Runben, Meilitiantian Medical Health, Furida, Huaxi Biological [6][7].

Core Insights - Guangdong Marubi Biotechnology Co., Ltd. has appointed a new co-CEO, Wu Meng, who previously played a significant role in the online business development at Shanghai Natural Hall Group [2][4] - The company is optimizing its online channels and improving operational efficiency while preparing for a Hong Kong stock listing [2][10] - Marubi's revenue for the first half of 2025 is reported at 1.765 billion yuan, a year-on-year increase of 30.55%, but net profit has declined by 1.2% [2][3] Management Changes - Wu Meng's appointment as co-CEO is part of Marubi's strategy to enhance its e-commerce operations [6][10] - The company has seen significant turnover in its management, including the departure of key figures like Wang Xiweng, who was responsible for e-commerce [5][7] - Sun Yunqi, the son of founder Sun Huaqing, has been appointed as an executive director, indicating a shift in leadership dynamics [8][10] Financial Performance - Marubi experienced a revenue plateau from 2020 to 2022, but in 2023, revenue surpassed 2.2 billion yuan, with projections of 2.9 billion yuan for 2024 [3][10] - Despite revenue growth, net profit has been declining, with the first half of 2025 showing the first drop in three years [3][11] - The company has faced scrutiny from regulators regarding financial reporting issues, including inaccurate revenue recognition [12][13] E-commerce Strategy - Marubi's online sales have become a crucial growth driver, with online revenue reaching 1.87 billion yuan in 2023, a year-on-year increase of approximately 50% [5][10] - The company aims to enhance its direct-to-consumer capabilities and improve its online sales channels as part of its fundraising strategy for the Hong Kong listing [10][11] - The shift towards self-broadcasting in e-commerce is a key focus, with plans to balance different sales channels to improve profitability [11][12]

Core Viewpoint - The company Marubi, known for its beauty products, is planning a secondary listing in Hong Kong after facing financial and governance issues following its initial public offering in A-shares in 2019. The company has experienced a decline in net profit from 2020 to 2022, with a significant drop of 47.95% in 2021, although there has been a recovery in 2023 [1][3]. Financial Performance - Marubi's revenue from 2022 to 2025 (first nine months) is projected to be 17.3 billion, 22.3 billion, 29.7 billion, and 24.5 billion respectively, while net profits are expected to be 1.7 billion, 2.8 billion, 3.4 billion, and 2.5 billion [3]. - The company's revenue is primarily generated from its two brands, Marubi and Lianhuo, with Marubi contributing 70-80% of total revenue. Lianhuo's revenue is expected to grow from 2.9 billion in 2022 to 9 billion in 2024 [5]. - Marubi's overall gross margin has increased from 67.8% in 2022 to 74.8% in the first nine months of 2025, while the net profit margin has remained around 10% [6]. Governance Issues - Marubi has faced scrutiny for financial irregularities, including inaccurate revenue recognition and improper accounting practices. The company has been penalized for these issues, which include misreporting funds held in third-party payment platforms and misclassifying consulting fees as research and development expenses [8][9]. - The management of raised funds has also been criticized, as Marubi failed to separate the accounting for projects funded by raised capital from those funded by its own resources [9]. Dividend Concerns - Since its IPO in 2019, Marubi has distributed a total of 1.08 billion in cash dividends over eight occasions, with significant amounts flowing to the founder and his spouse, raising questions about the sustainability of such distributions [12][13]. Brand Trust Issues - Marubi has a history of controversies, including misleading claims about its Japanese origins and product quality issues. Although these past issues have been less frequently mentioned in recent discussions, the company now faces new challenges related to financial data and governance, which could impact its brand trust [17][20].