Core Viewpoint - The domestic beauty industry in China is entering a phase of deeper development, with a shift in competition from channel expansion to R&D innovation and precise positioning [1] Group 1: Industry Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation, reflecting a competitive landscape that emphasizes R&D and innovation [2][3] - 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 Biological reported revenue of 1.769 billion yuan, a year-on-year increase of 30.83%, with a net profit of 186 million yuan, up 5.21% [3] - Up Beauty Holdings expects revenue between 4.09 billion and 4.11 billion yuan, a year-on-year increase of 16.8% to 17.3%, with net profit projected to be between 540 million and 560 million yuan, up 30.9% to 35.8% [3] 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 the market size estimated at 45 billion yuan, with a compound annual growth rate of 21.7% over the past three years [6][7] - The sensitive skin market is projected to exceed 200 billion yuan, indicating a broad development prospect [6][7] - Consumers are increasingly seeking multi-functional products that combine repair with whitening, anti-aging, and sun protection [7] Group 3: Competitive Landscape - Brands are focusing on addressing the needs of sensitive skin, with companies like Giant Biological and Shanghai Jahwa targeting deeper skin barrier issues [7][8] - The market is witnessing a shift from generic solutions to more personalized care approaches, although the effectiveness and feasibility of these strategies still require market validation [8] - The sensitive skin whitening segment remains a core technical challenge, as traditional whitening ingredients often irritate sensitive skin, creating a dilemma for consumers [8]

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Views - The retail industry is experiencing a recovery, with high growth in premium and fashionable segments, particularly in gold jewelry and beauty care [23][27] - The report emphasizes the importance of emotional consumption themes driving growth in high-quality companies within the sector [30] Summary by Sections Retail Market Review - The retail industry index rose by 4.21% during the week of August 18-22, 2025, outperforming the Shanghai Composite Index by 2.20 percentage points [12][20] - The internet e-commerce sector showed the highest growth, with a weekly increase of 7.71% [13][17] - Year-to-date, the jewelry sector has led with a 33.74% increase [13][17] Retail Insights: Mid-Year Reports - Gold jewelry companies like Laopuhuang and Chaohongji reported significant revenue growth, with Laopuhuang achieving a revenue of 12.354 billion yuan (+251.0%) and a net profit of 2.268 billion yuan (+285.8%) [23][35] - Beauty care brands such as Shanghai Jahwa and Runben also showed positive performance, with Shanghai Jahwa reporting a net profit of 266 million yuan (+11.7%) [27][38] Focus on High-Quality Companies - Investment focus includes: - Gold jewelry brands with differentiated product offerings, recommending Laopuhuang and Chaohongji [30][32] - Offline retail companies adapting to trends, recommending Yonghui Supermarket and Aiyingshi [30][32] - High-quality domestic beauty brands, recommending Maogeping and Pola [30][32] - Medical beauty product manufacturers, recommending Aimeike and Kedi-B [30][32] Company-Specific Highlights - Laopuhuang: Achieved a revenue of 12.354 billion yuan (+250.9%) and a net profit of 2.268 billion yuan (+285.8%) in H1 2025, with strong brand expansion and channel upgrades [35][36] - Runben: Reported a revenue of 895 million yuan (+20.3%) and a net profit of 188 million yuan (+4.2%) in H1 2025, focusing on expanding its product matrix [38][40] - Aiyingshi: Achieved a revenue of 1.835 billion yuan (+8.3%) and a net profit of 46.74 million yuan (+10.2%) in H1 2025, with steady store expansion [42]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main brand continues to drive performance growth, with a revenue increase of 30.8% year-on-year in H1 2025, reaching 1.769 billion yuan, while net profit grew by 5.2% [4][5] - The company has adjusted its profit forecast due to intense industry competition, projecting net profits of 400 million, 523 million, and 667 million yuan for 2025, 2026, and 2027 respectively [4][5] - The dual-brand strategy is expected to sustain performance growth, and the current valuation is considered reasonable [4] Financial Performance - In H1 2025, the company achieved revenue of 1.769 billion yuan, with a net profit of 186 million yuan [4] - For Q2 2025, revenue was 923 million yuan (up 33.5%), but net profit decreased by 23.1% to 51 million yuan [4] - The company's gross margin for H1 2025 was 74.6%, remaining stable year-on-year [5] Product and Market Strategy - The company reported strong performance in eye care products, with revenue of 420 million yuan (up 76.2%), while skincare and beauty categories also showed growth [5] - The online sales channel saw a significant increase, with online revenue reaching 1.571 billion yuan (up 37.9%), while offline sales declined by 7.1% [5] - The company is focusing on enhancing brand awareness and product innovation, with a notable new product launch achieving top sales rankings [6] Financial Projections - Revenue projections for 2025 to 2027 are 3.852 billion, 4.852 billion, and 5.906 billion yuan respectively, with year-on-year growth rates of 29.7%, 26.0%, and 21.7% [7][9] - The projected net profit for 2025 is 400 million yuan, with an expected EPS of 1.00 yuan [7][9] - The company's P/E ratio is projected to decrease from 45.4 in 2025 to 27.2 in 2027, indicating improving valuation over time [7][9]

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 company plans to distribute a cash dividend of 2.50 yuan for every 10 shares to all shareholders [1] Financial Performance - The company's cash flow from operating activities increased by 97.41% year-on-year [1] - Online channels accounted for 88.87% of total revenue, driving the overall performance [1] - The overall gross margin remained stable at 74.60% [1] Brand Performance - The "Marubi" brand generated revenue of 1.250 billion yuan, up 34.36% year-on-year [1] - The "Lianhuo" brand achieved revenue of 516 million yuan, reflecting a year-on-year growth of 23.87% [1] Research and Development - R&D expenses reached 40.6958 million yuan, an increase of 13.53% year-on-year [1] - The company developed multiple innovative recombinant functional proteins and launched new products like the "Super Mask" [1] - A total of 25 new patent applications were filed, bringing the total authorized patents to 365, including 255 invention patents [1] Strategic Initiatives - The company adopted a "multi-platform collaboration and refined operation" strategy, achieving user growth and sales efficiency [2] - The flagship store on Tmall saw core product sales account for 73%, with member transaction amounts increasing by 28% [2] - The brand's search index on Douyin increased by 72.07% due to the "planting and harvesting" strategy [2] - Digital transformation efforts included the launch of a product operation system and MES system, creating a closed-loop system for business data and intelligence [2] Future Outlook - The company aims to continue focusing on the beauty and health sectors, strengthening R&D barriers and promoting multi-brand and multi-channel collaborative development for sustainable growth [2]

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][2] - The performance of domestic beauty companies shows significant divergence, reflecting the competitive landscape and the impact of consumer awareness and purchasing power on functional skincare products [1][3] Company Performance - Shanghai Jahwa reported 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 achieved revenue of 1.769 billion yuan, a 30.83% increase, with a net profit of 186 million yuan, growing by 5.21% [2] - Up Beauty Holdings expects revenue between 4.09 billion and 4.11 billion yuan, a growth of 16.8% to 17.3%, with net profit projected between 540 million and 560 million yuan, an increase of 30.9% to 35.8% [2] Market Trends - The functional skincare market in China is projected to reach approximately 48.743 billion yuan in 2024, with Betaini holding an 11.71% market share at 5.707 billion yuan [3] - The sensitive skin market is becoming a hot sector, with an expected consumer base nearing 100 million and a market size of around 45 billion yuan, reflecting a compound annual growth rate of 21.7% over the past three years [4] Innovation and Consumer Demand - There is a growing emphasis on "skin-specific care" rather than a one-size-fits-all approach, with brands focusing on personalized solutions for different skin types [5] - The sensitive skin market faces challenges in achieving effective and gentle whitening solutions, as traditional ingredients often irritate sensitive skin [5] - Brands that can address advanced needs such as whitening and anti-aging while ensuring scientific validation will be better positioned to capture market share in this expanding sector [5]

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]

公司上市以来历次分配方案一览 2025半年度美容护理行业分红排名 | 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | （%） | （%） | | 300896 | 爱美客 | 0.00 | 12 | 36171.14 | 45.82 | 0.67 | | 300888 | 稳健医 疗 | 0.00 | 4.5 | 26204.84 | 53.26 | 1.02 | 8月22日丸美生物发布2025半年度分配预案，拟10派2.5元（含税），预计派现金额合计为1.00亿元。派 现额占净利润比例为53.97%，这是公司上市以来，累计第8次派现。 | 832982 | 锦波生 | 0.00 | 10 | 11506.53 | 29.35 | 0.28 | | --- | --- | --- | --- | --- | --- | --- | | | 物 | | | | | | | 603983 | 丸美生 物 | 0.00 | ...