Investment Rating - The report maintains an "Overweight" rating for the retail sector, focusing on companies with strong operational resilience or signs of bottom reversal [6][63]. Core Insights - The focus has shifted from policy catalysts to fundamental performance, with an emphasis on companies demonstrating operational resilience or potential recovery from low points [2][15]. - The retail sector experienced a relatively small decline of -0.21% during the week of December 8-12, 2025, outperforming other consumer-related sectors [1][7]. - The report highlights specific stocks that have shown significant price movements, such as Guai Bao Pet and TCL Electronics, which saw increases due to various catalysts [2][16]. Summary by Sections Market Overview - The retail sector's performance was relatively stable compared to other sectors, with a decline of only -0.21%, ranking 12th among all sectors [1][7]. - The overall market sentiment has shifted towards technology and high-end manufacturing, leading to weaker returns in consumer and cyclical sectors [2][15]. Stock Performance - Notable gainers included Guai Bao Pet, which rose by 2.7%, and TCL Electronics, which increased by 2.5%, attributed to factors such as oversold rebounds and improved performance expectations [2][16]. - Conversely, stocks like Pop Mart faced declines due to disappointing sales during the overseas Black Friday promotions, raising concerns about future growth [2][16]. Future Outlook - The report suggests that investment opportunities may be limited as policy expectations have stabilized, recommending stocks with strong fundamentals and low valuation percentiles [3][17]. - Three main investment themes are proposed: benefiting from holiday travel and tourism, domestic brands with competitive advantages, and durable goods companies likely to benefit from U.S. interest rate cuts [3][17]. Sector News - In the cosmetics sector, sales on major platforms reached 37.64 billion yuan in the first 11 months, with Proya leading in several categories [4][18]. - The home appliance sector saw the launch of a new smart air conditioning factory by Xiaomi, enhancing its production capabilities [4][19]. - The furniture sector is addressing consumer pain points with new commitments from leading companies to ensure quality and service [4][20].

港股IPO监管升级，丸美生物能否越过"财务问题"门槛成功上市？ 最近，香港资本市场有点"不太平"。 近日，香港证监会与港交所罕见地联名致函所有保荐机构，直指当前港股IPO申请材料质量下滑、不合规行为增多。信中措辞严厉：招股书"复制粘贴"、业 务描述模糊、数据选择性呈现、夸大市场地位、对基本事实缺乏认知……甚至有投行负责人在关键流程中失联，或指派的人员根本搞不清自家项目。 这不是小题大做。今年截至11月底，港股IPO募资额已飙至2594亿港元，同比激增2.28倍，创四年新高。火热背后，是近400宗上市申请堆积如山——年初还 只有100宗左右。中介机构人手吃紧，部分项目被塞给经验不足的新人操盘，"重数量、轻质量"的苗头已经冒出来了。 此外，值得关注的是丸美生物的"分红"操作。 过去几年，丸美生物持续进行大额分红。以今年8月为例，丸美生物宣布进行半年度分红1亿元，占当期净利润的53.97%。自A股上市以来，丸美生物累计分 红已达10.83亿元，占其A股募资净额的137.10%。值得留意的是，2023年及2024年，丸美生物分红比例均超过80%。 由于其独特的股权结构，大部分分红流向了丸美生物实控人家族。创始人孙怀庆 ...

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。 广东丸美生物技术股份有限公司（以下简称"公司"）已于 2025 年 12 月 11 日向香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股 股票并在香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于 同日在香港联交所网站刊登了本次发行上市的申请资料。该申请资料为公司按照 香港证券及期货事务监察委员会（以下简称"香港证监会"）及香港联交所的要 求编制和刊发，为草拟版本，其所载资料可能会适时作出更新及修订，投资者不 应根据其中的资料作出任何投资决定。 鉴于本次发行上市的发行对象仅限于参与香港公开发售的香港公众投资者、 其它符合相关条件的境外投资者、依据中国相关法律法规有权进行境外证券投资 的境内合格投资者及其他符合监管规定的投资者，公司将不会在境内证券交易所 的网站和符合监管机构规定条件的媒体上刊登该申请资料，但为使境内投资者及 时了解该等申请资料披露的本次发行上市以及公司的其他相关信息，现提供该申 请资料在香港联交所网站的查询链接： 中文： htt ...

证券代码：603983 证券简称：丸美生物 公告编号：2025-047 广东丸美生物技术股份有限公司 关于召开2025年第三次临时股东会的通知 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： 一、 召开会议的基本情况 (一) 股东会类型和届次 2025年第三次临时股东会 (二) 股东会召集人：董事会 (三) 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2025 年 12 月 30 日 14 点 30 分 召开地点：广州市海珠区新港东路 69 号丸美大厦 11 楼会议室 (五) 网络投票的系统、起止日期和投票时间。 涉及融资融券、转融通业务、约定购回业务相关账户以及沪股通投资者的投 票，应按照《上海证券交易所上市公司自律监管指引第 1 号 — 规范运作》等有 关规定执行。 (七) 涉及公开征集股东投票权 无 二、 会议审议事项 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 12 月 30 日 至 ...

重要提示 丸美生物H股发行上市申请公告要点解读 核心事项 申请递交：丸美生物（603983）于2025年12月11日向香港联交所递交H股发行上市申请，同日在港交所 网站刊登申请资料。 发行安排 发行对象：仅限香港公众投资者、符合条件的境外投资者、有权进行境外证券投资的境内合格投资者等 特定投资者群体。 上市地点：香港联交所主板 申请资料为草拟版本，内容可能更新修订 仍需获得中国证监会、香港证监会、港交所等监管机构批准 事项存在不确定性，不构成投资要约或邀请 信息获取 公司已提供申请资料在港交所网站的中英文查询链接，供境内投资者了解相关信息。 ...

格隆汇12月12日丨丸美生物(603983.SH)公布，公司已于2025年12月11日向香港联合交易所有限公司(以 下简称"香港联交所")递交了发行H股股票并在香港联交所主板挂牌上市(以下简称"本次发行上市")的申 请，并于同日在香港联交所网站刊登了本次发行上市的申请资料。 ...

Core Viewpoint - Marubi Biological has officially initiated its secondary listing process in Hong Kong, aiming to become one of the few domestic beauty giants with an "A+H" market presence, despite facing increased competition in the eye care product segment [1] Company Overview - Established in 2002, Marubi focuses on eye care research and gained prominence in 2007 with its popular eye cream, which helped it become the "first eye cream stock" upon its A-share listing in 2019 [1] - Marubi has maintained its position as the top seller in the eye care market in China for three consecutive years from 2021 to 2023 [1] Financial Performance - In 2024, Marubi reported a revenue of 2.97 billion yuan, representing a year-on-year growth of 33.44% - The net profit attributable to the parent company increased by 31.69% to 342 million yuan [1] Marketing and Brand Structure - The company has relied heavily on marketing for growth, with significant expenditures on advertising and traffic, while its research and development investment is relatively low compared to the industry [1] - The main brands "Marubi" and "Lianhuo" are experiencing growth, but the brand "Chunji" has seen a contraction [1] Competitive Landscape - Competitors such as Proya and Winona have launched similar eye care products, which has led to a squeeze on Marubi's market share [1] Regulatory Issues - In late October, Marubi was ordered to rectify issues related to financial accounting, fundraising management, and disclosure, leading to increased uncertainty regarding its IPO in Hong Kong [1]

据港交所文件，广东丸美生物技术股份有限公司向港交所提交上市申请书，联席保荐人为高盛、中信证 券。 (本文来自第一财经) ...

Core Viewpoint - Marubi Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors. The company ranks third in the Chinese market for recombinant collagen skincare products by retail sales in 2024, focusing on anti-aging skincare through synthetic biology technology [1][2]. Group 1: Company Overview - Marubi operates two main brands: Marubi (丸美) and L'HOTEL (恋火). The Marubi brand specializes in eye and facial anti-aging care, holding the top position in retail sales for eye care brands in China from 2021 to 2024. L'HOTEL focuses on base makeup products, ranking third among domestic base makeup brands and fifth overall in China for retail sales in 2024 [2]. - The company has developed over 80 proprietary ingredients, including recombinant double collagen and SPGβ-glucan, with more than 30 products achieving large-scale production. It operates two production bases in Guangzhou, equipped with high-density fermentation and purification processes for recombinant collagen production [2]. Group 2: Industry Position and Innovations - According to a report by Frost & Sullivan, Marubi ranks third in the recombinant collagen skincare segment in China by retail sales for 2024. The company has successfully developed recombinant double collagen, an engineered product that combines type I and type III collagen using translation pause and C-PRO loop technology [1]. - As of September 30, 2025, Marubi is the first and only company in China approved as a national research center for recombinant functional protein technology, having been recognized as a key drafting unit for the industry standard "Recombinant Soluble Collagen" by the Ministry of Industry and Information Technology [1].

Company Overview - Guangdong Marubi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Marubi is the third largest beauty company in China's recombinant collagen skincare segment based on retail sales projected for 2024 [1] - The company focuses on providing anti-aging solutions and has over 20 years of experience in the skincare industry, leveraging synthetic biology technology [1] Product Development - Marubi has successfully developed recombinant double collagen, which combines type I (profile) collagen and type III (filling) collagen into a single molecule [1] - The company has established a comprehensive value chain covering basic research to application, having developed over 80 proprietary ingredients, with more than 30 achieving large-scale production [3] Brand Performance - Marubi and its brand "Lianhuo" are the main brands, with Marubi ranking first in China's eye care brand market from 2021 to 2024 based on retail sales [2] - Lianhuo ranks third among domestic foundation brands and fifth among all foundation brands in China, with a compound annual growth rate (CAGR) of 77.5% from 2022 to 2024 [2] Financial Performance - The company recorded revenues of RMB 1.732 billion, RMB 2.226 billion, RMB 2.970 billion, and RMB 2.450 billion for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [4] - The annual profits for the same periods were RMB 167 million, RMB 278 million, RMB 342 million, and RMB 247 million [5] - Gross profits for the respective years were RMB 1.175 billion, RMB 1.560 billion, RMB 2.177 billion, and RMB 1.834 billion [6] Industry Overview - The Chinese beauty industry is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion in 2024, with a CAGR of 4.2% [7] - The skincare market is expected to grow from RMB 355.9 billion in 2019 to RMB 451.4 billion in 2024, with a CAGR of 4.9% [8] - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion in 2024, with a CAGR of 1.9% [9]