ESG年报解读｜丸美生物研发投入占比不足3%，核心产品依赖代工引全链路自主质疑

Core Viewpoint - Marubi Biotech's 2024 ESG report highlights its innovative practices and commitment to sustainable development, despite facing challenges in R&D investment and governance issues [5][6][7]. Environmental Aspects - Marubi Biotech was recognized as a "Green Factory" in Guangdong Province, implementing measures like rooftop solar power and green methanol to reduce carbon emissions [5]. - The company completed carbon footprint assessments for three flagship products and achieved carbon neutrality for its products in 2023 through carbon credit purchases [5]. Social Responsibility - The company focuses on biotechnology, establishing a national research center for recombinant functional protein technology and leading the development of industry standards for soluble collagen [5]. Corporate Governance - In 2024, Marubi Biotech distributed cash dividends of 309 million yuan, with cumulative dividends since listing accounting for 99.03% of net financing [6]. - The company maintains a 100% compliance rate in information disclosure and enhances communication through performance briefings and investor hotlines [6]. R&D and Marketing Controversy - Marubi Biotech faces criticism for prioritizing marketing over R&D, with R&D expenses of 74 million yuan in 2024, significantly lower than sales expenses of 1.635 billion yuan, resulting in an R&D-to-revenue ratio of only 2.48% [7][8]. - The company has heavily invested in advertising, successfully targeting Gen Z consumers through collaborations with celebrities and social media marketing [7]. Claims of R&D Investment - The company claims to have achieved a record high in R&D investment, adding 44 new patents and participating in the formulation of 76 industry standards [10]. - Marubi emphasizes its "full-chain R&D system" in its ESG report, although some of its core products are produced through external ODM partnerships, raising questions about its self-reliance [14][16]. Leadership and Market Confidence - The company's founder, Sun Huaqing, defended the marketing strategy as essential for brand development, stating that a 2% R&D investment is already high for the industry [8]. - Recent leadership changes and a planned stock reduction by the founder have raised concerns about the company's technological credibility and market confidence [18].