丸美加入重组胶原蛋白“战局”

Core Viewpoint - Marubi Biological has officially started construction on a Class III medical device pilot base in Zhuhai, focusing on the research and industrialization of recombinant collagen protein in the medical beauty field, indicating a strategic shift from a cosmetics company to a biotechnology company [1][3]. Company Developments - The project aims to deepen research into recombinant collagen protein, expanding its application from cosmetic beauty to medical beauty, reflecting Marubi's ambition to enhance its competitive edge in the cosmetics industry and explore new revenue streams in the medical sector [1][3]. - Marubi has changed its name from "Marubi Co., Ltd." to "Marubi Biological" and has invested in medical biomaterials companies, signaling a commitment to this new direction [1][3]. Market Trends - The focus on recombinant collagen protein aligns with Marubi's historical emphasis on anti-aging products, particularly in eye care, and the growing popularity of this ingredient in the skincare market [3][4]. - The market for recombinant collagen protein is still in its early stages, presenting opportunities for early entrants like Marubi to capture market share [3][4]. Research and Development Strategy - Marubi plans to invest over 1 billion yuan in recombinant collagen protein research by 2032, with specific milestones including obtaining medical device registration by 2026 and advancing into serious medical applications by 2028 [4][5]. - Despite the ambitious R&D plans, Marubi's R&D expenses have not kept pace with revenue growth, leading to a decline in R&D expense ratios from 2.80% in 2023 to 2.48% in 2024 [5][9]. Financial Performance - Marubi's revenue has shown significant growth, surpassing 2.2 billion yuan in 2023, a 28.52% increase from the previous year, with projections indicating potential revenue exceeding 3 billion yuan by 2025 [7][9]. - The company has successfully adapted its marketing strategies, particularly through online channels and product focus, contributing to its revenue growth [7][8]. Competitive Landscape - Marubi faces challenges from increasing online marketing costs and rising sales expenses, which have impacted profitability, with net profit margins decreasing from 26.56% in 2020 to 11.52% in 2024 [9][10]. - The reliance on a single ingredient, recombinant collagen protein, poses risks, as market trends can shift rapidly, potentially affecting long-term sustainability [9][10].