Zheng Quan Zhi Xing·2025-08-25 04:29Core Viewpoint - Mamei Bio achieved significant revenue growth in H1 2025, with a 30.8% year-on-year increase, and continues to expand its product line, maintaining a "buy" rating from Dongwu Securities [1][3]. Financial Performance - In H1 2025, Mamei Bio reported revenue of 1.77 billion yuan, up 30.8% year-on-year, and a net profit attributable to shareholders of 190 million yuan, up 5.2% year-on-year. The net profit after deducting non-recurring items was 180 million yuan, up 6.6% year-on-year [1]. - For Q2 2025, the company achieved revenue of 920 million yuan, a 33.5% increase year-on-year, but the net profit attributable to shareholders decreased by 23.1% to 50 million yuan, with a net profit after deducting non-recurring items of 40 million yuan, down 30.2% year-on-year [1]. - The company declared a dividend of 100 million yuan for H1 2025, with a payout ratio of 53% [1]. Profitability Metrics - The gross margin for H1 2025 was 74.6%, a slight decrease of 0.1 percentage points year-on-year, while Q2 2025 gross margin was 73.3%, down 1.5 percentage points year-on-year [1]. - The total expense ratio for H1 2025 was 61.0%, an increase of 2.5 percentage points year-on-year, primarily due to a 3.4 percentage point increase in sales expense ratio. For Q2 2025, the total expense ratio rose to 65.6%, up 3.9 percentage points year-on-year [1]. - The net profit margin for H1 2025 was 10.5%, down 2.6 percentage points year-on-year, while Q2 2025 net profit margin was 5.5%, down 4.1 percentage points year-on-year [1]. Brand Performance - Mamei and PL brands achieved strong growth in H1 2025, with revenues of 1.25 billion yuan and 520 million yuan, respectively, representing year-on-year increases of 34.4% and 23.9% [2]. - The company launched the "Super Mask" featuring advanced collagen as a key ingredient and appointed Yang Zi as its first global brand ambassador [2]. - PL brand focused on high-quality minimalist makeup, launching the "Unremovable Foundation Liquid 4.0" and appointing Li Hao as its first brand ambassador, achieving over 350 million yuan in online GMV during the 618 shopping festival [2]. Sales Channels - In H1 2025, online and offline revenues were 1.57 billion yuan and 197 million yuan, respectively, with year-on-year growth of 37.9% for online and a decline of 7.1% for offline, accounting for 88.9% and 11.1% of total revenue [2]. - The company utilized platforms like Tmall, JD, and Douyin, employing a "grass-planting to live conversion" strategy, leveraging celebrity endorsements and KOL/KOC collaborations [2]. Future Outlook - The company is expected to continue its transformation and brand focus, with strong performance anticipated from key products like the Super Mask and Unremovable Foundation Liquid [3]. - Profit forecasts for 2025-2027 are 440 million yuan, 550 million yuan, and 690 million yuan, respectively, with year-on-year growth rates of 28%, 26%, and 24% [3].