Core Insights - The skincare and daily chemical industry in A-shares has shown a high gross profit margin but low net profit margin, with over 80% of companies having a gross profit margin above 50% and more than half having a net profit margin below 10% [1][4] - The significant gap between gross and net profit margins is attributed to high sales expenses, which consume profits, with Marubi Biological's sales expense ratio reaching 56.5%, making it the highest in the industry [1][6] Group 1: Financial Performance - The top three companies by gross profit margin in the first half of 2025 are Jinbo Biological (90.68%), Fulejia (81.47%), and Beitaini (76.01%) [2] - Only four companies reported a gross profit margin below 50%, namely Lafang, Kesi, Qingsong, and Jiaheng, with margins of 49.26%, 32.05%, 17.51%, and 14.98% respectively [2] - The leading companies in net profit margin are Jinbo Biological (45.5%), Fulejia (26.61%), and Polaroid (15.41%), while Jiaheng, Lafang, and Qingsong have low margins of -6.26%, 1.58%, and 2.66% respectively [4] Group 2: Marketing and R&D Expenditure - The high marketing expenses in the industry are closely linked to the high gross profit but low net profit, with many companies spending over 40% of their revenue on marketing [6][9] - Marubi Biological's sales expense ratio is 56.5%, while its R&D expense ratio is only 2.3%, indicating a heavy reliance on marketing over research and development [8] - The focus on marketing over R&D has led to severe product homogenization, limiting innovation and hindering brand development [8][9] Group 3: Industry Challenges - The industry faces challenges in balancing marketing and R&D expenditures, with a need to shift from marketing-driven to product-driven strategies [9]
日化护肤半年报|贝泰妮2025年上半年业绩双降、归母净利润降49% 却拿过半收入做营销