Marubi(SH:603983) 智通财经网·2025-12-11 23:28Core Viewpoint - Mamei Biotechnology is a leading Chinese beauty company focused on anti-aging solutions, leveraging synthetic biology technology and core innovations in skincare products to drive growth in the industry [4][5]. Company Overview - Mamei Biotechnology has over 20 years of experience in the anti-aging skincare sector, emphasizing research and development, particularly in recombinant collagen technology [4]. - The company has developed recombinant double collagen, a unique engineered protein that combines type I and type III collagen into a single molecule, enhancing its product offerings [4]. - Mamei has been recognized as a key contributor to the industry standard for "recombinant soluble collagen" and is the only company in China approved as a national research center for recombinant functional protein technology [4][5]. Market Position - Mamei has ranked first in the Chinese eye care brand market from 2021 to 2024 based on retail sales, while its brand "Lianhuo" ranks third among domestic foundation brands and fifth overall in the foundation category [5]. - Lianhuo has achieved a compound annual growth rate (CAGR) of 77.5% in retail sales from 2022 to 2024, the highest among the top five foundation brands in China [5]. Product Development - The company has established a comprehensive value chain for core raw materials, developing over 80 proprietary ingredients, with more than 30 achieving large-scale production [7]. - Mamei operates two production bases in Guangzhou, which support high-density fermentation and purification processes for recombinant collagen production [7]. Financial Performance - Mamei's revenue for the fiscal years ending December 31 from 2022 to 2025 is projected to be RMB 1.73 billion, RMB 2.23 billion, RMB 2.97 billion, and RMB 2.45 billion respectively [8]. - The company reported profits of RMB 167.43 million, RMB 277.59 million, RMB 342.36 million, and RMB 246.65 million for the same periods [9]. - Gross profits for the same periods are RMB 1.18 billion, RMB 1.56 billion, RMB 2.18 billion, and RMB 1.83 billion respectively [10]. Industry Overview - The Chinese beauty market is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion by 2024, with a CAGR of 4.2% [10]. - The skincare market is expected to expand from RMB 355.9 billion in 2019 to RMB 451.4 billion by 2024, with a CAGR of 4.9% [13]. - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion by 2024, with a CAGR of 1.9% [16].