Marubi(SH:603983) Zhi Tong Cai Jing·2025-12-11 23:32Core Insights - Mamei Bio is a leading Chinese beauty company focused on anti-aging solutions, leveraging synthetic biology technology and over 20 years of experience in the skincare industry [4][5] - The company has developed a recombinant double collagen, a unique engineered protein that combines type I and type III collagen into a single molecule, enhancing its skincare products [4] - Mamei Bio has been recognized as the primary drafting unit for the national standard of "Recombinant Soluble Collagen" by the Ministry of Industry and Information Technology in 2023 [4] Company Overview - Mamei Bio operates two main brands: Mamei, focusing on anti-aging eye and facial care products, and Lianhuo, a cost-effective makeup brand [4] - The company has established a comprehensive value chain for core ingredients, developing over 80 proprietary components, with more than 30 achieving large-scale production [7] - Mamei Bio's production facilities are located in Guangzhou, China, and are equipped for high-density fermentation and purification processes for recombinant collagen production [7] Financial Performance - Mamei Bio's revenue for the years ending December 31 and the nine months ending September 30 are as follows: RMB 1.732 billion in 2022, RMB 2.226 billion in 2023, RMB 2.977 billion in 2024, and RMB 2.450 billion for the nine months of 2025 [8] - The company's profit for the same periods is reported as RMB 167 million in 2022, RMB 278 million in 2023, RMB 342 million in 2024, and RMB 247 million for the nine months of 2025 [9] - Gross profit figures are RMB 1.175 billion in 2022, RMB 1.560 billion in 2023, RMB 2.177 billion in 2024, and RMB 1.834 billion for the nine months of 2025 [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 compound annual growth rate (CAGR) of 4.2% [11] - The skincare segment is expected to expand from RMB 355.9 billion in 2019 to RMB 451.4 billion by 2024, with a CAGR of 4.9% [14] - The makeup segment is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion by 2024, with a CAGR of 1.9% [17]