Marubi(SH:603983) Jin Rong Jie·2025-12-12 00:04Company Overview - Guangdong Marubi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Marubi is the third largest beauty company in China's recombinant collagen skincare segment based on retail sales projected for 2024 [1] - The company focuses on providing anti-aging solutions and has over 20 years of experience in the skincare industry, leveraging synthetic biology technology [1] Product Development - Marubi has successfully developed recombinant double collagen, which combines type I (profile) collagen and type III (filling) collagen into a single molecule [1] - The company has established a comprehensive value chain covering basic research to application, having developed over 80 proprietary ingredients, with more than 30 achieving large-scale production [3] Brand Performance - Marubi and its brand "Lianhuo" are the main brands, with Marubi ranking first in China's eye care brand market from 2021 to 2024 based on retail sales [2] - Lianhuo ranks third among domestic foundation brands and fifth among all foundation brands in China, with a compound annual growth rate (CAGR) of 77.5% from 2022 to 2024 [2] Financial Performance - The company recorded revenues of RMB 1.732 billion, RMB 2.226 billion, RMB 2.970 billion, and RMB 2.450 billion for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [4] - The annual profits for the same periods were RMB 167 million, RMB 278 million, RMB 342 million, and RMB 247 million [5] - Gross profits for the respective years were RMB 1.175 billion, RMB 1.560 billion, RMB 2.177 billion, and RMB 1.834 billion [6] Industry Overview - The Chinese beauty industry is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion in 2024, with a CAGR of 4.2% [7] - The skincare market is expected to grow from RMB 355.9 billion in 2019 to RMB 451.4 billion in 2024, with a CAGR of 4.9% [8] - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion in 2024, with a CAGR of 1.9% [9]