Marubi(SH:603983) Sou Hu Cai Jing·2025-12-12 05:14Core Viewpoint - Marubi Biological has officially initiated its secondary listing process in Hong Kong, aiming to become one of the few domestic beauty giants with an "A+H" market presence, despite facing increased competition in the eye care product segment [1] Company Overview - Established in 2002, Marubi focuses on eye care research and gained prominence in 2007 with its popular eye cream, which helped it become the "first eye cream stock" upon its A-share listing in 2019 [1] - Marubi has maintained its position as the top seller in the eye care market in China for three consecutive years from 2021 to 2023 [1] Financial Performance - In 2024, Marubi reported a revenue of 2.97 billion yuan, representing a year-on-year growth of 33.44% - The net profit attributable to the parent company increased by 31.69% to 342 million yuan [1] Marketing and Brand Structure - The company has relied heavily on marketing for growth, with significant expenditures on advertising and traffic, while its research and development investment is relatively low compared to the industry [1] - The main brands "Marubi" and "Lianhuo" are experiencing growth, but the brand "Chunji" has seen a contraction [1] Competitive Landscape - Competitors such as Proya and Winona have launched similar eye care products, which has led to a squeeze on Marubi's market share [1] Regulatory Issues - In late October, Marubi was ordered to rectify issues related to financial accounting, fundraising management, and disclosure, leading to increased uncertainty regarding its IPO in Hong Kong [1]