整改后13天即闯港股，8亿分红落袋实控人，丸美生物急什么？

Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. (referred to as "Marubi") has submitted an application for H-share listing on the Hong Kong Stock Exchange just 13 days after completing a series of regulatory rectifications, raising questions about whether this move is part of an internationalization strategy or a response to internal pressures [1][3]. Regulatory Compliance Issues - Marubi was subjected to administrative regulatory measures by the Guangdong Securities Regulatory Bureau due to issues in financial accounting and fundraising management, including inaccurate revenue recognition and improper use of raised funds [3][4]. - The company reported inflated revenue and net profit figures for the first half of 2025, with revenue overstated by 4.55 million yuan and net profit by 11.33 million yuan [3]. - Concerns about the effectiveness of Marubi's internal controls have emerged due to the company's failure to timely convert construction projects into fixed asset accounting, leading to an overstatement of construction in progress by 568 million yuan [3]. Financial Performance - Marubi's revenue peaked at 1.801 billion yuan and net profit at 515 million yuan in 2019, but has since experienced fluctuations, with net profit dropping to 248 million yuan in 2021 and further to 174 million yuan in 2022 [4]. - For the first three quarters of 2025, the company reported a revenue increase of 25.51% to 2.45 billion yuan, but net profit growth was only 2.13%, the lowest in three years, with a 5.42% decline in non-recurring net profit [5][6]. Marketing and R&D Expenditure - Marubi's sales expenses have significantly increased, with a ratio of sales expenses to revenue rising from 48.8% to 57.7% from 2022 to 2025, indicating a heavy reliance on marketing for revenue generation [6]. - In contrast, R&D expenses have remained low, with R&D expense ratios hovering around 2.5% to 3.1% during the same period [6]. Dividend Policy and Ownership - Since its A-share listing in 2019, Marubi has maintained a high and frequent dividend policy, distributing a total of 1.083 billion yuan in cash dividends, which accounts for 137.10% of its net fundraising amount [8]. - The founders, holding over 80% of the company's shares, have received approximately 800 million yuan from dividends, raising concerns about the motivations behind the company's IPO amid governance issues and declining profitability [8].