Marubi(SH:603983) Xin Lang Cai Jing·2025-12-23 09:40Core Viewpoint - Marubi Biotech has submitted its prospectus to the Hong Kong Stock Exchange to initiate the "A+H" listing process, aiming to raise funds for enhancing online and offline channels, brand marketing, R&D investment, and general operations. However, the company has recently faced regulatory scrutiny from the Guangdong Securities Regulatory Commission due to financial accounting and fundraising issues, raising concerns about its financial health and governance [1][2][10]. Financial Performance - The company's revenue has shown volatility, with figures for 2020-2025 (up to Q3) being 1.745 billion, 1.787 billion, 1.732 billion, 2.226 billion, 2.970 billion, and 2.450 billion respectively, reflecting year-on-year changes of -3.10%, 2.41%, -3.10%, 28.52%, 33.44%, and 25.51% [4][21]. - The net profit attributable to the parent company has also fluctuated, with figures of 464 million, 248 million, 174 million, 259 million, 342 million, and 244 million for the same period, showing year-on-year changes of -10.50%, -55.70%, -24.03%, 38.16%, 73.86%, and -5.42% [4][21]. Sales and Marketing Expenses - Marubi's sales expenses have significantly increased, with amounts of 1.199 billion, 1.635 billion, and 1.415 billion for 2023, 2024, and the first three quarters of 2025, respectively, showing year-on-year growth of 41.65%, 36.38%, and 32.09% [6][23]. - The sales expense ratio reached 57.73%, while R&D expenses were only 63 million, resulting in an R&D expense ratio of just 2.6%, indicating that sales expenses are 22 times higher than R&D expenses [8][25]. Dividend Policy - Since its A-share listing in 2019, Marubi has distributed a total cash dividend of 1.083 billion, with dividend payout ratios of 80.38% and 88.03% for 2023 and 2024, respectively. The majority of these dividends have benefited the controlling shareholders, who hold over 80% of the company [2][19][29]. Regulatory and Governance Issues - The company has faced administrative regulatory measures due to issues such as inaccurate revenue accounting and improper management of raised funds, which have raised concerns about its internal controls and compliance governance [10][27]. - The slow progress of its A-share IPO fundraising projects, including multiple delays in the "cosmetics intelligent manufacturing plant" project, has further highlighted governance concerns [10][32].