Marubi(SH:603983) Xin Lang Cai Jing·2025-12-24 07:57Core Viewpoint - Marubi Biological, known as the "first stock of eye cream" in A-shares, is preparing for a dual listing on the Hong Kong Stock Exchange while undergoing a power transition within the controlling family [2][3]. Group 1: Company Background and Control - Marubi Biological was founded by Sun Huaqing in 2002, focusing on eye care products and has maintained its position as the leading domestic eye care brand from 2021 to 2024 [1][19]. - The controlling shareholders, Sun Huaqing and Wang Xiaopu, hold a combined 80.8% of the company [3][10]. - The company underwent a significant dividend distribution before its IPO, benefiting the controlling family [4][30]. Group 2: IPO and Financial Adjustments - Marubi Biological submitted its IPO application to the Hong Kong Stock Exchange, aiming for an "A+H" dual listing [2]. - The company has faced challenges with its fundraising projects since its A-share listing, with all initial investment projects experiencing delays [5][7]. - Specific projects, such as the cosmetic smart manufacturing factory, have seen multiple delays and budget increases, indicating potential issues in project management [8][9]. Group 3: Financial Performance - Marubi Biological's revenue from 2022 to 2024 showed a compound annual growth rate (CAGR) of 31%, with net profits growing at a CAGR of 43% during the same period [22]. - The company reported a revenue of 24.5 billion yuan in the first nine months of 2025, a 25.5% year-on-year increase, but net profit growth slowed to only 2.86% [23]. - The gross profit margin has been steadily increasing, reaching 74.8% in 2025 [24]. Group 4: Marketing and Sales Strategy - The company has heavily invested in marketing, with total marketing expenses amounting to 4.464 billion yuan from 2022 to 2024, leading to a rising sales expense ratio [25]. - Online sales channels accounted for 87.6% of revenue in the first nine months of 2025, while offline channels have been declining [27]. Group 5: Regulatory Issues and Governance - Marubi Biological received a warning letter from the Guangdong Regulatory Bureau for financial accounting irregularities and improper management of raised funds [15][16]. - The company has committed to rectifying these issues and improving governance practices following the regulatory scrutiny [18].