“急闯”港股，丸美生物突围还是解困？

Core Viewpoint - Marubi Biotechnology is seeking a dual listing in Hong Kong to enhance its capital strength and international financing capabilities amid increasing competition in the domestic beauty industry and rising online traffic costs, which have led to a situation of revenue growth without profit increase [2][3]. Financial Pressure - Marubi plans to issue up to 15% of its total share capital as H-shares in its Hong Kong listing [3]. - The company reported a net cash outflow of 391 million yuan in Q3 2025, significantly reducing its cash and cash equivalents [5]. - Short-term borrowings reached 573 million yuan, with total short-term liabilities amounting to approximately 977 million yuan [6]. Dividend Policy - Marubi's dividend payout ratio has surged from 37.77% in 2019 to 202.82% in 2023, with a payout ratio of 235.87% in 2024 [10]. - The majority of dividends benefit the founders, who hold over 80% of the shares, raising concerns among investors about the sustainability of high dividends amid financial pressures [10]. Institutional Shareholding - Institutional shareholding has decreased significantly, with the number of shares held by funds dropping from 23.65 million at the end of 2024 to 9.61 million by the end of September 2025 [10][11]. Revenue and Profit Trends - Marubi's revenue grew to 2.97 billion yuan in 2024, with 2.45 billion yuan generated in the first three quarters of 2025 [12]. - However, net profit growth has slowed, with a mere 2.13% increase in net profit attributable to shareholders in the first three quarters of 2025, while non-recurring net profit declined by 5.42% [12]. Marketing Expenses - Marketing expenses for the first three quarters of 2025 reached 1.415 billion yuan, with an expense ratio climbing to 57.7%, primarily due to reliance on online sales channels [12][14]. - The company faced a significant drop in net profit in Q2 2025 despite revenue growth, with sales expense ratios exceeding 60% [14]. Technology Transformation - Marubi officially rebranded to "Marubi Biotechnology" in December 2024, emphasizing its transition to a biotechnology-focused beauty company [18]. - The company has increased its investment in research and development, particularly in recombinant collagen products, which have shown significant market growth potential [18][20]. - However, R&D spending has not kept pace with sales expenses, with only a slight increase in R&D costs compared to a substantial rise in marketing expenses [21].