“急闯”港股 丸美生物突围还是解困？

Core Viewpoint - Marubi Biotechnology is seeking a dual listing on the Hong Kong Stock Exchange 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][12]. Financial Status - Marubi plans to issue up to 15% of its total share capital as H-shares in its Hong Kong listing [2]. - The company has faced financial scrutiny due to irregularities in financial accounting and has been ordered to rectify these issues by regulatory authorities [2][12]. - As of the end of 2025, Marubi's short-term borrowings amount to approximately 573 million yuan, with total short-term liabilities around 977 million yuan [8][12]. Dividend Policy - Marubi's dividend payout ratio has surged from 37.77% in 2019 to 202.82% in 2023, with a notable payout ratio of 235.87% in 2024 [7]. - The majority of dividends benefit the founding couple, who hold over 80% of the company's shares, raising concerns among investors about the sustainability of such high payouts amid financial pressures [7][9]. Revenue and Profitability - Marubi reported a revenue of 2.97 billion yuan in 2024, with 2.45 billion yuan generated in the first three quarters of 2025 [12]. - Despite revenue growth, 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][11]. Marketing and Sales Strategy - The company's marketing expenses have significantly increased, reaching 1.415 billion yuan in the first three quarters of 2025, with a marketing expense ratio of 57.7% [12]. - A high reliance on online sales channels, which accounted for 87.6% of revenue in the same period, has led to increased operational costs due to platform rules and traffic costs [12]. Research and Development - Marubi is transitioning towards a biotechnology-focused beauty company, with an emphasis on research in areas like recombinant collagen [14]. - However, R&D spending has been insufficient, with only a slight increase in R&D expenses compared to a significant rise in sales expenses [16].