Investment Rating - The investment rating for Marubi Biotechnology (丸美生物) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections. Core Insights - Marubi Biotechnology reported a revenue of 2.97 billion yuan in 2024, representing a year-over-year increase of 33.4%, with a net profit attributable to shareholders of 342 million yuan, up 31.7% year-over-year [1] - The company is experiencing continuous growth driven by both product innovation and technological advancements, positioning itself as a leader in the collagen industry [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.97 billion yuan and a net profit of 342 million yuan, with a significant increase in net profit margin [1] - For Q1 2025, revenue reached 847 million yuan, reflecting a year-over-year growth of 28% [1] - The gross profit margin improved to 74.6% in 2024, with a further increase to 76% in Q1 2025 [4] Product and Brand Development - The product structure is continuously optimized, with skincare, eye care, cleansing, and beauty products generating revenues of 1.125 billion, 689 million, 241 million, and 913 million yuan respectively in 2024 [2] - The eye care segment saw significant growth, particularly with the "胜肽小红笔眼霜" product, which achieved an online GMV of 533 million yuan, up 146% year-over-year [2] Sales Channels - Online sales accounted for 25.41 billion yuan in 2024, growing by 35.8% year-over-year, while offline sales reached 4.27 billion yuan, up 20.8% [3] - The online sales proportion increased to 86%, indicating a strong digital presence and effective multi-platform strategies [3] Cost Management and Efficiency - The company maintained stable expense ratios across sales, management, and R&D, with a sales expense ratio of 55% in 2024 [4] - Inventory turnover days improved to approximately 90.2 days in 2024, indicating enhanced operational efficiency [4] Future Projections - The forecast for net profit attributable to shareholders is projected to be 450 million yuan in 2025, 582 million yuan in 2026, and 692 million yuan in 2027, reflecting a consistent growth trajectory [8] - The expected P/E ratios for 2025, 2026, and 2027 are 38.9X, 30.1X, and 25.3X respectively, suggesting a favorable valuation outlook [6]

锦波生物（832982.BJ）2024 年年报及 2025 年一季报点评 ➢ 公司拟实施股权激励计划，彰显长期发展信心。本次计划激励股权 100 万份 （占总股本 1.13%），其中首次授予 80 万份（占总股本的 0.90%）；预留 20 万 份，（占总股本的 0.23%），行权价格 276 元/份。激励对象包括公司董事、高 级管理人员等在内的合计 87 人，考核分为 2025-2027 年三期，分别考核目标为 25/26/27 年 净 利 润 不 低 于 10/14/18 亿 元 ， 同 比 增 速 分 别 不 低 于 37%/40%/29%。 ➢ 投资建议：公司是重组胶原蛋白龙头企业，我们预计 25-27 年公司归母净 利润为 11.1/16.0/21.5 亿元，同比增速+50.9%/+44.6%/+34.2%，当前股价对 应 25-27 年 PE 分别为 30x、21x、16x，维持"推荐"评级。 ➢ 风险提示：政策变动风险；行业竞争加剧；新品研发不及预期。 [盈利预测与财务指标 Table_Forcast] | 项目/年度 | 2024A | 2025E | 2026E | 2027E | | -- ...

中国基金报记者赵心怡 "潮水退去，才知道谁在裸泳。"这句话尽管被视为"陈词滥调"，但用来描述2024年美妆类上市公司的业绩表现却恰如其分。 国家统计局数据显示，2024年中国社会消费品零售总额增长3.5%，但化妆品类商品零售额为4356.5亿元，同比下降1.1%。 整体下滑的大环境中，不少外资品牌降价、撤柜，收缩战线。不少耳熟能详的化妆品类上市公司交出的2024年答卷同样惨淡，尤其是老牌日化巨头上海家 化，甚至出现了8.33亿元的亏损。 但存量博弈中依然有人脱颖而出。2024年，珀莱雅营收为107.78亿元，成为首个营收破百亿元的国货美妆品牌。过去两三年登陆港股的毛戈平、巨子生物 增长依然强劲。在一级市场，谷雨生物科技集团股份有限公司（以下简称"谷雨"）正摩拳擦掌，进发资本市场。 昔日巨头亏损、明星跌落 截至4月27日晚间，已有15家A股化妆品类上市公司发布了2024年业绩，合计实现营业收入500.81亿元，同比增长3.59%；合计实现净利润37.65亿元，较上 年同期的51.27亿元大幅下降。 | | | 总收入(亿元) | | | 净利润(亿元) | | | --- | --- | --- | --- | ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational momentum and brand strength [1][6]. Financial Performance - In 2024, the company achieved revenue of 2.97 billion yuan, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million yuan, up 31.7% [1][2]. - For Q1 2025, the company reported revenue of 850 million yuan, reflecting a 28% year-on-year growth, and a net profit of 140 million yuan, which is a 22.1% increase [2][6]. - The company proposed a cash dividend of 0.5 yuan per share for 2024, resulting in a total payout ratio of 88% for the year [1]. Brand and Product Performance - The main brands, Marubi and Lianhuo, experienced substantial growth, with Marubi's revenue reaching 2.055 billion yuan (69% of total revenue) and a growth of 31.7%, while Lianhuo's revenue was 905 million yuan (30% of total revenue) with a growth of 40.7% [3]. - Key product categories such as eye care, skincare, cleansing, and beauty products saw significant revenue contributions, with eye care growing by 60.8% and skincare by 21.6% in 2024 [3][4]. Gross Margin and Cost Control - The gross margin for 2024 improved by 3.0 percentage points to 73.7%, driven by product mix optimization and cost control [4][5]. - The company maintained a good control over expenses, with the expense ratio decreasing by 0.2 percentage points to 60.7% in 2024 [5]. Inventory and Receivables Management - Inventory at the end of 2024 increased by 27.9% to 220 million yuan, with inventory turnover days of 90 days [5]. - Accounts receivable rose by 42.9% to 450,000 yuan at the end of 2024, with turnover days of 4 days [5]. Future Outlook - The company is expected to continue its strong growth trajectory, with projected net profits of 450 million yuan, 570 million yuan, and 680 million yuan for 2025, 2026, and 2027, respectively [6]. - The company’s strategic focus on product innovation and brand strength is anticipated to enhance its market position and profitability [6].

Q&A 广东完美生物技术股份有限公司 2024 年度及 2025 年第一季度的财务表现如 何？ 2024 年，公司实现营业收入 29.7 亿元，同比增长 33.44%，其中主营收入占 比 99.94%。在经济周期动荡和市场竞争激烈的环境下，完美品牌和 PL 品牌均 实现了持续强劲增长。2025 年第一季度，公司实现营业收入 8.47 亿元，同比 上升 28%。公司已连续 9 个季度实现收入和利润双双 30%的增长，转型成果 丸美生物 20250428 • 公司应收账款周期缩短，库存周转天数略增至 90 天，整体财务指标健康 稳定。公司积极响应双碳战略，入选广东省绿色工厂，多款产品获碳中和 认证，并获多项 ESG 荣誉，可持续发展战略稳步推进。 • 公司营销策略迭代，从"眼部护理专家"转向"专注于淡化每一条细纹"， 更注重用户连接。高举大单品策略，以小红笔眼霜升级为 3.0 版本为代表， 带动品类增长。发布眼部护理白皮书，打造完美眼霜节 IP，提升品牌价值。 • 公司将坚持科技创新，以用户需求为核心，提升科技力、产品力、品牌力 与运营力。线上转型成果进一步夯实，生物科技将成为公司重要底色， 2025 年将更注重 ...

以下文章来源于财经天下WEEKLY ，作者财经天下 财经天下WEEKLY . 《财经天下》周刊官方账号，提供有品质的深度报道，讲述中国企业在时代浪潮中的精彩故事。 来源丨财经天下WEEKLY（ID：cjtxweekly） 作者丨林木 编辑丨吴跃 图源丨Midjourney 因为陷入"EGF（表皮生长因子）罗生门"，可复美近期被推上风口浪尖。 不久前，有消费者反映可复美产品"违规添加EGF"。随后可复美母公司巨子生物予以否认，称"旗下所有 产品均未添加"。伴随着舆论发酵，社媒平台上，看客们吵得沸沸扬扬，力挺声、质疑声四起，也让"可 复美"这个名字被更多人知晓。 做过医美或者皮肤敏感的消费者，大多对"可复美"三个字不陌生。这个主打皮肤修复的品牌，早年间主 要深耕院线渠道，之后乘上直播电商风口，进入更多人视野，撬开更多钱包。过去6年，其母公司巨子生 物营收从9.57亿元涨至55.39亿元，翻了5倍多。 2024年，巨子生物一举超越珀莱雅，成为市值最高的国货美妆公司，此后一直保持至今。公司创始人， 现年59岁的陕西人范代娣，也因此登顶国货美妆首富。 95后女生冯琳第一次知道"可复美"，是被皮肤敏感的姐姐种草的。202 ...

4月22日丸美生物董事会主席兼CEO孙怀庆在第五届重组胶原蛋白科学论坛上提到，随着丸美生物主导 制定的《国家重组胶原蛋白行业标准》进入最后评审阶段，公司已经从最初的"吹哨人"，变成了现在的 标准制定者和行业引领者。 弗若斯特沙利文数据显示，中国重组胶原蛋白产品市场规模预计将从2022年的185亿元增长至2027年的 1083亿元，年复合增长率为42.4%，重组胶原蛋白产品的市场渗透率也将大幅提升，到2027年将提高至 62.3%。 本报讯 （记者王镜茹） 4月26日广东丸美生物（603983）技术股份有限公司（以下简称"丸美生物"）发布一季度业绩。一季度 公司实现总营业收入8.47亿元，同比增长28.01%；归母净利润1.35亿元，同比增长22.07%。 同日，丸美生物发布2024年年报。2024年公司营业收入29.70亿元，同比增长33.44%；归母净利润3.42 亿元，同比增长31.69%。其中，主品牌丸美实现营业收入20.55亿元，主营收入占比69.24%；PL恋火品 牌实现营业收入9.05亿元，主营收入占比30.51%；毛利率73.7%，同比上升3.01个百分点，主要系产品 结构及成本控制不断优化所致 ...

重组胶原蛋白行业在技术、工艺上持续进步，继I型、III型后在XVII型、IV型以及多型别组合方面再现突破；各龙头公司在结构解析、发酵制 备、产品化、商业化方面的闭环能力更为成熟。格局方面，各公司均综合布局"妆&二类械&消费/严肃医疗三类械"，同时又在各自擅长的品类深 耕，差异化竞争。最后，中国重组胶原蛋白全球化提速，"原料、妆、械"全面出海。 ▍ 皮肤具备多种生理功能，胶原蛋白分布广且功效多样。 皮肤呈现层叠结构，由表皮、真皮、皮下组织构成。皮肤具有屏障、吸收、分泌和排泄、感觉、体温调节、物质代谢、免疫等多种功能，直接 参与全身的各种功能活动并维持内环境的稳定。人体内2 9种型别胶原蛋白，各型别功能和分布有所区别。目前人类研究发现的胶原蛋白共2 9 种，当前市场上开发和商业化较多的为I型和III型胶原蛋白。双光子显微成像等技术能够有效检验重组胶原蛋白透皮吸收情况。 文 ｜ 徐晓芳 杜一帆 张琳 宋硕 徐嘉琪 皮肤生理功能梳理 | 序号 功能 | | 功能解析 | | --- | --- | --- | | 1 | 屏障功能 | 一方面,保护机体内各种器官组织免受外界环境中机械的、物理的、化学的和生物 | | ...

Core Insights - The medical aesthetics industry is experiencing significant revenue declines among major players, indicating a painful transformation phase for traditional companies [1][2][5] - Huaxi Biological, Aimeike, and Haohai Biological show varying degrees of revenue decline, highlighting differences in business structure and strategic deployment [1][2] - The industry is facing fundamental changes, raising concerns about which companies may fall behind in this transformation [1][8] Company Performance - Huaxi Biological reported a 20.77% year-on-year revenue decline in Q1 2025, with revenue shrinking to 1.078 billion yuan [1] - Aimeike's revenue decreased by 17.90% to 663 million yuan, while Haohai Biological's revenue fell by 4.25% to 619 million yuan [1] - Huaxi Biological's net profit plummeted from 961 million yuan in 2022 to 174 million yuan in 2024, with a further 58.13% decline in Q1 2025 [2][4] Strategic Adjustments - Huaxi Biological is undergoing a significant management overhaul, with leadership changes aimed at addressing operational challenges and improving performance [3][4] - The company is focusing on new fields such as glycoscience and cell biology, which has led to increased management costs [2][3] - Aimeike is shifting its strategy to accelerate product updates and pursue acquisitions in new areas like botulinum toxin and semaglutide [5][6] Market Dynamics - The medical aesthetics market is witnessing intense competition, particularly in the hyaluronic acid segment, raising concerns about whether the market has peaked [8][9] - New materials like hydroxyapatite and recombinant collagen are emerging as potential competitors to hyaluronic acid, indicating a shift in market dynamics [8][9] - Regulatory challenges and lengthy approval processes for medical products are significant barriers to industry growth, impacting companies' ability to innovate [9][10] Future Outlook - Huaxi Biological's turnaround efforts may take time to yield results, especially given its high marketing expenditures [10] - Aimeike's success will depend on the speed of product approvals and market acceptance of its diversified product strategy [6][10] - Haohai Biological is exploring new materials to drive growth, but its performance is still affected by pricing pressures from centralized procurement policies [7][10]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company continues to show strong performance with a revenue growth of 33.4% and a net profit growth of 31.7% in 2024, maintaining a growth momentum into Q1 2025 with revenue and net profit increasing by 28% and 22.1% respectively [5][10] - The dual-brand strategy is effectively driving growth, with both main brands, Marubi and Lianhuo, achieving significant revenue increases of 31.7% and 40.7% respectively in 2024 [6][10] - The company has successfully optimized its product structure and cost control, leading to a gross margin increase of 3.0 percentage points to 73.7% in 2024 [8][11] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan and a net profit of 340 million yuan, with a proposed cash dividend of 0.5 yuan per share [5][10] - The quarterly revenue growth rates for 2024 were 38.7%, 18.6%, 25.8%, and 47.6% respectively, with net profit growth rates of 40.6%, 26.7%, 44.3%, and 20.1% [6] Brand and Product Performance - The Marubi brand generated 2.055 billion yuan in revenue, accounting for 69% of total revenue, while the Lianhuo brand contributed 905 million yuan, making up 30% of total revenue [6] - Key product lines such as eye care and skincare saw revenue growth of 60.8% and 21.6% respectively in 2024 [7] Channel Performance - Online sales accounted for 86% of total revenue in 2024, with a year-on-year growth of 35.8%, while offline sales grew by 20.8% [7] - The Marubi Tmall flagship store's GMV increased by 28%, and self-broadcasting and influencer sales on content platforms saw growth rates of 54% and 82% respectively [7] Cost and Margin Analysis - The gross margin for 2024 was 73.7%, with improvements across various product categories [8] - The company managed to reduce its expense ratio to 60.7% in 2024, with a notable decrease in management and R&D expenses [8] Future Projections - The company forecasts a net profit of 450 million yuan for 2025, with an expected EPS of 1.13 yuan, reflecting a continued growth trajectory [11][12] - The report anticipates a steady increase in revenue and net profit over the next few years, with projected growth rates of 27.7% and 32.9% for 2025 [12][11]