Core Viewpoint - Marubi Biological achieved a revenue growth of 30.83% year-on-year, contrasting with a mere 5.21% increase in net profit, indicating a structural adjustment in the beauty industry where the company is prioritizing online direct sales over profitability [2][7]. Revenue Performance - In the first half of the year, Marubi Biological reported a revenue of 1.769 billion yuan, up from 1.352 billion yuan in the same period last year, marking a significant acceleration in growth [2][4]. - The overall cosmetics retail sales in China grew by only 2.9%, significantly lower than the 5% increase in total retail sales, highlighting Marubi's outperformance in a sluggish market [2]. Brand Strategy - The main brand Marubi continues to strengthen its position in eye care, while the new makeup brand Lianhuo focuses on foundation products, contributing to a diversified product matrix [4]. - Marubi's core products, such as the peptide eye cream and collagen essence, have driven substantial revenue, with the new collagen mask achieving top sales on Tmall [4]. Channel Performance - Online sales accounted for 89% of total revenue, growing by 37.9%, while offline sales declined by 7.1%, indicating a strong shift towards online channels [6]. - Tmall serves as the primary online platform for Marubi, with top products accounting for 73% of sales, and membership transactions increasing by 28% [6]. Profitability Challenges - The company's net profit for the first half was 186 million yuan, a modest increase of 5.21%, with a significant drop in net profit in the second quarter [7][8]. - Sales expenses surged to 1 billion yuan, with a sales expense ratio of 56.53%, far exceeding competitors, driven by high marketing costs [8][10]. Marketing and Cost Structure - Advertising expenses reached 905 million yuan, a 42.97% increase from the previous year, contributing to the disparity between revenue growth and profit [10][12]. - The overall gross margin slightly decreased to 74.6%, with a more pronounced decline in the second quarter, indicating pressure on profit margins due to pricing strategies and cost structures [10][12]. Industry Context - The trend of "spending to gain volume" is prevalent in the beauty industry, where companies must continuously invest in marketing to avoid revenue stagnation [12].

Core Viewpoint - The article discusses how major liquor companies are adjusting their marketing strategies in response to the pressures from the "strict alcohol ban," opting to exchange profits for sales volume through increased channel incentives and promotional activities [2][3][4]. Group 1: Industry Adjustments - Many liquor companies have begun to increase channel expenses to stimulate sales due to declining market demand, with some brands like Moutai and Wuliangye implementing measures such as halting supply to stabilize prices [3][9]. - A specific example includes a certain strong aroma liquor company that has raised its incentive for distributors from 50% to 70% for a new promotional activity, which has positively impacted sales enthusiasm at the terminal level [3][4]. - Other brands, such as Moutai and Xijiu, are also employing various strategies to boost sales, including selling discount coupons and reintroducing promotional activities [4][6]. Group 2: Market Dynamics - The increase in sales expenses is seen as a necessary response to a significant drop in sales volume, with some companies experiencing declines of 30-50% in the second quarter [9][10]. - Analysts suggest that these strategies are defensive measures aimed at digesting inventory and boosting terminal sales, ultimately to maintain market share and sales volume [9][10]. - The reliance on channel subsidies raises concerns about potential disruptions to the market price system and long-term stability for companies [10][11]. Group 3: Future Considerations - While short-term incentives may alleviate inventory pressure, companies must carefully balance expense investments with profit margins to ensure sustainable growth [10][11]. - The effectiveness of these new strategies remains uncertain, as the industry is currently in a low season, and the long-term impact on brand value and market dynamics will require ongoing observation [11].