Investment Rating - The report assigns an "Outperform" rating for Marubi Biotechnology, expecting the stock's total return over the next 12-18 months to exceed the return of its relevant broad market benchmark [20]. Core Insights - Marubi achieved operating revenue of 1.769 billion yuan in the first half of 2025, representing a year-on-year increase of 30.83%, driven by brand innovation, channel expansion, and operational efficiency improvements [2][8]. - The company's online channels generated 1.571 billion yuan in revenue during the first half of 2025, up 37.85% year-on-year, while offline channels saw a decline of 7.07% to 197 million yuan [2][8]. - Marubi's gross margin for the first half of 2025 was 74.6%, slightly down by 8 basis points year-on-year, attributed to optimization in product and sales structures [2][8]. Revenue and Growth - In Q2 2025, Marubi's revenue reached 923 million yuan, marking a 33.5% year-on-year growth [2][8]. - The Marubi brand generated 1.25 billion yuan in revenue in the first half of 2025, up 34.36% year-on-year, accounting for 70.72% of total revenue [2][8]. - The PASSIONAL LOVER brand achieved 516 million yuan in revenue, a 23.87% increase year-on-year, representing 29.22% of total revenue [2][8]. Cost and Profitability - Sales expenses in the first half of 2025 were 1 billion yuan, up 39.31% year-on-year, leading to a sales expense ratio of 56.5%, an increase of 3.4 percentage points [3][9]. - The net profit attributable to the parent company for the first half of 2025 was 186 million yuan, a 5.21% increase year-on-year, with a net profit margin of 10.5%, down 2.6 percentage points [3][9]. Product Development and Market Position - Marubi expanded its product range, particularly in eye care and anti-aging, with the Little Red Pen Eye Cream achieving a 150% year-on-year sales growth in the first half of 2025 [4][10]. - The Little Golden Needle Serum and other products maintained strong sales performance, with the Little Golden Needle Super Mask reaching a market share of 4.23% on TikTok [4][10]. Marketing and Sales Strategy - The company adopted an eight-account matrix operation model for self-broadcasting, achieving a penetration rate of 82% [5][11]. - Marubi's self-broadcasting business saw a 60% year-on-year increase in Q1 2025 and a 10% increase in Q2 2025 [5][11].

Core Insights - The short video industry is undergoing an intelligent transformation in 2025, with a leading MCN agency adding over 5 million new followers in a single month through matrix operations [1] Group 1: Cloud Control Platform Core Functions - Mainstream cloud control systems in the market have three core modules: account management center supporting synchronization of over 500 accounts, data monitoring panel capturing over 20 dimensions of data such as views and interaction rates, and an intelligent publishing system allowing for differentiated publishing times and comment management strategies [4] - A live streaming base deployed a cloud control system that enabled the distribution of 2,000 short videos in a single day, reducing labor costs by 80% [4] - Caution is advised against "cloud control" devices that use parameter forgery to bypass platform restrictions, which have been blacklisted by multiple platforms; it is recommended to choose cloud management systems that support API direct connections for enhanced account security and operational efficiency [4] Group 2: Cross-Platform Distribution Practical Guide - Matrix operations should establish a content grading system, allocating 60% of efforts to producing hit content for the main platform and 40% for adapting content across multiple platforms [5] - Empirical data shows that the optimal publishing times for the same video differ by 2-3 hours across Douyin, Kuaishou, and WeChat Video; using a multi-account management system allows for timed differentiated publishing [5] - An educational institution utilized secondary creation tools to transform one teaching video into six formats, achieving over 8 million total exposures [5] Group 3: Building a Traffic Conversion Link - Cross-platform operations require a unified user database to track conversion effects across channels [6] - A beauty brand implemented differentiated guiding phrases in video comment sections: Douyin focused on live stream traffic, Kuaishou directed users to private messages for coupons, and WeChat Video linked to a mini-program mall [6] - When a single platform's followers exceed 100,000, it is advisable to initiate a full-domain operation strategy; a rural content creator successfully directed Douyin followers to a Taobao live stream, increasing the average transaction value by 300% [6] - Utilizing data monitoring tools to compare user profiles across platforms allows for timely adjustments to content strategies, potentially increasing account growth rates by 2-3 times [6] - Short video creators have entered a refined operational phase, using tools like Yimei Assistant for intelligent content distribution and Xia Guo for tracking external links, effectively enhancing operational efficiency [6]

Core Insights - The self-media industry has fully entered the era of intelligent operations by 2025, with data showing that top creators manage an average of 7.3 platform accounts, and over 82% of quality creators utilize matrix operation strategies [1] Group 1: Xiaohongshu Specialized Operation Solutions - It is recommended to use operational tools with intelligent tagging systems tailored to Xiaohongshu's algorithm, which can automatically identify keywords in content and generate recommended tags that comply with platform traffic rules [3] - A beauty blogger experienced a 217% increase in natural traffic and a rise in viral content rate from 12% to 39% after using intelligent tagging tools [3] Group 2: Cross-Platform Content Synchronization Core Technology - Creators are advised to use tools that support automatic synchronization across more than 10 platforms, as manual uploads are time-consuming and can dilute account authority [4] - These systems can intelligently adapt to format requirements of different platforms, such as adjusting video ratios and monitoring performance data in real-time [4] Group 3: Matrix Account Management Advanced Techniques - Mature creator teams typically adopt a "1+N" account matrix model, where one main account is paired with multiple niche accounts [5] - An educational institution managed 21 accounts using matrix tools, achieving a total follower count increase from 0 to 3.8 million within six months [5] Group 4: Data-Driven Viral Content Production System - The production of viral content has formed a complete data loop, including trend monitoring, AI-generated topics, intelligent editing, multi-platform distribution, and real-time data feedback [6] - Notably, analyzing data correlations across platforms, such as the relationship between Douyin's completion rate and Xiaohongshu's collection rate, can lead to targeted content optimization [6] Group 5: New Pathways for Private Traffic Accumulation - As the cost of acquiring public traffic continues to rise, creators are encouraged to use short link tools to direct followers from various platforms to private domains [7] - Data shows that content embedded with personalized short links has a conversion rate 4.6 times higher than standard QR codes, with a mother and baby blogger accumulating 28,000 precise users in three months and achieving a private repurchase rate 12 times that of public traffic [7] - In this rapidly evolving content ecosystem, creators need to build a complete operational chain that includes intelligent creation, precise distribution, data review, and private traffic accumulation [7]