广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 会议资料 广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 各位股东及股东代表： 为维护投资者的合法权益，确保广东丸美生物技术股份有限公司（以下简称"公 司"）2024 年年度股东大会的顺利召开，依据中国证券监督管理委员会《上市公司 股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》 《证券法》 《上市公司股东大会规则》和《公司章程》的 规定，认真做好召开股东大会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 十一、股东未做参会登记或会议签到迟到将不能参加本次会议。股东参加股东 大会，应当认真履行其法定义务，会议开始后请将手机铃声置于无声状态，尊重和 维护其他股东合法权益，保障大会的正常秩序。 十二、对于干扰股东大会秩序、寻衅滋事和侵犯其他股东合法权益的行为，公 司有权采取必要措施予以制止并报告有关部门查处。 下同）的合法权益，除出席会议的股东、公司董事、监事、高级 ...

【申万化妆品】周观点：聚美丽大会指引美业发展，国际集团在华触底反弹20250511 本周聚美丽大会在上海闭幕，聚焦弱背景下行业发展方向，坚定看好科技美妆、精细化运营、AI助力等方向。 本周新闻回顾：美业盛会聚美丽大会圆满落幕。 在国货崛起的背景下，国际品牌也在逆境成长，25Q1包括雅诗兰黛在内的部分重点海外集团，依靠品牌沉淀与近 年变革成果，迎重点品牌在华增速转正。 美妆供给端，在国货品牌进攻，国际品牌反弹的激烈竞争下，有望带动需求 【申万化妆品】周观点：聚美丽大会指引美业发展，国际集团在华触底反弹20250511 本周聚美丽大会在上海闭幕，聚焦弱背景下行业发展方向，坚定看好科技美妆、精细化运营、AI助力等方向。 在国货崛起的背景下，国际品牌也在逆境成长，25Q1包括雅诗兰黛在内的部分重点海外集团，依靠品牌沉淀与近 年变革成果，迎重点品牌在华增速转正。 美妆供给端，在国货品牌进攻，国际品牌反弹的激烈竞争下，有望带动需求端增长。 本周回顾：上海家化(600315)：2024年营收56.79亿元，同比下滑13.93%；归母净利润亏损8.33亿元，同比下滑 266.60%。 25Q1营收17.04亿元，同比下滑10 ...

美容护理 2025 年 05 月 11 日 聚美丽大会指引美业发展，国际集团在华触底反弹 行 业 及 产 业 看好 ——化妆品医美行业周报 20250511 本期投资提示： 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 请务必仔细阅读正文之后的各项信息披露与声明 行 业 研 究 / 行 业 点 评 证 相关研究 - ⚫ 本周化妆品医美板块表现弱于市场，涨后回调。2025 年 4 月 30 日至 2025 年 5 月 9 日期间，申万美容护理指数上涨 1.7%，弱于申万 A 指数 0.6pct。其中，申万化妆品指 数上涨 2.8%，强于申万 A 指 0.5pct；申万个护用品指数上涨 2.3%，与申万 A 指基本 持平。 ⚫ 周观点： ...

Investment Rating - The investment rating for the company is "Add" [4] Core Views - The company reported strong revenue growth, achieving an operating income of 2.97 billion yuan in 2024, a year-on-year increase of 33.44%, and a net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [1][11] - The online channel revenue continues to grow rapidly, with online sales reaching 2.54 billion yuan in 2024, a 35.77% increase year-on-year, accounting for 85.61% of total revenue [2] - The company is transitioning from a traditional cosmetics enterprise to a biotechnology cosmetics company, focusing on key technologies and core raw material research and development [10][11] Summary by Sections Financial Performance - In 2024, the company achieved an operating income of 2.97 billion yuan and a net profit of 342 million yuan, with a significant increase in net profit margin [1][3] - The gross profit margin improved to 73.70% in 2024, up 3.01 percentage points year-on-year, while the net profit margin was 11.53%, down 0.94 percentage points [3][9] Revenue Breakdown - The main brand, Marubi, generated 2.06 billion yuan in revenue, accounting for 69.24% of total revenue, with a year-on-year increase of 31.69% [2] - The second brand, PL Lianhuo, achieved 905 million yuan in revenue, a 40.72% increase year-on-year [2] Market Strategy - The company is deepening its focus on major product strategies, particularly in eye care and wrinkle reduction, maintaining its leading position in the eye care category for three consecutive years [2][10] - The company has launched several innovative products, including the upgraded peptide eye cream and collagen essence, which have seen significant sales growth [2][10] Future Outlook - The company expects to achieve net profits of 411 million yuan, 476 million yuan, and 537 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 20.40%, 15.75%, and 12.69% [11][12] - The projected earnings per share (EPS) for the next three years are 1.03 yuan, 1.19 yuan, and 1.34 yuan [11][14]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8] Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8] - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7] - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7] Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11] - The gross profit margin is expected to increase to 74.8% in 2025, with a net profit margin of 11.8% [2][11] - The company’s return on equity (ROE) is projected to rise to 12.4% in 2025 and 16.4% in 2027 [2][11] Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7] - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7] Market Position and Strategy - The company has successfully implemented a three-year online and offline channel strategy, which has stabilized market order and pricing systems [7] - The rebranding to "Marubi Biotechnology" signifies a strategic shift from traditional beauty products to biotechnology-based beauty solutions [7]