上 市 公 司 美容护理 2025 年 08 月 25 日 丸美生物 (603983) ——战略投入致利润端低于预期，收入端持续高增 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 08 月 25 日 | | --- | --- | | 收盘价（元） | 42.23 | | 一年内最高/最低（元） | 56.98/20.17 | | 市净率 | 5.0 | | 股息率%（分红/股价） | 1.78 | | 流通 A 股市值（百万元） | 16,934 | | 上证指数/深证成指 | 3,883.56/12,441.07 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | | --- | --- | --- | | 每股净资产（元） | | 8.39 | | 资产负债率% | | 28.01 | | 总股本/流通 A 股（百万） | 401/401 | | | 流通 B 股/H 股（百万） | | -/- | 一年内股价与大盘对比走势： 08-26 09-26 10-26 11-26 12-26 01-26 02-2 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [5] Core Insights - The company achieved a revenue of 859 million yuan in H1 2025, representing a year-on-year increase of 42.43%, and a net profit of 392 million yuan, up 26.65% year-on-year [5] - The growth in revenue is primarily driven by the increase in sales of medical devices and functional skincare products [5] - The company maintains its profit forecast for 2025-2027, expecting net profits of 1,038 million, 1,381 million, and 1,825 million yuan respectively, with corresponding EPS of 9.02, 12.00, and 15.86 yuan per share [5] Revenue Breakdown - Medical device sales generated 708 million yuan in H1 2025, a year-on-year growth of 33.41%, with a gross margin of 95.04% [6] - Functional skincare products achieved revenue of 121 million yuan, marking a significant increase of 152.39% year-on-year, with a gross margin of 70.78% [6] Product Development and Market Expansion - The company has clinically applied over 2.7 million units of recombinant type III humanized collagen, which has received medical device registration approval in Thailand [7] - The company has developed 14 new invention patents, including 4 international patents, and has made significant progress in globalizing its recombinant humanized collagen products [7] Financial Projections - The company forecasts revenue growth from 2,117 million yuan in 2025 to 3,617 million yuan in 2027, with a compound annual growth rate (CAGR) of 29.8% [9] - The projected net profit for 2025 is 1,038 million yuan, increasing to 1,825 million yuan by 2027, reflecting a strong growth trajectory [9]

Core Viewpoint - The beauty industry is facing scrutiny due to ingredient controversies, particularly regarding HEXKIN's "Rejuvenating Collagen Mask," which has been questioned for allegedly lacking collagen [1] Group 1: Product Controversy - A beauty blogger sent HEXKIN's mask for testing, revealing that "collagen was not detected" in the sample [3] - HEXKIN responded by commissioning a retest, which found "hydrolyzed collagen" at a level of 0.532%, raising confusion over the difference between collagen and its hydrolyzed form [3][6] - The company's marketing has been criticized for using vague terminology, leading consumers to assume the presence of effective collagen rather than its hydrolyzed form, which has different absorption and efficacy characteristics [7] Group 2: Regulatory and Testing Standards - HEXKIN claims compliance with national regulations and has completed the necessary registration with the National Medical Products Administration [5] - The lack of standardized testing methods for collagen in cosmetics has led to discrepancies in results from different testing institutions, highlighting a significant issue within the industry [7] - The controversy reflects broader challenges in the beauty industry regarding the clarity and reliability of ingredient testing standards [7] Group 3: Marketing and Consumer Trust - HEXKIN heavily relies on influencer marketing, with over 80% of its GMV dependent on key opinion leaders, which can lead to misinformation about product efficacy [8] - The company's promotional claims, such as comparing the mask to "collagen infusion," may mislead consumers and exacerbate trust issues [8] - Consumers are encouraged to consider product registration and testing reports when purchasing cosmetics, emphasizing the need for transparency and genuine product efficacy [8]

Core Insights - The article emphasizes the importance of diet in maintaining skin health, highlighting that collagen is crucial for skin elasticity and smoothness. As people age, their natural collagen production declines due to various factors, including stress and poor diet [1] Food Sources of Collagen - Bone broth is rich in collagen, gelatin, and essential amino acids, promoting collagen production and skin health [2] - Fatty fish like salmon and tuna are excellent sources of omega-3 fatty acids and marine collagen, which enhance skin elasticity and hydration [3] - Eggs, while not containing collagen directly, are rich in proline and lysine, amino acids vital for collagen synthesis [4] - Citrus fruits are high in vitamin C, essential for stabilizing and generating collagen molecules [5] - Berries contain antioxidants and vitamin C, which are important for collagen production and skin protection [6] - Leafy greens are nutrient-dense and support collagen synthesis while protecting the skin from damage [7] - Nuts and seeds provide omega-3 fatty acids and zinc, crucial for collagen production and skin repair [8] - Garlic contains sulfur, which is necessary for collagen production and helps rebuild damaged collagen fibers [9] - Tomatoes are rich in lycopene, an antioxidant that protects the skin from UV damage and supports collagen synthesis [10] - Avocados provide healthy fats and vitamins E and C, essential for collagen production and skin health [11] - Soy products are excellent sources of plant protein and isoflavones, supporting collagen production and improving skin elasticity [12] - Kiwi has a high vitamin C content, aiding in collagen formation and providing antioxidants for skin health [13] - Pumpkin seeds are rich in beta-carotene, vitamin C, and zinc, all important for collagen synthesis and skin repair [14] - Cashews are high in copper, which is vital for collagen connection and maintaining skin elasticity [15] - Colorful bell peppers are rich in vitamin C and antioxidants, helping to reduce inflammation and protect the skin [16] - Mushrooms, especially sun-exposed varieties, are a rare plant source of vitamin D, crucial for collagen integrity [17]

Group 1: Retail Industry Overview - The retail industry is focusing on three main investment themes for the second half of 2025: strong product momentum, improved operational conditions, and large comprehensive enterprises [7] - The beauty and personal care sector is showing strong performance, with a year-on-year growth of 62.51% in Q1 2025 for companies like Jinbo Biological and 28.01% for Marubi Biological [38] - The jewelry sector is witnessing a shift towards lighter and more affordable gold products, driven by younger consumers and the trend of diversification in the market [7] Group 2: Consumer Confidence and Sales Performance - In the first quarter of 2025, the total retail sales of consumer goods reached 12.47 trillion yuan, with a year-on-year increase of 3.6% [14] - The consumer confidence index showed a recovery trend in early 2025, indicating a positive outlook for retail consumption [14] - The beauty and jewelry categories experienced year-on-year retail sales growth of 5.48% and 8.06% respectively in the same period [14] Group 3: E-commerce and Offline Trends - E-commerce sales showed a mixed performance, with a total sales index of 50.6% in May 2025, reflecting a slight decline compared to previous months [23] - The offline retail market is stabilizing, with a noticeable recovery in shop rental rates, which reached 53.6% in April and May 2025 [29] - The operating space index showed fluctuations but remained stable, indicating a cautious approach to new store openings [29] Group 4: Investment Recommendations - The report recommends focusing on companies with strong product momentum and operational improvements, such as Proya, Giant Biological, and Marubi Biological [62] - The beauty sector is highlighted for its resilience and growth potential, with specific companies recommended for investment based on their strong performance metrics [62] - The medical beauty sector is also emphasized, particularly companies that are expanding their product lines and improving operational capabilities [7][63]

Core Viewpoint - The article discusses the ongoing competition between two major players in the medical beauty industry, Huaxi Biological and Juzhi Biological, highlighting the market dynamics and the impact of recent controversies on their valuations and reputations [4][12][44]. Group 1: Market Dynamics - Huaxi Biological publicly criticized the notion that hyaluronic acid is outdated, directly targeting nine brokerage firms for their lack of rigor in research reports, which favored Juzhi Biological [4][12]. - Juzhi Biological's market capitalization has decreased significantly, dropping to approximately HKD 65 billion, a nearly one-third reduction from its peak on May 20 [8][46]. - The medical beauty market is experiencing rapid changes, with Juzhi Biological's revenue surpassing Huaxi Biological's in 2024, and its net profit being nearly twelve times that of Huaxi Biological [12][44]. Group 2: Controversies and Responses - Juzhi Biological faced allegations of product ingredient fraud, specifically regarding its core product, Kefu Mei, which is crucial for its revenue [6][29]. - The company initially responded slowly to the allegations, which led to investor dissatisfaction and a significant drop in stock price [28][29]. - Despite attempts to clarify the situation through third-party testing, Juzhi Biological's responses have been met with skepticism, particularly regarding the validity of their testing methods [26][27]. Group 3: Competitive Landscape - The competition between Huaxi Biological and Juzhi Biological is characterized as a market "replacement," with both companies vying for dominance in the medical beauty sector [13][44]. - Huaxi Biological's management attributes the market shift to capital chasing new trends, particularly the rise of collagen products over hyaluronic acid [44][45]. - The article emphasizes the fragility of the business models in the medical beauty industry, as both companies heavily rely on specific products, making them vulnerable to market changes [47][48].

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Core Viewpoint - The article discusses the competitive landscape of the collagen market in China, highlighting the success of domestic brand Chuangfukang, which has maintained stable prices for 23 years despite technological advancements and market pressures [2][5][14]. Market Background - The collagen market is on the brink of a "second explosion," with projections indicating that by 2027, the overall market size in China will reach 173.8 billion yuan [3]. - The rise of recombinant collagen has significantly contributed to market growth, with domestic companies breaking international barriers in collagen technology [3][5]. - The article emphasizes the importance of scientific communication in addressing consumer skepticism regarding price increases in collagen products [5][24]. Technological Breakthroughs - Chuangfukang, under Chuang'er Biotechnology, has made significant advancements in collagen extraction technology, reducing costs from 2,000 to 7,000 yuan per gram for imported collagen to a fraction of that for domestic products [3][12][19]. - The company has achieved FDA certification for its raw materials and has expanded its market reach to Europe, the U.S., and South Korea [3][5]. Challenges in Communication - The article identifies three main issues in the scientific communication of collagen products: homogenized messaging, lack of cost transparency, and a disconnect in consumer understanding of the medical benefits of collagen [5][24]. - Chuangfukang's low profile in the market has hindered broader consumer awareness of its technological breakthroughs [5][24]. Marketing and Consumer Engagement - The collaboration with the advertising agency Shizhi Xiang aims to address consumer concerns about pricing and technology through direct dialogue and transparency [6][8][24]. - The marketing strategy focuses on establishing trust through third-party validation and addressing sensitive pricing issues directly [24][26]. Brand Positioning - Chuangfukang's commitment to not raising prices for over two decades reflects its philosophy of making technological innovations accessible to a broader audience [14][19]. - The brand has achieved a high customer loyalty rate, with a 50% repurchase rate, attributed to its competitive pricing and product quality [20][22]. Conclusion - The article concludes that Chuangfukang's journey exemplifies the potential of domestic brands to innovate and maintain ethical pricing in a competitive market, emphasizing the need for effective communication strategies to enhance consumer trust and brand image [24][28].

Investment Rating - The report upgrades the investment rating to "Buy" for the company [1]. Core Insights - The company has shown strong performance with significant revenue growth driven by key products and brand strategies [6][5]. - The financial outlook remains positive with projected revenue and profit growth over the next few years [5][6]. - The company is focusing on optimizing its marketing strategies and enhancing product offerings to capture market share [6]. Financial Data and Profit Forecast - Total revenue for 2024 is projected at 2,970 million, with a year-on-year growth of 33.4% [5]. - The net profit attributable to the parent company for 2024 is expected to be 342 million, reflecting a growth of 31.7% [5]. - The gross margin for 2024 is forecasted at 73.7%, an increase of 3.01 percentage points compared to the previous year [6]. - The company anticipates a net profit of 438 million in 2025, with a year-on-year growth of 28.2% [5]. Revenue Breakdown - Revenue from eye care products reached 689 million, a year-on-year increase of 60.78% [6]. - Skincare products generated 1,125 million, growing by 21.60% year-on-year [6]. - The main brand, Marubi, achieved revenue of 2,055 million, up 31.69% year-on-year, while the sub-brand, Lianhuo, saw a 40.72% increase [6]. Marketing Strategy - The company is enhancing its marketing efforts around key products, participating in major online promotional events, and leveraging social media for brand engagement [6]. - The focus on big-ticket items and targeted marketing campaigns has resulted in significant brand visibility and consumer connection [6].