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].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on projected earnings growth and valuation metrics [4][5]. Core Insights - The company reported a revenue of 5.736 billion yuan for 2024, reflecting a year-on-year growth of 3.87%. However, the net profit attributable to shareholders decreased by 33.53% to 503 million yuan [2][5]. - The main revenue source is the brand "Winona," which saw a revenue decline of 5.45% to 4.909 billion yuan, while "Winona Baby" and "Aikeman" experienced significant growth of 34.03% and 65.59%, respectively [2][4]. - The gross margin for 2024 was 73.74%, with a slight decrease of 0.16 percentage points year-on-year. The net profit margin decreased by 4.93 percentage points to 8.77% [3][4]. Financial Performance Summary - Revenue projections for 2025, 2026, and 2027 are 6.285 billion yuan, 7.153 billion yuan, and 8.146 billion yuan, respectively, with growth rates of 9.6%, 13.8%, and 13.9% [5][7]. - The net profit attributable to shareholders is expected to recover to 700 million yuan in 2025, with a growth rate of 39.2%, followed by 856 million yuan in 2026 and 1.059 billion yuan in 2027 [5][7]. - The report indicates an increase in operating expenses, with sales, management, and R&D expense ratios rising significantly in recent quarters [3][4]. Brand Strategy and Market Position - The company is expanding its market presence with a multi-brand strategy, focusing on the main brand "Winona" and introducing new products in the sensitive skin segment [4]. - The launch of the "Winona 2.0" strategy aims to enhance brand positioning and product offerings, which is expected to drive long-term growth [4][5].

Core Viewpoint - The collaboration between DCEXPORT and Hunan Jiujingtang aims to modernize traditional Chinese herbal medicine cultivation and establish a traceability system for skincare ingredients, emphasizing a new approach to public welfare that benefits the country, industry, and consumers [1][3]. Group 1: Strategic Collaboration - DCEXPORT and Hunan Jiujingtang have signed a strategic cooperation agreement to focus on standardized cultivation of Chinese herbal medicine, building a traceability system for raw materials, and implementing a public welfare program to support farmers [1]. - The partnership is not merely a publicity stunt but a systematic approach to create long-term value for the country, industry, and consumers [3]. Group 2: Product Development - Through collaboration with Beijing Forestry University, a wild chrysanthemum with a Linarin content of 5.32% has been developed, significantly exceeding the Chinese Pharmacopoeia standard of 0.8%, making it a key ingredient in DCEXPORT's skincare system [2]. - The skincare products will ensure that every ingredient is traceable from breeding to extraction, promoting the idea that "natural does not equal effective, effective must also be credible" [4]. Group 3: Societal Impact - The initiative aims to transform barren land into medicinal herb bases, addressing employment issues for left-behind women and the elderly, thereby revitalizing land and retaining population [4]. - The project seeks to elevate traditional Chinese medicine skincare from vague concepts to standardized and transparent practices, integrating ancient medicinal properties with modern technology [4]. Group 4: Consumer Trust - The company emphasizes the importance of consumer awareness regarding the origins of skincare ingredients, highlighting the meticulous process from seed selection to manual harvesting [6]. - The initiative aims to build a "moat" for the Chinese skincare industry, fostering long-term trust with consumers through transparency and quality assurance [6].

Industry Overview - The functional skincare market has become a dominant segment within the broader skincare industry, driven by increasing consumer awareness of skin issues and ingredient research [3][5] - Functional skincare products are designed for individuals with specific skin concerns, including whitening, anti-aging, sun protection, and hydration, often containing medicinal ingredients [1][5] Market Growth - The global functional skincare market is projected to grow from $35.3 billion in 2016 to $168 billion by 2024, while the Chinese market is expected to increase from 7.42 billion yuan to 48 billion yuan in the same period [5] - The demand for functional skincare products is fueled by the rise of ingredient-conscious consumers, sensitive skin populations, and post-aesthetic treatment recovery needs [3][5] Product Categories - Functional skincare products encompass three main categories: dermatological skincare, efficacy-driven skincare, and medical-grade skincare, with "pharmaceutical cosmetics" falling under dermatological skincare [5] - Professional skincare products are further divided into patch-based and non-patch-based forms, with patch-based products, such as masks, projected to grow from 2.38 billion yuan in 2017 to 19.34 billion yuan by 2024 [5] Industry Leaders - Companies like Huaxi Biological, Beitaini, and Juzhi Biological are recognized as industry leaders, driving development through innovation [9] Consumer Trends - The evolution of functional skincare reflects a dual pursuit of beauty and health, highlighting a growing consumer awareness of personal skincare needs [11]

Group 1 - The US-China trade war has escalated, with the US increasing tariffs on Chinese products from an initial 34% to 145% [1] - Despite the trade tensions, many American-owned brands disguised as domestic products are thriving in the Chinese market [4] - Harbin Beer, often mistaken as a local brand, was acquired by the American company Anheuser-Busch in 2004 [3][8] Group 2 - Yida chewing gum, popular in China, is owned by the American company Wrigley, which entered the Chinese market in 1996 [11] - Other Wrigley products, such as Green Arrow, are also American brands that perform well in China [14] - Shuanghui Group, known for its hot dogs, was sold to American firms in 2007, with significant ownership by American investor Rothschild [18][22] Group 3 - Jinlongyu, a leading cooking oil brand in China, is part of the "Yihai Kerry" group, which is a joint venture involving the American company ADM [23][25][27] - Dabao, a well-known Chinese skincare brand, was acquired by Johnson & Johnson in 2008, despite its Chinese branding [29][33] - Procter & Gamble, an American company, owns several brands in China, including Head & Shoulders and Pampers, which are often perceived as domestic products [35]

更适合中国人肤质的科学美白品牌。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， 谷雨生物科技集团股份有限公司 （以下简称 " 谷雨 "）于2 025 年 3月2 7 日 同中信建投证券签署辅导协议，正式启动 A 股 IPO进程。 成立于 2 010 年的谷雨定位 更适合中国人肤质的科学美白品牌 。在谷雨看来， 相比较于西方化学 猛药型成分的刺激， 其 更相信东方植萃成分的高效 与 安全， 且 更适合中国人易敏易黑的肤质特 点。 为此， 谷雨专研光甘草定 18年，让功效型原料也可以真正拥有"中国芯"。 截至目前，谷雨已形成了从 原料 -配方-检测-生产 的 "全产业链"研发壁垒，拥有诸多核心配方专利 及独家应用技术，拥有中国唯一的现代科学培植和管理的光果甘草人工种植基地，对光甘草定的提纯 度高达99%，提供更适合中国人的科学美白产品。 2 021 年至 2 023 年，谷雨的销售额分别突破了 1 0 亿、 2 2 亿和 3 5 亿， 2 024 年的 GMV 则突 破了 5 0 亿。 根据 欧睿 的资料， 按 2024年零售渠道零售额 计算， ...