证券研究报告|美容护理 [Table_Summary] 报告关键要素: 8 月 22 日，公司发布 2025 年半年度报告。报告显示，2025 年上半年， 公司实现营业收入 17.69 亿元（YoY+30.83%），实现归母净利润 1.86 亿 元（YoY+5.21%），实现扣非归母净利润 1.77 亿元（YoY+6.64%）；其中 2025 年第二季度，公司实现营业收入 9.23 亿元（YoY+33.53%），实现 归母净利润 0.51 亿元（YoY-23.08%），实现扣非归母净利润 0.43 亿元 （YoY-30.22%）。公司收入端符合我们此前预期，但利润端不及预期。 3263 投资要点: 分渠道：主战场线上渠道收入增速亮眼，线下渠道相对承压。2025 年 上半年，公司线上渠道实现营业收入 15.71 亿元，同比增长 37.85%， 收入占比 88.87%。丸美天猫旗舰店 TOP5 核心单品销售占比 73%，产品 集中度进一步提升；会员成交金额同比增长 28%，品牌粘性持续攀升； 店播销售同比增长 59%，其会员渗透率 82%，表现亮眼。公司线下渠道 实现营业收入 1.97 亿元，同比增长-7.07% ...

展望未来，丸美生物将继续深耕美与健康领域，强化研发壁垒，推进多品牌品类多渠道协同发展，为可 持续增长筑牢根基。 报告期内，公司研发费用达4069.58万元，同比增长13.53%。公司成功构建酵母表达平台，开发多款创 新型重组功能蛋白，并推出"小金针超级面膜"等创新产品。新增申请专利25项，累计获得授权专利365 项，其中发明专利255项。公司还主导制定了《化妆品原料β-葡聚糖》团体标准，进一步巩固技术壁 垒。珠海横琴实验室的建成运行，为公司前沿生命科学研究提供了硬件支撑。 据了解，公司坚持"多平台协同、精细化运营"策略，在多个平台实现用户增长与销售提效。其中，丸美 天猫旗舰店前五个核心单品销售占比达73%，会员成交金额同比增长28%；抖音平台通过"种收一体"策 略，品牌搜索指数同比提升72.07%。数字化建设方面，公司上线商品运营系统和MES系统，构建"业务 数据化-数据智能化"闭环体系，并在AI应用领域取得场景化突破。 本报讯 （记者王镜茹）8月22日晚，广东丸美生物技术股份有限公司（以下简称"丸美生物"）发布2025 年半年度报告。报告显示，公司上半年实现营业收入17.69亿元，同比增长30.83%；归属 ...

2025年上半年，国货美妆上市公司整体业绩表现亮眼。从发展策略来看，各企业思路较为相似，主要集 中在推动核心品牌建设、发力电商渠道营销以及持续孵化新产品线，共同拉动收入与利润双增长。 具体来看，上海家化上半年实现营收34.8亿元，同比增长4.7%；归母净利润2.7亿元，同比增长11.7%。 公司持续推进核心品牌战略与线上渠道建设，旗下六神、玉泽等品牌通过产品线拓展实现显著增长。 丸美生物同期实现营收17.69亿元，同比增长30.83%；归母净利润1.86亿元，同比增长5.21%。报告期 内，丸美深化大单品策略，构建大单品矩阵；丸美与PL恋火双品牌市场渗透率不断提升。 21世纪经济报道记者翁榕涛 实习生赖桂筠、吴梓轩 国货美妆正步入发展深水区。 近日，包括上海家化（600315.SH）、丸美生物（603983.SH）、上美股份（02145.HK）等国货美妆上 市公司纷纷披露2025年半年报或者盈利预告，从财报数据来看，行业业绩呈现明显分化，反映市场竞争 已从早期的渠道扩张，转向研发创新与精准化布局的科技较量。 从竞争格局来看，尽管全球市场上流行的功能性护肤品品牌基本被欧莱雅、资生堂、雅诗兰黛等欧洲、 日本和美国 ...

Core Insights - The company reported a revenue of 1.769 billion yuan for the first half of 2025, representing a year-on-year growth of 30.83% [1] - The net profit attributable to shareholders was 186 million yuan, with a year-on-year increase of 5.21% [1] - The net cash flow from operating activities saw a significant increase of 97.41% year-on-year [1] - A cash dividend of 2.50 yuan per 10 shares is proposed for all shareholders [1] Revenue Growth Drivers - The online channel accounted for 88.87% of total revenue, serving as the main driver for growth [2] - The "Marubi" brand generated 1.250 billion yuan in revenue, up 34.36% year-on-year, while the "Lianhuo" brand achieved 516 million yuan, growing by 23.87% [2] - The overall gross margin remained stable at 74.60% [2] R&D and Innovation - R&D expenses reached 40.6958 million yuan, reflecting a year-on-year increase of 13.53% [2] - The company successfully established a yeast expression platform and developed several innovative recombinant functional proteins, including the launch of the "Super Mask" [2] - A total of 25 new patent applications were filed, bringing the cumulative authorized patents to 365, including 255 invention patents [2] - The establishment of the Zhuhai Hengqin laboratory supports cutting-edge life science research [2] Digital Transformation and Multi-Platform Strategy - The company adopted a "multi-platform collaboration and refined operation" strategy, achieving user growth and sales efficiency on platforms like Tmall and Douyin [3] - The Tmall flagship store's top 5 core products accounted for 73% of sales, with member transaction amounts increasing by 28% year-on-year [3] - Douyin's brand search index improved by 72.07% due to a "seed and harvest" strategy [3] - Digital initiatives included the launch of a product operation system and MES system, creating a closed-loop system for "business dataization - data intelligence" [3] - The company aims to continue focusing on beauty and health, strengthening R&D barriers and promoting multi-brand and multi-channel collaborative development for sustainable growth [3]

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, particularly highlighting companies like Shiseido and Up Beauty for their strong performance and growth potential [12][14]. Core Insights - The cosmetics and medical beauty sector underperformed the market during the week of August 1 to August 8, 2025, with the Shenwan Beauty Care Index growing by 1.7%, which is lower than the overall market performance [5][6]. - There is a notable divergence in the performance of domestic beauty brands in July, with strong growth observed in skincare brands like Han Shu and Marubi, while color cosmetics lagged due to weather and promotional timing [11][12]. - Up Beauty's H1 2025 performance exceeded expectations, with revenue projected between 4.09 to 4.11 billion yuan, reflecting a year-on-year growth of 16.8% to 17.3% [12][13]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index increased by 1.3%, underperforming the Shenwan A Index by 0.6 percentage points, while the Shenwan Personal Care Index rose by 4.2%, outperforming the Shenwan A Index by 2.3 percentage points [5][6]. - The top-performing stocks in the sector included Up Beauty (+18.4%), Reliable Shares (+13.7%), and Lafang Home (+11.3%) [7]. Key Company Updates - Up Beauty's H1 2025 earnings report indicated a significant profit increase, with net profit margins improving due to optimized channel structures and a higher proportion of high-margin brands [12][13]. - Shiseido reported a 7.6% decline in sales for H1 2025, marking the largest drop in five years, with a notable decrease in the Chinese market [24]. E-commerce Insights - In July 2025, domestic beauty brands showed varied performance on major e-commerce platforms, with Han Shu achieving a 58% increase in GMV on Douyin, while color cosmetics faced challenges [20][21]. - The overall retail sales of cosmetics in June 2025 saw a decline of 2.3%, attributed to the pre-promotion of the 618 shopping festival [21][24]. Market Trends - The report highlights a shift in market dynamics, with domestic brands gaining market share against international competitors, particularly in the skincare segment [34][35]. - The Chinese skincare market is projected to reach 271.2 billion yuan in 2024, despite a 3.7% decline in growth [34][35].

Group 1 - The stock price of Marubi Biotechnology closed at 40.04 yuan on July 30, 2025, down 0.15% from the previous trading day, with a trading volume of 0.87 billion yuan and a turnover rate of 0.54% [1] - Marubi Biotechnology operates in the beauty care industry, focusing on anti-aging eye products, with main brands "Marubi" and makeup brand "PL Love Fire" [1] - The company is transitioning towards the biotechnology sector by restructuring its collagen research and plans to expand into the medical beauty and healthcare industries [1] Group 2 - Marubi Biotechnology has commenced construction of a Class III medical device pilot base in Zhuhai International Health Port, focusing on the research and industrialization of recombinant collagen [1] - The company has set a ten-year research plan aiming to obtain a registration certificate for injectable recombinant collagen Class III medical devices by 2026 [1] - In 2024, the company plans to invest 73.54 million yuan in research and development, employing 94 research personnel [1] Group 3 - On July 30, 2025, the net outflow of main funds for Marubi Biotechnology was 12.24 million yuan, accounting for 0.08% of the circulating market value [2]

Core Viewpoint - The domestic beauty brand market in China is experiencing strong growth, driven by increasing consumer recognition and confidence in local brands, as stated by the CEO of Marubi Biotechnology during the 2024 annual and Q1 2025 earnings presentation [1] Financial Performance - Marubi Biotechnology achieved a net profit attributable to shareholders of 342 million yuan for the fiscal year 2024, representing a year-on-year increase of 31.69%, while the net profit after deducting non-recurring gains and losses was 327 million yuan, up 73.86% year-on-year [1] - In Q1 2025, the company reported a net profit attributable to shareholders of 135 million yuan, a year-on-year increase of 22.07%, with the net profit after deducting non-recurring gains and losses at 134 million yuan, up 28.57% year-on-year [1] - The stock price of Marubi Biotechnology has increased by over 150% since September 2024, with a closing limit up on May 15 [1] Strategic Transformation - The company has undergone a strategic transformation from a traditional beauty enterprise to a biotechnology beauty company, as indicated by the renaming of its stock from "Marubi Co., Ltd." to "Marubi Biotechnology" in 2024 [2] - Marubi Biotechnology emphasizes the importance of biotechnology in its current and future operations, particularly in the development and industrial application of key technologies such as recombinant collagen protein [2] Research and Development - In 2024, Marubi Biotechnology was recognized as a "National Research Center for Recombinant Functional Protein Technology," conducting 20 specialized studies on recombinant functional proteins throughout the year [2] - The company has made significant advancements in the development of various types of recombinant collagen proteins and has filed for 10 invention patents related to key technologies [2] Industry Trends - The beauty industry is witnessing accelerated penetration of advanced technologies such as artificial intelligence, synthetic biology, and smart manufacturing, which are driving industry upgrades [3] - Consumer demand is becoming more diverse and personalized, leading to higher expectations for quality, efficacy, and added value in beauty products and services [3] Sales and Distribution Strategy - Marubi Biotechnology is pursuing a multi-channel collaborative development strategy, with its brands already present in duty-free stores and actively exploring other channel opportunities [3]

Group 1 - The beauty industry in China is witnessing a shift in the top 10 revenue rankings, with Proya leading at 10.778 billion, marking a significant milestone as the first domestic beauty brand to surpass 10 billion in revenue [1][8] - The entry of Mao Geping into the top 5 and the drop of Shanghai Jahwa from the top 10 indicates a dynamic change in the competitive landscape [1][3] - The revenue threshold for entering the top 10 has increased to nearly 2.5 billion, reflecting a more competitive environment compared to previous years [1] Group 2 - The top five companies have experienced a turnover, with companies like Shiseido and Juzhibio showing over 30% growth, while others like Huaxi and Beitaini have faced declines or stagnant profits [3] - Proya's main brand revenue ceiling has been raised to 8.581 billion, with a notable gap of nearly 3 billion between it and the next highest brand [8] - Han Shu has achieved a significant milestone by surpassing 5 billion in revenue, reaching 5.591 billion with an impressive growth rate of 80.9% [8] Group 3 - Online sales channels are crucial for the success of domestic beauty brands, with Proya, Shiseido, and Water Sheep achieving over 90% of their revenue from online sales [14] - Despite the strong online performance, the offline sales channels have seen a decline, with companies like Mao Geping and Shiseido managing to achieve double-digit growth in offline sales [15][14] - The overall sales structure indicates a need for brands to balance their online and offline strategies to sustain growth [11] Group 4 - Research and development (R&D) investments among the top 10 companies have increased, with total R&D spending rising from 1.559 billion to 1.753 billion [19] - Companies like Huaxi and Beitaini are leading in R&D expenditures, with Huaxi investing 466 million, representing 8.68% of its total revenue [19][20] - The competitive landscape is evolving, with an emphasis on scientific innovation and new product development becoming essential for maintaining market position [21][22] Group 5 - The beauty industry is expected to face challenges in 2024, with increased competition and a more complex market environment [21] - The competitive dynamics are shifting, as companies like Shiseido leverage innovative marketing strategies to secure their positions [22] - The future of the industry will require continuous evolution and adaptation from all players to remain relevant and competitive [23]

Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. reported a strong performance for 2024, with revenue reaching 2.97 billion RMB, a year-on-year increase of 33.44%, and net profit attributable to shareholders rising by 31.69% to 341.63 million RMB [1][3]. Financial Performance - Revenue for 2024 was 2,969,770,566.54 RMB, up from 2,225,594,089.54 RMB in 2023, marking a 33.44% increase [3]. - Net profit attributable to shareholders was 341,628,707.73 RMB, compared to 259,417,875.91 RMB in 2023, reflecting a 31.69% growth [3]. - The main brand, Marubi, achieved over 2 billion RMB in revenue, while the PL Lover brand approached 1 billion RMB [6][8]. Business Segments - Skincare remains the top revenue category, generating 2.4 billion RMB, while the eye care segment has dropped to the third position [18]. - The PL Lover brand saw a revenue increase of 40.72%, reaching 905 million RMB, marking a staggering growth of approximately 1271 times since 2019 [11][12]. Market Position and Strategy - Marubi has successfully transitioned from a three-year growth stagnation post-IPO to a robust growth phase, driven by the restructuring of collagen technology and dual-brand development [6][7]. - The company has focused on a big product strategy, with significant sales from key products like the peptide eye cream and collagen essence [17][20]. Sales Channels and Regional Performance - Online sales accounted for 2.54 billion RMB, a 35.77% increase, while offline sales rose by 20.79% to 427 million RMB [20]. - The South China region generated 2.16 billion RMB in revenue, a 41.06% increase, while the Northeast region experienced the fastest growth at 63.30% [21][22]. Competitive Landscape - Despite the positive financial results, Marubi lags behind competitors like Proya and Up Beauty in terms of revenue and brand scale, with a significant gap to close [24][25]. - The company's R&D investment was 74 million RMB, ranking second to last among the top 10 beauty companies, raising concerns about its long-term competitiveness [25][27].