针对核心原料，公司已建立覆盖从基础研究到应用的闭环价值链。截至2025年9月30日，已开发出重组 双胶原蛋白、SPGβ－葡聚糖、超分子木棉花提取物、超分子弹性蛋白等80余款自有成分，其中30余款 实现规模化生产。其自有的生产基地能够开展用于重组胶原生产的高密度发酵与纯化工艺，有效衔接基 础研究与产业化生产。 近日，丸美生物（603983）发布H股申请资料，公司拟通过本次发行募集资金，在扣除相关发行费用 后，全部用于强化公司核心战略，包括加强全渠道销售体系、提升品牌价值与孵化新品牌、增强研发能 力、优化供应链以及补充公司营运资金，旨在全面提升公司的综合竞争力。 丸美生物以合成生物学技术驱动，深耕抗衰护肤品行业二十余年，不断通过专注于研发及以重组胶原蛋 白为代表的核心技术突破，将前沿科技创新应用到具有抗皱、紧致和修护等功效的护肤产品中。据弗若 斯特沙利文报告，以2024年零售额计，丸美生物是重组胶原蛋白护肤品细分领域的中国第三大美妆企 业。 自企业创立以来，丸美生物坚持产品的成分及功效研究，已建立了一体化研发平台。通过涵盖合成生物 学、蛋白工程、绿色化学、天然植物提取及生物发酵的系统研发，持续推出支持业务增长的新 ...

有接近丸美生物的人士告诉经济观察报，缺少对高管的激励措 施或为管理层流动的原因之一。 作者：罗文利 封图：图虫创意 广东丸美生物技术股份有限公司（下称"丸美生物"）密集迎来了多个关键节点。 近日，丸美生物迎来了新的联席CEO——吴梦。吴梦是上海自然堂集团有限公司原副总裁，曾是 自然堂线上业务发展的关键人物。12月12日，丸美生物旗下审计监察部官方微信公众号"廉洁丸 美"发布的文章显示了该职位的变化，吴梦以丸美生物联席CEO身份参与其反腐败合规专题培训并 发言。 此前，其创始人孙怀庆之子孙云起进入董事会；业务端，该公司计划优化线上渠道、提高运营效 率；资本市场上，已登陆A股的丸美生物正推进港股上市。 丸美生物是成立于2002年的国货美妆品牌，专注于眼部护理和抗衰领域，旗下主品牌为"丸 美"和"恋火"，二者对该公司的营收贡献超99%。"弹弹弹，弹走鱼尾纹"的广告词也家喻户晓。 据了解，吴梦曾先后担任伽蓝集团（自然堂曾用名）电子商务事业部总经理、春夏品牌事业部总经 理、营销副总裁、零售总裁等职务。今年10月，有市场消息称吴梦已从自然堂离职。在自然堂供 职时，吴梦曾被行业内称为"深耕线上的大将""长期执掌电商业务的负 ...

广东丸美生物技术股份有限公司（下称"丸美生物"）密集迎来了多个关键节点。 然而，在递交港股上市申请书的前一个月，广东证监局曾指出丸美生物存在收入核算不准确等财务问题。丸美生物修正后的业绩数据显示，2025年上半年， 该公司营业收入为17.65亿元，同比增长30.55%，在国货美妆上市公司排名中列于第十位；净利润为1.74亿元，同比下滑1.2%，排名跌出前十。 近日，丸美生物迎来了新的联席CEO——吴梦。吴梦是上海自然堂集团有限公司原副总裁，曾是自然堂线上业务发展的关键人物。12月12日，丸美生物旗下 审计监察部官方微信公众号"廉洁丸美"发布的文章显示了该职位的变化，吴梦以丸美生物联席CEO身份参与其反腐败合规专题培训并发言。 2019年上市后，丸美生物曾陷入增长瓶颈，2020—2022年其营收规模维持在17亿元，净利润连续三年下滑。2023年，丸美生物营收突破22亿元，2024年继续 上升至29亿元，净利润增速保持在28%—34%。值得注意的是，2025年上半年业绩数据修正之后，丸美生物的净利润在最近三年首次下滑。 此前，其创始人孙怀庆之子孙云起进入董事会；业务端，该公司计划优化线上渠道、提高运营效率；资本市 ...

"弹弹弹，弹走鱼尾纹"，这句曾风靡一时的广告语，至今仍是许多人的共同记忆。背后公司"丸美"，近日正计划赴港二次上市。 这家成立于2002年的企业，历经五年冲刺后于2019年成功登陆A股。然而上市后其业绩"变脸"，2020年至2022年净利润连续三年下滑，其 中2021年跌幅高达47.95%，直至2023年才有所回升。 回顾历史过往，这是一家曾争议缠身的公司。近期，丸美因财务核算不准确、相关会计科目存在错误列报、募集资金使用不规范等问 题，被证监局处罚，同时，公司董事长孙怀庆、董事会秘书程迪、公司财务总监王开慧被出具警示函，为此次冲刺蒙上阴影。 目前，丸美在A股的股价为33.16元/股，总市值约133亿元。 01 一半收入用于销售，研发占比不到3% 首先来看看丸美的财务情况。和不少国内美妆品牌类似，丸美也出现了"重营销、轻研发"、增收不增利的现象。 根据招股书，2022年到2024年、2025年前9个月，丸美公司收入分别为17.3亿、22.3亿、29.7亿及24.5亿，净利润分别为1.7亿、2.8亿、3.4 亿及2.5亿。 尽管2025年9个月的收入超出了2023年全年两个亿，但净利润却少了0.3亿。 来源/丸 ...

Core Viewpoint - The company Marubi, known for its beauty products, is planning a secondary listing in Hong Kong after facing financial and governance issues following its initial public offering in A-shares in 2019. The company has experienced a decline in net profit from 2020 to 2022, with a significant drop of 47.95% in 2021, although there has been a recovery in 2023 [1][3]. Financial Performance - Marubi's revenue for the years 2022 to 2024 and the first nine months of 2025 is projected to be 1.73 billion, 2.23 billion, 2.97 billion, and 2.45 billion respectively, with net profits of 170 million, 280 million, 340 million, and 250 million [3]. - The company's revenue is primarily generated from its two brands, Marubi and Lianhuo, with Marubi contributing 70-80% of total revenue. Lianhuo's revenue is expected to grow from 290 million in 2022 to 900 million in 2024 [5]. - Despite an increase in overall gross margin from 67.8% in 2022 to 74.8% in the first nine months of 2025, the net profit margin has remained around 10% due to rising sales and distribution expenses, which increased from 850 million in 2022 to 1.63 billion in 2024 [6]. Governance and Compliance Issues - Marubi has faced scrutiny for financial irregularities, including inaccurate revenue recognition and improper accounting practices. The company has been penalized for these issues, which include misreporting funds held in third-party payment platforms and misclassifying consulting fees as research and development expenses [10][11]. - The management of raised funds has also been criticized, as Marubi failed to separate the accounting for projects funded by raised capital from those funded by its own resources, leading to non-compliance with regulations [11][15]. Dividend Practices - Since its IPO in 2019, Marubi has distributed cash dividends totaling 1.08 billion, with significant amounts flowing to the founder and his spouse, raising concerns about the sustainability of such practices in relation to the company's financial health [16][19]. Brand Trust and Historical Controversies - Marubi has a history of controversies, including misleading claims about its Japanese origins and product quality issues. Although these past issues have diminished in public discourse, current concerns have shifted to financial data integrity and governance practices [30][31].

丸美生物旗下拥有"丸美"与"恋火"两大核心品牌。弗若斯特沙利文报告显示，以2024年零售额计，丸美 品牌已连续四年位列中国国内眼部护理品牌第一，而恋火品牌则在中国国货底妆品牌中排名第三。 此次发行将助力公司把握中国抗衰护肤品市场的增长机遇。弗若斯特沙利文报告指出，抗衰护肤品是中 国护肤品行业中增速最快的细分领域。通过本次募资，公司将持续投入以重组胶原蛋白为代表的核心技 术研发，进一步巩固其技术壁垒。截至2025年9月30日，公司已在全球申请专利651项，获得授权发明专 利265项，研发实力位居国内美妆企业前列。此举将增强公司在激烈市场竞争中的差异化优势，巩固其 行业领先地位。 针对核心原料，公司已建立覆盖从基础研究到应用的闭环价值链。截至2025年9月30日，已开发出重组 双胶原蛋白、SPGβ－葡聚糖、超分子木棉花提取物、超分子弹性蛋白等80余款自有成分，其中30余款 实现规模化生产。其自有的生产基地能够开展用于重组胶原生产的高密度发酵与纯化工艺，有效衔接基 础研究与产业化生产。 公司强调，此次H股发行不会导致公司控制权发生变更，孙怀庆博士与王晓蒲仍为公司实际控制人。公 司拟通过本次发行募集资金，在扣除相关发 ...

中证报中证网讯（王珞）近日，广东丸美生物（603983）技术股份有限公司（以下简称"丸美生物"）发 布H股申请资料，公司拟通过本次发行募集资金，在扣除相关发行费用后，全部用于强化公司核心战 略，包括加强全渠道销售体系、提升品牌价值与孵化新品牌、增强研发能力、优化供应链以及补充公司 营运资金，旨在全面提升公司的综合竞争力。 深耕抗衰二十余年 胶原蛋白领军品牌之一 资料显示，丸美生物以合成生物学技术驱动，深耕抗衰护肤品行业二十余年，不断通过专注于研发及以 重组胶原蛋白为代表的核心技术突破，将前沿科技创新应用到具有抗皱、紧致和修护等功效的护肤产品 中。 基于弗若斯特沙利文报告，以2024年零售额计，丸美生物是重组胶原蛋白护肤品细分领域的中国第三大 美妆企业。 自企业创立以来，丸美生物坚持产品的成分及功效研究，已建立一个一体化研发平台。通过涵盖合成生 物学、蛋白工程、绿色化学、天然植物提取及生物发酵的系统研发，持续推出支持业务增长的新成分与 产品。 针对核心原料，公司已建立覆盖从基础研究到应用的闭环价值链。截至2025年9月30日，已开发出重组 双胶原蛋白、SPGβ－葡聚糖、超分子木棉花提取物、超分子弹性蛋白等80余 ...

上周财报披露到了尾声。Lululemon最新一季度财报虽然全球净营收同比增长7%至26亿美元，但净利润同比下降12.8%至3.07亿美元。好在中国内地市场 表现尤为强劲，净营收同比激增46%。或是被财务压力所致，Lululemon首席执行官卡尔文.麦克唐纳被董事会炒了，将于明年一月底卸任，新CEO人选未 定。 过去一周时尚品牌在资本市场也很活跃，拥有梦龙、和路雪等品牌的全球最大冰淇淋企业梦龙冰淇淋公司从联合利华独立出来IPO，上周一在阿姆斯特 丹、伦敦和纽约三地上市。内地护肤品牌丸美也准备在香港挂牌上市，欧莱雅加码投资医美巨头高德美，杰尼亚第二次投资加拿大跑步品牌norda。 重磅新店开张方面，北京迪奥之家的开业绝对是投入行业内的一颗重磅信号弹，标志着中国奢侈品市场回暖的信号确定加强，而韩国时尚零售平台 Musinsa全球海外旗舰店首店落户上海恒隆，则清晰展现韩国品牌对中国市场的热情也正升温，近期已有二三十家韩国品牌进入中国。 1.韩国时尚零售平台Musinsa计划五年在华开百店 韩国时尚零售平台MUSINSA全球首家海外旗舰店MUSINSA STANDARD于12月14日在上海恒隆商场正式开业。该店总面积约 ...

Core Viewpoint - Marubi Biotechnology announced plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance capital strength and international competitiveness [1][3] Group 1: Company Strategy - The company aims to accelerate its internationalization strategy and will consider the interests of existing shareholders during the issuance process [1] - The specific timing and details of the issuance will be determined by the board based on market conditions and regulatory approvals [1] Group 2: Financial Performance - For the first three quarters of 2025, Marubi achieved revenue of approximately 2.45 billion yuan, a year-on-year increase of 25.51%, and a net profit of about 244 million yuan, up 2.13% year-on-year [4] - The average selling prices of eye care, skin care, cleansing, and beauty products increased by 54.77%, 4.62%, 12.64%, and 24.78% respectively [4] Group 3: Operational Metrics - The accounts receivable turnover days decreased to 3.6 days from 6.32 days year-on-year, indicating improved efficiency in receivables management [5] - Inventory turnover days increased to 110.03 days from 98.94 days year-on-year, attributed to preemptive stocking for the "Double 11" shopping festival and increased safety stock due to business growth [5]

Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. (hereinafter referred to as "Marubi") has been warned by the Guangdong Securities Regulatory Bureau due to irregularities in financial accounting and management of raised funds, indicating significant internal management shortcomings [1][2]. Financial Irregularities - Marubi's financial accounting issues include inaccurate revenue recognition, incorrect construction project accounting, and erroneous reporting of related accounting items [1]. - The company used raised funds for cash management without proper disclosure of investment returns and related information [1]. - Following the regulatory warning, Marubi's chairman, secretary of the board, and CFO received warning letters from the regulatory authority [1]. Financial Performance - In the first half of 2025, Marubi's adjusted revenue was 1.765 billion yuan, a decrease of 4.5468 million yuan compared to previous adjustments, while the net profit attributable to shareholders was 174 million yuan, down by 11.3297 million yuan [2]. - For Q3 2025, Marubi reported revenue of 686 million yuan, a year-on-year increase of 14.28%, and a net profit of 69.4816 million yuan, up 21.16% [4]. - In the first three quarters of 2025, the company achieved revenue of 2.45 billion yuan, a growth of 25.51%, with a net profit of 244 million yuan, increasing by 2.13% [4]. Market Position and Competition - Marubi's main brand, Marubi, is positioned in the mid-to-high-end market, contributing 2.055 billion yuan to the company's total revenue of 2.97 billion yuan in 2024, accounting for 69.24% [4]. - Compared to competitors like Proya and Shiseido, Marubi faces challenges due to its mid-to-high-end pricing strategy and a smaller market size for eye creams [5]. - The company has been slower in transitioning to online sales channels compared to peers, which may hinder its competitive edge [5]. R&D Investment - In the first half of 2025, Marubi's R&D expenses were 39.9648 million yuan, representing 2.26% of total revenue, which is in line with industry averages but lower than leading competitors [6]. - The company aims to transition to a biotechnology-focused beauty brand, but its current R&D investment does not meet the necessary levels for such a transformation [6]. Future Outlook - The company's future development hinges on rebuilding trust in corporate governance and internal controls, enhancing R&D capabilities, and creating new growth engines to satisfy investors [6].