以下文章来源于定焦One ，作者定焦One团队 定焦One . 深度影响创新。 来源|定焦One 作者 | 张潇潇 编辑 | 魏佳 当观众沉迷于短剧中"霸道总裁爱上我"的剧情 无法自拔时 ，现实生活中的"霸总们"也正在对品牌定制短剧一边上头、一边下单。 在长剧和电影市场疲软之时，短剧以井喷之势，成为文娱产业的最大风口。数据显示，短剧的内容供给数量，从2022年备案的336部激增到2024年 全网上线超 3.64 万部。其市场规模从2021年的3.68亿，快速扩张到2024年的504亿，首次超过电影票房大盘。多个机构预测，2027年短剧将迎来 千亿市场。 短剧的火，不只在内容端，更在于其商业化潜力。在流量焦虑的当下，品牌方比短剧女主更渴望借着短剧 "逆袭重生"。 仅2025年 前四个月 ，新上 线品牌短剧就有153部。品类上，除美妆、食饮外，还包括电商、文旅、金融等行业，近半数品牌为首次入局。 但热闹背后，很多品牌商家也有困惑。一方面，大量品牌定制短剧涌入市场，营销费用和制作成本水涨船高，流量边际效益却在递减。另一方面，当 短剧成为品牌营销的大势所趋，不跟风又会有强烈的掉队之感。 不做怕掉队，做了怕白费。品牌短 ...

2 0 2 5年7月，丸美再一次站在眼部护理赛道的聚光灯下。 第1 2届"眼霜节"如期而至，这一专属品牌的大IP延续了与艺术跨界合作的传统，并迎来一个里 程碑时刻：中国香料香精化妆品工业协会理事长颜江瑛亲临现场，为丸美授予"国货眼部护理 第一品牌"奖牌。 在消费越来越理性、护肤赛道日趋细分的当下，眼部护理这条技术密集、信任门槛极高的细分 战场，一直是品牌们难以啃下的一块骨头。 但有丸美却偏偏在这条窄路上跑出了主道，接连拿下连续三年眼部护理销售额第一，国货眼部 护理第一品牌几个含金量极高的头衔，并用一个做了1 2年"眼霜节" IP，把眼霜品类做到有节 日、有粉丝、有文化、还能年年翻红。 如果只看"卖得好"，那只是销售结果。但如果换个角度，从科研、产品、文化三个维度来看， 就会发现，丸美其实早就不是"爆品玩家"，而是用稳扎稳打的系统力，定义了什么叫"眼部护 理国货标杆"。 2 0 2 5年7月，第1 2届"眼霜节"如期而至，这一专属丸美的品牌大IP延续了近年来与艺术领域的 跨界合作，与中国先锋艺术家宋三土联名，把今年眼霜节的主题定为"一眼花花宇宙"。 丸美眼霜节现场 宋 三 土 是 目 前 国 内 商 业 领 域 ...

证券研究报告 | 行业深度报告 2025 年 05 月 21 日 Q1 分化延续，Q2 大促催化下关注头部国货机会 美妆个护 25Q1 总结及 Q2 展望 消费品/轻工纺服 行业指数 % 1m 6m 12m 绝对表现 9.2 10.9 7.9 相对表现 5.9 13.1 2.3 资料来源：公司数据、招商证券 -30 -20 -10 0 10 20 May/24 Sep/24 Dec/24 Apr/25 (%) 轻工纺服 沪深300 相关报告 1、《纺织服装 25Q1 总结及 Q2 展望 —品牌有望在 Q2 低基数情况下实现 稳健增长，制造短期承压》 2025-05-18 2、《中美日内瓦经贸会谈发布联合 声明点评—中美贸易摩擦预计将大 幅缓和，OEM 龙头有望估值修复》 2025-05-12 3、《纺织服装海外趋势跟踪（2025 年 4 月）—关税影响暂时减弱，关注 抗风险能力强的纺织制造龙头（更 新）》2025-04-16 化妆品板块 24 年及 25Q1 业绩分化延续，头部国货依旧凭借性价比、差异化产 品及定位、大单品战略及精细化线上运营等优势实现较好增长。个护板块 25Q1 表现较为亮眼，头部国货品牌凭 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1][8]. Core Views - The company shows strong performance with a projected revenue growth of 33% and a net profit growth of 32% for 2024, continuing into Q1 2025 with revenue growth of 28% and net profit growth of 22% [1][2]. - The dual-brand strategy, featuring the main brand Marubi and the PL brand Lianhuo, is driving growth, with significant contributions from key products like the Marubi Eye Cream and the Golden Needle series [1][3]. - The company is expected to achieve net profits of 445 million, 549 million, and 643 million yuan for 2025, 2026, and 2027 respectively, reflecting year-on-year growth rates of 30%, 23%, and 17% [1][8]. Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan, a year-on-year increase of 33.44%, and a net profit of 342 million yuan, up 31.69% [2][9]. - The main brand Marubi generated revenue of 2.06 billion yuan in 2024, growing by 31.69%, while the PL brand Lianhuo achieved 905 million yuan, a growth of 40.72% [3][9]. - The company's gross margin improved to 73.70% in 2024, up by 3.01 percentage points, attributed to product structure optimization and cost control [7][12]. Product and Channel Analysis - The company’s product categories showed strong performance, with eye care products generating 689 million yuan in revenue, a 60.78% increase, and skincare products reaching 1.13 billion yuan, up 21.60% [3][9]. - Online sales channels contributed significantly, with revenue of 2.54 billion yuan in 2024, reflecting a growth of 35.77%, while offline channels saw a 20.79% increase to 427 million yuan [3][9]. Future Outlook - The company is expected to continue its growth trajectory with a stable cash flow and a focus on product innovation, which is anticipated to contribute to incremental growth [8][9]. - The projected earnings per share (EPS) for 2025 is 1.11 yuan, with a price-to-earnings (PE) ratio of 39.3 [9][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a year-on-year increase of 33.4%, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The projected net profits for 2025-2027 are 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating expenses have been managed effectively, with sales expenses increasing due to enhanced brand investment [5] Product and Brand Performance - The company has seen strong performance in its key products, with the "Little Red Pen" achieving a GMV of 530 million yuan, a 146% increase, and the "Little Gold Needle" reaching 350 million yuan, up 96% [5] - The brand "Mame" and "Lianhuo" both reported revenue growth exceeding 30% and 40% respectively [5] - The company’s user engagement metrics show a 31% increase in active brand members and a 48% increase in repurchase amounts [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% year-on-year increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a 33.4% increase year-on-year, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating cash flow for 2023 was 338 million yuan, with a projected increase to 534 million yuan in 2025 [9] Product and Brand Performance - The company’s flagship products, such as the "Little Red Pen" and "Little Gold Needle," have shown remarkable sales performance, with the former achieving a GMV of 530 million yuan, a 146% increase [5] - The brand's user engagement is increasing, with active membership and repurchase amounts rising by 31% and 48% year-on-year respectively [6] - The company has established a strong market presence on platforms like Douyin, with a projected GMV of 1 to 1.5 billion yuan in 2024 [6]