来源：市场投研资讯 （来源：预审IPO） 文/瑞财经 李姗姗 2007年的夏天，一句"弹弹弹，弹走鱼尾纹"的广告词火遍大江南北，背后的丸美生物（603983.SH）一 举成为国货眼霜市场的先行者。 时至今日，人们仍对这句魔性的广告语记忆深刻，同时，丸美生物也依然站在市场的巅峰。据弗若斯特 沙利文报告，丸美的零售额自2021年至2024年连续四年稳居国内眼部护理品牌第一。 近日，这支A股"眼霜第一股"向港交所递交了招股书，期望实现"A+H"双平台上市。 丸美生物布局资本市场的同时，其背后的孙怀庆家族完成了一次权力交接。2021年3月，孙怀庆的儿子 孙云起从母亲王晓蒲手中接过董事的职位。 目前，丸美生物的实控人依然是孙怀庆、王晓蒲，夫妇二人合计控股80.8%。 赴港IPO前，丸美生物实施了A股上市以来最强分红，作为控股股东，孙怀庆夫妇成为最大的受益者。 01 孙怀庆夫妇控股80.8% 首发募投项目全部延期 丸美生物诞生于重庆人孙怀庆之手。 上世纪90年代，下海创业的浪潮席卷全国，26岁的孙怀庆亦辞掉重庆特种电机厂这一国企"铁饭碗"，南 下广州闯荡，试图在美妆美服领域找到立足之地。 在广州打拼的6年多时间里，孙怀庆 ...

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].

Group 1: Consumption Policy and Market Trends - The government is expected to implement policies to promote childbirth, with significant subsidies announced in Hohhot, which may catalyze demand in the maternal and infant sector, benefiting companies like Aiyingshi and Haiziwang [6][8] - The retail sector is seeing a shift towards quality supermarkets, driven by consumer demand for better product quality, with companies like Yonghui Supermarket and Chongqing Department Store expected to expand [7][8] - The "AI + Consumption" initiative is being emphasized, with potential growth in sectors like AI-integrated eyewear and e-commerce, highlighting companies such as Mingyue Optical and Ruoyuchen [2] Group 2: Company-Specific Developments - Aimeike plans to acquire REGEN Biotech, which could enhance its market position and valuation, as the acquisition is expected to provide significant growth opportunities in both domestic and international markets [3] - The 3.8 promotion event on platforms like Tmall and Douyin showed strong performance, with brands like Juzi and Marubi exceeding expectations, indicating a robust recovery in the beauty sector [4][5] - Gaode Beauty reported a 9.3% increase in net sales for 2024, with significant growth in its aesthetic injection segment, particularly in China, where new products are expected to drive further growth [6]