Core Insights - The shift in consumer behavior towards ingredient-focused purchasing in the beauty industry is becoming mainstream, particularly among Generation Z, with over 90% of respondents in a survey indicating that researching materials and ingredients is a wiser choice when buying products [1] - Marubi Biotechnology has submitted its listing application to the Hong Kong Stock Exchange, aiming to become a dual-listed company (A+H), which will enhance its international financing channels and global brand influence [1] Group 1: Company Strategy and Innovation - Marubi Biotechnology focuses on biotechnological advancements in the beauty sector, particularly in anti-aging and skin repair products, establishing an integrated R&D platform from basic research to production [1] - The company has invested over 250 million yuan in R&D since 2022, collaborating with around 30 top global universities and research institutions, and holds 375 authorized patents, leading the Chinese beauty industry in the number of invention patents [2] - Marubi has made significant breakthroughs in recombinant collagen, developing a recombinant double collagen that enhances biological similarity, activity, stability, and scalability in production [2] Group 2: Financial Performance and Market Position - From 2022 to 2024, Marubi's revenue grew from 1.732 billion yuan to 2.97 billion yuan, with a compound annual growth rate (CAGR) of 31%, while net profit increased from 167 million yuan to 342 million yuan, with a CAGR of 43% [4] - The company's online direct sales revenue share surged from 46.4% in 2022 to 74.8% in the first three quarters of 2025, leveraging major e-commerce platforms like Douyin, Tmall, and Kuaishou [4] - Marubi is recognized as the third-largest beauty company in China within the recombinant collagen skincare segment, establishing a strong competitive moat [4]

Company Overview - Guangdong Marubi Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors [1] - Marubi is the third largest beauty company in China's recombinant collagen skincare segment based on retail sales projected for 2024 [1] - The company focuses on providing anti-aging solutions and has over 20 years of experience in the skincare industry, leveraging synthetic biology technology [1] Product Development - Marubi has successfully developed recombinant double collagen, which combines type I (profile) collagen and type III (filling) collagen into a single molecule [1] - The company has established a comprehensive value chain covering basic research to application, having developed over 80 proprietary ingredients, with more than 30 achieving large-scale production [3] Brand Performance - Marubi and its brand "Lianhuo" are the main brands, with Marubi ranking first in China's eye care brand market from 2021 to 2024 based on retail sales [2] - Lianhuo ranks third among domestic foundation brands and fifth among all foundation brands in China, with a compound annual growth rate (CAGR) of 77.5% from 2022 to 2024 [2] Financial Performance - The company recorded revenues of RMB 1.732 billion, RMB 2.226 billion, RMB 2.970 billion, and RMB 2.450 billion for the years 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [4] - The annual profits for the same periods were RMB 167 million, RMB 278 million, RMB 342 million, and RMB 247 million [5] - Gross profits for the respective years were RMB 1.175 billion, RMB 1.560 billion, RMB 2.177 billion, and RMB 1.834 billion [6] Industry Overview - The Chinese beauty industry is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion in 2024, with a CAGR of 4.2% [7] - The skincare market is expected to grow from RMB 355.9 billion in 2019 to RMB 451.4 billion in 2024, with a CAGR of 4.9% [8] - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion in 2024, with a CAGR of 1.9% [9]

Company Overview - Mamei Biotechnology is a leading Chinese beauty company focused on providing anti-aging solutions, leveraging synthetic biology technology and over 20 years of experience in the anti-aging skincare industry [4] - The company has successfully developed recombinant double collagen, a unique engineered collagen that combines type I and type III collagen into a single molecule, enhancing its skincare products [4] - Mamei Biotechnology has been recognized as a key drafting unit for the industry standard "Recombinant Soluble Collagen" by the Ministry of Industry and Information Technology in 2023 [4] Market Position - According to Frost & Sullivan, Mamei has ranked first in the Chinese domestic eye care brand market by retail sales from 2021 to 2024 [5] - The brand "Lianhuo" ranks third among domestic foundation brands and fifth among all foundation brands in China, with a compound annual growth rate (CAGR) of 77.5% from 2022 to 2024, the highest among the top five foundation brands [5] Product Development - Mamei has established a comprehensive value chain covering basic research to application for its core ingredients, having developed over 80 proprietary ingredients, with more than 30 achieving large-scale production [7] - The company operates two production bases in Guangzhou, which are capable of high-density fermentation and purification processes for recombinant collagen production [7] Financial Performance - The company reported revenues of RMB 1.73 billion, RMB 2.23 billion, RMB 2.97 billion, and RMB 2.45 billion for the years ending December 31, 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [9] - The annual profits for the same periods were RMB 167.43 million, RMB 277.59 million, RMB 342.36 million, and RMB 246.65 million [10] - Gross profits for the respective years were RMB 1.17 billion, RMB 1.56 billion, RMB 2.18 billion, and RMB 1.83 billion [11] Industry Overview - The Chinese beauty industry is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion by 2024, with a CAGR of 4.2% [12] - The skincare market is expected to expand from RMB 355.9 billion in 2019 to RMB 451.4 billion by 2024, with a CAGR of 4.9% [15] - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion by 2024, with a CAGR of 1.9% [18]

Core Viewpoint - Mamei Biotechnology is a leading Chinese beauty company focused on anti-aging solutions, leveraging synthetic biology technology and core innovations in skincare products to drive growth in the industry [4][5]. Company Overview - Mamei Biotechnology has over 20 years of experience in the anti-aging skincare sector, emphasizing research and development, particularly in recombinant collagen technology [4]. - The company has developed recombinant double collagen, a unique engineered protein that combines type I and type III collagen into a single molecule, enhancing its product offerings [4]. - Mamei has been recognized as a key contributor to the industry standard for "recombinant soluble collagen" and is the only company in China approved as a national research center for recombinant functional protein technology [4][5]. Market Position - Mamei has ranked first in the Chinese eye care brand market from 2021 to 2024 based on retail sales, while its brand "Lianhuo" ranks third among domestic foundation brands and fifth overall in the foundation category [5]. - Lianhuo has achieved a compound annual growth rate (CAGR) of 77.5% in retail sales from 2022 to 2024, the highest among the top five foundation brands in China [5]. Product Development - The company has established a comprehensive value chain for core raw materials, developing over 80 proprietary ingredients, with more than 30 achieving large-scale production [7]. - Mamei operates two production bases in Guangzhou, which support high-density fermentation and purification processes for recombinant collagen production [7]. Financial Performance - Mamei's revenue for the fiscal years ending December 31 from 2022 to 2025 is projected to be RMB 1.73 billion, RMB 2.23 billion, RMB 2.97 billion, and RMB 2.45 billion respectively [8]. - The company reported profits of RMB 167.43 million, RMB 277.59 million, RMB 342.36 million, and RMB 246.65 million for the same periods [9]. - Gross profits for the same periods are RMB 1.18 billion, RMB 1.56 billion, RMB 2.18 billion, and RMB 1.83 billion respectively [10]. Industry Overview - The Chinese beauty market is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion by 2024, with a CAGR of 4.2% [10]. - The skincare market is expected to expand from RMB 355.9 billion in 2019 to RMB 451.4 billion by 2024, with a CAGR of 4.9% [13]. - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion by 2024, with a CAGR of 1.9% [16].