Core Viewpoint - Marubi Biotech has submitted its prospectus to the Hong Kong Stock Exchange to initiate the "A+H" listing process, aiming to raise funds for enhancing online and offline channels, brand marketing, R&D investment, and general operations. However, the company has recently faced regulatory scrutiny from the Guangdong Securities Regulatory Commission due to financial accounting and fundraising issues, raising concerns about its financial health and governance [1][2][10]. Financial Performance - The company's revenue has shown volatility, with figures for 2020-2025 (up to Q3) being 1.745 billion, 1.787 billion, 1.732 billion, 2.226 billion, 2.970 billion, and 2.450 billion respectively, reflecting year-on-year changes of -3.10%, 2.41%, -3.10%, 28.52%, 33.44%, and 25.51% [4][21]. - The net profit attributable to the parent company has also fluctuated, with figures of 464 million, 248 million, 174 million, 259 million, 342 million, and 244 million for the same period, showing year-on-year changes of -10.50%, -55.70%, -24.03%, 38.16%, 73.86%, and -5.42% [4][21]. Sales and Marketing Expenses - Marubi's sales expenses have significantly increased, with amounts of 1.199 billion, 1.635 billion, and 1.415 billion for 2023, 2024, and the first three quarters of 2025, respectively, showing year-on-year growth of 41.65%, 36.38%, and 32.09% [6][23]. - The sales expense ratio reached 57.73%, while R&D expenses were only 63 million, resulting in an R&D expense ratio of just 2.6%, indicating that sales expenses are 22 times higher than R&D expenses [8][25]. Dividend Policy - Since its A-share listing in 2019, Marubi has distributed a total cash dividend of 1.083 billion, with dividend payout ratios of 80.38% and 88.03% for 2023 and 2024, respectively. The majority of these dividends have benefited the controlling shareholders, who hold over 80% of the company [2][19][29]. Regulatory and Governance Issues - The company has faced administrative regulatory measures due to issues such as inaccurate revenue accounting and improper management of raised funds, which have raised concerns about its internal controls and compliance governance [10][27]. - The slow progress of its A-share IPO fundraising projects, including multiple delays in the "cosmetics intelligent manufacturing plant" project, has further highlighted governance concerns [10][32].

今年以来，上美股份（02145.HK）飙升逾150%，毛戈平（01318.HK）也涨超50%，表现不俗。 招股书披露，丸美生物通过线上线下渠道销售产品。线上渠道主要包括（i）通过抖音、天猫、京东等电商平台进行的直接销售及（ii）向线上经销商销售； 线下渠道包括向线下经销商销售，再由其主要转售至（i）日化化妆品专营店、（ii）百货商场专柜及（iii）美容院。 而同属国货美妆赛道的A股上市企业——丸美生物（603983.SH）也于近日向港交所递交了招股书，拟在主板上市，联席保荐人为高盛、中信证券。 中国领先美妆企业，年内A股微涨5% 丸美生物的历史可追溯到2002年4月，经过多年发展，其A股于2019年7月在上海证券交易所上市。 值得一提的是，2025年以来，丸美生物的股价先是在上半年出现显著拉升，随后又在下半年遭遇大幅回落，最终年内仅累涨5.30%，股价表现明显跑输上述 港股同行。 业务方面，作为一家中国领先美妆企业，丸美生物以合成生物学技术驱动，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 ...