今年达成40亿目标问题不大？ 作者 | 李小霞 编辑 | 乔芊 当国货美妆市场在渠道迭代与流量浪潮中经历洗牌，一家走过23年的老牌企业，该如何打破路径依赖、重获增 长动能？ 若将时间倒回几年前，这对于丸美而言或许并不成其为一个问题。 即便当时新消费风头正劲，线上市场一片火热，丸美却似乎始终与之保持着一定距离。用创始人孙怀庆的话来 说，那时的心态是："你们做你们的电商，我们继续深耕线下就好。" 然而，疫情带来的根本性变革，将故事推向了另一个方向。丸美不得不直面现实，于2021年启动了从线下为主 向线上为主的战略转型。在孙怀庆看来，正是这场转型为丸美注入了新的生命力——"如果没有转型，就不会有 今天的增长。" 不过，要让一家早已习惯增长的企业放下对过去的执着，从来不是易事。近日，36氪与丸美创始人孙怀庆聊了 聊。 丸美创始人孙怀庆 以下为36氪与丸美创始人孙怀庆的对话（经编辑）： 上个时代成功的企业容易留恋过去 36氪：今年丸美制定了40亿的业绩目标，目前目标实现情况如何？当初为何定这个数字？ 孙怀庆： 这个目标不是突然定的，核心源于我们的转型。 此前线下是我们的主要销售来源，但疫情导致实体零售大幅下滑，消费者习 ...

Investment Rating - The report maintains a "Positive" investment rating for the retail industry [1] Core Insights - The retail industry is experiencing a significant transformation, with a focus on emotional consumption and innovative product offerings driving growth [6][32] - Companies like Liufu Group and Meili Tianyuan are implementing strategic upgrades to enhance brand value and market presence [27][29] Summary by Sections Retail Market Overview - The retail index reported a decline of 7.24% during the week of November 17-21, 2025, underperforming the Shanghai Composite Index by 3.34 percentage points [5][14] - The retail index has increased by 0.58% year-to-date, lagging behind the overall market performance [14][18] Company Performance Highlights - Liufu Group anticipates a revenue increase of approximately 20%-30% and a net profit growth of 40%-50% for the six months ending September 30, 2025, driven by effective product differentiation and sales strategies [27] - Meili Tianyuan is focusing on three major strategic initiatives: building a super brand through acquisitions, establishing a super chain for quality growth, and enhancing digital capabilities for precise marketing [29] Investment Themes - **Gold and Jewelry**: Focus on brands with differentiated product offerings and consumer insights, recommending companies like Laopuhuang and Chaohongji [6][35] - **Offline Retail**: Emphasize companies adapting to market changes, recommending Yonghui Supermarket and Aiyingshi [6][32] - **Cosmetics**: Highlight domestic brands that cater to emotional value and safety innovations, recommending companies like Maogeping and Pola [6][33] - **Medical Aesthetics**: Target differentiated product manufacturers and expanding medical chains, recommending Aimeike and Kedi-B [6][34] Key Company Updates - Chaohongji reported a revenue increase of 28.4% year-to-date, with a focus on expanding its franchise model and product innovation [38][40] - Yonghui Supermarket's revenue decreased by 22.2% year-to-date, but the company is undergoing a transformation to improve its supply chain and store optimization [41][43]

Core Insights - The article discusses the transformation of Marubi, a 23-year-old beauty brand, from a primarily offline sales model to an online-focused strategy due to the pandemic's impact on consumer behavior and retail channels [1][2][3] Group 1: Strategic Transformation - Marubi initiated a strategic shift in 2021, moving from a 70% offline and 30% online sales model to an 80% online and 20% offline model, which has revitalized the company's growth [2][3] - The company set a performance target of 4 billion yuan for the current year, which is seen as achievable based on past growth rates of approximately 30% year-on-year over the last ten quarters [2][3] Group 2: Market Position and Consumer Base - The pandemic led to a significant change in consumer habits, making it difficult for offline retail to recover, prompting Marubi to adapt to the new market dynamics [2][4] - The user base has expanded significantly post-transformation, retaining older offline customers while attracting younger online consumers, thus broadening the overall market reach [9][12] Group 3: Brand Strategy and Product Development - Marubi's approach emphasizes profitability and sustainable growth, focusing on product quality, user experience, and brand trust rather than merely chasing online traffic [10][15] - The company has invested in research and development, holding over 600 patents, with a focus on effective and continuous investment rather than just high spending [14][16] Group 4: Challenges and Future Outlook - The transition has not been without challenges, as the company faced a 30% decline in performance, which necessitated a reevaluation of its strategies and priorities [7][8][20] - Marubi aims to reduce reliance on single online channels and is aware of the competitive pressures in the beauty industry, indicating a long-term focus on sustainable growth rather than short-term gains [19][22]

Investment Rating - The industry investment rating is "Outperform the Market" [1][22]. Core Insights - The report highlights that the liquor industry is experiencing a phase of accelerated clearing, with major companies like Kweichow Moutai showing resilience despite a slowdown in growth [1][4]. - The overall performance of the food and beverage sector has been mixed, with certain sub-sectors like pre-processed foods and snacks performing well, while soft drinks and other alcoholic beverages have seen declines [3][4]. - The report emphasizes the importance of focusing on high-quality companies with stable earnings during the industry's adjustment period, particularly recommending Kweichow Moutai and Shanxi Fenjiu for their strong fundamentals and attractive dividend yields [4]. Summary by Sections Liquor Industry - Kweichow Moutai reported Q3 2025 revenue of 39.064 billion yuan, a year-on-year increase of 0.56%, with net profit of 19.224 billion yuan, up 0.48% [3]. - The revenue from Moutai liquor increased by 7.26% to 34.924 billion yuan, while series liquor revenue fell by 34% [3]. - The company's gross margin improved to 91.44%, reflecting a better product mix, while net profit margin remained stable at 49.21% [3][4]. Dairy Industry - Yili Group's Q3 2025 revenue was 28.564 billion yuan, down 1.63%, with net profit of 3.226 billion yuan, a decrease of 3.35% [3]. - Liquid milk sales were under pressure, declining by 8.83%, while milk powder and dairy products saw a growth of 12.65% [3]. - The gross margin for Yili was 33.92%, down 1.13 percentage points, indicating cost pressures from raw milk prices [3]. Beauty Industry - Marubi Biotech achieved Q3 2025 revenue of 686 million yuan, up 14.28%, with net profit of 69 million yuan, an increase of 11.59% [4]. - The main brand Marubi saw a revenue increase of 33.93%, driven by strong performance of key products [4]. - The gross margin improved to 75.72%, supported by product mix optimization, despite increased marketing expenses [4].

Summary of the Conference Call for Wanmei Biotechnology Company Overview - **Company**: Wanmei Biotechnology - **Industry**: Cosmetics and Skincare Key Financial Performance - **Revenue**: 2.44 billion CNY for the first three quarters of 2025, a year-on-year increase of 2.13% [2][3] - **Net Profit Margin**: 10% [2][3] - **Online Sales Proportion**: 87.71%, up 30.81% year-on-year, with Douyin direct sales growing by 37.25% [2][3] - **Offline Sales**: Decreased by 2.89% year-on-year [2][3] Brand Performance - **Perfect Brand Revenue**: 72.47% of total revenue, up 33.93% year-on-year [2][4] - **PL Yanhuo Brand Revenue**: 27.47% of total revenue, up 8.21% year-on-year [2][4] - **Product Categories**: Eye products grew by 57.03%, skincare by 27.25% [2][4] Strategic Adjustments - **Shift in Strategy**: Reduced reliance on influencer marketing (达播) and focused on self-broadcasting (自播), achieving 100% growth in self-broadcasting in Q3 [2][6] - **Future Goals**: Aim for sustained revenue and profit growth in Douyin by 2026 [2][6] Market Challenges - **Yanhuo Brand**: Facing challenges in a competitive makeup market, requiring more frequent new product launches [2][9] - **Investment in Medical Aesthetics**: Actively developing products related to restructured collagen and polysaccharides [2][9] Future Growth Projections - **Q4 Growth Expectation**: Anticipated growth exceeding double digits, with full-year growth expected to reach double digits [2][10] - **2026 Preparations**: Comprehensive preparations including team restructuring, product development, and marketing adjustments [2][10] External Investments - **Investment in New Brands**: Significant investments in emerging brands in skincare, oral care, and medical aesthetics, with a 25% stake in Shengzhirun [2][11] - **Strategic Partnerships**: Plans for strategic cooperation with Shengzhirun to launch ECM-related products [2][11] Competitive Landscape - **Response to International Brands**: Confidence in surpassing international brands due to advancements in R&D and strong consumer connections [2][12][13] - **Sales and Marketing Strategy**: Maintaining a focus on high-quality growth despite rising sales and traffic costs [2][13] Product and Marketing Highlights - **New Product Launches**: Successful limited series and upgraded product lines contributing to sales growth [2][14][15] - **Future Product Plans**: Introduction of new products including advanced sunscreen and high-end foundation [2][18][24][25] E-commerce Strategy - **GMV Distribution**: 55% from content e-commerce and 45% from shelf e-commerce, with Tmall accounting for 40% of shelf e-commerce [2][26] - **Team Structure**: 30% of the team focused on shelf e-commerce and 60% on content e-commerce [2][26] Internal Resource Allocation - **Brand Structure**: Two independent brands with separate supply chains and marketing teams [2][27] 2026 Development Goals - **Growth and Profit Targets**: Aiming for over 20% growth and a profit margin of 12% [2][28][29]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported strong performance in Q3 2025, with a year-on-year revenue increase of 25.5% to 2.45 billion yuan and a net profit increase of 2.1% to 240 million yuan. Q3 revenue reached 690 million yuan, up 14.3%, and net profit was 70 million yuan, up 11.6% [3][4] - The company maintains its profit forecast, expecting net profits of 400 million yuan, 523 million yuan, and 667 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 1.00, 1.30, and 1.66 yuan [3][4] Financial Performance Summary - For Q3 2025, the company achieved revenue of 690 million yuan, with a gross margin of 75.7% (up 1.2 percentage points) and a net margin of 10.5% (up 0.03 percentage points) [4] - The revenue breakdown for Q3 2025 shows eye care products generating 150 million yuan (up 20.1%), skincare products 310 million yuan (up 42.0%), cleansing products 70 million yuan (up 23.1%), and beauty products 150 million yuan (down 26.7%) [4] - The average selling prices for Q3 2025 increased significantly, with eye care products up 52.8% and skincare products up 4.5% [4] Financial Projections - The company forecasts revenue growth from 2.226 billion yuan in 2023 to 5.906 billion yuan in 2027, with a compound annual growth rate (CAGR) of 28.5% to 21.7% [6][8] - The projected net profit is expected to grow from 259 million yuan in 2023 to 667 million yuan in 2027, reflecting a CAGR of 48.9% to 27.6% [6][8] - The gross margin is projected to improve from 70.7% in 2023 to 74.8% in 2027, while the net margin is expected to stabilize around 11.3% by 2027 [6][8] Market Positioning - The company continues to lead the domestic eye care market and has launched new products targeting the mid-to-high-end market, such as the "Perfect Collagen Eye Cream" [5] - The company is enhancing its online and offline presence, with significant sales during promotional events like Double 11, achieving over 4 million units sold in the first four hours of a live broadcast [5]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 2.45 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 25.51%, with a net profit of 244 million yuan, up 2.13% year-on-year [2] - The company continues to optimize its product structure, with strong performance from key products, particularly in the eye care and skincare categories [3] - The gross profit margin for Q1-Q3 2025 was 74.91%, showing a slight increase, while the net profit margin was 9.95%, reflecting a decrease [4] Revenue Summary - For Q3 2025, the company achieved a revenue of 686 million yuan, a year-on-year increase of 14.28% [2] - Breakdown of revenue by product category for Q3 2025: - Eye care: 149 million yuan (+20.10%) - Skincare: 306 million yuan (+42.05%) - Cleansing: 67 million yuan (+23.06%) - Beauty: 148 million yuan (-26.71%) - Other: 16 million yuan (+285.46%) [3] Profitability Summary - The company’s gross profit margin for Q3 2025 was 75.72%, an increase of 1.20 percentage points year-on-year [4] - The net profit margin for Q3 2025 was 10.13%, a slight decrease of 0.24 percentage points year-on-year [4] - The company plans to enhance cost control and stabilize expenses to improve profitability [5] Expense Summary - The operating expense ratio for Q1-Q3 2025 was 63.77%, an increase of 3.12 percentage points year-on-year [5] - For Q3 2025, the operating expense ratio rose to 69.04%, with increases in sales and management expenses attributed to heightened competition and increased team size [5] Investment Recommendations - The company is expected to achieve synchronized growth in revenue and profit due to brand strengthening and operational efficiency improvements [6] - Revised revenue forecasts for 2025-2027 are 3.68 billion, 4.48 billion, and 5.42 billion yuan respectively, with net profits of 397 million, 493 million, and 631 million yuan [6] - The estimated EPS for 2025-2027 is projected to be 0.99, 1.23, and 1.57 yuan, with corresponding PE ratios of 35, 28, and 22 times [6]

Summary of Conference Call Records Industry Overview - The conference call discusses the outlook for the beauty and e-commerce sectors in China, particularly focusing on the upcoming Double Eleven shopping festival in 2025. The overall market sentiment is optimistic, with expectations of accelerated growth across various platforms, especially Taobao and Tmall, which are projected to achieve a growth rate of around 20% during the event [1][3]. Key Companies and Their Performance 1. **Taobao and Tmall** - Taobao and Tmall are expected to see marginal acceleration in growth, benefiting from personnel adjustments, local life integration, instant retail, and the influence of the 88 VIP membership program [1][3]. 2. **Douyin** - Douyin is anticipated to achieve approximately 40% growth, with other platforms also expected to maintain double-digit growth rates [1][3]. 3. **Proya (珀莱雅)** - Proya is currently in a personnel adjustment phase, with GMV growth expectations for Double Eleven projected to be in the single to low double digits. The company plans to launch more new products in 2026 and aims for a listing on the Hong Kong Stock Exchange [1][9]. 4. **Mao Geping (毛戈平)** - Mao Geping is expected to maintain a strong sales performance, with online sales growth projected between 40% to 50% during Double Eleven. The brand has seen significant collaboration with Li Jiaqi, particularly on key products [1][7][8]. 5. **Perfect Diary (完美股份)** - Perfect Diary had a strong online performance in the first half of the year but experienced a slight slowdown in Q3. The brand is expected to achieve over 30% growth during Double Eleven [1][11]. 6. **Shanghai Jahwa (上海家化)** - Shanghai Jahwa has shown accelerated online sales in Q3, with expectations for significant growth during Double Eleven, driven by brands like Bai Cao Ji and Yu Ze [1][10]. 7. **Yixian E-commerce (易鲜电商)** - Yixian's high-end brands, such as Kalanli and Darfu, have seen GMV double in Q2, indicating a strong recovery and potential for further growth [1][12]. 8. **Luyuchen (陆雨辰)** - Luyuchen is expected to see a significant increase in revenue, estimated to double in Q3, benefiting from rapid growth in its Jade Station home and optimized operations on Douyin [1][13]. 9. **Iffidan (伊菲丹)** - Iffidan is focusing on multi-channel operations and product launches, with plans to open 50 offline stores in China over three years [2][16][17]. 10. **Jinbo Biotech (锦波生物)** - Jinbo is strengthening its position in the medical beauty sector with new product approvals and collaborations, aiming for significant market penetration [1][19]. 11. **Meili Tianyuan Group (美丽田园集团)** - The group has made a strategic acquisition of Siyuanli, enhancing its market share and member base significantly [1][21]. 12. **Shangmei Group (上美股份)** - Shangmei is expanding its product range and has achieved significant growth through innovative marketing strategies on Douyin [1][22]. Market Trends and Consumer Behavior - Domestic beauty brands are gaining market share due to better consumer insights and faster product iterations compared to foreign luxury brands, which are struggling with slower product development [2][15]. - The price stability of foreign brands contrasts with the aggressive pricing strategies of domestic brands, indicating a shift in market dynamics [1][4]. Investment Strategies - The new consumption sector is highlighted as a key investment area, with traditional growth stocks also being considered due to their strong fundamentals and lower valuations expected in 2026 [1][6]. Conclusion - The upcoming Double Eleven shopping festival is expected to be a significant growth driver for the beauty and e-commerce sectors, with various companies poised to capitalize on the trends and consumer behavior shifts observed in the market. The overall sentiment is positive, with a focus on innovation, collaboration, and strategic positioning to enhance market share and profitability.

Investment Rating - The report assigns an "Outperform" rating for Marubi Biotechnology, expecting the stock's total return over the next 12-18 months to exceed the return of its relevant broad market benchmark [20]. Core Insights - Marubi achieved operating revenue of 1.769 billion yuan in the first half of 2025, representing a year-on-year increase of 30.83%, driven by brand innovation, channel expansion, and operational efficiency improvements [2][8]. - The company's online channels generated 1.571 billion yuan in revenue during the first half of 2025, up 37.85% year-on-year, while offline channels saw a decline of 7.07% to 197 million yuan [2][8]. - Marubi's gross margin for the first half of 2025 was 74.6%, slightly down by 8 basis points year-on-year, attributed to optimization in product and sales structures [2][8]. Revenue and Growth - In Q2 2025, Marubi's revenue reached 923 million yuan, marking a 33.5% year-on-year growth [2][8]. - The Marubi brand generated 1.25 billion yuan in revenue in the first half of 2025, up 34.36% year-on-year, accounting for 70.72% of total revenue [2][8]. - The PASSIONAL LOVER brand achieved 516 million yuan in revenue, a 23.87% increase year-on-year, representing 29.22% of total revenue [2][8]. Cost and Profitability - Sales expenses in the first half of 2025 were 1 billion yuan, up 39.31% year-on-year, leading to a sales expense ratio of 56.5%, an increase of 3.4 percentage points [3][9]. - The net profit attributable to the parent company for the first half of 2025 was 186 million yuan, a 5.21% increase year-on-year, with a net profit margin of 10.5%, down 2.6 percentage points [3][9]. Product Development and Market Position - Marubi expanded its product range, particularly in eye care and anti-aging, with the Little Red Pen Eye Cream achieving a 150% year-on-year sales growth in the first half of 2025 [4][10]. - The Little Golden Needle Serum and other products maintained strong sales performance, with the Little Golden Needle Super Mask reaching a market share of 4.23% on TikTok [4][10]. Marketing and Sales Strategy - The company adopted an eight-account matrix operation model for self-broadcasting, achieving a penetration rate of 82% [5][11]. - Marubi's self-broadcasting business saw a 60% year-on-year increase in Q1 2025 and a 10% increase in Q2 2025 [5][11].

Group 1: Company Insights - Ruipu Biotech reported a comprehensive gross margin increase of 2.36 percentage points, driven by revenue scale expansion and product structure optimization, with a 17.94% year-on-year growth in the pet health sector [1] - Huijia Times has enhanced its fresh food category in Urumqi's Beijing Road shopping center, with a 1.87% increase in fresh food share and a 5% increase in cooked food [2] - Marubi Biotech expanded its audience on Douyin through targeted content, with a focus on brand building and new product launches in the second half of the year [3] - Jiangbolong's domestic market share in eSSD is second only to Solidigm and Samsung, with significant advancements in PCIe SSD and RDIMM products [4] - AVIC High-Tech is focusing on low-altitude economy strategies and has invested 9.17 billion in civil aviation composite materials projects [5] - Tianfu Communication achieved a revenue of 2.456 billion, a year-on-year increase of 57.84%, with a notable growth in active products [6] Group 2: Financial Performance - Ruipu Biotech's raw material drug segment showed significant improvement, with a gross margin increase of 14 percentage points and a reduction in losses by over 10 million compared to the previous year [1] - Huijia Times is prioritizing investor returns and enhancing dividend yields through strategic adjustments in its department stores [2] - Marubi Biotech's core product series accounts for over 70% of sales, indicating potential for further growth [3] - Jiangbolong's self-developed main control chip has shipped over 80 million units, showcasing its strong market position [4] - AVIC High-Tech expects significant improvement in cash collection in the second half of the year due to the maturity of previously received bills [5] - Tianfu Communication's gross margin decreased due to changes in product structure, with an increased focus on active products [6] Group 3: Strategic Developments - Ruipu Biotech plans to accelerate the launch of new products in the second half of the year, supported by significant R&D achievements [1] - Huijia Times is optimizing its product structure and enhancing service training to improve customer experience [2] - Marubi Biotech is set to launch a series of new products under its successful Xiaojin needle series [3] - Jiangbolong is collaborating with SanDisk to launch customized UFS products, enhancing its market presence [4] - AVIC High-Tech is deepening collaboration with core customers in the engine blade business through joint ventures [5] - Tianfu Communication is expanding its product offerings in response to customer demands, ensuring effective resource allocation [6]