证券研究报告 可选消费 人货场重构消费生态，聚焦新消费机遇 华泰研究 2025 年 7 月 03 日│中国内地 中期策略 人、货、场多维度变革，正驱动消费行业生态重构 我们认为消费行业正经历从规模扩张向质量升级的深刻变革。在政策红利推 动、技术迭代与消费者偏好及习惯变化等多重因素作用下，行业当下呈现总 体高质量增长、内部多级分化等发展态势：1）人：以 Z 世代、银发族及女 性群体为代表的新消费主力群体正推动消费需求向个性化、品质化方向迭 代；2）货：国货品牌及体验型消费景气度延续，感官体验成为链接消费者 与产品的核心触点；3）场：内容电商正重塑渠道格局，营销加速向去中心 化转型，精准化、场景化渠道快速崛起。我们认为大市值消费龙头有望凭借 品牌、IP 及渠道优势实现强者恒强，而聚焦细分需求的"小池子里的大鱼"， 则有望凭借差异化产品和精准营销在细分领域建立壁垒，实现错位成长。 内需"压舱石"地位巩固，促消费政策密集出台有望提振下半年消费 2025 年政府工作报告中提振内需重要性再度前置，需求端工作重心从短期 刺激需求转向系统性提升消费意愿，以稳固居民收入预期为核心基础，通过 加大就业创业支持力度等举措，从根本上 ...

近期，丸美生物成功通过ISO56005《创新与知识产权管理能力》二级认证。丸美生物董事长兼首席执 行官孙怀庆在接受中国证券报记者采访时表示，未来公司将坚持以科技创新为发展引擎，致力于打造具 有国际影响力的美妆科技企业。 创新驱动发展 ● 本报记者 武卫红 据公开资料，《创新管理—知识产权管理指南（ISO56005）》管理体系是我国提出并推动制定的首个 国际知识产权管理标准，适用于企业提升知识产权管理效能和创新能力。该标准以创新价值实现为核心 导向，坚持创新管理与知识产权的深度融合，将知识产权管理活动嵌入创新全过程，通过明确创新过程 中的知识产权管理目标、方法和路径，全面提升创新效率、创新质量和创新效益。 近年来，丸美生物构建了一套以知识产权和大数据分析为核心的系统化创新管理体系，推动公司实现 从"经验式研发"到"系统化创新"的战略升级。据介绍，公司此次获得该项国际标准二级认证，标志着公 司具备将知识产权转化为商业竞争力的系统化能力，并进入全球美妆行业在创新管理与知识产权融合领 域的第一梯队。 作为深耕抗衰老赛道20多年的美妆企业，丸美生物以全球领先技术为基础，以"科技驱动的美与健康"为 使命，坚持"科技+品牌 ...

Core Viewpoint - The controversy surrounding Juzhibio's flagship product, Kefu Mei, has raised significant concerns about the authenticity of its collagen claims, leading to a crisis of trust among investors and consumers [1][3][6]. Company Summary - Juzhibio, known as a leader in recombinant collagen, has faced allegations of product falsification, particularly regarding its Kefu Mei product, which reportedly contains only 0.0177% collagen, below the regulatory threshold of 0.1% [3][4]. - The company has stated that all its products are compliant with regulatory standards and have undergone rigorous quality checks [4][6]. - Following the controversy, Juzhibio's stock price fell by 4.04% to HKD 73.6, with a total market capitalization of HKD 788.19 billion as of May 26 [2]. Industry Summary - The demand for aesthetic products, including hyaluronic acid and collagen, has been rising, with major players like Juzhibio and Jinbo Bio seeing growth despite market challenges [2][9]. - The recombinant collagen market in China is projected to grow significantly, reaching CNY 585.7 billion by 2025, with a compound annual growth rate of 44.93% [10][12]. - The lack of standardized testing methods for collagen products has led to discrepancies in product claims and consumer trust issues, highlighting the need for regulatory frameworks in the industry [5][8][12].

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 ...

广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 会议资料 广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 各位股东及股东代表： 为维护投资者的合法权益，确保广东丸美生物技术股份有限公司（以下简称"公 司"）2024 年年度股东大会的顺利召开，依据中国证券监督管理委员会《上市公司 股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》 《证券法》 《上市公司股东大会规则》和《公司章程》的 规定，认真做好召开股东大会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 十一、股东未做参会登记或会议签到迟到将不能参加本次会议。股东参加股东 大会，应当认真履行其法定义务，会议开始后请将手机铃声置于无声状态，尊重和 维护其他股东合法权益，保障大会的正常秩序。 十二、对于干扰股东大会秩序、寻衅滋事和侵犯其他股东合法权益的行为，公 司有权采取必要措施予以制止并报告有关部门查处。 下同）的合法权益，除出席会议的股东、公司董事、监事、高级 ...

走出"黄金十年"的国产美妆企业们，正在走向截然不同的生存境地。 近期，各国产美妆企业陆续披露了2024年业绩情况，可谓有人欢喜有人忧。一部分企业业绩狂飙，珀莱雅成为首个进入百亿俱乐部的国产美妆企业，上美 股份、巨子生物、毛戈平、丸美股份的营业额和利润均有显著涨幅；然而另一边，不少曾经的顶流抑制不住走下坡路，下滑趋势明显，上海家化颓势难 掩，经历了长期的业绩下滑后，去年出现首次亏损。 这其中，有6家美妆企业的营业额超过50亿元，按照当前发展态势，50亿很快就会成为国产美妆TOP10的一个重要业绩门槛。 | 企业 | 总营收 | 同比 | | --- | --- | --- | | 珀菜雅 | 107.78亿元 | 增长21.04% | | 上美股份 | 67.93亿元 | 增长62.08% | | 贝泰妮 | 57.36亿元= | 增长3.87% | | 上海家化 | 56.79亿元 | 下降13.93% | | 巨子生物 | 55.39亿元 | 增长57.17% | | 华熙生物 | 53.71亿元Y | 下降11.61% | | 水羊股份 | 42.37亿元 | 下降5.69% | | 福瑞达 | 39.8 ...

核心观点 公司Q4 单季度营收10.17 亿元，同比增长47.64%，较24Q3 的+25.8%进一步加速，25Q1 营收+28%维持 在高位。盈利端24Q4对应扣非净利润率9.85%，全年扣非净利润率11%，+2.6pct，此次24Q4 验证大促 期的盈利稳定性已形成。2024 年线上营收25.41亿元/+35.77%，占比提升至85.61%，线上运营持续精 进。丸美小红笔眼霜3.0 全年线上GMV达5.33 亿元/+146%,小金针次抛精华2.0 线上GMV 达3.5 亿 元/+96%，大单品策略下毛利率提升显著。 2025 年公司进一步对小红笔及小金针系列进行扩充升级，推出小红笔水乳2.0，小金针超级面膜，并推 出大红盾进入防晒市场，恋火近期推出海岛限定系列拓宽人群，产品、渠道、品牌三维提升下今年增速 及业绩兑现值得期待。 事件 公司披露2024 年年报及2025 年一季报：Q4 实现营收10.17 亿元，+47.64%，归属股东净利润1.03 亿 元，+20.14%；扣非净利润1.00亿元，+225.88%。24 年全年营收29.70 亿元，+33.44%，归母净利润3.42 亿/+31.69%；扣非 ...

Core Viewpoints - The report highlights a collective decline in the A-share market indices, with the Shanghai Composite Index down by 0.05% to 3286.65 points, and the Shenzhen Component Index also down by 0.05% [1][6] - The report notes a significant increase in the inbound tourism market in China, with an expected daily average of 2.15 million inbound and outbound travelers during the upcoming "May Day" holiday, representing a year-on-year growth of 27% [2][7] - The report emphasizes the strong performance of Marubi Biotechnology (丸美生物), with a 33.44% year-on-year increase in revenue for 2024, reaching 2.97 billion yuan, and a net profit of 342 million yuan, up 31.69% [8][12] Market Performance - The A-share market saw a total trading volume of 1.02 trillion yuan, with sectors such as beauty care, machinery, and media leading the gains, while public utilities, oil and petrochemicals, and coal sectors lagged [1][6] - The report indicates that the online sales channel for Marubi achieved a revenue of 2.54 billion yuan in 2024, a year-on-year increase of 35.77%, accounting for 85.61% of total revenue [9][12] Company Analysis - Marubi's main brand generated 2.06 billion yuan in revenue, representing a 31.69% increase, while its second brand, PL, achieved 905 million yuan, up 40.72% [9][12] - The gross margin for Marubi improved to 73.70% in 2024 and 76.05% in Q1 2025, reflecting a year-on-year increase of 3.01 percentage points and 1.45 percentage points, respectively [10][12] - The company is transitioning from a traditional cosmetics firm to a biotechnology cosmetics company, focusing on key technologies and core raw material research, particularly in recombinant collagen technology [11][12] Profit Forecast and Investment Recommendations - The report adjusts profit forecasts for Marubi, estimating net profits of 411 million yuan, 476 million yuan, and 537 million yuan for 2025-2027, with year-on-year growth rates of 20.40%, 15.75%, and 12.69% respectively [12]

Investment Rating - The investment rating for Marubi Biotechnology (丸美生物) is not explicitly stated in the provided documents, but the overall sentiment appears positive based on the performance metrics and growth projections. Core Insights - Marubi Biotechnology reported a revenue of 2.97 billion yuan in 2024, representing a year-over-year increase of 33.4%, with a net profit attributable to shareholders of 342 million yuan, up 31.7% year-over-year [1] - The company is experiencing continuous growth driven by both product innovation and technological advancements, positioning itself as a leader in the collagen industry [5] Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 2.97 billion yuan and a net profit of 342 million yuan, with a significant increase in net profit margin [1] - For Q1 2025, revenue reached 847 million yuan, reflecting a year-over-year growth of 28% [1] - The gross profit margin improved to 74.6% in 2024, with a further increase to 76% in Q1 2025 [4] Product and Brand Development - The product structure is continuously optimized, with skincare, eye care, cleansing, and beauty products generating revenues of 1.125 billion, 689 million, 241 million, and 913 million yuan respectively in 2024 [2] - The eye care segment saw significant growth, particularly with the "胜肽小红笔眼霜" product, which achieved an online GMV of 533 million yuan, up 146% year-over-year [2] Sales Channels - Online sales accounted for 25.41 billion yuan in 2024, growing by 35.8% year-over-year, while offline sales reached 4.27 billion yuan, up 20.8% [3] - The online sales proportion increased to 86%, indicating a strong digital presence and effective multi-platform strategies [3] Cost Management and Efficiency - The company maintained stable expense ratios across sales, management, and R&D, with a sales expense ratio of 55% in 2024 [4] - Inventory turnover days improved to approximately 90.2 days in 2024, indicating enhanced operational efficiency [4] Future Projections - The forecast for net profit attributable to shareholders is projected to be 450 million yuan in 2025, 582 million yuan in 2026, and 692 million yuan in 2027, reflecting a consistent growth trajectory [8] - The expected P/E ratios for 2025, 2026, and 2027 are 38.9X, 30.1X, and 25.3X respectively, suggesting a favorable valuation outlook [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company achieved impressive growth in 2024, with total revenue reaching 2.97 billion yuan, a year-on-year increase of 33.44%, and net profit attributable to shareholders of 342 million yuan, up 31.69% year-on-year [7] - The dual-brand strategy of Marubi and PL Fire is showing positive momentum, with both brands contributing significantly to revenue [7] - The company is expected to maintain strong growth in the coming years, with projected net profits of 469 million yuan in 2025, 590 million yuan in 2026, and 724 million yuan in 2027, reflecting growth rates of 37.4%, 25.8%, and 22.7% respectively [7][8] Financial Performance Summary - Revenue projections for the company are as follows: 2,226 million yuan in 2023, 2,970 million yuan in 2024, 3,832 million yuan in 2025, 4,735 million yuan in 2026, and 5,615 million yuan in 2027, with respective growth rates of 28.52%, 33.44%, 29.04%, 23.56%, and 18.59% [6] - The company's gross margin for 2024 is projected at 73.7%, an increase of 3.01 percentage points year-on-year, indicating effective cost control and product mix optimization [7] - The company’s net profit margin for 2024 is expected to be 11.50%, with a return on equity (ROE) of 10.11% [6][8]