2 0 2 5年，美妆行业对线下的态度是复杂的。 一方面，线上流量红利见顶、投放效率持续下滑，"回归线下"成为共识。 《FBe a u t y未来迹》数据显示，截至2 0 2 5年前三季度，全国CS门店总量已达1 3 . 6万家，仅前 三季度就新开店3 . 8万家，销售总额虽然仍有2 . 8%的同比下滑，但降幅已显著收窄；此外，百 货 美 妆 专 柜 数 量 下 滑 比 例 也 收 窄 了 接 近 3 0% ， 总 体 而 言 ， 美 妆 线 下 场 景 展 现 出 强 烈 的 回 暖 信 号。一部分从线上起家的新锐品牌甚至把线下视作"纯增量"，凭借热度做得风生水起。 但 无 法 否 认 的 是 ， 大 多 数 品 牌 的 线 下 策 略 也 随 环 境 有 了 较 大 变 化 ， 一 定 程 度 上 带 有 防 御 意 味 ——更短的周期、更轻的投入、更快的回报预期。线下被普遍视为一个" 切不能丢、但也不敢 重投 "的渠道。 在这样的背景下，丸美创始人兼CEO孙怀庆博士的选择显得并不保守。2 0 2 6年度经销商大会 上，他一下抛出四个对于线下渠道的表态：" 信仰、信念、信任、信心 "——持续加码、系统 投 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 45.29 yuan [4]. Core Insights - The company achieved a revenue of 1.769 billion yuan in H1 2025, representing a year-on-year growth of 30.83%. The net profit attributable to shareholders was 186 million yuan, up 5.21% year-on-year [1]. - The skincare segment led revenue growth with 693 million yuan, followed by other beauty categories [1]. - The company continues to deepen its focus on key products, achieving significant technological breakthroughs, including the launch of a new collagen mask that topped sales rankings [3]. - The PL brand also saw growth driven by enhanced product offerings and effective online marketing strategies [3]. Financial Performance - In H1 2025, the gross margin was 74.6%, with a slight decrease of 0.07 percentage points year-on-year. The net profit margin was 10.5%, down 2.56 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling 100 million yuan, which accounts for 53.97% of the net profit for the first half of the year [1]. - Revenue projections for 2025-2027 indicate a steady growth trajectory, with net profits expected to reach 440 million yuan in 2025, 580 million yuan in 2026, and 739 million yuan in 2027 [5][7]. Product and Market Strategy - The main brand, Marubi, focuses on key products and strong brand momentum, while the PL brand is developing a second growth curve in the foundation segment [4]. - The company has launched several new products and marketing campaigns that have significantly increased engagement and sales, particularly through online platforms [3]. Future Outlook - The company is expected to maintain a robust growth rate, with projected net profit growth rates of 27.6% in 2025, 31.8% in 2026, and 27.3% in 2027 [4]. - The current price-to-earnings (PE) ratios for 2025-2027 are projected at 42x, 32x, and 25x respectively, indicating a favorable valuation trend [5][7].