报告要点 公司研究丨点评报告丨丸美生物（603983.SH） [Table_Title] 丸美生物 2025 年中报点评：品牌蓄势破圈，利 润阶段性承压 [Table_Summary] 公司发布 2025 年中报。2025H1，公司实现营收 17.7 亿元，同比增长 30.8%；归母净利润 1.9 亿元，同比增长 5.2%。单二季度，公司实现营收 9.2 亿元，同比增长 33.5%；归母净利润 0.5 亿元，同比下滑 23.1%。 分析师及联系人 丨证券研究报告丨 [Table_Author] SAC：S0490514080004 SAC：S0490520080019 SFC：BUV258 李锦 罗祎 曾维朵 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 丸美生物（603983.SH） cjzqdt11111 [Table_Title 丸美生物 2025 2] 年中报点评：品牌蓄势破圈，利 润阶段性承压 [Table_Summary2] 事件描述 公司发布 2025 年中报。2025H1，公司实现营收 17.7 亿元，同比增长 30.8%；归母净利润 1.9 ...

Investment Rating - The report maintains a "Positive" investment rating for the beauty industry [3] Core Insights - The beauty industry is experiencing stable growth, with a notable performance in the collagen restructuring segment [1][5] - The overall revenue growth for the cosmetics sector has shown slight improvement, with a year-on-year increase of 3.1% in Q1 2025, recovering from previous negative growth [12][19] - The average revenue growth for the cosmetics industry is projected to be 8% in 2024, followed by a decline to -5% in Q1 2025, indicating a trend of increasing differentiation among brands [19] Summary by Sections Cosmetics - The cosmetics industry has shown a steady growth rate, with Q1 2025 marking a recovery from three consecutive quarters of negative growth [12] - Online sales channels, particularly Tmall and Douyin, have seen significant growth, with a combined increase of 17% in Q1 2025 [12] - The average revenue growth for brands has been more resilient compared to upstream and downstream segments, with mid-sized brands like Marubi and Runben achieving good growth despite a generally weak market [19] Medical Beauty - The medical beauty sector has seen a convergence in revenue, while the collagen restructuring segment continues to maintain high growth rates [1][5] Revenue and Profitability - The average revenue growth for the cosmetics industry has been declining, with a notable differentiation in performance among brands [19] - The average gross margin for the brand segment has slightly increased, attributed to improved business structure and price control measures [20] Product Innovation - Brands are focusing on upgrading main product lines and expanding functional categories, particularly in sun protection and whitening, with increased competition expected [25] - New product launches include significant upgrades in major brands like Proya and Bethany, focusing on whitening and sun protection [24][25] Expenses and Profit Margins - The average sales expense ratio for brands has increased, reflecting heightened competition and rising platform costs [26] - The gross profit margin has generally decreased across the industry, although leading brands like Proya have managed to improve their margins through effective cost management [26][35] R&D and Management Expenses - There is a trend of increasing R&D investment among leading brands, with a shift towards foundational research [45] - Management expense ratios have shown a divergence, with leading companies optimizing their expenses while others have seen increases due to business adjustments [45]