Investment Rating - The report assigns an "Accumulate" rating for the company, indicating a positive outlook for the stock over the next six months [4]. Core Insights - The company has a well-established brand matrix based on skin science and biological science, focusing on the research, design, production, sales, and service of various cosmetics [1][9]. - The main brand, Marubi, has successfully implemented a big product strategy, particularly in eye care, maintaining the top sales position in this category for three consecutive years [2]. - The PL brand, focusing on base makeup, has achieved significant sales milestones, with multiple products exceeding 100 million yuan in annual GMV [3]. Financial Performance - The company is projected to achieve revenues of 2,226 million yuan in 2023, growing to 6,051 million yuan by 2027, with a compound annual growth rate (CAGR) of approximately 24.6% [1][10]. - The net profit attributable to shareholders is expected to rise from 259 million yuan in 2023 to 729 million yuan in 2027, reflecting a strong growth trajectory [1][10]. - The company's gross margin improved to 73.7% in 2024, up 3.01 percentage points year-on-year, driven by optimized product structure and cost control [8]. Brand Strategy - Marubi's core philosophy is centered around "focusing on reducing every fine line," which has solidified its brand identity in eye care and wrinkle reduction [2]. - The PL brand emphasizes user-friendly and high-quality products, reinforcing its market position in the base makeup category [3]. Market Position - Marubi has become a leading brand in the domestic mid-to-high-end skincare market, while PL has established itself as a strong player in the makeup segment [1][3]. - The company aims to leverage global leading technologies to develop high-quality products, guided by a long-term strategy focused on "technology-driven beauty and health" [9].

证 券 研 究 报 告 领跑新消费，美妆个护全面崛起 2025年美容护理中期投资策略 证券分析师：王立平 A0230511040052 王盼 A0230523120001 聂霜 A0230524120002 2025.6.10 摘要 www.swsresearch.com 证券研究报告 4 资料来源：Wind，申万宏源研究；注:医美指数采用申万医疗美容主要成分股爱美客、华熙生物、锦波生物、昊海生科的 图1：2025年以来美容护理板块行情复盘 ◼ 25Q2起美容护理行业开始大幅跑赢申万A股指数，其中化妆品、个护、医疗美容（含锦波）均有亮眼表现，印证新消费实力： • 1）政策持续释放利好叠加板块回调至相对低位估值，25年4月开始在财报利好频传与618事件催化下，板块实现增长与超额收益 • 2）25年以来新消费概念崛起，以悦己为主题的美容、黄金珠宝、潮玩等消费业绩估值双击。 ①受Q1美妆社零表现平淡，头部国 货品牌控费影响GMV表现等因素影 响，SW美容护理表现略显疲软 ③个护：高端+性价比品牌崛起， 国货替代与情绪消费新赛场； 医美：重组胶原蛋白药械预期带 高锦波生物等成分股； 化妆品：受618大促催动，关注 度 ...

Investment Rating - The report maintains a recommendation for the beauty and personal care industry, highlighting the continued growth of leading domestic brands [2]. Core Insights - The beauty and personal care sector has shown a divergence in performance, with leading domestic brands achieving good growth due to their competitive pricing, differentiated products, and effective online operations [1][10]. - The upcoming 618 shopping festival is expected to further catalyze growth for domestic brands, particularly in the cosmetics sector [1][6]. Summary by Sections Cosmetics - In 2024 and Q1 2025, leading domestic brands continued to show strong growth, with significant revenue increases reported: - Molybdenum Biological: +33% revenue, +32% net profit - Giant Biological: +57% revenue, +42% net profit - Upper Beauty: +62% revenue, +69% net profit [11][13]. - The overall performance of the cosmetics sector is characterized by a mix of growth and decline among various companies, with some like Proya showing resilience in profit despite revenue slowdowns [12][13]. - The report suggests focusing on brands with strong single-product strategies and innovative ingredients, such as Giant Biological and Molybdenum Biological, as well as those with strong brand positioning like Mao Geping [1][6]. Personal Care - The personal care segment has seen robust performance from leading domestic brands, with notable revenue growth in Q1 2025: - Baiya: +30% - Stable Medical: +36% - Hao Yue Care: +42% [6][12]. - The report emphasizes the importance of product upgrades and channel expansion for these brands, which have outperformed OEM companies [1][6]. - The ongoing trend of online expansion and the shift towards mid-to-high-end branding remains strong, with companies like Baiya and Stable Medical showing promising developments [6][12]. Market Trends - The overall market for cosmetics in early 2025 showed a slight increase in retail sales, with a year-on-year growth of 4.0% in the first four months [23]. - Online platforms like Tmall and Douyin have seen varying performance, with Douyin showing higher growth rates in certain categories compared to Tmall [26][29]. Key Brand Performance - Key brands have demonstrated significant growth in both Tmall and Douyin platforms, with notable increases in GMV for brands like Mao Geping and Kefu Mei [33]. - The report highlights the competitive landscape, with domestic brands increasingly capturing market share from international brands due to their pricing and innovative marketing strategies [1][6].

Core Viewpoint - The 2024 Annual Shareholders' Meeting of Guangdong Marubi Biotechnology Co., Ltd. outlines the company's operational performance, strategic initiatives, and financial results, emphasizing growth in revenue and profit, alongside a focus on innovation and brand development in the beauty industry. Financial Performance - The company achieved a total revenue of 2.97 billion yuan in 2024, representing a year-on-year increase of 33.44% [29] - The main brand Marubi generated 2.06 billion yuan in revenue, up 31.69% year-on-year, while the PL brand reached 905 million yuan, a growth of 40.72% [31] - The gross profit margin improved to 73.7%, an increase of 3.01 percentage points, attributed to optimized product structure and cost control [31] - Net profit attributable to shareholders was 342 million yuan, up 31.69%, with a higher growth rate of 73.86% for net profit after excluding non-recurring gains and losses [31] R&D and Innovation - The company established a Life Sciences Center to explore new fields such as oral health and oral beauty, enhancing its R&D capabilities [8] - Marubi conducted 42 specialized research projects on raw materials, focusing on innovative plant extracts and bioengineering technologies [9] - The company received recognition as a "National Research Center for Recombinant Functional Proteins," highlighting its advancements in recombinant collagen technology [9] Brand Development - Marubi maintained its position as the top seller in the eye care category for three consecutive years, with the "Peptide Little Red Pen" eye cream achieving online sales of 533 million yuan, a 146% increase [12] - The PL brand successfully launched several products, with six foundation products each generating over 100 million yuan in annual GMV [14] - The company emphasized a dual-brand strategy, focusing on both Marubi and PL to drive growth and market presence [24] Marketing and Sales Strategy - The company implemented a multi-channel marketing strategy, achieving significant online sales growth, with online channels contributing 85.61% of total revenue [31] - Marubi's Tmall flagship store saw a 28% increase in sales, with a focus on enhancing user experience and member engagement [16] - The company utilized emotional and interactive marketing campaigns to strengthen brand recognition and consumer connection [13] Organizational Development - The company is committed to building a young, knowledgeable, and professional workforce, enhancing organizational agility and collaboration [20] - Marubi launched the "Marubi YOUNG Plan" to nurture new talent and improve overall employee capabilities [21] - The company emphasized a culture of innovation and teamwork through various creative activities and training programs [21]

Core Insights - The performance of domestic beauty companies in China is showing significant divergence, with some achieving remarkable growth while others face declines, indicating a reshaping of the market landscape [1][4][42] Group 1: Company Performance - Proya has become the first domestic beauty company to enter the 10 billion yuan club, with a revenue of 10.778 billion yuan, growing by 21.04% [2] - Other companies like Shangmei and Juzi Biological also reported substantial revenue increases of 62.08% and 57.17% respectively, while Shanghai Jahwa experienced a revenue decline of 13.93% [2][3] - Six beauty companies have revenues exceeding 5 billion yuan, suggesting that this threshold will soon become a significant benchmark for the top 10 domestic beauty brands [1] Group 2: Profitability Trends - Juzi Biological leads in profitability with a profit of 2.062 billion yuan, up 42.06%, while Proya's profit reached 1.552 billion yuan, growing by 30% [3] - In contrast, Shanghai Jahwa reported a loss of 833 million yuan, marking a 266.60% decline, highlighting the stark differences in profitability among companies [3][11] Group 3: Market Dynamics - The current market dynamics indicate a shift towards efficacy-driven products, with companies that successfully launched standout products seeing better performance [4][5] - The competition is intensifying, with new entrants emerging and established brands needing to adapt to changing consumer preferences and market trends [7][30] Group 4: R&D and Strategic Focus - Companies are increasingly focusing on R&D, with most reporting a rise in R&D expenditures, indicating a strategic shift towards innovation and efficacy [20][21] - The trend of acquisitions and investments in technology is becoming a key strategy for companies aiming to enhance market share and scale [23][24] Group 5: Emerging Opportunities - The male skincare market is growing rapidly, presenting new opportunities for brands to capture this segment [36] - The aging population is creating demand for products targeting older consumers, which remains largely untapped [39] - As online sales plateau, brands are shifting focus to offline channels, indicating a potential new battleground for market share [40]

Investment Rating - The report maintains an "Outperform" rating for the social services industry [1][27]. Core Insights - The report emphasizes the importance of expanding service consumption and highlights that new consumption continues to attract funding [1][3]. - The macroeconomic environment is supportive of service consumption growth, with government policies aimed at increasing income for low- and middle-income groups and enhancing consumption's role in economic growth [4][5]. - The report notes that service consumption has a high frequency of transactions, strong multiplier effects, and sustainable growth potential, with significant contributions to overall consumer spending [5]. Summary by Sections Macroeconomic and Industry Dynamics - The Politburo meeting on April 25 discussed the current economic situation, emphasizing support for technology innovation, consumption expansion, and stable foreign trade [3][4]. - The State Taxation Administration revised the management measures for tax refunds for overseas travelers, facilitating easier tax refund processes [4]. - Recent reports highlight the importance of service consumption as a key driver for domestic demand, with a projected 6.2% growth in service retail sales in 2024, outpacing goods retail sales [5]. Company Dynamics - Traditional retail continues to optimize, with companies like Yonghui Supermarket successfully launching products through green channels for foreign trade [6][7]. - Beauty industry companies reported strong financial performances, with Jinbo Bio achieving a 62.51% year-on-year revenue increase in Q1 2025 [3][13]. - The report highlights the performance of various companies, including a significant turnaround for Bubugao, which reported a 164.16% increase in net profit in 2024 [7][14]. Investment Recommendations - The report notes that the social services sector has seen a rotation in performance, with key companies trading at a PE ratio of 20-40 times for 2025, indicating stable operations and solid growth potential [3][27]. - The report suggests that the market is favoring high-growth companies within the social services sector, with significant year-to-date increases in stock prices for companies like Shangmei and Maogeping [24][27].

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational momentum and brand strength [1][6]. Financial Performance - In 2024, the company achieved revenue of 2.97 billion yuan, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million yuan, up 31.7% [1][2]. - For Q1 2025, the company reported revenue of 850 million yuan, reflecting a 28% year-on-year growth, and a net profit of 140 million yuan, which is a 22.1% increase [2][6]. - The company proposed a cash dividend of 0.5 yuan per share for 2024, resulting in a total payout ratio of 88% for the year [1]. Brand and Product Performance - The main brands, Marubi and Lianhuo, experienced substantial growth, with Marubi's revenue reaching 2.055 billion yuan (69% of total revenue) and a growth of 31.7%, while Lianhuo's revenue was 905 million yuan (30% of total revenue) with a growth of 40.7% [3]. - Key product categories such as eye care, skincare, cleansing, and beauty products saw significant revenue contributions, with eye care growing by 60.8% and skincare by 21.6% in 2024 [3][4]. Gross Margin and Cost Control - The gross margin for 2024 improved by 3.0 percentage points to 73.7%, driven by product mix optimization and cost control [4][5]. - The company maintained a good control over expenses, with the expense ratio decreasing by 0.2 percentage points to 60.7% in 2024 [5]. Inventory and Receivables Management - Inventory at the end of 2024 increased by 27.9% to 220 million yuan, with inventory turnover days of 90 days [5]. - Accounts receivable rose by 42.9% to 450,000 yuan at the end of 2024, with turnover days of 4 days [5]. Future Outlook - The company is expected to continue its strong growth trajectory, with projected net profits of 450 million yuan, 570 million yuan, and 680 million yuan for 2025, 2026, and 2027, respectively [6]. - The company’s strategic focus on product innovation and brand strength is anticipated to enhance its market position and profitability [6].

Investment Rating - The investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company achieved a revenue of 2.97 billion in 2024, representing a year-on-year growth of 33.44%, with a net profit attributable to the parent company of 342 million, up 31.69% year-on-year [1][7] - The main brand, Marubi, generated a revenue of 2.055 billion in 2024, reflecting a growth of 31.69%, while the secondary brand, Lianhuo, achieved a revenue of 905 million, up 40.72% [2][8] - The company is experiencing a product momentum explosion, particularly with its key products, which are driving significant revenue and profit growth [3][16] Financial Performance - In Q1 2025, the company reported a revenue of 847 million, a year-on-year increase of 28.01%, and a net profit of 135 million, up 22.07% [1][7] - The gross margin for 2024 was 73.70%, an increase of 3.01 percentage points year-on-year, and is projected to rise to 76.05% in Q1 2025 [3][11] - The company’s operating cash flow for 2024 was 301 million, showing a decrease of 11.09% year-on-year, while Q1 2025 saw a significant increase of 117.93% [14] Revenue Breakdown - The eye care category generated 689 million in revenue for 2024, a growth of 60.78%, primarily driven by the Marubi Xiaohong Pen eye cream [2][8] - Online sales channels contributed 2.541 billion in revenue for 2024, up 35.77%, accounting for 85.55% of total revenue [2][8] - The company’s top three core products accounted for 64% of sales, indicating a further increase in product concentration [2][8] Profitability Metrics - The net profit margin for 2024 was 11.53%, a decrease of 0.94 percentage points year-on-year, while the gross profit margin continued to improve [11][18] - The company’s return on equity (ROE) is projected to reach 10.1% in 2024, increasing to 17.4% by 2027 [4][18] Future Projections - The company is expected to achieve a revenue of 3.941 billion in 2025, with a net profit of 476 million, reflecting a growth of 32.7% and 39.4% respectively [4][18] - The forecast for 2027 includes a net profit of 822 million, with a corresponding price-to-earnings (PE) ratio of 20x [3][4][16]

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company continues to show strong performance with a revenue growth of 33.4% and a net profit growth of 31.7% in 2024, maintaining a growth momentum into Q1 2025 with revenue and net profit increasing by 28% and 22.1% respectively [5][10] - The dual-brand strategy is effectively driving growth, with both main brands, Marubi and Lianhuo, achieving significant revenue increases of 31.7% and 40.7% respectively in 2024 [6][10] - The company has successfully optimized its product structure and cost control, leading to a gross margin increase of 3.0 percentage points to 73.7% in 2024 [8][11] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan and a net profit of 340 million yuan, with a proposed cash dividend of 0.5 yuan per share [5][10] - The quarterly revenue growth rates for 2024 were 38.7%, 18.6%, 25.8%, and 47.6% respectively, with net profit growth rates of 40.6%, 26.7%, 44.3%, and 20.1% [6] Brand and Product Performance - The Marubi brand generated 2.055 billion yuan in revenue, accounting for 69% of total revenue, while the Lianhuo brand contributed 905 million yuan, making up 30% of total revenue [6] - Key product lines such as eye care and skincare saw revenue growth of 60.8% and 21.6% respectively in 2024 [7] Channel Performance - Online sales accounted for 86% of total revenue in 2024, with a year-on-year growth of 35.8%, while offline sales grew by 20.8% [7] - The Marubi Tmall flagship store's GMV increased by 28%, and self-broadcasting and influencer sales on content platforms saw growth rates of 54% and 82% respectively [7] Cost and Margin Analysis - The gross margin for 2024 was 73.7%, with improvements across various product categories [8] - The company managed to reduce its expense ratio to 60.7% in 2024, with a notable decrease in management and R&D expenses [8] Future Projections - The company forecasts a net profit of 450 million yuan for 2025, with an expected EPS of 1.13 yuan, reflecting a continued growth trajectory [11][12] - The report anticipates a steady increase in revenue and net profit over the next few years, with projected growth rates of 27.7% and 32.9% for 2025 [12][11]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 458 million, 598 million, and 759 million RMB, representing year-on-year growth of 34%, 30%, and 27% respectively, corresponding to PE ratios of 36, 28, and 22 times [3][8]. Core Insights - The company's gross margin improved to 76.05% in Q1 2025, with a year-on-year increase of 1.44 percentage points and a quarter-on-quarter increase of 4.13 percentage points. The sales expense ratio decreased by 3.24 percentage points quarter-on-quarter to 52.17%, while the management expense ratio and R&D expense ratio saw slight reductions [3][8]. - The main brand, Marubi, continues to strengthen its market position in "eye care and wrinkle reduction," with a revenue of 2.055 billion RMB in 2024, a year-on-year increase of 31.69%, accounting for 69.24% of total revenue. The brand's flagship products have shown significant online sales growth [9][8]. - The PL brand, focusing on the base makeup segment, achieved a revenue of 905 million RMB in 2024, a year-on-year increase of 40.72%, contributing 30.51% to total revenue. Six foundation products exceeded 100 million RMB in annual GMV, indicating strong product performance [9][8]. Summary by Sections Financial Performance - The company reported a revenue of 2.226 billion RMB in 2023, with a growth rate of 28.52%. The projected revenue for 2024 is 2.970 billion RMB, with a growth rate of 33.44%. The net profit attributable to the parent company is expected to reach 342 million RMB in 2024, reflecting a growth rate of 31.69% [7][8]. - The diluted earnings per share are projected to increase from 0.647 RMB in 2023 to 1.143 RMB in 2025, with a corresponding increase in return on equity (ROE) from 7.75% in 2023 to 12.86% in 2025 [7][8]. Market Position - The report highlights the competitive landscape, noting that the main brand's growth has not met expectations due to intense online competition and slower-than-expected recovery in offline sales. However, the ongoing optimization of product structure and the deepening of the single product strategy are expected to drive future growth [3][8].