Core Viewpoint - Marubi Biotech plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its capital strength and international competitiveness after six years of being listed in A-shares [1][2]. Group 1: Company Actions and Financials - Marubi Biotech announced a delay of two years for its 344 million yuan investment in a "cosmetics intelligent manufacturing factory" project, citing sufficient existing production capacity [1][3]. - The company reported a cash dividend of 0.25 yuan per share, totaling 100 million yuan, on November 14 [1]. - As of the end of Q3 2025, Marubi had 1.592 billion yuan in cash and 413 million yuan in trading financial assets, despite the delay in its investment project [3][4]. Group 2: Performance Metrics - For the first three quarters of 2025, Marubi achieved a revenue of 2.45 billion yuan, a year-on-year increase of 25.51%, while net profit was 244 million yuan, up 2.13% [10][12]. - The company’s cash flow from operating activities increased significantly by 132.19% to 159 million yuan [5]. - Despite revenue growth, the company faced a decline in net profit excluding non-recurring items, which fell by 5.42% to 214 million yuan [10][12]. Group 3: Market Context and Strategic Implications - The trend of A-share companies seeking dual listings in Hong Kong is driven by supportive regulatory policies and a recovering market, with 87 IPOs in Hong Kong in 2025, a 55.36% increase year-on-year [7][8]. - Marubi's actions reflect a broader industry trend where companies are pursuing internationalization strategies amid structural challenges in the market [9][12]. - Analysts question the necessity of Marubi's Hong Kong listing given its substantial idle funds and ongoing delays in existing projects, suggesting a need for clarity on the strategic rationale behind the move [9][12].

Core Viewpoint - Marubi Biotechnology faces regulatory scrutiny due to financial irregularities while simultaneously reporting a 25.51% revenue growth for Q3 2025, indicating a potential crisis management strategy to mitigate negative impacts from the regulatory warnings [1][7]. Financial Irregularities - The China Securities Regulatory Commission (CSRC) identified two main issues: non-compliance in financial accounting and improper management of raised funds [2][3]. - Specific financial accounting issues include inaccurate revenue recognition, misreporting of construction in progress, and incorrect classification of accounting items [2][3][6]. - The company reported inflated revenue of 4.55 million and net profit of 11.33 million for the first half of 2025, affecting the perceived quality of cash flow and financial strength [6]. Regulatory Actions - The Shanghai Stock Exchange and Guangdong Securities Regulatory Bureau issued corrective measures and warnings to key executives due to the identified financial irregularities [6][7]. - Marubi has committed to rectifying these issues and enhancing compliance awareness, although concerns about potential financial fraud remain [7]. Q3 2025 Performance - In Q3 2025, Marubi reported revenue of 685 million, a year-on-year increase of 14.28%, while net profit grew by 21.16% to 69.48 million [9]. - The company achieved a total revenue of 2.45 billion for the first three quarters, reflecting a 25.51% year-on-year growth, but the net profit only increased by 2.13% [9][10]. Market Position and Challenges - Marubi's performance indicates a troubling trend of "increased revenue without increased profit," highlighting potential weaknesses in core product competitiveness [10][12]. - The company has seen a decline in sales volume for its eye care products, with a significant reliance on price increases to drive revenue growth [12]. - Marketing expenditures have surged, with sales expenses rising from 795 million to 1.415 billion, while R&D spending remains relatively low [15][17]. Strategic Adjustments - Marubi is attempting to refocus its strategy by closing its Spring Diary brand's Tmall flagship store to concentrate resources on core business areas [17][18]. - Analysts predict that Marubi's annual revenue will remain between 3.7 billion and 3.9 billion, struggling to surpass the 4 billion threshold [18].

Core Insights - The A-share market experienced a decline last Friday, with the Shanghai Composite Index falling by 0.81% to 3954.79 points, and the Shenzhen Component Index dropping by 1.14% [2][8] - The trading volume in the A-share market was approximately 2.32 trillion RMB, with over 3500 stocks rising [2][8] - The biopharmaceutical, media, and retail sectors led the gains, while the telecommunications sector lagged [2][8] - The Hong Kong Hang Seng Index closed down 1.43%, and the Hang Seng Tech Index fell by 2.37% [2][8] - The U.S. stock indices saw slight increases, with the Dow Jones up 0.09%, S&P 500 up 0.26%, and Nasdaq up 0.61% [2][8] Important News - Wu Qing emphasized the importance of enhancing the inclusiveness and adaptability of the capital market, proposing six key tasks for the 15th Five-Year Plan period, including the development of direct financing and the cultivation of high-quality listed companies [3][9] Research Highlights - Recent tax policies have been introduced to boost consumption, with a focus on expanding the range of duty-free goods and supporting domestic products in duty-free stores [10][11] - The company reported a significant increase in revenue from its jewelry business, driven by new product launches and an expanding franchise channel [25][26] - The company’s gross margin improved due to product structure optimization, although increased marketing expenses have pressured net profit margins [15][16] - The company is actively reducing inventory to alleviate burdens and maintain shareholder returns during the adjustment period [21][22] - The company’s performance in the third quarter showed a notable decline in revenue and net profit, attributed to the deep adjustment in the liquor industry and proactive inventory reduction strategies [21][22] Investment Recommendations - The duty-free industry is expected to benefit from favorable policies, with an increase in consumer traffic to duty-free stores anticipated [14] - The jewelry business is projected to continue its rapid growth due to ongoing product innovation and channel expansion [27] - The company is maintaining a focus on shareholder returns, with a commitment to significant cash dividends despite industry challenges [23][24]

证券代码：603983 证券简称：丸美生物 公告编号：2025-031 广东丸美生物技术股份有限公司 关于2025年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将公司 2025 年第三季度主要经营数据 披露如下： 二、2025 年第三季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 2025 年第三季度，公司主要产品的价格详见下表： | 主要产品 | 2024 | 年 7-9 | 月平均 | 2025 年 | 7-9 | 月平均 | 变动比率（%） | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 售价（元/支） | | | 售价（元/支） | | | | 眼部类 | | 99.33 | | | 151.81 | | 52.83 | | 护肤类 | | 99.45 | | | 103.95 | | 4 ...

Core Insights - Marubi Biotech's stock price increased by 2.02% on October 15, reaching 38.36 CNY per share, with a total market capitalization of 15.382 billion CNY [1] - The company has seen a year-to-date stock price increase of 20.78%, but has experienced declines of 3.62% over the past five trading days, 3.91% over the past twenty days, and 5.26% over the past sixty days [1] - Marubi Biotech's main business includes the research, design, production, sales, and service of various skincare products, with revenue composition as follows: skincare 39.20%, beauty and others 29.30%, eye care 23.75%, cleansing 7.66%, and others 0.10% [1] Financial Performance - For the first half of 2025, Marubi Biotech achieved revenue of 1.769 billion CNY, representing a year-on-year growth of 30.83%, and a net profit attributable to shareholders of 186 million CNY, up 5.21% year-on-year [2] - The company has distributed a total of 983 million CNY in dividends since its A-share listing, with 610 million CNY distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased by 36.85% to 17,400, while the average number of tradable shares per person decreased by 26.93% to 23,084 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 4.85 million shares, an increase of 1.485 million shares compared to the previous period [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's main brand continues to drive performance growth, with a revenue increase of 30.8% year-on-year in H1 2025, reaching 1.769 billion yuan, while net profit grew by 5.2% [4][5] - The company has adjusted its profit forecast due to intense industry competition, projecting net profits of 400 million, 523 million, and 667 million yuan for 2025, 2026, and 2027 respectively [4][5] - The dual-brand strategy is expected to sustain performance growth, and the current valuation is considered reasonable [4] Financial Performance - In H1 2025, the company achieved revenue of 1.769 billion yuan, with a net profit of 186 million yuan [4] - For Q2 2025, revenue was 923 million yuan (up 33.5%), but net profit decreased by 23.1% to 51 million yuan [4] - The company's gross margin for H1 2025 was 74.6%, remaining stable year-on-year [5] Product and Market Strategy - The company reported strong performance in eye care products, with revenue of 420 million yuan (up 76.2%), while skincare and beauty categories also showed growth [5] - The online sales channel saw a significant increase, with online revenue reaching 1.571 billion yuan (up 37.9%), while offline sales declined by 7.1% [5] - The company is focusing on enhancing brand awareness and product innovation, with a notable new product launch achieving top sales rankings [6] Financial Projections - Revenue projections for 2025 to 2027 are 3.852 billion, 4.852 billion, and 5.906 billion yuan respectively, with year-on-year growth rates of 29.7%, 26.0%, and 21.7% [7][9] - The projected net profit for 2025 is 400 million yuan, with an expected EPS of 1.00 yuan [7][9] - The company's P/E ratio is projected to decrease from 45.4 in 2025 to 27.2 in 2027, indicating improving valuation over time [7][9]

Group 1 - The company reported its main operational data for Q2 2025, including production, sales, and revenue figures for its key products [1][2] - The total production and sales figures for the main product categories are as follows: Eye products (1,417,633 produced, 1,293,001 sold, revenue of 206,219,439 yuan), Skincare products (4,321,217 produced, 4,012,166 sold, revenue of 364,708,224 yuan), Cleansing products (1,248,862 produced, 1,089,700 sold, revenue of 65,706,024 yuan), and Beauty products (2,942,370 produced, 3,173,964 sold, revenue of 268,017,038 yuan) [1] - The average selling price of eye products increased by 57.93% to 159.49 yuan due to a higher proportion of upgraded eye cream sales and a lower proportion of eye mask sales [1][2] Group 2 - The average selling price of beauty products increased by 42.78% to 84.44 yuan, attributed to optimized marketing strategies that reduced low-priced promotional items [2] - The company experienced a decrease in the prices of key raw materials, including propylene glycol and butylene glycol, which helped lower procurement costs by 2% [2] - The company implemented large-scale procurement strategies, resulting in a 10% decrease in packaging materials, a 15% decrease in tube packaging, and a 24% decrease in certain box packaging materials [2]

证券代码：603983 证券简称：丸美生物 公告编号：2025-020 广东丸美生物技术股份有限公司 关于2025年第二季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将公司 2025 年第二季度主要经营数据 披露如下： 二、2025 年第二季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 眼部类产品平均售价上升原因：主要系本期售价较高的眼霜产品升级销售占 比提升以及售价较低的眼膜产品销售占比下降所致。 美容类产品平均售价上升原因：主要系本期优化了营销策略，减少了低价引 主要产品 产量（支） 销量（支） 营业收入（元） 眼部类 1,417,633 1,293,001 206,219,439 护肤类 4,321,217 4,012,166 364,708,224 洁肤类 1,248,862 1,089,700 65,706,024 美容类 2,942,370 3,173,96 ...