2 0 2 5年，中国底妆市场继续展现出强劲的消费活力。 据《FBe a u t y未来迹》后台数据显示，2 0 2 5年度底妆品类交易额同比增长近2 5%，突破5 7 9亿 元，成为一个确定性的高增长赛道。然而，市场扩容的同时也意味着竞争加剧与消费者需求的 持续分化。如何在广阔但拥挤的赛道中，构建清晰的品牌辨识度与稳定的增长模式，成为所有 参与者面临的核心课题。 在此行业背景下，《FBe a u t y未来迹》观察到，国货底妆品牌Pa ssi o n a l Lo v e r恋火（后文简 称PL）于2 0 2 6年初举办的"花意限定"发布会，提供了一种值得关注的破题思路。 透 过 这 场 兼 具 高 度 时 尚 感 与 产 品 力 的 发 布 会 ， 我 们 可 以 观 察 一 个 国 货 头 部 底 妆 品 牌 的 当 下 策 略： 集品牌美学叙事、核心技术攻坚与成熟增长模式于一体的系统性展示。 这既是PL对自身 品 牌 力 的 自 信 展 示 ， 也 折 射 出 国 货 底 妆 竞 争 步 入 深 水 区 后 ， 对 品 牌 综 合 叙 事 能 力 提 出 的 新 要 求。 序厅"南法连廊"作为叙事起点 ...

Core Viewpoint - The domestic beauty market in 2025 is experiencing a "growth cold wave," with many leading companies facing revenue declines or significantly slowed growth. However, Guangdong Marubi Biotechnology Co., Ltd. (Marubi) has reported impressive growth, achieving a 25.51% year-on-year increase in revenue for the first three quarters, making it one of the few companies in the industry to achieve both revenue and profit growth during this challenging period [2][3]. Industry Overview - The beauty industry is entering a competitive phase characterized by slow consumer recovery and peak channel benefits. Rational consumption has become mainstream, making growth for leading companies increasingly difficult [5]. - Among eight leading domestic beauty companies, four reported a year-on-year revenue decline, with three experiencing declines exceeding 10%. Marubi stands out with a significant revenue increase of 25.51% [8][9]. Financial Performance of Marubi - Marubi's revenue for the first three quarters reached 2.450 billion yuan, a year-on-year increase of 25.51%. In Q3 alone, revenue was 686 million yuan, up 14.28% year-on-year. The net profit attributable to shareholders was 244 million yuan, reflecting a year-on-year growth of 2.13% [11][12]. - The company's operating cash flow for the first three quarters was 1.589 billion yuan, a substantial increase of 132.19%, indicating that revenue growth is supported by actual sales collections [13]. Growth Drivers - Marubi's growth is attributed to internal factors rather than external market benefits, focusing on product, cost, and operational improvements. The company has optimized its product structure and upgraded to higher-end products, particularly in the eye care category, which saw a price increase of 52.83% year-on-year [14][16][18]. - The skincare category has become the primary revenue driver, contributing 306 million yuan in Q3, aligning with Marubi's strategy to transition from an eye care expert to a leader in comprehensive anti-aging solutions [19]. Cost Management and R&D - Marubi has implemented refined cost control through bulk purchasing and the use of quality domestic raw materials, enhancing profitability and pricing flexibility. The company has balanced marketing expenses and R&D investments, with sales expenses increasing by 32.09% and R&D expenses growing by 15.34% [20]. - The company has maintained a strong focus on technological innovation, receiving multiple awards and patents, which solidifies its competitive edge in the market [23]. Strategic Positioning - Marubi's strategic upgrades encompass brand positioning, technological development, and product matrix enhancements, providing sustained momentum for growth. The company has shifted its branding to emphasize anti-aging and has engaged well-known celebrities to enhance brand recognition [22][24]. - The company has achieved significant recognition in the market, being named the top brand in several product categories, which reflects its effective "R&D-product-market" closed-loop strategy [26][29]. Conclusion - Marubi's performance in Q3 2025 not only highlights its financial growth but also underscores its strategic advantages in product structure, operational efficiency, and market positioning. The company's transition from a marketing-driven to a technology-driven approach is crucial for sustaining competitive advantages in a challenging industry landscape [30].