Core Viewpoint - Guangdong Marubi Biotechnology Co., Ltd. reported a strong performance for 2024, with revenue reaching 2.97 billion RMB, a year-on-year increase of 33.44%, and net profit attributable to shareholders rising by 31.69% to 341.63 million RMB [1][3]. Financial Performance - Revenue for 2024 was 2,969,770,566.54 RMB, up from 2,225,594,089.54 RMB in 2023, marking a 33.44% increase [3]. - Net profit attributable to shareholders was 341,628,707.73 RMB, compared to 259,417,875.91 RMB in 2023, reflecting a 31.69% growth [3]. - The main brand, Marubi, achieved over 2 billion RMB in revenue, while the PL Lover brand approached 1 billion RMB [6][8]. Business Segments - Skincare remains the top revenue category, generating 2.4 billion RMB, while the eye care segment has dropped to the third position [18]. - The PL Lover brand saw a revenue increase of 40.72%, reaching 905 million RMB, marking a staggering growth of approximately 1271 times since 2019 [11][12]. Market Position and Strategy - Marubi has successfully transitioned from a three-year growth stagnation post-IPO to a robust growth phase, driven by the restructuring of collagen technology and dual-brand development [6][7]. - The company has focused on a big product strategy, with significant sales from key products like the peptide eye cream and collagen essence [17][20]. Sales Channels and Regional Performance - Online sales accounted for 2.54 billion RMB, a 35.77% increase, while offline sales rose by 20.79% to 427 million RMB [20]. - The South China region generated 2.16 billion RMB in revenue, a 41.06% increase, while the Northeast region experienced the fastest growth at 63.30% [21][22]. Competitive Landscape - Despite the positive financial results, Marubi lags behind competitors like Proya and Up Beauty in terms of revenue and brand scale, with a significant gap to close [24][25]. - The company's R&D investment was 74 million RMB, ranking second to last among the top 10 beauty companies, raising concerns about its long-term competitiveness [25][27].