丸美生物（603983.SH）2025 年半年报点评 营收稳健增长，品牌势能持续提升 2025 年 08 月 25 日 ➢ 事件：丸美生物发布 2025 年半年度报告。25H1 公司实现营收 17.69 亿元， 同比+30.83%；归母净利润 1.86 亿元，同比+5.21%；扣非归母净利润 1.77 亿 元，同比+6.64%。25Q2 公司实现营收 9.23 亿元，同比+33.53%；归母净利润 5069.52 万元，同比-23.08%；扣非归母净利润 4329.42 万元，同比-30.22%。 此外，公司每 10 股派发现金红利 2.50 元（含税），合计派发现金股利 1.00 亿 元，占上半年归母净利润的 53.97%。 ➢ 丸美&PL 驱动营收增长。分商品类型来看：上半年护肤类营收 6.93 亿元领 跑，其次是美容及其他/眼部/洁肤类，分别为 5.18 亿元/4.20 亿元/1.35 亿元。 分品牌来看：1）丸美品牌，实现营业收入 12.50 亿元，同比上升 34.36%；2） PL 恋火品牌，实现营业收入 5.16 亿元，同比上升 23.87%。 ➢ 25H1 毛利率 74.6%，销售费用率略有提升 ...

美容护理/化妆品 丸美生物（603983.SH） 2025H1 品牌经营稳健，主品牌持续驱动业绩增长 2025 年 08 月 24 日 投资评级：买入（维持） | 日期 | 2025/8/22 | | --- | --- | | 当前股价(元) | 45.29 | | 一年最高最低(元) | 56.98/20.17 | | 总市值(亿元) | 181.61 | | 流通市值(亿元) | 181.61 | | 总股本(亿股) | 4.01 | | 流通股本(亿股) | 4.01 | | 近 3 个月换手率(%) | 58.99 | 股价走势图 数据来源：聚源 -50% 0% 50% 100% 150% 200% 2024-08 2024-12 2025-04 丸美生物 沪深300 相关研究报告 《2025Q1 扣非归母净利润+28.6%，丸 美势能持续向上—公司信息更新报 告》-2025.4.29 《2024Q3 归母净利润+44.3%，盈利能 力不断优化—公司信息更新报告》 -2024.10.28 《2024H1 归母净利润+35.1%，主品牌 势能持续提升—公司信息更新报告》 -2024.8.24 黄泽鹏（ ...

Summary of the Conference Call for Perfect Diary (完美生物技术股份有限公司) Company Overview - The conference call discusses the financial performance and strategic initiatives of Perfect Diary, a leading player in the beauty and skincare industry, particularly focusing on its transformation and growth in the market. Key Financial Performance - **Q1 2025 Revenue**: 847 million yuan, a year-on-year increase of 28%, marking nine consecutive quarters of revenue and profit growth [2][4] - **2024 Revenue**: 2.97 billion yuan, a year-on-year increase of 33.44%, with main business revenue accounting for 99.94% [4] - **Gross Margin**: 2024 gross margin at 73.7%, up 3.01 percentage points year-on-year; Q1 2025 gross margin at 76.05%, up 1.45 percentage points year-on-year [2][5] - **Net Profit**: 2024 net profit attributable to shareholders at 342 million yuan, up 31.69% year-on-year; Q1 2025 net profit at 135 million yuan, up 22.07% year-on-year [2][5] Brand Performance - **Perfect Brand Revenue**: 2 billion yuan in 2024, accounting for 69% of total revenue, with eye products contributing 33% [6] - **PL Brand Revenue**: 900 million yuan in 2024, accounting for 30% of total revenue, with foundation products achieving over 100 million yuan in GMV [6] - **Online vs. Offline Growth**: Online channel revenue grew by 36% while offline grew by 21%, indicating a stronger performance in online sales [6] Research and Development - **R&D Investment**: 73.5 million yuan in 2024, an 18% increase year-on-year; a total of 596 patents applied, with 319 granted [8] - **Industry Leadership**: The company leads in R&D and patent reserves, having published 53 papers and participated in 82 standard-setting initiatives [8] Marketing and Brand Strategy - **Marketing Shift**: Transitioned from "eye care expert" to "focusing on reducing fine lines," emphasizing user connection and brand value [4][11] - **Product Strategy**: Focus on big product strategies, with significant upgrades to key products like the small red pen eye cream [12][16] - **Social Media Marketing**: Achieved significant engagement through short videos, with 1.2 billion views and high new customer conversion rates [19][25] Sustainability and Corporate Governance - **Sustainability Initiatives**: Selected as a green factory in Guangdong, with multiple products achieving carbon neutrality certifications [10] - **Dividend Policy**: Consistent dividends since 2019, totaling 900 million yuan, reflecting a commitment to shareholder returns [9] Future Outlook - **Growth Strategy**: Plans to enhance technology innovation and operational efficiency, aiming to solidify its position as a leading company in the industry [14][51] - **Product Expansion**: Introduction of new products like the collagen small gold needle and the whitening essence, with sales targets set for significant growth [52] Challenges and Responses - **Market Competition**: Acknowledgment of fierce competition in the sunscreen market, with a focus on anti-aging products [55] - **Channel Strategy**: Addressing challenges in offline sales by enhancing customer experience and maintaining a robust online presence [27][46] Conclusion - Perfect Diary demonstrates strong financial performance, innovative marketing strategies, and a commitment to sustainability, positioning itself for continued growth in the competitive beauty industry. The company is focused on leveraging technology and enhancing customer engagement to drive future success.

在重组胶原蛋白的江湖中，丸美用十二年完成了从"跟随者"到"赶超者"的角色转化。 在第五届重组胶原蛋白科学论坛上，《FBe a u t y未来迹》发现，丸美生物对重组胶原蛋白行业 的贡献可以概括为两点： 其一是在技术领域的里程碑式突破 。五年前，丸美推出了重组全人源化胶原蛋白，实现与人 体 同 源 、 高 活 性 与 高 稳 定 性 ， 打 破 国 外 抗 衰 成 分 垄 断 ， 标 志 着 中 国 抗 衰 成 分 正 式 进 入 " 4G 时 代"。 而在2 0 2 5年，丸美技术升级至毕赤酵母改造体系，重组双胶原蛋白实现五大一致（序列、活 性、结构、羟基化、纤维化），达到"与人一模一样的胶原蛋白"，并获得IFSCC首个中国技术 创新奖。 其二是成为"标准制定者"，发挥引领重组胶原蛋白高质量健康发展的产业价值 。目前，丸美 主导制定、工信部批准立项的《重组可溶性胶原》行业标准已箭在弦上，公司发布《重组胶原 蛋白国际院士专家共识》，提出序列、结构、活性"三一致"及五大高质量标准，不遗余力推动 行业有序发展。 而且值得注意的是，丸美一路走来，并非"弯道超车"，而是"开山辟路"。 " 只有中国成分的全面崛起，才能开 ...