Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 45.29 yuan [4]. Core Insights - The company achieved a revenue of 1.769 billion yuan in H1 2025, representing a year-on-year growth of 30.83%. The net profit attributable to shareholders was 186 million yuan, up 5.21% year-on-year [1]. - The skincare segment led revenue growth with 693 million yuan, followed by other beauty categories [1]. - The company continues to deepen its focus on key products, achieving significant technological breakthroughs, including the launch of a new collagen mask that topped sales rankings [3]. - The PL brand also saw growth driven by enhanced product offerings and effective online marketing strategies [3]. Financial Performance - In H1 2025, the gross margin was 74.6%, with a slight decrease of 0.07 percentage points year-on-year. The net profit margin was 10.5%, down 2.56 percentage points year-on-year [2]. - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling 100 million yuan, which accounts for 53.97% of the net profit for the first half of the year [1]. - Revenue projections for 2025-2027 indicate a steady growth trajectory, with net profits expected to reach 440 million yuan in 2025, 580 million yuan in 2026, and 739 million yuan in 2027 [5][7]. Product and Market Strategy - The main brand, Marubi, focuses on key products and strong brand momentum, while the PL brand is developing a second growth curve in the foundation segment [4]. - The company has launched several new products and marketing campaigns that have significantly increased engagement and sales, particularly through online platforms [3]. Future Outlook - The company is expected to maintain a robust growth rate, with projected net profit growth rates of 27.6% in 2025, 31.8% in 2026, and 27.3% in 2027 [4]. - The current price-to-earnings (PE) ratios for 2025-2027 are projected at 42x, 32x, and 25x respectively, indicating a favorable valuation trend [5][7].

Core Viewpoint - Marubi Biological achieved a revenue growth of 30.83% year-on-year, contrasting with a mere 5.21% increase in net profit, indicating a structural adjustment in the beauty industry where the company is prioritizing online direct sales over profitability [2][7]. Revenue Performance - In the first half of the year, Marubi Biological reported a revenue of 1.769 billion yuan, up from 1.352 billion yuan in the same period last year, marking a significant acceleration in growth [2][4]. - The overall cosmetics retail sales in China grew by only 2.9%, significantly lower than the 5% increase in total retail sales, highlighting Marubi's outperformance in a sluggish market [2]. Brand Strategy - The main brand Marubi continues to strengthen its position in eye care, while the new makeup brand Lianhuo focuses on foundation products, contributing to a diversified product matrix [4]. - Marubi's core products, such as the peptide eye cream and collagen essence, have driven substantial revenue, with the new collagen mask achieving top sales on Tmall [4]. Channel Performance - Online sales accounted for 89% of total revenue, growing by 37.9%, while offline sales declined by 7.1%, indicating a strong shift towards online channels [6]. - Tmall serves as the primary online platform for Marubi, with top products accounting for 73% of sales, and membership transactions increasing by 28% [6]. Profitability Challenges - The company's net profit for the first half was 186 million yuan, a modest increase of 5.21%, with a significant drop in net profit in the second quarter [7][8]. - Sales expenses surged to 1 billion yuan, with a sales expense ratio of 56.53%, far exceeding competitors, driven by high marketing costs [8][10]. Marketing and Cost Structure - Advertising expenses reached 905 million yuan, a 42.97% increase from the previous year, contributing to the disparity between revenue growth and profit [10][12]. - The overall gross margin slightly decreased to 74.6%, with a more pronounced decline in the second quarter, indicating pressure on profit margins due to pricing strategies and cost structures [10][12]. Industry Context - The trend of "spending to gain volume" is prevalent in the beauty industry, where companies must continuously invest in marketing to avoid revenue stagnation [12].

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]

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 ...