广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 会议资料 广东丸美生物技术股份有限公司 2024 年年度股东大会会议资料 广东丸美生物技术股份有限公司 各位股东及股东代表： 为维护投资者的合法权益，确保广东丸美生物技术股份有限公司（以下简称"公 司"）2024 年年度股东大会的顺利召开，依据中国证券监督管理委员会《上市公司 股东大会规则》等有关规定，制定会议须知如下： 一、公司根据《公司法》 《证券法》 《上市公司股东大会规则》和《公司章程》的 规定，认真做好召开股东大会的各项工作。 二、公司董事会办公室具体负责会议有关程序方面的事宜。 三、为保证股东大会的严肃性和正常秩序，切实维护与会股东（包含股东代表， 十一、股东未做参会登记或会议签到迟到将不能参加本次会议。股东参加股东 大会，应当认真履行其法定义务，会议开始后请将手机铃声置于无声状态，尊重和 维护其他股东合法权益，保障大会的正常秩序。 十二、对于干扰股东大会秩序、寻衅滋事和侵犯其他股东合法权益的行为，公 司有权采取必要措施予以制止并报告有关部门查处。 下同）的合法权益，除出席会议的股东、公司董事、监事、高级 ...

走出"黄金十年"的国产美妆企业们，正在走向截然不同的生存境地。 近期，各国产美妆企业陆续披露了2024年业绩情况，可谓有人欢喜有人忧。一部分企业业绩狂飙，珀莱雅成为首个进入百亿俱乐部的国产美妆企业，上美 股份、巨子生物、毛戈平、丸美股份的营业额和利润均有显著涨幅；然而另一边，不少曾经的顶流抑制不住走下坡路，下滑趋势明显，上海家化颓势难 掩，经历了长期的业绩下滑后，去年出现首次亏损。 这其中，有6家美妆企业的营业额超过50亿元，按照当前发展态势，50亿很快就会成为国产美妆TOP10的一个重要业绩门槛。 | 企业 | 总营收 | 同比 | | --- | --- | --- | | 珀菜雅 | 107.78亿元 | 增长21.04% | | 上美股份 | 67.93亿元 | 增长62.08% | | 贝泰妮 | 57.36亿元= | 增长3.87% | | 上海家化 | 56.79亿元 | 下降13.93% | | 巨子生物 | 55.39亿元 | 增长57.17% | | 华熙生物 | 53.71亿元Y | 下降11.61% | | 水羊股份 | 42.37亿元 | 下降5.69% | | 福瑞达 | 39.8 ...

证券研究报告 社会服务行业周报 扩大服务消费，新消费持续受资金青睐 社会服务行业 强于大市（维持） 宏观：扩大消费，优化离境退税 资料来源：人民日报，国家税务总局，平安证券研究所 3 平安证券研究所 新消费团队 分析师：胡琼方 S1060524010002（证券投资咨询） 邮箱：huqiongfang722@pingan.com.cn 2025年04月28日 请务必阅读正文后免责条款 核心摘要 宏观及行业动态：1） 4月25日政治局会议召开，分析研究当前经济形势和经济工作。指出"支持科技创新、扩大消 费、稳定外贸等…；要提高中低收入群体收入，大力发展服务消费，增强消费对经济增长的拉动作用。尽快清理消费 领域限制性措施，设立服务消费与养老再贷款…扩围提质实施'两新'政策，加力实施'两重'建设"。2）27日税 务总局修订了《境外旅客购物离境退税管理办法》，进一步推出离境退税便利化措施。3）本周求是网发布多条服务 消费内容。4）上海、河南发放旅游消费券。 公司相关动态：1）传统零售持续优化：永辉超市首批2个品牌的9个商品通过针对外贸受阻企业开设的绿色通道成功 在4家门店上架售卖；步步高调改一年后成功摘帽，2025Q ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant year-on-year growth in revenue and net profit, indicating robust operational momentum and brand strength [1][6]. Financial Performance - In 2024, the company achieved revenue of 2.97 billion yuan, a year-on-year increase of 33.4%, and a net profit attributable to shareholders of 340 million yuan, up 31.7% [1][2]. - For Q1 2025, the company reported revenue of 850 million yuan, reflecting a 28% year-on-year growth, and a net profit of 140 million yuan, which is a 22.1% increase [2][6]. - The company proposed a cash dividend of 0.5 yuan per share for 2024, resulting in a total payout ratio of 88% for the year [1]. Brand and Product Performance - The main brands, Marubi and Lianhuo, experienced substantial growth, with Marubi's revenue reaching 2.055 billion yuan (69% of total revenue) and a growth of 31.7%, while Lianhuo's revenue was 905 million yuan (30% of total revenue) with a growth of 40.7% [3]. - Key product categories such as eye care, skincare, cleansing, and beauty products saw significant revenue contributions, with eye care growing by 60.8% and skincare by 21.6% in 2024 [3][4]. Gross Margin and Cost Control - The gross margin for 2024 improved by 3.0 percentage points to 73.7%, driven by product mix optimization and cost control [4][5]. - The company maintained a good control over expenses, with the expense ratio decreasing by 0.2 percentage points to 60.7% in 2024 [5]. Inventory and Receivables Management - Inventory at the end of 2024 increased by 27.9% to 220 million yuan, with inventory turnover days of 90 days [5]. - Accounts receivable rose by 42.9% to 450,000 yuan at the end of 2024, with turnover days of 4 days [5]. Future Outlook - The company is expected to continue its strong growth trajectory, with projected net profits of 450 million yuan, 570 million yuan, and 680 million yuan for 2025, 2026, and 2027, respectively [6]. - The company’s strategic focus on product innovation and brand strength is anticipated to enhance its market position and profitability [6].

Investment Rating - The report upgrades the investment rating of the company to "Buy" [1] Core Views - The company continues to show strong performance with a revenue growth of 33.4% and a net profit growth of 31.7% in 2024, maintaining a growth momentum into Q1 2025 with revenue and net profit increasing by 28% and 22.1% respectively [5][10] - The dual-brand strategy is effectively driving growth, with both main brands, Marubi and Lianhuo, achieving significant revenue increases of 31.7% and 40.7% respectively in 2024 [6][10] - The company has successfully optimized its product structure and cost control, leading to a gross margin increase of 3.0 percentage points to 73.7% in 2024 [8][11] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 2.97 billion yuan and a net profit of 340 million yuan, with a proposed cash dividend of 0.5 yuan per share [5][10] - The quarterly revenue growth rates for 2024 were 38.7%, 18.6%, 25.8%, and 47.6% respectively, with net profit growth rates of 40.6%, 26.7%, 44.3%, and 20.1% [6] Brand and Product Performance - The Marubi brand generated 2.055 billion yuan in revenue, accounting for 69% of total revenue, while the Lianhuo brand contributed 905 million yuan, making up 30% of total revenue [6] - Key product lines such as eye care and skincare saw revenue growth of 60.8% and 21.6% respectively in 2024 [7] Channel Performance - Online sales accounted for 86% of total revenue in 2024, with a year-on-year growth of 35.8%, while offline sales grew by 20.8% [7] - The Marubi Tmall flagship store's GMV increased by 28%, and self-broadcasting and influencer sales on content platforms saw growth rates of 54% and 82% respectively [7] Cost and Margin Analysis - The gross margin for 2024 was 73.7%, with improvements across various product categories [8] - The company managed to reduce its expense ratio to 60.7% in 2024, with a notable decrease in management and R&D expenses [8] Future Projections - The company forecasts a net profit of 450 million yuan for 2025, with an expected EPS of 1.13 yuan, reflecting a continued growth trajectory [11][12] - The report anticipates a steady increase in revenue and net profit over the next few years, with projected growth rates of 27.7% and 32.9% for 2025 [12][11]

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 458 million, 598 million, and 759 million RMB, representing year-on-year growth of 34%, 30%, and 27% respectively, corresponding to PE ratios of 36, 28, and 22 times [3][8]. Core Insights - The company's gross margin improved to 76.05% in Q1 2025, with a year-on-year increase of 1.44 percentage points and a quarter-on-quarter increase of 4.13 percentage points. The sales expense ratio decreased by 3.24 percentage points quarter-on-quarter to 52.17%, while the management expense ratio and R&D expense ratio saw slight reductions [3][8]. - The main brand, Marubi, continues to strengthen its market position in "eye care and wrinkle reduction," with a revenue of 2.055 billion RMB in 2024, a year-on-year increase of 31.69%, accounting for 69.24% of total revenue. The brand's flagship products have shown significant online sales growth [9][8]. - The PL brand, focusing on the base makeup segment, achieved a revenue of 905 million RMB in 2024, a year-on-year increase of 40.72%, contributing 30.51% to total revenue. Six foundation products exceeded 100 million RMB in annual GMV, indicating strong product performance [9][8]. Summary by Sections Financial Performance - The company reported a revenue of 2.226 billion RMB in 2023, with a growth rate of 28.52%. The projected revenue for 2024 is 2.970 billion RMB, with a growth rate of 33.44%. The net profit attributable to the parent company is expected to reach 342 million RMB in 2024, reflecting a growth rate of 31.69% [7][8]. - The diluted earnings per share are projected to increase from 0.647 RMB in 2023 to 1.143 RMB in 2025, with a corresponding increase in return on equity (ROE) from 7.75% in 2023 to 12.86% in 2025 [7][8]. Market Position - The report highlights the competitive landscape, noting that the main brand's growth has not met expectations due to intense online competition and slower-than-expected recovery in offline sales. However, the ongoing optimization of product structure and the deepening of the single product strategy are expected to drive future growth [3][8].

持续深化大单品策略，丸美和PL恋火双翼齐飞 国金证券股份有限公司赵中平,杨欣,周舒怡近期对丸美生物（603983）进行研究并发布了研究报告《业 绩延续亮眼，丸美&恋火品牌势能持续释放》，给予丸美生物买入评级。 丸美生物 业绩简评 公司4月25日公告24年营收/归母净利润/扣非净利润29.7/3.42/3.27亿元、同比 +33.44%/+31.69%/+73.86%。 25Q1营收8.47亿元、同比+28.01%，归母净利润1.35亿元、同比+22.07%，扣非净利润1.34元、同比 +28.57%，丸美&恋火品牌势能持续释放，业绩符合市场预期。 经营分析 产品结构优化致毛利率提升，销售费用率环比下降，盈利能力同比持平。1Q25毛利率76.05%、同比 +1.44PCT、环比+4.13PCT，销售费用率同比+1.88PCT至52.17%、环比-3.24PCT；管理费用率同 比-0.25PCT至2.9%，研发费用率同比-0.58PCT至1.88%；扣非归母净利率15.84%、同比持平。 主品牌丸美持续巩固"眼部护理+淡纹去皱"心智，24年营收 20.55亿元、同比+31.69%、主营收入占比69.24%。其中， ...

Investment Rating - The report maintains a "Buy" rating for the company, with expected net profits for 2025-2027 projected at 458 million, 598 million, and 759 million RMB, representing year-on-year growth of 34%, 30%, and 27% respectively, corresponding to P/E ratios of 36, 28, and 22 times [3][8]. Core Insights - The company's gross margin improved to 76.05% in Q1 2025, with a year-on-year increase of 1.44 percentage points and a quarter-on-quarter increase of 4.13 percentage points. The sales expense ratio decreased by 3.24 percentage points quarter-on-quarter to 52.17%, while the management expense ratio and R&D expense ratio saw slight reductions [3][8]. - The main brand, Marubi, continues to strengthen its market position in "eye care and wrinkle reduction," with a revenue of 2.055 billion RMB in 2024, a year-on-year increase of 31.69%, accounting for 69.24% of total revenue. The brand's flagship products have shown significant online sales growth [9][8]. - The PL brand, focusing on the mass foundation market, achieved a revenue of 905 million RMB in 2024, a year-on-year increase of 40.72%, contributing 30.51% to total revenue. Six foundation products exceeded 100 million RMB in annual GMV, showcasing strong product performance [9][8]. Summary by Sections Financial Performance - The company reported a revenue of 2.226 billion RMB in 2023, with a growth rate of 28.52%. The projected revenues for 2024 and 2025 are 2.970 billion and 3.856 billion RMB, with growth rates of 33.44% and 29.85% respectively [7][11]. - The net profit attributable to the parent company for 2023 is 259 million RMB, with projections of 342 million and 458 million RMB for 2024 and 2025, reflecting growth rates of 48.93% and 31.69% [7][11]. Market Position and Strategy - The company is deepening its focus on major product strategies and online transformation, with both Marubi and PL brands showing strong momentum. The online and offline revenue for 2024 is projected at 2.541 billion and 427 million RMB, with year-on-year growth of 35.77% and 20.79% respectively [9][8]. - The report highlights the competitive landscape, noting that the main brand's growth has not met expectations due to intense online competition and slower-than-expected offline recovery [3].

来源| 聚美丽 作者| 飘 飘 昨日(4月25日)晚间，广东丸美生物技术股份有限公司(下文称"丸美生物")发布2024年业绩报告。 很显然，这是一份喜报。财报显示，丸美生物2024年营收为29.70亿元，同比增长33.44%；归母净利润则同比上涨31.69%，至3.42亿元。 | 单位: | | --- | | . 7L | | 币种: | | 人民币 | 3.PL恋火逼近10亿，主品牌丸美超20亿； △图源：丸美生物财报 对比上市后的业绩来看，丸美生物自2019年上市后，一度经历长达三年17-18亿级规模的增长陷阱，且归母净利一度缩水四倍。 不过，自2023年开始，丸美生物通过重组胶原蛋白技术，以及丸美和PL恋火分别在护肤、彩妆的双轨发展，力破周期性的疲软。 结合2024年年报来看，丸美生物过去一年的成绩亮眼，主要有以下5大方面： 1.营利双增长，增幅均超30%； 2.丸美生物即将破30亿； 4.护肤类为第一营收品类，达24亿； 5.研发投入为TOP10中垫底。 回看往年的业绩，丸美生物经历了上市后的"低谷"期，随后在持续挣扎中慢慢稳住阵脚，主品牌丸美扔掉之前的定位转身拥抱新热点重组胶原蛋白终于迎 来转机， ...