太力科技，以硬核突破为动能。其转型之路，是基于C端优势的延伸与升级。从家居收纳到以纳米材料 技术为核心，它构建"C端稳固、B端突破"的双轮驱动格局，坚持高性能、绿色化的创新方向，以技术 之精微，赋能千行百业，为"产业森林"提供坚韧的支撑。 近期，上海证券报调研小分队走进广东，探寻企业以科技坚定破局的生动实践。我们看到，广东经济的 勃勃生机，正源于一片由无数创新"嘉木"共生共荣的"产业森林"。 招商证券，以熔铸价值为己任。其核心竞争力在于读懂需求、为投资者创造价值，并提供决策支撑。从 交易工具到"综合理财平台"，再到应用大数据与AI，招商证券App的演化历程，正是其坚持以科技投入 巩固数智化"护城河"、为"产业森林"输送智慧养分的缩影。它从顶层战略到场景落地全面发力，旨在高 质量打造国内领先的投资银行。 明阳集团，以向阳而生为大道。它让每台风机不再仅仅是发电装置，而是成为智慧能源网络的节点。以 风电为锚点，构建"风—光—储—氢—燃"全链条并落地标杆项目，它从装备制造商向智慧能源服务商转 型，用创新把自然力量转化为人类可用能源，为"产业森林"提供丰富的能量。 ◎记者 黎灵希 南方有嘉木，今朝更成林。 丸美生物，以 ...

Group 1 - The core viewpoint of the articles highlights the increasing competition in the domestic beauty industry, with rising online traffic costs putting pressure on customer acquisition for companies like Marubi Biotechnology Co., Ltd. [1] - Marubi is strategically shifting its resources towards research and development (R&D), indicating a long-term development model driven by core technology [1][2] - The company has significantly increased its R&D investment, with a year-on-year growth of 15.34% in R&D expenses for the first three quarters of 2025, positioning it among the top in the industry [1] Group 2 - Marubi has developed over 80 proprietary ingredients, including recombinant double collagen, with more than 30 achieving large-scale production [1] - The company has filed 651 patents globally, with 375 granted, including 265 invention patents, ranking first among Chinese beauty companies in terms of granted invention patents [1][2] - The name change from "Marubi Co., Ltd." to "Marubi Biotechnology" reflects a strategic repositioning towards being a research-driven enterprise based on biotechnology [2] Group 3 - Marubi aims to establish a dual-core long-term strategy centered on "research" and "brand," focusing on enhancing differentiated R&D capabilities and brand leadership [3] - The ongoing plan for a Hong Kong listing is intended to provide crucial capital support for the company's long-term R&D and global expansion efforts [2][3] - The company's strategy emphasizes converting technological advantages into sustainable market advantages, which will be tested through its R&D and branding initiatives [3]

Core Insights - The shift in consumer behavior towards ingredient-focused purchasing in the beauty industry is becoming mainstream, particularly among Generation Z, with over 90% of respondents in a survey indicating that researching materials and ingredients is a wiser choice when buying products [1] - Marubi Biotechnology has submitted its listing application to the Hong Kong Stock Exchange, aiming to become a dual-listed company (A+H), which will enhance its international financing channels and global brand influence [1] Group 1: Company Strategy and Innovation - Marubi Biotechnology focuses on biotechnological advancements in the beauty sector, particularly in anti-aging and skin repair products, establishing an integrated R&D platform from basic research to production [1] - The company has invested over 250 million yuan in R&D since 2022, collaborating with around 30 top global universities and research institutions, and holds 375 authorized patents, leading the Chinese beauty industry in the number of invention patents [2] - Marubi has made significant breakthroughs in recombinant collagen, developing a recombinant double collagen that enhances biological similarity, activity, stability, and scalability in production [2] Group 2: Financial Performance and Market Position - From 2022 to 2024, Marubi's revenue grew from 1.732 billion yuan to 2.97 billion yuan, with a compound annual growth rate (CAGR) of 31%, while net profit increased from 167 million yuan to 342 million yuan, with a CAGR of 43% [4] - The company's online direct sales revenue share surged from 46.4% in 2022 to 74.8% in the first three quarters of 2025, leveraging major e-commerce platforms like Douyin, Tmall, and Kuaishou [4] - Marubi is recognized as the third-largest beauty company in China within the recombinant collagen skincare segment, establishing a strong competitive moat [4]

Core Viewpoint - Marubi Biotechnology has submitted a listing application to the Hong Kong Stock Exchange, with Goldman Sachs and CITIC Securities as joint sponsors. The company ranks third in the Chinese market for recombinant collagen skincare products by retail sales in 2024, focusing on anti-aging skincare through synthetic biology technology [1][2]. Group 1: Company Overview - Marubi operates two main brands: Marubi (丸美) and L'HOTEL (恋火). The Marubi brand specializes in eye and facial anti-aging care, holding the top position in retail sales for eye care brands in China from 2021 to 2024. L'HOTEL focuses on base makeup products, ranking third among domestic base makeup brands and fifth overall in China for retail sales in 2024 [2]. - The company has developed over 80 proprietary ingredients, including recombinant double collagen and SPGβ-glucan, with more than 30 products achieving large-scale production. It operates two production bases in Guangzhou, equipped with high-density fermentation and purification processes for recombinant collagen production [2]. Group 2: Industry Position and Innovations - According to a report by Frost & Sullivan, Marubi ranks third in the recombinant collagen skincare segment in China by retail sales for 2024. The company has successfully developed recombinant double collagen, an engineered product that combines type I and type III collagen using translation pause and C-PRO loop technology [1]. - As of September 30, 2025, Marubi is the first and only company in China approved as a national research center for recombinant functional protein technology, having been recognized as a key drafting unit for the industry standard "Recombinant Soluble Collagen" by the Ministry of Industry and Information Technology [1].

Core Insights - Mamei Bio is a leading Chinese beauty company focused on anti-aging solutions, leveraging synthetic biology technology and over 20 years of experience in the skincare industry [4][5] - The company has developed a recombinant double collagen, a unique engineered protein that combines type I and type III collagen into a single molecule, enhancing its skincare products [4] - Mamei Bio has been recognized as the primary drafting unit for the national standard of "Recombinant Soluble Collagen" by the Ministry of Industry and Information Technology in 2023 [4] Company Overview - Mamei Bio operates two main brands: Mamei, focusing on anti-aging eye and facial care products, and Lianhuo, a cost-effective makeup brand [4] - The company has established a comprehensive value chain for core ingredients, developing over 80 proprietary components, with more than 30 achieving large-scale production [7] - Mamei Bio's production facilities are located in Guangzhou, China, and are equipped for high-density fermentation and purification processes for recombinant collagen production [7] Financial Performance - Mamei Bio's revenue for the years ending December 31 and the nine months ending September 30 are as follows: RMB 1.732 billion in 2022, RMB 2.226 billion in 2023, RMB 2.977 billion in 2024, and RMB 2.450 billion for the nine months of 2025 [8] - The company's profit for the same periods is reported as RMB 167 million in 2022, RMB 278 million in 2023, RMB 342 million in 2024, and RMB 247 million for the nine months of 2025 [9] - Gross profit figures are RMB 1.175 billion in 2022, RMB 1.560 billion in 2023, RMB 2.177 billion in 2024, and RMB 1.834 billion for the nine months of 2025 [10] Industry Overview - The Chinese beauty market is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion by 2024, with a compound annual growth rate (CAGR) of 4.2% [11] - The skincare segment is expected to expand from RMB 355.9 billion in 2019 to RMB 451.4 billion by 2024, with a CAGR of 4.9% [14] - The makeup segment is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion by 2024, with a CAGR of 1.9% [17]

Company Overview - Mamei Biotechnology is a leading Chinese beauty company focused on providing anti-aging solutions, leveraging synthetic biology technology and over 20 years of experience in the anti-aging skincare industry [4] - The company has successfully developed recombinant double collagen, a unique engineered collagen that combines type I and type III collagen into a single molecule, enhancing its skincare products [4] - Mamei Biotechnology has been recognized as a key drafting unit for the industry standard "Recombinant Soluble Collagen" by the Ministry of Industry and Information Technology in 2023 [4] Market Position - According to Frost & Sullivan, Mamei has ranked first in the Chinese domestic eye care brand market by retail sales from 2021 to 2024 [5] - The brand "Lianhuo" ranks third among domestic foundation brands and fifth among all foundation brands in China, with a compound annual growth rate (CAGR) of 77.5% from 2022 to 2024, the highest among the top five foundation brands [5] Product Development - Mamei has established a comprehensive value chain covering basic research to application for its core ingredients, having developed over 80 proprietary ingredients, with more than 30 achieving large-scale production [7] - The company operates two production bases in Guangzhou, which are capable of high-density fermentation and purification processes for recombinant collagen production [7] Financial Performance - The company reported revenues of RMB 1.73 billion, RMB 2.23 billion, RMB 2.97 billion, and RMB 2.45 billion for the years ending December 31, 2022, 2023, 2024, and the nine months ending September 30, 2025, respectively [9] - The annual profits for the same periods were RMB 167.43 million, RMB 277.59 million, RMB 342.36 million, and RMB 246.65 million [10] - Gross profits for the respective years were RMB 1.17 billion, RMB 1.56 billion, RMB 2.18 billion, and RMB 1.83 billion [11] Industry Overview - The Chinese beauty industry is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion by 2024, with a CAGR of 4.2% [12] - The skincare market is expected to expand from RMB 355.9 billion in 2019 to RMB 451.4 billion by 2024, with a CAGR of 4.9% [15] - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion by 2024, with a CAGR of 1.9% [18]

Core Viewpoint - Mamei Biotechnology is a leading Chinese beauty company focused on anti-aging solutions, leveraging synthetic biology technology and core innovations in skincare products to drive growth in the industry [4][5]. Company Overview - Mamei Biotechnology has over 20 years of experience in the anti-aging skincare sector, emphasizing research and development, particularly in recombinant collagen technology [4]. - The company has developed recombinant double collagen, a unique engineered protein that combines type I and type III collagen into a single molecule, enhancing its product offerings [4]. - Mamei has been recognized as a key contributor to the industry standard for "recombinant soluble collagen" and is the only company in China approved as a national research center for recombinant functional protein technology [4][5]. Market Position - Mamei has ranked first in the Chinese eye care brand market from 2021 to 2024 based on retail sales, while its brand "Lianhuo" ranks third among domestic foundation brands and fifth overall in the foundation category [5]. - Lianhuo has achieved a compound annual growth rate (CAGR) of 77.5% in retail sales from 2022 to 2024, the highest among the top five foundation brands in China [5]. Product Development - The company has established a comprehensive value chain for core raw materials, developing over 80 proprietary ingredients, with more than 30 achieving large-scale production [7]. - Mamei operates two production bases in Guangzhou, which support high-density fermentation and purification processes for recombinant collagen production [7]. Financial Performance - Mamei's revenue for the fiscal years ending December 31 from 2022 to 2025 is projected to be RMB 1.73 billion, RMB 2.23 billion, RMB 2.97 billion, and RMB 2.45 billion respectively [8]. - The company reported profits of RMB 167.43 million, RMB 277.59 million, RMB 342.36 million, and RMB 246.65 million for the same periods [9]. - Gross profits for the same periods are RMB 1.18 billion, RMB 1.56 billion, RMB 2.18 billion, and RMB 1.83 billion respectively [10]. Industry Overview - The Chinese beauty market is projected to grow from RMB 460.3 billion in 2019 to RMB 566.3 billion by 2024, with a CAGR of 4.2% [10]. - The skincare market is expected to expand from RMB 355.9 billion in 2019 to RMB 451.4 billion by 2024, with a CAGR of 4.9% [13]. - The makeup market is anticipated to grow from RMB 104.5 billion in 2019 to RMB 114.8 billion by 2024, with a CAGR of 1.9% [16].