Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown strong revenue growth in the first half of 2025, with total revenue reaching 1.769 billion yuan, a year-on-year increase of 30.83% [7] - The main brand, Marubi, continues to perform well, maintaining its position as the leading domestic brand in eye care products [7] - The company is benefiting from a strategic transformation and channel adjustments, leading to a positive outlook for future growth [7] Financial Performance Summary - Revenue Forecasts: - 2023: 2,226 million yuan - 2024: 2,970 million yuan (growth of 33.44%) - 2025E: 3,832 million yuan (growth of 29.04%) - 2026E: 4,735 million yuan (growth of 23.56%) - 2027E: 5,615 million yuan (growth of 18.59%) [6] - Net Profit Forecasts: - 2023: 259 million yuan - 2024: 342 million yuan (growth of 31.69%) - 2025E: 419 million yuan (growth of 22.71%) - 2026E: 540 million yuan (growth of 28.92%) - 2027E: 669 million yuan (growth of 23.88%) [6] - Earnings Per Share (EPS): - 2023: 0.65 yuan - 2024: 0.85 yuan - 2025E: 1.05 yuan - 2026E: 1.35 yuan - 2027E: 1.67 yuan [6] - Return on Equity (ROE): - 2023: 7.75% - 2024: 10.11% - 2025E: 12.03% - 2026E: 14.94% - 2027E: 17.70% [6] Brand Performance - Marubi brand achieved revenue of 1.250 billion yuan in 25H1, a year-on-year increase of 34.36% [7] - PL brand achieved revenue of 516 million yuan in 25H1, a year-on-year increase of 23.87% [7] - The company is focusing on high-quality, minimalist makeup products and has seen significant online sales growth [7] Channel Performance - Online revenue reached 1.571 billion yuan in 25H1, a year-on-year increase of 37.85% [7] - Offline revenue was 197 million yuan, a year-on-year decrease of 7.07% [7] - The company is implementing a multi-platform strategy to enhance user engagement and sales efficiency [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8]. Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8]. - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7]. - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7]. Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11]. - The company's gross margin is expected to improve to 74.8% in 2025, with a net profit margin of 11.8% [2][11]. - The return on equity (ROE) is projected to increase to 12.4% in 2025 and further to 16.4% by 2027 [2][11]. Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7]. - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7]. Market Position and Strategy - The company has successfully transitioned from a traditional cosmetics firm to a biotechnology beauty company, as indicated by its rebranding to "Marubi Biotechnology" [7]. - The company is focusing on optimizing product structure and cost control, which has contributed to the improvement in gross margins [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 53.01 CNY [3][8] Core Insights - The company is expected to achieve strong performance in 2025, with projected earnings per share (EPS) of 1.11 CNY, 1.44 CNY, and 1.85 CNY for the years 2025, 2026, and 2027 respectively [2][8] - The company reported a revenue of 2.97 billion CNY in 2024, reflecting a year-on-year growth of 33.4%, and a net profit attributable to the parent company of 342 million CNY, up 31.7% year-on-year [7] - The online channel transformation has shown positive results, with online revenue reaching 2.54 billion CNY in 2024, accounting for 86% of total revenue, and growing by 35.8% year-on-year [7] Financial Performance Summary - Revenue projections for 2025-2027 are as follows: 3.78 billion CNY in 2025, 4.67 billion CNY in 2026, and 5.66 billion CNY in 2027, with respective growth rates of 27.2%, 23.6%, and 21.3% [2][11] - The gross profit margin is expected to increase to 74.8% in 2025, with a net profit margin of 11.8% [2][11] - The company’s return on equity (ROE) is projected to rise to 12.4% in 2025 and 16.4% in 2027 [2][11] Brand and Product Performance - The main brand, Marubi, achieved a revenue of 2.06 billion CNY in 2024, growing by 31.69%, while the PL brand, Lianhuo, saw a revenue increase of 40.72% to 905 million CNY [7] - Revenue growth rates for product categories in 2024 were as follows: eye care at 61%, skincare at 22%, cleansing at 9%, and makeup at 40% [7] Market Position and Strategy - The company has successfully implemented a three-year online and offline channel strategy, which has stabilized market order and pricing systems [7] - The rebranding to "Marubi Biotechnology" signifies a strategic shift from traditional beauty products to biotechnology-based beauty solutions [7]