丸美生物20251101

Summary of the Conference Call for Wanmei Biotechnology Company Overview - Company: Wanmei Biotechnology - Industry: Cosmetics and Skincare Key Financial Performance - Revenue: 2.44 billion CNY for the first three quarters of 2025, a year-on-year increase of 2.13% [2][3] - Net Profit Margin: 10% [2][3] - Online Sales Proportion: 87.71%, up 30.81% year-on-year, with Douyin direct sales growing by 37.25% [2][3] - Offline Sales: Decreased by 2.89% year-on-year [2][3] Brand Performance - Perfect Brand Revenue: 72.47% of total revenue, up 33.93% year-on-year [2][4] - PL Yanhuo Brand Revenue: 27.47% of total revenue, up 8.21% year-on-year [2][4] - Product Categories: Eye products grew by 57.03%, skincare by 27.25% [2][4] Strategic Adjustments - Shift in Strategy: Reduced reliance on influencer marketing (达播) and focused on self-broadcasting (自播), achieving 100% growth in self-broadcasting in Q3 [2][6] - Future Goals: Aim for sustained revenue and profit growth in Douyin by 2026 [2][6] Market Challenges - Yanhuo Brand: Facing challenges in a competitive makeup market, requiring more frequent new product launches [2][9] - Investment in Medical Aesthetics: Actively developing products related to restructured collagen and polysaccharides [2][9] Future Growth Projections - Q4 Growth Expectation: Anticipated growth exceeding double digits, with full-year growth expected to reach double digits [2][10] - 2026 Preparations: Comprehensive preparations including team restructuring, product development, and marketing adjustments [2][10] External Investments - Investment in New Brands: Significant investments in emerging brands in skincare, oral care, and medical aesthetics, with a 25% stake in Shengzhirun [2][11] - Strategic Partnerships: Plans for strategic cooperation with Shengzhirun to launch ECM-related products [2][11] Competitive Landscape - Response to International Brands: Confidence in surpassing international brands due to advancements in R&D and strong consumer connections [2][12][13] - Sales and Marketing Strategy: Maintaining a focus on high-quality growth despite rising sales and traffic costs [2][13] Product and Marketing Highlights - New Product Launches: Successful limited series and upgraded product lines contributing to sales growth [2][14][15] - Future Product Plans: Introduction of new products including advanced sunscreen and high-end foundation [2][18][24][25] E-commerce Strategy - GMV Distribution: 55% from content e-commerce and 45% from shelf e-commerce, with Tmall accounting for 40% of shelf e-commerce [2][26] - Team Structure: 30% of the team focused on shelf e-commerce and 60% on content e-commerce [2][26] Internal Resource Allocation - Brand Structure: Two independent brands with separate supply chains and marketing teams [2][27] 2026 Development Goals - Growth and Profit Targets: Aiming for over 20% growth and a profit margin of 12% [2][28][29]