Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a 28.6% year-on-year increase in non-net profit attributable to the parent company for Q1 2025, indicating sustained upward momentum [4] - The company's revenue for 2024 reached 2.97 billion yuan, a 33.4% increase year-on-year, with a net profit of 342 million yuan, up 31.7% [4] - For Q1 2025, the company achieved revenue of 847 million yuan, a 28.0% increase, and a net profit of 135 million yuan, up 22.1% [4] - The forecast for net profit attributable to the parent company for 2025-2027 is 456 million, 597 million, and 763 million yuan respectively, with corresponding EPS of 1.14, 1.49, and 1.90 yuan [4] Financial Performance Summary - The company’s revenue and net profit growth rates for 2024 are 33.4% and 31.7% respectively, with a gross margin of 73.7% [7] - The revenue breakdown for 2024 shows significant growth in various product categories: eye care (+60.8%), skincare (+21.6%), cleansing (+8.8%), and beauty products (+40.5%) [5] - The company’s gross margin for Q1 2025 is reported at 76.1%, reflecting a 1.4 percentage point increase [5] - The company’s operating cash flow for 2023 was 338 million yuan, with a projected increase to 534 million yuan in 2025 [9] Product and Brand Performance - The company’s flagship products, such as the "Little Red Pen" and "Little Gold Needle," have shown remarkable sales performance, with the former achieving a GMV of 530 million yuan, a 146% increase [5] - The brand's user engagement is increasing, with active membership and repurchase amounts rising by 31% and 48% year-on-year respectively [6] - The company has established a strong market presence on platforms like Douyin, with a projected GMV of 1 to 1.5 billion yuan in 2024 [6]

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 investment rating for the company is "Outperform the Market" [5][16][20] Core Views - The company achieved a revenue of 2.97 billion in 2024, representing a year-on-year growth of 33.44%, with a net profit attributable to the parent company of 342 million, up 31.69% year-on-year [1][7] - The main brand, Marubi, generated a revenue of 2.055 billion in 2024, reflecting a growth of 31.69%, while the secondary brand, Lianhuo, achieved a revenue of 905 million, up 40.72% [2][8] - The company is experiencing a product momentum explosion, particularly with its key products, which are driving significant revenue and profit growth [3][16] Financial Performance - In Q1 2025, the company reported a revenue of 847 million, a year-on-year increase of 28.01%, and a net profit of 135 million, up 22.07% [1][7] - The gross margin for 2024 was 73.70%, an increase of 3.01 percentage points year-on-year, and is projected to rise to 76.05% in Q1 2025 [3][11] - The company’s operating cash flow for 2024 was 301 million, showing a decrease of 11.09% year-on-year, while Q1 2025 saw a significant increase of 117.93% [14] Revenue Breakdown - The eye care category generated 689 million in revenue for 2024, a growth of 60.78%, primarily driven by the Marubi Xiaohong Pen eye cream [2][8] - Online sales channels contributed 2.541 billion in revenue for 2024, up 35.77%, accounting for 85.55% of total revenue [2][8] - The company’s top three core products accounted for 64% of sales, indicating a further increase in product concentration [2][8] Profitability Metrics - The net profit margin for 2024 was 11.53%, a decrease of 0.94 percentage points year-on-year, while the gross profit margin continued to improve [11][18] - The company’s return on equity (ROE) is projected to reach 10.1% in 2024, increasing to 17.4% by 2027 [4][18] Future Projections - The company is expected to achieve a revenue of 3.941 billion in 2025, with a net profit of 476 million, reflecting a growth of 32.7% and 39.4% respectively [4][18] - The forecast for 2027 includes a net profit of 822 million, with a corresponding price-to-earnings (PE) ratio of 20x [3][4][16]

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]

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].

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].

公司代码：603983 公司简称：丸美生物 广东丸美生物技术股份有限公司 2024年度内部控制评价报告 广东丸美生物技术股份有限公司全体股东： 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以下简称企业内部 控制规范体系），结合本公司（以下简称公司）内部控制制度和评价办法，在内部控制日常监督和专项 监督的基础上，我们对公司2024年12月31日（内部控制评价报告基准日）的内部控制有效性进行了评价。 一. 重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性，并如实披露内 部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控制进行监督。经理层负责组织 领导企业内部控制的日常运行。公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存 在任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个别及连带法 律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及相关信息真实完整，提 高经营效率和效果，促进实现发展战略。由于内部控制存在的固有局限性，故仅能为实现上述目标提供 合理保证。此外，由于情况的变 ...

证券代码：603983 证券简称：丸美生物 公告编号：2025-003 广东丸美生物技术股份有限公司 关于第五届监事会第五次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、监事会会议召开情况 广东丸美生物技术股份有限公司（以下简称"公司"）第五届监事会第五次 会议于 2025 年 4 月 24 日（星期四）在公司会议室以现场结合通讯方式召开。会 议通知已于 2025 年 4 月 14 日以电子邮件、微信方式发出。本次会议应出席监事 3 人，实际出席监事 3 人。会议由监事会主席陈青梅主持。会议召开符合有关法 律、法规、部门规章、规范性文件和《公司章程》的规定。 二、监事会会议审议情况 1、审议通过了《公司 2024 年度监事会工作报告》 表决情况：3 票同意，0 票反对，0 票弃权。 本议案尚需公司 2024 年年度股东大会审议。 2、审议通过了《公司 2024 年度财务决算报告》 表决情况：3 票同意，0 票反对，0 票弃权。 本议案尚需公司 2024 年年度股东大会审议。 公司 2024 年年度报告 ...

第五届董事会第六次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 广东丸美生物技术股份有限公司（以下简称"公司"）第五届董事会第六 次会议于 2025 年 4 月 24 日在公司会议室以现场结合通讯方式召开。会议通知已 于 2025 年 4 月 14 日以电子邮件、微信方式发出。本次会议由董事长孙怀庆主持， 应出席董事 9 名，实出席董事 9 名，监事和相关高级管理人员列席了会议。本次 董事会会议的召集、召开符合《公司法》等有关法律、行政法规、部门规章、规 范性文件和《公司章程》的规定，决议内容合法有效。 二、董事会会议审议情况 1、审议通过了《公司 2024 年度总经理工作报告》 表决情况：9 票同意，0 票反对，0 票弃权。 证券代码：603983 证券简称：丸美生物 公告编号：2025-002 广东丸美生物技术股份有限公司 2、审议通过了《公司 2024 年度董事会工作报告》 表决情况：9 票同意，0 票反对，0 票弃权。 本议案尚需公司 2024 年度股东大会审议。 3、审议 ...