West China Securities: Maintains "Buy" rating on Marubi, brand focuses on the big product strategy and continues to strengthen efforts

Huaxi Securities research report points out that Marubi's net profit attributable to the parent company in H1 2025 is 186 million yuan, an increase of 5.21% year-on-year; in Q2 2025, the net profit attributable to the parent company is 51 million yuan, a decrease of 23.08% year-on-year. In terms of dividends, it plans to distribute 2.5 yuan per share, with a dividend payout ratio of 53.97%. In H1 2025, the company steadily promotes the differentiated layout and collaborative development of the Marubi and PL Lianhuo dual brands, with both brands maintaining good development and steady market penetration. The company has a rich product line of collagen recombinant protein and a complete skincare system. In addition, in 2025, its investment in Shanghai Moyang Biotechnology Co., Ltd. obtained the Class III medical device registration certificate issued by the National Medical Products Administration, highlighting Marubi's forward-looking layout at the forefront of the market. In H1 2025, the company's main brand Marubi and the emerging brand PL Lianhuo are steadily advancing in the skincare and makeup tracks, respectively. The brand focuses on a big product strategy, continuously strengthening its efforts, with classic products like the small gold needle continuing to perform excellently, maintaining the company's "Buy" rating