New Stock News | Guangdong Marubi Biotechnology (603983.SH) has submitted documents to the Hong Kong Stock Exchange, becoming the third largest cosmetics company in China to specialize in restructured collagen protein skincare products.

According to the disclosure on December 11th by the Hong Kong Stock Exchange, Guangdong Marubi Biotechnology Technology Co., Ltd. (603983.SH) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with Goldman Sachs and CITIC SEC as its joint sponsors. The prospectus shows that, based on a Frost & Sullivan report, Guangdong Marubi Biotechnology is the third largest cosmetics company in China's recombined collagen skin care sector by retail sales in 2024. Company Profile The prospectus shows that Guangdong Marubi Biotechnology is a leading cosmetics company in China focused on providing anti-aging solutions to consumers. The company is driven by synthetic biology technology, has been deeply involved in the anti-aging skin care industry for over twenty years, and continues to innovate by focusing on research and breakthroughs in core technologies, such as recombinant collagen proteins, to apply cutting-edge technological innovations to skin care products with anti-wrinkle, firming, and reparative effects. Guangdong Marubi Biotechnology has successfully developed Recombinant Dual Collagen, which is an engineered recombinant collagen protein that combines Type I (contouring) collagen and Type III (filling) collagen into a single unified molecule. Guangdong Marubi Biotechnology's Recombinant Dual Collagen uses the translation arrest and C-PRO locking ring technology. In 2023, the company was approved by the Ministry of Industry and Information Technology as the primary drafting unit for the industry standard "Recombinant Soluble Collagen." According to Frost & Sullivan data, as of September 30, 2025, Guangdong Marubi Biotechnology is the first and only company in China to be approved as a national research center for recombinant functional protein technology. During the period of past performance, Guangdong Marubi Biotechnology primarily operated two major brands, Wanmei and Lianhuo. Originating from research on eye care products in the anti-aging skin care industry, Wanmei focuses on eye and facial care solutions with anti-wrinkle and firming effects. Lianhuo is a high-quality and cost-effective makeup brand focusing on base makeup products. Based on the Frost & Sullivan report: By retail sales, Wanmei has been the top domestic eye care brand in China for four consecutive years from 2021 to 2024. By retail sales in 2024, Lianhuo ranks third among domestic base makeup brands in China and fifth among all base makeup brands in China. From 2022 to 2024, Lianhuo's retail sales have seen a compound annual growth rate of 77.5%, the highest among the top five base makeup brands in China. Here are the rankings and business highlights of Guangdong Marubi Biotechnology: Regarding core raw materials, Guangdong Marubi Biotechnology has established a closed-loop value chain covering from basic research to application. As of September 30, 2025, the company has developed over 80 proprietary ingredients, including Recombinant Dual Collagen, SPG -Glucan, supramolecular cotton extract, supramolecular elastin protein, etc., of which over 30 are produced on a large scale. Guangdong Marubi Biotechnology's own production base is capable of conducting high-density fermentation and purification processes for recombinant collagen production, effectively bridging basic research and industrial production. During the period of past performance, Guangdong Marubi Biotechnology has two production bases in operation, namely the Wanmei 5C center production base in Guangzhou and the Baste production base in Guangzhou, both located in Guangzhou, China. Financial Information Revenue For the fiscal years of 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded revenues of RMB 17.32 billion, RMB 22.26 billion, RMB 29.70 billion, and RMB 24.50 billion, respectively. Annual/Period Profit For the fiscal years of 2022, 2023, 2024, and the nine months ended September 30, 2025, the company recorded annual/period profits of RMB 1.67 billion, RMB 2.78 billion, RMB 3.42 billion, and RMB 2.47 billion, respectively. Gross Profit For the fiscal years of 2022, 2023, 2024, and the nine months ended September 30, 2025, the company's gross profits were RMB 11.75 billion, RMB 15.60 billion, RMB 21.77 billion, and RMB 18.34 billion, respectively. Industry Overview Cosmetic products refer to products that can improve skin condition and emphasize or alter facial or body appearance, including skincare and makeup products. According to Frost & Sullivan data, the market size of the Chinese cosmetics industry has increased from RMB 460.3 billion in 2019 to RMB 566.3 billion in 2024, with a compound annual growth rate of 4.2%. The Chinese cosmetics industry has experienced fluctuating growth over the past five years. Due to public health events, the industry experienced a downturn in 2022 but rebounded in 2023 as social activities resumed. The industry saw a slight decline in 2024, mainly due to economic fluctuations leading to more cautious consumer purchasing decisions. With the popularization and prevalence of beauty and skin care concepts, the diversification of consumer groups, and the refinement of consumer demands, it is expected that the Chinese cosmetics industry will continue to grow at a compound annual growth rate of 7.0% from 2024 to 2029. Skincare products mainly include facial care products, body care products, eye care products, and other lip and hand care products. The market size of the Chinese skincare products industry has increased from RMB 355.9 billion in 2019 to RMB 451.4 billion in 2024, with a compound annual growth rate of 4.9%. With consumers' increasing focus on skin health, the ingredients and effects of products have become key concerns for consumers when choosing skincare products. This has prompted brands to increase research and development investment, focus more on ingredient research and effect development, and launch more diversified products tailored to specific skin issues to meet consumer demands, driving the skincare industry towards ingredient-oriented and functional development. The market size of the Chinese skincare products industry is expected to continue to grow at a compound annual growth rate of 7.0% to reach RMB 634.4 billion by 2029. As the demand for cosmetics continues to rise and consumers are influenced by various makeup concepts spread via social media, there is a growing diversity in consumer demand for makeup products. By retail sales, the market size of the Chinese makeup industry has increased from RMB 104.5 billion in 2019 to RMB 114.8 billion in 2024, with a compound annual growth rate of 1.9%. With an increasing focus on appearance and the pursuit of rapidly evolving diversified aesthetics, consumer demand for makeup products continues to rise, and the market size of the Chinese makeup market is expected to continue to grow at a compound annual growth rate of 6.8% to reach RMB 159.5 billion by 2029. Board of Directors Information The board of directors will consist of ten directors, including six executive directors and four independent non-executive directors, namely: Shareholding Structure As of the last practicable date on December 5, 2025, Dr. Sun Huaiqing and Ms. Wang Xiaopu collectively hold 324,000,000 shares, accounting for approximately 80.80% of the total issued shares. Dr. Sun and Ms. Wang are spouses. Following the compilation, Dr. Sun and Ms. Wang will jointly constitute the controlling shareholder group under the listing rules. To the best of the directors' knowledge, as of the last practicable date, there are no A-shareholders holding more than 5.00% equity in the company. As of the last practicable date, Qingcheng Lianming (a limited partnership established under Chinese law) is held by Beijing Fanyuan Jinding Investment Management Co., Ltd. ("Fanyuan Jinding") (as the general partner) holding 1.20% equity, the company (as the limited partner) holding 80.00% equity, and seven other limited partners (each being an independent third party and holding less than 5.00% limited partnership interest) holding 18.80% equity. Fanyuan Jinding is controlled by an independent third party, Mr. He Fuchang. As of the last practicable date, Suqian Huiheng (a limited partnership established under Chinese law) is held by Fanyuan Jinding (as the general partner) holding 6.00% equity, the company (as the limited partner) holding 80.00% equity, and seven other limited partners (each being an independent third party and holding less than 5.00% limited partnership interest) holding 14.00% equity. Intermediary Team Joint Sponsors: Goldman Sachs (Asia) LLC, CITIC SEC (Hong Kong) Limited Company Legal Advisors: Puhui Law Firm (HK) LLP, Guangdong Xinda Law Firm Legal Advisors for Joint Sponsors: Sidley Austin LLP, JunHe LLP Auditors and Reporting Accountants: Ernst & Young Industry Consultant: Frost & Sullivan (Beijing) Consulting Co., Ltd. Shanghai Branch Compliance Advisor: Jalin Capital Limited