Technology empowers the dual brand matrix, and Marumi Biotech accelerates the construction of a competitive moat in the beauty industry

“I used to buy skincare products and read commercials, but now I buy skincare products and check the ingredient list.” As Gen Z rapidly embraces the concept of pure beauty, rational consumer groups focusing on product ingredients and efficacy have become mainstream in the market. According to the “2025 Double 11 Apparel and Beauty Consumption Trend Research Report”, over 90% of respondents believe that “studying fabrics when buying clothing and studying ingredients when buying skincare products” is a smarter consumption choice, and nearly half of consumers emphasized that consumption should focus on “the most essential elements of the product.”

This shift in market trends is also affecting the strategic layout of enterprises. Recently, Marumi Biotech, which has “biotech beauty” as its core, officially submitted a listing application to the Hong Kong Stock Exchange. Previously, the company entered the A-share market as the “first share of eye cream” as early as 2019. If successfully listed in Hong Kong this time, Marumi Biotech will become an “A+H” dual-platform listed company. This will not only further broaden international financing channels, but will also help enhance the brand's influence in the global market and push the company into a new stage of development.

Focus on recombinant collagen to create a new paradigm in beauty technology

In today's increasingly homogenous competition in the beauty industry, the core barriers of brands are shifting from marketing and channels to deeper technological research and ingredient innovation.

In recent years, Marumi Biotech has continued to focus on empowering the beauty industry with biotechnology, targeting effective skincare products such as anti-wrinkle, firming, and repair, and has created an integrated R&D platform covering basic research and pilot production to testing and production preparation.

The Zhitong Finance App learned that since 2022, the company has invested more than 250 million yuan in R&D expenses; established cooperative networks with about 30 top universities and research institutes around the world; obtained a total of 375 authorized patents, including 265 invention patents, which rank first among Chinese beauty companies in the number of authorized invention patents.

With solid R&D investment and deep accumulation in the field of synthetic biology, the company has made breakthroughs in recombinant collagen, a key anti-aging ingredient: successfully developed recombinant double collagen, and relied on “translation suspension” and “C-PRO clasp” technology to combine type I collagen, which determines skin contours, and type III collagen, which is responsible for skin filling and elasticity, into a single molecule, so that recombinant double collagen has achieved substantial results in terms of biosimilarity, biological activity, stability, and large-scale production capacity to human collagen uplift;

As of September 30, 2025, the company has developed more than 80 proprietary ingredients, including recombinant double collagen. Of these, more than 30 have been produced on a large scale, and R&D results are rapidly entering the market.

Supported by strong R&D capabilities, Marumi Biotech has built a dual-brand matrix with clear positioning and collaborative development. Among them, the main brand “Marumi” focuses on eye and facial care solutions with anti-wrinkle and firming effects. It has established a leading position in the segmented circuit, ranking first among domestic eye care brands for 4 consecutive years from 2021 to 2024 (in terms of retail sales);

The base makeup brand “Love Fire”, which focuses on high quality and price ratio, is growing strongly. From 2022 to 2024, its retail sales compound annual growth rate reached 77.5%, leading the growth rate among the top five makeup brands in China. In terms of retail sales in 2024, “Love Fire” is already among the top five makeup brands in China. Its revenue for the first half of 2025 has exceeded 500 million yuan, an increase of 23.87% over the previous year. It is expected to exceed 1 billion yuan for the whole year, and grow into another star brand under the company.

Solid product strength is also reflected in excellent financial performance. From 2022 to 2024, the company's revenue grew from 1,732 billion yuan to 2.97 billion yuan, with a compound annual growth rate of 31%; net profit increased from 167 million yuan to 342 million yuan, with a compound annual growth rate of 43%. Both sides are growing rapidly.

At the same time, the company has achieved remarkable results in channel transformation, and the channel revenue structure has improved markedly. The share of online direct sales revenue rose rapidly from 46.4% in 2022 to 74.8% in the first three quarters of 2025, relying on mainstream e-commerce platforms such as Douyin, Tmall, and Kuaishou to continue to strengthen direct links with consumers.

At present, the company's R&D and innovation capabilities have been duly certified by the government and the market: in 2023, Marumi Biotech was approved by the Ministry of Industry and Information Technology as the main drafting unit for the industry standard “Recombinant Soluble Collagen,” and is currently the first and only approved “National Recombinant Functional Protein Technology Research Center” in China. In terms of retail sales in 2024, the company is the third-largest beauty enterprise in China in the restructured collagen skincare segment, and has built a solid competitive moat.

Overall, at a time when consumers are paying more and more attention to product ingredients and technological content, Marumi Biotech has taken an important position in the technological transformation of domestic beauty products with its continuous investment in biotechnology, clear brand layout, and healthy profit performance. As the “A+H” listing process progresses, its future development space is worth more expectations from market investors.