Broker: China Galaxy International Securities
Date of Report: April 3, 2026

Excerpt from China Galaxy International Securities report.
Report Summary

• Stock: Marubi Biotechnology (603983.SS / 603983 CH)
• Action: Add (Reiterate)
• Target Price: Rmb32.00
• Current Price: Rmb25.38
• Up/downside: +26.1%
• Key Highlights:
  • FY25 revenue of Rmb3.46bn (+16% YoY), but below expectations due to weak Double 11 performance and higher sales expenses.
  • FY25 net profit declined to Rmb210m, impacted by higher costs and operating deleverage.
  • FY26F guidance: Revenue forecast of Rmb4bn (+16.1%), net profit Rmb285m (+35.5%). Management expects profit growth to outpace revenue growth.
  • EPS forecasts for FY26-27 cut by 45-46% due to channel restructuring.
  • Strategic focus: Shift from influencer livestreaming to self-operated livestreaming (Douyin GMV +95% YoY), new product launches (Collagen 3.0, Eye Cream upgrades), and offline store expansion (targeting 100 community stores in FY26F).
  • Risks: Intensifying competition and raw material cost inflation.
  • Re-rating catalysts: Stronger new product sales and easing competition.

above is an excerpt from a report by China Galaxy International Securities. Clients of China Galaxy International Securities can be the first to access the full report from the China Galaxy International Securities website : https://www.chinastock.com.hk