Is Marubi Biotechnology in financial trouble?

Not in the sense of losses, but the trend lines are weakening. TTM net income fell to RMB 213 million from FY2024's RMB 342 million (as of 2026-01-23), and revenue growth slowed sharply to 10.7% YoY from a much faster prior pace (as of 2026-07-02). Gross margin has held steady near 70-73% (2026-01-23), which is why the company is described as losing its protection rather than in crisis.

Who are Marubi Biotechnology's biggest competitors?

Marubi's main rivals are Proya and Chicmax, both of which outgrow it on the same Douyin livestream channel, plus L'Oreal, which began selling its own recombinant-collagen products in China in 2024. Within its 12-company cohort (B15), Marubi ranks last as of the July 2026 assessment, sitting below Proya (which passed RMB 10 billion in revenue in 2024) and below Shanghai Jahwa United, a larger peer with roughly RMB 6.4 billion in TTM revenue.

Is Marubi Biotechnology at risk from AI?

Yes, partly. Chicmax runs an AI-driven factory and Douyin's own algorithmic ad tools let rivals target the same customer base more cheaply, a threat that is already playing out rather than hypothetical. Marubi ranks last, 12th of 12, in its cohort (B15) as of the July 2026 assessment, with little separating it technically from AI-equipped competitors like Chicmax.

What is Marubi Biotechnology's biggest risk?

The core risk is that Marubi built a recombinant-collagen and Douyin livestream playbook that bigger rivals now run harder and faster. There is little to stop competitors from copying both the product and the sales channel, as shown by Marubi's last-place rank, 12th of 12, in its B15 cohort, behind Proya (over RMB 10 billion in FY2024 revenue) and Chicmax (claiming 120% Douyin growth backed by an AI-run factory).

Does Marubi Biotechnology have any real competitive advantage?

Its main strength is brand recognition: Marubi was an early mover in recombinant-collagen eye cream on Douyin and still keeps repeat buyers there. It also holds real profitability, with gross margins around 70-73% as of 2026-01-23. But this edge is narrow: larger rivals such as Proya, Chicmax, and L'Oreal have all moved into the same recombinant-collagen category and Douyin channel, showing how little stops copycats from replicating the same formula and channel.

How does Marubi Biotechnology compare to its industry peers?

Marubi trails its whole cohort, ranking 12th of 12 companies in category B15 as of the July 2026 assessment. Proya has already passed RMB 10 billion in annual revenue and overtook L'Oreal and Estee Lauder online by February 2026, while Chicmax claims 120% Douyin growth backed by an AI-run factory. Marubi's TTM net income of RMB 213 million (as of 2026-07-14), down from FY2024's RMB 342 million, underscores how much harder it is competing to hold ground.

Consumer brands · South Korea

Marubi Biotechnology Co., Ltd.

Chinese skincare maker selling Marubi, Chunji, and Lianhuo brands through retail and livestream.

Losing its protection

Assessed 30 July 2026 · Evidence as of 30 July 2026

The structural protection is eroding.

On the recordSince 30 July 2026 · Checkable from August 2026 · Every call on the record Checkpoint: H1 2026 earnings release, showing whether revenue deceleration and net income compression continue

The call

Marubi remains profitable and well-margined, but its growth is fading fast next to a much larger Proya, and no AI-specific threat is visible yet.

Marubi makes and sells beauty products in China and generated about 3.46 billion Chinese yuan in sales in 2025. The company is real and profitable, but it is getting easier for larger competitors like Proya, which brings in over 10 billion yuan, to copy what Marubi does and take customers away. Marubi's growth has slowed sharply (from 33% down to just 4% recently), profits are falling, and the stock price has dropped nearly 20% in a year. The big question is whether Marubi can succeed in new areas like injectable beauty treatments and artificial intelligence powered product development, or if those remain just promises on paper.

Why

AI pressure: None apparent. No AI product currently targets Marubi's skincare sales; livestream algorithms from Douyin shape sales more than any AI tool. Could AI do the core job? Only partly.

Bigger players: Proya Cosmetics (603605.SH). Proya already sells over 10B CNY a year, roughly 3x Marubi's revenue, and outranks global brands in China's online skincare market. Could a giant copy it? Yes, easily.

What protects it. Gross margins of 69-73% and three established brands give Marubi cash to keep competing even as growth slows.

What would change this call

Marubi's H1 2026 earnings release, expected August 2026. Shows whether revenue deceleration and net income compression continue or reverse.
Whether Marubi reports actual revenue from medical-aesthetics or injectable products by year-end 2026. Confirms if the claimed new product line is real revenue or unrealized.
Proya's FY2026 revenue and market-share figures compared to Marubi's. Indicates whether the larger rival is widening its lead in China's cosmetics market.

Key numbers

FY2025 revenue 3.46B CNY, growth slowed to +16.5% (2026-07-02)
TTM net income 213M CNY, down from 342M CNY FY2024 (2026-01-23)
Stock down 19-28% YoY, off 56.98 CNY high (2026-07-29)

Named risks

Revenue growth decelerated from +33% FY2024 to +4% in Q1 2026. Severity: high
TTM net income of 213M CNY down from FY2024's 342M CNY despite revenue growth. Severity: high
Stock down roughly 19-28% YoY with a >6% single-day drop on 2026-07-29. Severity: medium
No independently verified moat in collagen or eye-care category versus larger rivals. Severity: medium
Sector-wide NMPA regulatory scrutiny rising, though no company-specific enforcement confirmed. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
Proya Cosmetics	losing to	Proya passed 10B CNY sales in 2024, about 3x Marubi's 3.46B CNY FY2025 revenue
Giant Biogene	losing to	Recognized as leader in recombinant collagen chemistry per CMBI research, 2025-03
L'Oreal and Estee Lauder	gaining on	Both saw YoY declines in China online GMV in 2025 per Statista data dated 2026-06-24
Botanee/Winona and Chicmax/Kans	contesting	Tracked alongside Marubi in Douyin livestream sales coverage by CMBI, 2025-03

Questions people ask

Is Marubi Biotechnology in financial trouble?: Not in the sense of losses, but the trend lines are weakening. TTM net income fell to RMB 213 million from FY2024's RMB 342 million (as of 2026-01-23), and revenue growth slowed sharply to 10.7% YoY from a much faster prior pace (as of 2026-07-02). Gross margin has held steady near 70-73% (2026-01-23), which is why the company is described as losing its protection rather than in crisis.
Who are Marubi Biotechnology's biggest competitors?: Marubi's main rivals are Proya and Chicmax, both of which outgrow it on the same Douyin livestream channel, plus L'Oreal, which began selling its own recombinant-collagen products in China in 2024. Within its 12-company cohort (B15), Marubi ranks last as of the July 2026 assessment, sitting below Proya (which passed RMB 10 billion in revenue in 2024) and below Shanghai Jahwa United, a larger peer with roughly RMB 6.4 billion in TTM revenue.
Is Marubi Biotechnology at risk from AI?: Yes, partly. Chicmax runs an AI-driven factory and Douyin's own algorithmic ad tools let rivals target the same customer base more cheaply, a threat that is already playing out rather than hypothetical. Marubi ranks last, 12th of 12, in its cohort (B15) as of the July 2026 assessment, with little separating it technically from AI-equipped competitors like Chicmax.
What is Marubi Biotechnology's biggest risk?: The core risk is that Marubi built a recombinant-collagen and Douyin livestream playbook that bigger rivals now run harder and faster. There is little to stop competitors from copying both the product and the sales channel, as shown by Marubi's last-place rank, 12th of 12, in its B15 cohort, behind Proya (over RMB 10 billion in FY2024 revenue) and Chicmax (claiming 120% Douyin growth backed by an AI-run factory).
Does Marubi Biotechnology have any real competitive advantage?: Its main strength is brand recognition: Marubi was an early mover in recombinant-collagen eye cream on Douyin and still keeps repeat buyers there. It also holds real profitability, with gross margins around 70-73% as of 2026-01-23. But this edge is narrow: larger rivals such as Proya, Chicmax, and L'Oreal have all moved into the same recombinant-collagen category and Douyin channel, showing how little stops copycats from replicating the same formula and channel.
How does Marubi Biotechnology compare to its industry peers?: Marubi trails its whole cohort, ranking 12th of 12 companies in category B15 as of the July 2026 assessment. Proya has already passed RMB 10 billion in annual revenue and overtook L'Oreal and Estee Lauder online by February 2026, while Chicmax claims 120% Douyin growth backed by an AI-run factory. Marubi's TTM net income of RMB 213 million (as of 2026-07-14), down from FY2024's RMB 342 million, underscores how much harder it is competing to hold ground.

Timeline

2026-07-29Stock hits day low CNY 32.10, over 6% single-day drop, per marketsmojo.com
2026-07-14FT profile shows headcount at 1,380 and market cap near 11.3-11.7B CNY
2026-07-02Q1 2026 revenue reported at 881.29M CNY, up only 4.09% YoY
2026-01-23WSJ reports FY2024 net income of 342M CNY (+31.69% YoY), TTM net income 213.21M CNY
2025-12FY2025 revenue reaches 3.46B CNY, up 16.48% YoY, down from prior year's 33.44% growth
2025-05Stock hits 52-week high of CNY 56.98
2024-12FY2024 revenue reaches 2.97B CNY, up 33.44% YoY
2019Marubi completes IPO on Shanghai Stock Exchange under ticker 603983
2002-04-02Guangdong Marubi Biotechnology founded in Guangzhou

Revision history

30 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

In the same band

PVH VF Kering