华西证券研报指出，丸美生物2025H1归母净利润1.86亿元，同比上升5.21%；2025Q2实现归母净利润0.51亿元，同比下滑23.08%。分红方面，拟每股派现2.5元（含税），分红率53.97%。2025H1公司稳步推进丸美与PL恋火双品牌的差异化布局与协同发展，双星品牌保持较好发展,市场渗透率稳步。公司胶原重组蛋白产品丰富，护肤体系完整。此外，2025年其投资的上海摩漾生物科技有限公司获得国家药品监督管理局颁发的Ⅲ类医疗器械注册证，凸显了丸美生物在市场前沿的前瞻布局。2025H1公司旗下主品牌丸美与新锐品牌PL恋火分别在护肤与彩妆赛道稳步推进。品牌聚焦大单品战略持续发力，小金针等经典单品持续表现优异，维持公司“买入”评级。
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