证券之星消息，10月31日化妆品板块较上一交易日下跌0.58%，嘉亨家化领跌。当日上证指数报收于 3954.79，下跌0.81%。深证成指报收于13378.21，下跌1.14%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600315 | 上海家化 | 1175.94万 | 7.15% | 1175.64万 | 7.15% | -2351.58万 | -14.30% | | 300132 青松股份 | | 854.51万 | 3.63% | -1217.03万 | -5.17% | 362.52万 | 1.54% | | 603630 拉芳家化 | | 482.50万 | 4.30% | -314.10万 | -2.80% | -168.40万 | -1.50% | | 301371 | 敷尔佳 | 228.02万 | 6.98% | -662.74万 | -20.28% | 434. ...

10月31日，福瑞达盘中上涨2.09%，截至13:48，报7.82元/股，成交5019.22万元，换手率0.64%，总市值 79.50亿元。 福瑞达所属申万行业为：美容护理-化妆品-品牌化妆品。所属概念板块包括：化妆品、中药、医疗美 容、小盘、合成生物等。 截至9月30日，福瑞达股东户数4.45万，较上期减少6.27%；人均流通股22827股，较上期增加6.69%。 2025年1月-9月，福瑞达实现营业收入25.97亿元，同比减少7.34%；归母净利润1.42亿元，同比减少 17.19%。 分红方面，福瑞达A股上市后累计派现11.96亿元。近三年，累计派现2.13亿元。 机构持仓方面，截止2025年9月30日，福瑞达十大流通股东中，南方中证1000ETF（512100）位居第九 大流通股东，持股464.98万股，相比上期减少7.09万股。香港中央结算有限公司退出十大流通股东之 列。 责任编辑：小浪快报 资金流向方面，主力资金净流入111.52万元，特大单买入0.00元，占比0.00%，卖出117.27万元，占比 2.34%；大单买入1250.18万元，占比24.91%，卖出1021.40万元，占比20.35% ...

Market Overview - The cosmetics sector increased by 0.77% on October 29, with Marubi Biological leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Individual Stock Performance - Marubi Biological (603983) closed at 36.66, up 3.74% with a trading volume of 41,500 shares and a turnover of 150 million yuan [1] - Babi Co. (920123) closed at 18.06, up 3.56% with a trading volume of 23,700 shares and a turnover of 41.72 million yuan [1] - Shanghai Jahwa (600315) closed at 25.46, up 2.74% with a trading volume of 154,500 shares and a turnover of 392 million yuan [1] - Betaini (300957) closed at 45.83, up 0.57% with a trading volume of 33,400 shares and a turnover of 152 million yuan [1] - Other notable performances include Proya (603605) at 76.87, up 0.18%, and Water Sheep Co. (300740) at 22.14, up 0.09% [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 89.37 million yuan from institutional investors and 51.47 million yuan from retail investors, while individual investors saw a net inflow of 141 million yuan [2] - The detailed fund flow for individual stocks shows that Shanghai Jahwa had a net outflow of 32.36 million yuan from institutional investors [3] - Marubi Biological had a net inflow of 4.95 million yuan from institutional investors, but a net outflow of 8.77 million yuan from retail investors [3]

[Table_Title] 收入利润短期承压，静候化妆品新品放量 [Table_StockName] ——福瑞达（600223）点评报告 [Table_ReportDate] [Table_Summary] 投资要点: 化妆品核心单品迭代期，前三季度收入利润同比下滑。2025Q1-Q3，公 司实现营收 25.97 亿元（同比-7.34%），收入下滑主因化妆品核心单品 处于产品迭代期而新品销量尚未达到足够规模、线上流量红利减退等， 归母净利润 1.42 亿元（同比-17.19%）。单 Q3 来看，营收同比-7.97%， 环比 Q2 降幅收窄，归母净利润同比-23.07%，环比 Q2 跌幅扩大。 盈利能力下滑，研发和管理费用率提升。2025Q1-Q3，公司毛利率同比 -0.38pcts 至 51.47%，主因化妆品业务板块毛利率同比下滑；净利率同 比-0.61pcts 至 6.87%。费用端方面，销售同比略微下滑 0.08pcts 至 36.39%，管理和研发费用率同比分别提升 0.63/0.77pcts。 颐莲前三季度收入保持增长，医药、原料及添加剂业务毛利率同比提 升。化妆品方面，2025Q1-Q3，化妆品收 ...

2025Q3 公司归母净利润同比下滑 23.1%，整体业绩有所承压公司发布三季报：2025Q1-Q3 实现营收 26.0 亿元（同比-7.3%，下同）、归母净利润 1.4 亿元（-17.2%）；其中单三季度实现营收 8.1 亿元 （-8.0%）、归母净利润 0.3 亿元（-23.1%） 。我们认为公司聚焦妆药同源，以"5+N"核心科技矩阵为 引擎，深度整合研发资源与市场优势，未来业绩有望改善。我们维持盈利预测不变，预计公司2025- 2027 年归母净利润为 2.46/2.87/3.29 亿元，对应 EPS 为0.24/0.28/0.32 元，当前股价对应 PE 为 32.5/27.9/24.3 倍，维持"买入"评级。 化妆品和医药业务略有下滑，原料业务增速亮眼，盈利能力相对稳健2025Q1-Q3，化妆品：营收15.7 亿 元（-8.2%）、毛利率61.2%（-1.1pct），颐莲、瑷尔博士营收分别为7.9 亿元（+19.5%）/ 6.5 亿元 （-28.9 %），颐莲表现亮眼。 此外，2025Q1-Q3 公司综合毛利率为51.5%（-0.4pct），销售/管理/研发费用率分别为 36.4%/4.9%/4.5 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company reported a decline in net profit of 23.1% year-on-year for Q3 2025, with total revenue for the first three quarters at 2.6 billion yuan, down 7.3% year-on-year. The focus on "cosmeceuticals" and the "5+N" core technology matrix is expected to drive future performance improvements [7] - The company maintains its profit forecast, expecting net profits of 246 million, 287 million, and 329 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.24, 0.28, and 0.32 yuan [7] - The current price-to-earnings ratio (PE) is projected to be 32.5, 27.9, and 24.3 for the years 2025, 2026, and 2027 respectively [7] Financial Performance Summary - For Q1-Q3 2025, the company achieved revenue of 1.57 billion yuan in the cosmetics segment, down 8.2%, with a gross margin of 61.2%. The pharmaceutical segment generated 310 million yuan, down 17.5%, while the raw materials segment saw revenue of 280 million yuan, up 11.2% [8] - The overall gross margin for the first three quarters was 51.5%, with stable expense ratios for sales, management, and R&D [8] - The company’s brand value has significantly increased, with the "Yilian" brand achieving a valuation exceeding 12 billion yuan, and the launch of new products contributing to sales growth [9] Financial Projections - Revenue projections for the company are as follows: 4.06 billion yuan for 2025, 4.41 billion yuan for 2026, and 4.76 billion yuan for 2027, with expected year-on-year growth rates of 1.9%, 8.5%, and 8.0% respectively [10] - The projected net profit for 2025 is 246 million yuan, with a slight increase to 287 million yuan in 2026 and 329 million yuan in 2027 [10] - The company’s gross margin is expected to remain stable, with projections of 52.5% for 2025, 53.1% for 2026, and 53.6% for 2027 [10]

Investment Rating - The report maintains an "Outperform" rating for the company [2][8] Core Insights - The company reported a slight decline in revenue for Q3 2025, with total revenue of 2.597 billion yuan, down 7.3% year-on-year, and a net profit attributable to shareholders of 142 million yuan, down 17.2% year-on-year [8] - The gross margin has decreased, and the expense ratio has increased, leading to a decline in net profit margin [8] - The company is focusing on three main business segments: cosmetics, pharmaceuticals, and raw materials, with varying performance across these areas [8] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 3.871 billion yuan, with a year-on-year decline of 2.8% [7] - The net profit attributable to shareholders is expected to be 219 million yuan in 2025, down 10.2% year-on-year [7] - The gross margin is forecasted to be 51.7% in 2025, with a gradual increase to 58.3% by 2027 [7] Business Segment Performance - The cosmetics segment reported revenue of 1.569 billion yuan for Q1-3 2025, down 8.2% year-on-year, while the high-value brand Yilian saw a revenue increase of 19.5% [8] - The pharmaceutical segment's revenue decreased by 17.46% to 305 million yuan [8] - The raw materials segment showed resilience with a revenue increase of 11.2% to 276 million yuan [8] Strategic Initiatives - The company is actively participating in various industry events to expand its market presence and enhance its product offerings [8] - Research and development remain a key focus, with the launch of an ideal skin data platform and the establishment of industry standards [8] - The company aims to build a comprehensive health industry chain, leveraging its R&D capabilities [8]

其中，化妆品业务分品牌来看，颐莲品牌实现收入7.9 亿元，占总收入比例为30%，收入同比增长 19.5%；瑷尔博士品牌收入6.5 亿元，收入占比25%、收入同比下降28.9%（其中Q3 收入下降26%、降幅 环比上半年有所收窄）；珂谧品牌处于成长期，前三季度实现收入7719 万元。 毛利率下降、费用率略升 事件： 福瑞达发布2025 年三季报。公司2025 年前三季度实现营业收入26 亿元，同比下降7.3%，归母净利润 1.4 亿元，同比下降17.2%，扣非净利润1.3 亿元，同比下降13.7%，EPS（基本）为0.14 元。 分季度来看，25Q1~Q3 公司单季度收入分别为8.8/9.1/8.1 亿元，分别同比-1.6%/-11.7%/-8% ， 归母净利 润分别为0.5/0.6/0.3 亿元， 分别同比-14.1%/-16.1%/-23.1%。 点评： 化妆品板块收入下降8%，其中颐莲品牌增长势头较好、瑷尔博士仍处调整分业务板块来看，25 年前三 季度化妆品板块收入占比为60%，收入同比下降8.2%；医药板块、原料及添加剂板块收入各占比 12%/11% ， 收入分别同比-17.5%/+11.2%。 25Q ...

2025 年 10 月 28 日 公司研究 颐莲品牌增长势头良好，瑷尔博士品牌仍处调整 ——福瑞达（600223.SH）2025 年三季报点评 增持（维持） 当前价：7.86 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 24 年可比情况下业绩稳健，利润中单位数增 长——福瑞达（600223.SH）2024 年年报点 评（2025-03-23） 要点 事件： 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 10.17 | | --- | --- | | 总市值(亿元)： | 79.90 | | 一年最低/最高(元)： | 6.41/9.35 | | 近 3 月换手率： | 70.50% | 股价相对走势 -10% -1% 9% 18% 27% 10/24 01/25 04/25 07/25 福瑞达 沪 ...

化妆品板块，前三季度营业收入15.69亿元，毛利率61.24%。颐莲品牌继续保持增长，1—9月实现销售 收入7.86亿元，同比增长19.50%；瑷尔博士品牌主动求变，成功举办第六届微生态健康大会，1—9月实 现销售收入6.46亿元；珂谧品牌继续保持高速增长，1—9月实现销售收入7719万元，第二季度环比增长 82%，第三季度环比增长138%。 有关券商表示，福瑞达美妆业务聚焦主力品牌迭代与渠道优化，叠加高性价比定位，具备持续增长潜 力。从行业层面看，国货崛起与功能性护肤热潮形成共振，公司"玻尿酸+胶原蛋白"双技术引擎布局， 精准契合市场需求，而抖音自播GMV飙升210%、私域积累380万铁粉等渠道优势，进一步放大了技术 转化效率。(齐和宁) 值得注意的是，近日，珂谧正式获得尚谱咨询授予的"全球穿膜透皮胶原护肤品首创者"认证，这是全球 唯一通过"技术定义+功效实证"双核验认可。这场以"穿膜胶原"为核心的创新，不仅让中国美妆技术站 上全球抗衰竞争的制高点，更重新定义了行业对"有效护肤"的认知——从"看得见的宣传"到"可验证的 功效"，中国企业正在用自主研发改写全球美妆科技的规则。 10月27日晚，福瑞达（6002 ...