Investment Rating - The report initiates coverage with a "Buy" rating for the company Water Sheep Co., Ltd. [14] Core Insights - The cosmetics and medical beauty sector has underperformed the market, with the Shenwan Beauty Care Index declining by 2.5% from September 12 to September 19, 2025 [3][4] - The upcoming Double 11 shopping festival is expected to drive significant growth for domestic brands, with recommendations to focus on strong alpha stocks [9][10] - Water Sheep Co., Ltd. is highlighted for its dual business model of proprietary and CP brands, with stable revenue projections of 4-5 billion yuan from 2021 to 2024 and an expected gross margin of 63.01% in 2024 [10][11] Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the market, with specific indices declining [3][4] - The Shenwan Cosmetics Index fell by 2.6%, while the Shenwan Personal Care Index decreased by 0.6% [4][6] Upcoming Events - The Double 11 shopping festival preparations are in full swing, with domestic brands like Up Beauty and Proya launching new products to capture market share [9] - Key influencers are negotiating promotional strategies to enhance sales during the festival [9] Company Focus: Water Sheep Co., Ltd. - Water Sheep Co., Ltd. is positioned as a leading tech-driven beauty company with a stable revenue forecast and improving profit margins [10][11] - The company has a well-structured brand matrix and is expanding its high-end product lines, with significant growth in its proprietary brands [11][12] - Expected net profits for Water Sheep Co., Ltd. are projected to be 258 million, 331 million, and 398 million yuan for 2025, 2026, and 2027, respectively, indicating substantial growth [14] Market Trends - The Chinese beauty market is witnessing a shift towards domestic brands, with significant market share gains for local players [27] - The overall retail sales of cosmetics showed a growth of 5.1% in August 2025, indicating a recovery in consumer spending [18][21] International Recognition - Chinese beauty brands performed notably at the IFSCC conference, showcasing their advancements in cosmetic science and securing significant awards [22][24]

Core Points - The company will hold its first extraordinary general meeting of shareholders in 2025 on October 10, 2025 [2][5] - The meeting will take place at 14:30 at the company's conference room located at 888 Xinluo Avenue, High-tech Zone, Jinan, Shandong Province [5][18] - Shareholders can vote through the Shanghai Stock Exchange's online voting system on the same day [3][5] Meeting Details - The meeting will combine on-site voting and online voting [5] - The online voting period is from 9:15 to 15:00 on October 10, 2025 [3][5] - Shareholders must register to attend the meeting, with registration available on October 9, 2025 [16][17] Voting Procedures - Shareholders can vote via the trading system or the internet voting platform [7][8] - Multiple accounts held by a shareholder will allow them to aggregate their voting rights [8][9] - Duplicate votes from the same shareholder will be counted based on the first vote cast [10][11] Attendance - Shareholders registered by the close of trading on the registration date are eligible to attend [12] - Company directors, senior management, and appointed lawyers may also attend [13][15] Other Information - The company will provide a reminder service for small and medium investors to ensure they can participate [8] - Contact information for inquiries includes a phone number and fax [19]

证券代码：600223 证券简称：福瑞达 编号：临 2025-027 鲁商福瑞达医药股份有限公司 关于续聘会计师事务所的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 拟续聘的会计师事务所名称：上会会计师事务所（特殊普通合伙） 一、拟聘任会计师事务所的基本情况 （一）机构信息 1.基本信息 上会首席合伙人为张晓荣先生，截至 2024 年末，上会拥有合伙人 112 名、 注册会计师 553 名，其中签署过证券服务业务审计报告的注册会计师人数 185 人。 3.业务信息 上会 2024 年度业务收入（经审计）6.83 亿元，其中审计业务收入 4.79 亿 元，证券业务收入 2.04 亿元。2024 年度上会为 72 家上市公司提供年报审计服 务，审计收费总额 0.81 亿元，其中本公司同行业上市公司审计客户 4 家。 4.投资者保护能力 1 上会职业保险累计赔偿限额和计提的职业风险基金之和为 1 亿元，职业风险 基金计提和职业保险购买符合相关规定。近三年上会会计师事务所（特殊普通合 伙）无因在执业行为相关 ...

证券代码：600223 证券简称：福瑞达 公告编号：2025-028 鲁商福瑞达医药股份有限公司 关于召开2025年第一次临时股东会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、召开会议的基本情况 （一）股东会类型和届次 2025年第一次临时股东会 （二）股东会召集人：董事会 （三）投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结 合的方式 （四）现场会议召开的日期、时间和地点 召开的日期时间：2025 年 10 月 10 日 14 点 30 分 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互 联网投票平台的投票时间为股东会召开当日的 9:15-15:00。 （六）融资融券、转融通、约定购回业务账户和沪股通投资者的投票程序 股东会召开日期：2025年10月10日 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 涉及融资融券、转融通业务、约定购回业务 ...

鲁商福瑞达医药股份有限公司 2025 年第一次临时股东会会议资料 2025 年 10 月 10 日 | | | | 议案一 | 关于取消公司监事会及修订《公司章程》的议案 3 关于修订、制定公司部分治理制度的议案 61 | | --- | --- | | 议案二 | | 议案一 关于取消公司监事会及修订《公司章程》的议案 各位股东及股东代表： 为贯彻落实自 2024 年 7 月 1 日起实施的《中华人民共和国公司 法》相关规定，根据中国证监会《关于新<公司法>配套制度规则实施 相关过渡期安排》等相关法律、法规及规章的规定，结合公司实际情 况，公司拟不再设置监事会、监事，由董事会审计委员会行使《公司 法》规定的监事会职权，同时废止《鲁商福瑞达医药股份有限公司监 事会议事规则》。 同时为进一步提高公司规范化运作水平，根据《中华人民共和国 公司法》《上市公司章程指引》《上海证券交易所股票上市规则》等相 关法律法规及规范性文件的最新规定，结合公司实际情况，依据《上 市公司章程指引》相关规定，对《公司章程》中相关条款作相应修订。 具体修订情况如下： | 序号 | 修订前 | 修订后 | | --- | --- | -- ...

证券代码：600223 证券简称：福瑞达 编号：临 2025-026 鲁商福瑞达医药股份有限公司 第十二届董事会 2025 年第三次临时会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 鲁商福瑞达医药股份有限公司第十二届董事会2025年第三次临时会议于 2025年9月14日发出通知，并于2025年9月19日以通讯方式召开。本次董事会由董 事长贾庆文先生召集，应参会董事5名，实际参加表决的董事5名，同时监事会成 员审阅了本次会议的议案，符合《公司法》和公司章程规定。 经参会董事审议表决，全票通过以下议案并形成如下决议： 一、全票通过《关于续聘会计师事务所的议案》，公司拟续聘上会会计师事 务所（特殊普通合伙）为公司2025年度财务及内控审计机构。该议案已经公司董 事会审计委员会审议通过，尚需提交公司股东会审议。具体内容详见《鲁商福瑞 达医药股份有限公司关于续聘会计师事务所的公告》（临2025-027）。 二、全票通过《关于召开公司 2025 年第一次临时股东会的议案》，公司定 于 2025 年 10 月 10 日 ...

截至发稿，福瑞达市值为78亿元。 每经头条（nbdtoutiao）——"25基点太少，50基点太多"：美联储降息"走钢丝"，"特朗普代言人"投下唯 一反对票 每经AI快讯，福瑞达（SH 600223，收盘价：7.71元）9月19日晚间发布公告称，公司第十二届2025年第 三次董事会临时会议于2025年9月19日以通讯方式召开。会议审议了《关于续聘会计师事务所的议案》 等文件。 2025年1至6月份，福瑞达的营业收入构成为：化妆品占比61.13%，物业出租占比16.37%，药品占比 11.57%，添加剂占比9.98%，其他业务占比0.95%。 （记者 曾健辉） ...

Core Viewpoint - The stock of Furuida has experienced fluctuations, with a recent decline in price and significant net outflow of funds, indicating potential investor concerns about the company's performance and market position [1][2]. Financial Performance - Furuida's stock price has increased by 3.33% year-to-date, but has seen declines of 3.37% over the last five trading days, 9.57% over the last 20 days, and 6.17% over the last 60 days [2]. - For the first half of 2025, Furuida reported revenue of 1.79 billion yuan, a year-on-year decrease of 7.05%, and a net profit attributable to shareholders of 108 million yuan, down 15.16% year-on-year [2]. Shareholder Information - As of June 30, 2025, Furuida had 47,500 shareholders, an increase of 8.26% from the previous period, with an average of 21,396 circulating shares per shareholder, a decrease of 7.63% [2]. - The company has distributed a total of 1.196 billion yuan in dividends since its A-share listing, with 213 million yuan distributed over the last three years [3]. Market Activity - Furuida has appeared on the "Dragon and Tiger List" once this year, with the most recent appearance on June 11, where it recorded a net buy of -9.7777 million yuan [2]. - The company's main business segments include cosmetics (61.13%), property management and others (16.37%), pharmaceuticals (11.57%), and raw materials and derivatives (9.98%) [2]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited was the ninth largest circulating shareholder, holding 4.8242 million shares, a decrease of 1.4592 million shares from the previous period [3]. - The Southern CSI 1000 ETF (512100) entered as the tenth largest circulating shareholder, holding 472,070 shares [3].

Group 1 - The Chinese beauty products industry is accelerating its "going global" strategy, with exports of cosmetics and personal care products expected to reach 51.2 billion RMB in 2024, a year-on-year increase of 11.9% [1] - Incorporating Chinese culture into brand building is seen as an effective strategy for establishing brand recognition in overseas markets, with companies like Plant Doctor Group using traditional Chinese medicinal ingredients to attract consumers [1][2] - The rise of Chinese cultural influence is enhancing the appeal of domestic beauty brands in international markets, as brands that integrate cultural elements into their narratives can build unique recognition [2][3] Group 2 - Localized design strategies are crucial for Chinese beauty brands to succeed in diverse international markets, as consumer preferences vary significantly across regions [4][5] - Companies like Orange Group are focusing on understanding overseas market preferences and adapting their products accordingly, including developing new shades and formulations to meet local needs [4][5] - Establishing local teams and R&D centers abroad helps brands better align with market demands and regulatory standards, enhancing consumer trust and product freshness [5][6] Group 3 - Continuous investment in technological innovation is strengthening the competitive edge of Chinese beauty products in the global market, with companies developing proprietary technologies and establishing comprehensive supply chains [6][7] - The industry is witnessing a shift towards technology-driven growth, with brands increasingly focusing on R&D to create effective products that meet consumer needs [7][8] - The next 3 to 5 years are expected to see an intensified effort from Chinese beauty brands to expand internationally, particularly in emerging markets, facilitated by the growth of cross-border e-commerce [8]

Market Overview - On September 16, the cosmetics sector rose by 0.03% compared to the previous trading day, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Individual Stock Performance - Shuiyang Co., Ltd. (300740) closed at 22.48, with a gain of 1.63% and a trading volume of 208,500 shares, amounting to a transaction value of 469 million yuan [1] - Qingdao Kingway (002094) closed at 8.47, up 1.44%, with a trading volume of 326,600 shares and a transaction value of 277 million yuan [1] - Other notable performers include: - Kezhou Co., Ltd. (300856) at 14.23, up 0.57% [1] - Beitaini (300957) at 49.13, up 0.41% [1] - Furuida (600223) at 7.91, up 0.38% [1] Fund Flow Analysis - The cosmetics sector experienced a net outflow of 43.2 million yuan from institutional investors, while retail investors saw a net outflow of 23.0 million yuan [2] - Conversely, speculative funds recorded a net inflow of 66.2 million yuan [2] Detailed Fund Flow for Key Stocks - Shuiyang Co., Ltd. (300740) had a net inflow of 41.1 million yuan from institutional investors, while retail investors faced a net outflow of 71.8 million yuan [3] - Qingdao Kingway (002094) saw a net inflow of 15.3 million yuan from institutional investors, but a net outflow of 7.2 million yuan from retail investors [3] - Other stocks with significant fund flow include: - Beitaini (300957) with a net inflow of 5.7 million yuan from institutional investors and a net outflow of 13.2 million yuan from retail investors [3] - Furuida (600223) faced a net outflow of 10.2 million yuan from institutional investors but a net inflow of 8.9 million yuan from retail investors [3]