证券代码：600223 证券简称：福瑞达 编号：临 2025-031 鲁商福瑞达医药股份有限公司 关于 2025 年第三季度主要经营数据的公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将鲁商福瑞达医药股份有限公司（以下 简称"公司"）2025 年第三季度主要经营数据披露如下： 二、2025 年第三季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 较高的大单品（精华、面霜类）销售占比变动所致。 （二）主要原材料价格波动情况 公司主要原材料有包装物、保湿剂、活性物、乳化剂、油脂等。 1、包装物 2025 年第三季度平均采购单价较 2024 年第三季度同比上升 0.05 元/个，增 幅 6.94%。 因礼盒类高单价包材采购数量增加，2025 年第三季度平均采购单价较 2025 年第二季度环比上升 0.12 元/个，增幅 18.46%。 一、2025 年第三季度公司主要产品的产量、销量及收入实现情况 ...

Financial Performance - Total revenue for Q3 2025 was CNY 807,271,233, a decrease of 7.97% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 33,780,841.2, down 23.07% year-on-year[3] - The net profit after deducting non-recurring gains and losses decreased by 34.87% to CNY 25,579,567.5, primarily due to the product iteration phase of core cosmetics and reduced online traffic[7] - The basic earnings per share for the quarter was CNY 0.03, a decline of 26.42% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 was CNY 2,596,812,901.60, a decrease of 7.4% compared to CNY 2,802,563,091.30 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was CNY 178,355,243.27, a decline of 15.0% from CNY 209,546,814.29 in 2024[19] - Total comprehensive income for the first three quarters of 2025 was CNY 178.36 million, a decrease of 14.87% compared to CNY 209.55 million in the same period of 2024[20] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.14, down from CNY 0.17 in 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,831,204,120, a decrease of 2.82% from the end of the previous year[3] - As of September 30, 2025, total assets amounted to CNY 5.831 billion, while net assets attributable to the parent company were CNY 4.187 billion[11] - The company's total liabilities decreased from CNY 4.143 billion at the end of 2024 to CNY 3.968 billion as of September 30, 2025[15] - The company's total liabilities as of September 30, 2025, were CNY 942,214,014.59, a decrease of 22.2% from CNY 1,211,965,199.14 at the end of 2024[17] - Total equity attributable to shareholders as of September 30, 2025, was CNY 4,186,812,185.70, an increase of 2.0% from CNY 4,104,899,060.85 at the end of 2024[17] Cash Flow - Cash flow from operating activities for the year-to-date period decreased by 37.00% due to reduced sales receipts[7] - Net cash flow from operating activities for the first three quarters of 2025 was CNY 38.67 million, down 37.00% from CNY 61.38 million in 2024[21] - Cash inflow from operating activities totaled CNY 2.80 billion in 2025, a decrease of 4.05% from CNY 2.92 billion in 2024[21] - Cash outflow from operating activities was CNY 2.76 billion in 2025, down 3.34% from CNY 2.85 billion in 2024[21] - Net cash flow from investing activities was -CNY 29.76 million in 2025, a significant decline from CNY 3.03 billion in 2024[21] - Cash inflow from financing activities was CNY 248.58 million in 2025, an increase from CNY 202.21 million in 2024[21] - Net cash flow from financing activities was -CNY 180.52 million in 2025, an improvement from -CNY 1.96 billion in 2024[21] - The ending cash and cash equivalents balance for the first three quarters of 2025 was CNY 2.63 billion, a decrease from CNY 2.83 billion in 2024[21] Shareholder Information - The company reported a total of 44,533 common shareholders at the end of the reporting period[9] - The largest shareholder, Shandong Commercial Group Co., Ltd., holds 51.6% of the shares, amounting to 524,739,200 shares[9] Segment Performance - For the first nine months of 2025, the company achieved operating revenue of CNY 2.597 billion and a net profit attributable to the parent company of CNY 142 million[11] - The cosmetics segment reported revenue of CNY 1.569 billion, a year-on-year decline of 8.17%, with a gross margin of 61.24%[11] - The Yilian brand generated sales of CNY 786 million, a year-on-year increase of 19.50%, while the spray product line achieved sales of CNY 664 million, up 28%[11] - The pharmaceutical segment's revenue was CNY 305 million, down 17.46%, with a gross margin of 52.27%[12] - The raw materials and additives segment saw revenue of CNY 276 million, an increase of 11.19%, with a gross margin of 40.26%[13] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 116,058,297.86, up 11.7% from CNY 103,797,009.10 in 2024[18] - The company developed over 200 new customers across hospital and OTC channels during the reporting period[12] - The company launched 7 new health products during the third quarter, including Red Ginseng and Ejiao Peptide drinks[13] Financial Standards - The company has not adopted new accounting standards for the year 2025[22]

Core Insights - The company reported a third-quarter revenue of 807 million yuan, representing a decline of 7.97% [1] - The net profit for the third quarter was 33.78 million yuan, down 23.07% [1] - For the first three quarters, the total revenue was 2.597 billion yuan, a decrease of 7.34% [1] - The net profit for the first three quarters was 142 million yuan, reflecting a decline of 17.19% [1]

Core Insights - The cosmetics sector experienced a decline of 0.72% on October 22, with LaFang JiaHua leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Market Performance - Qingdao Jinwang (002094) saw a closing price of 7.88, with an increase of 2.74% and a trading volume of 561,300 shares, amounting to 450 million yuan [1] - Other notable performers included Kesheng Co. (300856) with a closing price of 13.88, up 1.46%, and Yusong Co. (300132) at 6.52, up 1.40% [1] - LaFang JiaHua (603630) closed at 22.55, down 1.83%, with a trading volume of 39,800 shares and a turnover of 90.79 million yuan [2] Capital Flow - The cosmetics sector experienced a net outflow of 12.29 million yuan from institutional investors and 12.90 million yuan from retail investors, while there was a net inflow of 25.19 million yuan from individual investors [2] - The capital flow for individual stocks showed that Qingdao Jinwang had a net inflow of 30.74 million yuan from institutional investors, while LaFang JiaHua had a net outflow of 7.07 million yuan [3] - Other stocks like Kesheng Co. and Yusong Co. also experienced varying degrees of net inflow and outflow from different investor categories [3]

Core Insights - The cosmetics sector experienced a slight decline of 0.03% on October 21, with Lafang Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 1: Stock Performance - Jinsheng New Material (300849) saw a significant increase of 7.74%, closing at 14.76 with a trading volume of 103,000 shares and a turnover of 148 million yuan [1] - Jiaheng Jiahua (300955) rose by 4.90%, closing at 30.62 with a trading volume of 45,700 shares and a turnover of 137 million yuan [1] - Qing Song Co. (300132) increased by 3.71%, closing at 6.43 with a trading volume of 266,600 shares and a turnover of 170 million yuan [1] - Lafang Jiahua (603630) declined by 2.67%, closing at 22.97 with a trading volume of 61,500 shares and a turnover of 141 million yuan [2] - Shanghai Jahwa (600315) fell by 1.85%, closing at 27.09 with a trading volume of 96,400 shares and a turnover of 262 million yuan [2] Group 2: Capital Flow - The cosmetics sector experienced a net outflow of 11.49 million yuan from institutional investors, while retail investors saw a net inflow of 19.36 million yuan [2] - The main capital inflow was observed in brands like Banlaya (603605) with a net inflow of 10.38 million yuan, while Jinsheng New Material (300849) had a net outflow of 11.78 million yuan [3] - Retail investors showed a significant net inflow in Furuida (600223) with 7.23 million yuan, while the outflow from institutional investors was 3.19 million yuan [3]

Core Points - The cosmetics sector experienced a decline of 2.36% on October 17, with Lafang Home leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Jinsheng New Material (300849) closed at 13.88, up 3.89% with a trading volume of 64,700 shares and a transaction value of 89.115 million yuan [1] - Furuida (600223) remained unchanged at 7.83, with a trading volume of 112,800 shares [1] - Marubi Biological (603983) closed at 37.81, down 0.13% with a trading volume of 11,900 shares [1] - Qingsong Co. (300132) closed at 6.14, down 1.44% with a trading volume of 145,600 shares [1] - XD+R Caiya (603605) closed at 78.02, down 1.50% with a trading volume of 48,900 shares and a transaction value of 383 million yuan [1] - Other notable declines include: - Buxiaoxing (300886) down 1.60% to 28.22 [1] - Fulejia (301371) down 1.74% to 24.30 [1] - Qingdao Kingway (002094) down 2.19% to 7.61 with a transaction value of 133 million yuan [1] - Zhiwei Co. (920123) down 2.55% to 17.59 [1] - Kesi Co. (300856) down 2.58% to 65 [1] Fund Flow - The cosmetics sector saw a net outflow of 188 million yuan from main funds, while retail investors contributed a net inflow of 215 million yuan [3] - Speculative funds experienced a net outflow of 27.0841 million yuan [3]

Core Viewpoint - The article discusses the breakthrough of the Chinese anti-aging skincare market, particularly focusing on the innovative "transdermal collagen" technology developed by Kemi, a brand under Furuida Biological Co., which has been recognized as a global pioneer in transdermal collagen skincare products [3][5][6]. Group 1: Market Context and Challenges - The anti-aging skincare market in China has surpassed 100 billion, with collagen becoming a key ingredient in many products, yet consumers face confusion regarding the effectiveness and authenticity of these products [3]. - Issues such as "mislabeling of collagen content" and "difficulty in verifying transdermal effects" have plagued the industry, leading to consumer skepticism [6][9]. - Despite familiarity with collagen, consumers struggle to differentiate between various types, such as collagen peptides and recombinant collagen, complicating their purchasing decisions [6]. Group 2: Kemi's Technological Innovation - Kemi has received certification as the "global pioneer in transdermal collagen skincare products" from Shangpu Consulting, validating its leading position in the industry through a dual verification mechanism of "technical definition + efficacy evidence" [5][7]. - The core of Kemi's innovation lies in embedding transdermal peptide segments into the recombinant type III collagen sequence, allowing for enhanced skin penetration without compromising the collagen's biological activity [9][11]. - Experimental data shows that Kemi's transdermal collagen has a 27.5 times higher penetration rate compared to ordinary recombinant collagen, providing tangible benefits for consumers [11][12]. Group 3: Consumer Reception and Market Performance - Kemi's products, priced around 350 yuan, are positioned as a high-end solution for anti-aging, with strong consumer acceptance reflected in sales performance [14][16]. - The brand achieved significant sales milestones, including a record-breaking GMV of 15.2 million yuan during a live-streaming event, indicating robust market demand [14][16]. - Positive user feedback on social media highlights the effectiveness of Kemi's products, reinforcing the brand's credibility and consumer trust [19][20]. Group 4: Industry Standards and Future Implications - Kemi's technology is not only a product innovation but also a catalyst for industry evolution, establishing new standards for collagen efficacy and consumer trust [21][22]. - The establishment of testing standards and clinical guidelines for skincare products marks a significant step towards addressing market pain points and enhancing the integration of efficacy in skincare and medical aesthetics [22][23]. - Furuida's ongoing commitment to research and development positions it as a leader in the beauty industry, paving the way for a future where technology-driven skincare becomes the norm [23][24].

Group 1 - The cosmetics sector experienced a significant increase of 3.35% on October 15, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] - Major stocks in the cosmetics sector showed notable price increases, with Shuiyang Co., Ltd. rising by 8.45% to a closing price of 25.03 [1] Group 2 - The net inflow of main funds in the cosmetics sector was 219 million yuan, while retail investors saw a net outflow of 222 million yuan [1] - Shanghai Jahwa's main fund net inflow was 85.02 million yuan, with a retail net outflow of 66.90 million yuan [2] - Shuiyang Co., Ltd. had a main fund net inflow of 46.76 million yuan, but a retail net outflow of 69.20 million yuan [2]

Core Insights - The cosmetics sector experienced a slight increase of 0.31% on October 14, with Shanghai Jahwa leading the gains [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Company Performance - Shanghai Jahwa (600315) closed at 26.59, up 5.10%, with a trading volume of 102,700 shares and a transaction value of 270 million yuan [1] - Lafang (603630) closed at 24.65, up 4.05%, with a trading volume of 90,200 shares and a transaction value of 221 million yuan [1] - Qingdao Kingway (002094) closed at 7.97, up 1.92%, with a trading volume of 413,400 shares and a transaction value of 329 million yuan [1] - Other notable performers include Bawei (920123) at 17.83 (+1.54%) and Jinsong New Materials (300849) at 13.53 (+0.97%) [1] Fund Flow Analysis - The cosmetics sector saw a net outflow of 13.28 million yuan from institutional investors, while retail investors experienced a net outflow of 46.69 million yuan [2] - Conversely, speculative funds recorded a net inflow of 59.98 million yuan [2] Individual Stock Fund Flow - Shanghai Jahwa had a net inflow of 29.86 million yuan from institutional investors, while retail investors saw a net outflow of 24.90 million yuan [3] - Lafang recorded a net inflow of 21.89 million yuan from institutional investors, with retail investors experiencing a net outflow of 21.61 million yuan [3] - Qingdao Kingway had a net inflow of 16.80 million yuan from institutional investors, while retail investors saw a net outflow of 18.67 million yuan [3]

Core Viewpoint - The successful registration of bio-synthesized royal jelly acid by Furuida, a subsidiary of Lushang Group, marks a significant breakthrough in the Chinese cosmetics industry, enabling the large-scale application of this active ingredient and leading innovation in the sector [1][8]. Group 1: Royal Jelly and Its Applications - Royal jelly is a complex substance secreted by worker bees, consisting of water, proteins, sugars, lipids, and trace components, and is known for its strong biological activity with potential applications in food, medical materials, health products, and cosmetics [3][4]. - Historically, royal jelly has been used in skincare, with records dating back over 2000 years in ancient Egypt and China [3]. Group 2: Benefits of Royal Jelly Acid - Royal jelly exhibits multiple benefits in cosmetics, including anti-aging properties by promoting collagen production and inhibiting skin photoaging [4][5]. - It also has antibacterial properties, effectively inhibiting Staphylococcus aureus and other microbes [5]. - Additionally, royal jelly shows strong anti-inflammatory effects, enhancing skin barrier function and hydration [5]. Group 3: Challenges in Industrialization - The core component of royal jelly, 10-hydroxy-2-decenoic acid (royal jelly acid), is present in low concentrations (1.4%-2.4%), making extraction and application challenging [6][7]. - Despite China being the largest producer of royal jelly, the high cost and limited availability of royal jelly acid have hindered its widespread use in cosmetics [7][8]. Group 4: Industry Significance of Furuida's Breakthrough - Furuida's successful registration of royal jelly acid as a new cosmetic ingredient represents a significant advancement in the domestic cosmetics industry, breaking the research and application gap in this area [8][9]. - The innovative biosynthesis technology developed by Furuida enhances the efficiency and yield of royal jelly acid production, addressing the challenges of high costs and limited availability [9][10]. - The discovery of royal jelly acid's skin barrier protection and anti-aging effects further solidifies its potential as a key ingredient in cosmetics [10]. Group 5: Broader Implications for the Cosmetics Industry - The success of royal jelly acid is indicative of a broader trend in the Chinese cosmetics industry towards reducing reliance on foreign technology and increasing domestic innovation [11]. - The number of newly registered cosmetic ingredients in China is at a historical high, with over 40% being supported by synthetic biology, reflecting a strategic shift towards "domestic substitution" in response to global supply chain uncertainties [11].