证券代码：600223 证券简称：福瑞达 编号：临 2025-021 一、2025 年第二季度公司主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（件） | 销量（件） | 营业收入（元） | | --- | --- | --- | --- | | 护肤类 | 28,381,516.00 | 27,833,821.27 | 567,283,215.88 | 二、2025 年第二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 护肤类产品 2025 年第二季度平均售价同比上升 2.52 个百分点。 鲁商福瑞达医药股份有限公司 关于 2025 年第二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 年第二季度主要经营数据披露如下： （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 ...

鲁商福瑞达医药股份有限公司（以下简称"公司"）第十二届董事会独立董事专 门会议于 2025 年 8 月 9 日发出通知，并于 2025 年 8 月 19 日以通讯方式召开。经过 半数独立董事共同推举，本次会议由独立董事宿玉海召集和主持，本次会议应参会 独立董事 2 名，实际参加表决的独立董事 2 名，本次会议的召集、召开符合《中华 人民共和国公司法》《上市公司独立董事管理办法》《公司章程》《独立董事工作制度》 等有关规定，会议合法有效。 经参会独立董事审议，一致通过《公司关于山东省商业集团财务有限公司的风 险持续评估报告的议案》，独立董事认为：公司出具的风险评估报告充分反映了山东 省商业集团财务有限公司的经营资质、内部控制、经营管理和风险管理状况，未发 现山东省商业集团财务有限公司风险管理存在重大缺陷。作为非银行金融机构，山 东省商业集团财务有限公司业务范围、业务内容和流程、内部的风险控制制度等措 施都受到中国银保监会的严格监管。同意将该议案提交公司第十二届董事会第六次 会议审议。 鲁商福瑞达医药股份有限公司 第十二届董事会独立董事专门会议决议 独立董事：宿玉海、朱德胜 2025 年 8 月 22 日 ...

证券代码：600223 证券简称：福瑞达 编号：临 2025-022 鲁商福瑞达医药股份有限公司 第十二届董事会第六次会议决议公告 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。 四、全票通过《关于聘任公司董事会秘书的议案》。由董事长贾庆文先生提 名，经董事会提名委员会审核通过，聘任窦茜茜女士为公司董事会秘书，任期与 1 公司第十二届董事会一致。具体内容详见《鲁商福瑞达医药股份有限公司关于聘 任公司董事会秘书的公告》（临 2025-023）。 五、全票通过《关于取消公司监事会及修订<公司章程>的议案》，根据《中 华人民共和国公司法》《上市公司章程指引》及其他相关法律法规的要求，结合 公司实际情况，公司不再设置监事会、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》， 并对《公司章程》中相关条款作相应修订。该议案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取消监事会及修订<公司章程> 和部分治理制度的公告》（临 2025-024）。修订后 ...

[Section I Definitions](index=4&type=section&id=Section%20I%20Definitions) This section defines common terms used in the report, including regulatory bodies, exchanges, the company itself, and its main subsidiaries and associates, ensuring clear understanding of the report content [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This chapter defines common terms used in the report, including regulatory bodies, exchanges, the company itself, and its main subsidiaries and associates, ensuring clear understanding of the report content - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - The company's largest shareholder and controlling shareholder is **Shandong Commercial Group Co., Ltd**[12](index=12&type=chunk) - Freda Bio-stock, Focus Freda, and Mingren Freda are among the company's controlling subsidiaries[12](index=12&type=chunk) [Section II Company Profile and Key Financial Indicators](index=5&type=section&id=Section%20II%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's fundamental information, including its registration details, contact methods, stock profile, and key financial performance indicators for the reporting period, along with non-recurring gains and losses [I. Company Information](index=5&type=section&id=I.%20Company%20Information) This section provides the company's basic registration information, including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is LUSHANG FREDA Pharmaceutical Co., Ltd., abbreviated as **Freda**[14](index=14&type=chunk) - The legal representative is **Jia Qingwen**[14](index=14&type=chunk) [II. Contact Person and Information](index=5&type=section&id=II.%20Contact%20Person%20and%20Information) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email - The Board Secretary is **Dou Xixi**, and the Securities Affairs Representative is **Dai Weiyu**[15](index=15&type=chunk) - The company's contact phone number is **0531-66699999**, and the email address is **lsfrd600223@163.com**[15](index=15&type=chunk) [III. Brief Introduction to Changes in Basic Information](index=5&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section introduces historical changes in the company's registered and office addresses, and provides the company's website and email - The company's registered address is Boshan Economic Development Zone, Shandong Province, and its office address is No. 888 Xinluo Street, High-tech Zone, Jinan City, Shandong Province[16](index=16&type=chunk) - The company's website is **www.lshfreda.com**[16](index=16&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=5&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Custody%20Locations) This section specifies the designated newspapers and website for the company's information disclosure, as well as the custody location for the semi-annual report - The company's designated information disclosure newspapers are **"China Securities Journal"** and **"Shanghai Securities News"**, and the website is **www.sse.com.cn**[17](index=17&type=chunk) - The semi-annual report is kept at the company's Board Secretary's Office[17](index=17&type=chunk) [V. Company Stock Overview](index=5&type=section&id=V.%20Company%20Stock%20Overview) This section provides information on the company's stock, including the listing exchange, abbreviation, code, and previous abbreviation - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation **"Freda"**, stock code **"600223"**, and previous abbreviation **"Lushang Development"**[18](index=18&type=chunk) [VII. Key Accounting Data and Financial Indicators](index=6&type=section&id=VII.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) This section discloses the company's key accounting data and financial indicators for the first half of 2025, showing a year-on-year decrease in both operating revenue and net profit, and a significant reduction in net cash flow from operating activities 2025 H1 Key Accounting Data | Indicator | Current Period (Jan-Jun) Amount (CNY) | Prior Period Amount (CNY) | Current Period vs. Prior Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,789,541,668.33 | 1,925,374,405.82 | -7.05 | | Total Profit | 153,143,384.43 | 185,198,599.49 | -17.31 | | Net Profit Attributable to Listed Company Shareholders | 107,962,780.31 | 127,248,290.77 | -15.16 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 104,581,625.63 | 111,552,114.09 | -6.25 | | Net Cash Flow from Operating Activities | 18,677,417.87 | 135,939,772.35 | -86.26 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 4,151,867,714.66 | 4,104,899,060.85 | 1.14 | | Total Assets (Period-end) | 6,037,060,817.19 | 6,000,330,923.23 | 0.61 | 2025 H1 Key Financial Indicators | Indicator | Current Period (Jan-Jun) | Prior Period | Current Period vs. Prior Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.11 | 0.13 | -15.38 | | Diluted Earnings Per Share (CNY/share) | 0.11 | 0.13 | -15.38 | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (CNY/share) | 0.10 | 0.11 | -9.09 | | Weighted Average Return on Net Assets (%) | 2.60 | 3.12 | Decrease of 0.52 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | 2.51 | 2.74 | Decrease of 0.23 percentage points | - Operating revenue, total profit, and net profit attributable to shareholders decreased mainly due to reduced income from cosmetics business (Aier Doctor brand iteration, declining online traffic dividends) and pharmaceutical business (expanded centralized procurement, lower winning bid prices, ineffective new products)[20](index=20&type=chunk) - Net cash flow from operating activities decreased by **86.26%** year-on-year, primarily due to reduced sales receipts from lower operating revenue[21](index=21&type=chunk) [IX. Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) This section lists the company's non-recurring gains and losses items and their amounts for the first half of 2025, totaling **CNY 3,381,154.68** 2025 H1 Non-recurring Gains and Losses Items | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 11,585.47 | | Government grants recognized in current profit or loss | 7,679,959.67 | | Other non-operating income and expenses apart from the above | -1,679,784.06 | | Less: Income tax impact | 521,021.85 | | Minority interest impact (after tax) | 2,109,584.55 | | Total | 3,381,154.68 | [Section III Management Discussion and Analysis](index=8&type=section&id=Section%20III%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's industry landscape, business operations, and financial performance during the reporting period, highlighting core competencies, strategic plans, and potential risks [I. Explanation of the Company's Industry and Main Business Operations during the Reporting Period](index=8&type=section&id=I.%20Explanation%20of%20the%20Company%27s%20Industry%20and%20Main%20Business%20Operations%20during%20the%20Reporting%20Period) This section details the industry development and business models of the company's main segments, including cosmetics, pharmaceuticals, and raw materials/additives, highlighting market trends, regulatory policies, and the company's strategies in R&D, production, and sales [(I) Industry Development](index=8&type=section&id=(I)%20Industry%20Development) This part outlines the market status and regulatory policies in the cosmetics, pharmaceutical, and synthetic biology raw materials/additives sectors, noting slower growth in cosmetics but a trend towards refinement, impact on pharmaceuticals from centralized procurement and medical insurance policies, and rapid growth in the synthetic biology industry - From January to June 2025, retail sales of cosmetics above designated size increased by **2.9%** year-on-year, lower than the **5.0%** growth in total retail sales of consumer goods, indicating a slowdown in market growth[26](index=26&type=chunk) - The pharmaceutical manufacturing industry's total profit decreased by **2.8%** year-on-year, affected by policies such as the new medical insurance catalog, expanded centralized procurement, and price reductions[27](index=27&type=chunk) - The global synthetic biology industry market size grew from **$5.3 billion** in 2018 to over **$17 billion** in 2023, and is expected to maintain rapid development momentum in the future[28](index=28&type=chunk) [(II) Business Operations](index=9&type=section&id=(II)%20Business%20Operations) This part details the main businesses and operating models of the company's three core segments: cosmetics, pharmaceuticals, and raw materials/additives, including brand strategy, product categories, sales channels, production capacity, and key technological advantages - The cosmetics segment is guided by a **"5+N" brand development strategy**, building a **"beauty salon + medical aesthetics" dual-beauty new ecosystem**, with well-known brands such as Yilian and Aier Doctor; its production model is primarily self-produced, and its sales network covers all online and offline channels[31](index=31&type=chunk)[34](index=34&type=chunk) - The pharmaceutical segment covers the production and sales of traditional Chinese and chemical medicine preparations, with well-known brands such as Jingtong Granules and Xiao'er Jieggan Granules; Mingren Freda Analysis and Testing Center has obtained **CNAS laboratory certification**; its sales system is diversified, combining online and offline approaches[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk)[38](index=38&type=chunk) - The raw materials and additives segment is centered on hyaluronic acid (HA); Focus Freda is one of the world's leading HA raw material production bases, with a fermentation yield reaching **12-14g/L**, which is at an internationally advanced level; its products are exported to over **70** countries and regions[39](index=39&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [II. Discussion and Analysis of Operations](index=12&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) This section deeply analyzes the company's operating performance in the first half of 2025, including revenue performance of each business segment, brand marketing, channel development, technological innovation achievements, and progress in digital transformation, and outlines operating plans for the second half of the year [(I) H1 Operating Performance](index=12&type=section&id=(I)%20H1%20Operating%20Performance) In the first half of 2025, the company achieved operating revenue of **CNY 1.79 billion** and net profit attributable to shareholders of **CNY 108 million**. Cosmetics segment revenue decreased by **7.73%** year-on-year, with Yilian growing by **23.78%** and Aier Doctor decreasing by **29.97%**. Pharmaceutical segment revenue decreased by **13.87%**. Raw materials and additives segment revenue increased by **4.15%** year-on-year, with medical-grade hyaluronic acid sales revenue increasing by **287.3%**. The company made significant progress in technological innovation and digital transformation 2025 H1 Operating Revenue and YoY Change by Business Segment | Business Segment | Operating Revenue (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Cosmetics | 1,094,000,000 | -7.73 | | Yilian Brand | 554,000,000 | +23.78 | | Aier Doctor Brand | 451,000,000 | -29.97 | | Pharmaceuticals | 207,000,000 | -13.87 | | Raw Materials and Derivatives, Additives | 179,000,000 | +4.15 | | Medical-grade Hyaluronic Acid | 16,088,100 | +287.3 | - Online channels accounted for **84.20%** of cosmetics segment revenue, while offline channels accounted for **15.80%**[44](index=44&type=chunk) - The cosmetics segment launched over **80** new products and obtained **23** new authorized patents; the pharmaceutical segment received production approval for Lidocaine-Prilocaine Cream and completed registration submission for Crisaborole Ointment; the raw materials and additives segment completed main document registration for SH-MDN and SH-MDI, two Class III medical device sodium hyaluronate raw materials[48](index=48&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) - The company accelerated its digital transformation, with Freda Bio-stock being selected for the Shandong Province Advanced (Provincial) Smart Factory list, and Mingren Freda achieving breakthroughs in energy consumption and efficiency through intelligent transformation[52](index=52&type=chunk) [(II) H2 Operating Plan](index=15&type=section&id=(II)%20H2%20Operating%20Plan) The company plans to continue deepening its operating strategies in the cosmetics, pharmaceutical, and raw materials/additives segments in the second half of the year. The cosmetics segment will restructure its marketing organization and focus on new product incubation; the pharmaceutical segment will expand channels, enhance product strength, and develop medicated food businesses; the raw materials segment will accelerate registration and market promotion of medical-grade products and target key accounts - The cosmetics segment will promote a product-line-led marketing organization restructuring, focusing on new products such as high-moisturizing repair spray, 287 mask, and royal jelly acid refined gold series, and strive to obtain **2** Class II medical device registration certificates[54](index=54&type=chunk)[55](index=55&type=chunk) - The pharmaceutical segment will build regional access strategies, focus on graded hospitals and chain pharmacies, promote core medicines into medical insurance and essential drug catalogs, and deeply develop medicated food products like Huangjing, Ginseng, and Cistanche[56](index=56&type=chunk) - The raw materials and additives segment will accelerate the registration and market promotion of medical-grade hyaluronic acid products, cultivate core beauty customers, develop functional food products, and stabilize the market size of natamycin[57](index=57&type=chunk) [III. Analysis of Core Competitiveness during the Reporting Period](index=17&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20during%20the%20Reporting%20Period) This section elaborates on the company's five core competencies: technological strength, brand power, organizational capability, full industry chain advantage, and omni-channel advantage, which collectively support its market position and sustainable development - The company possesses **4** national-level and **17** provincial-level scientific research platforms, has established cooperative relationships with numerous renowned universities and research institutes, holds nearly **400** authorized patents, and its hyaluronic acid application technology has reached an internationally leading level[58](index=58&type=chunk) - The company owns **3** China Well-known Trademarks and **6** Shandong Province Famous Trademarks, with multiple pharmaceutical and beauty brands selected for **"Quality Luyao"** and **"Good Products Shandong"**[59](index=59&type=chunk) - The company has established a clear organizational structure, strengthened talent pipeline development, boasts **18** high-level talents, and implements diversified performance management[59](index=59&type=chunk) - The company has **7** industrial production bases located in Jinan, Linyi, Jining, and Yili, Xinjiang, forming a healthy industry chain cluster covering pharmaceuticals, cosmetics, raw materials, and additives[60](index=60&type=chunk)[61](index=61&type=chunk) - The company has built a **"domestic + international"** and **"online + offline"** omni-channel sales network; the number of cosmetics offline direct and franchised stores has exceeded **500**, and raw material products are exported to over **70** countries and regions[62](index=62&type=chunk) [IV. Main Operating Performance during the Reporting Period](index=18&type=section&id=IV.%20Main%20Operating%20Performance%20during%20the%20Reporting%20Period) This section details the company's financial performance in the first half of 2025, including operating revenue, total profit, net profit, and asset-liability situation, and provides a detailed analysis of main business revenue and costs by industry, product, region, and sales model 2025 H1 Key Financial Data | Indicator | Amount (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 1,790,000,000 | -7.05 | | Total Profit | 153,000,000 | -17.31 | | Net Profit Attributable to Listed Company Shareholders | 108,000,000 | -15.16 | | Net Profit Attributable to Listed Company Shareholders After Deducting Non-recurring Gains and Losses | 105,000,000 | -6.25 | | Total Assets (Period-end) | 6,037,000,000 | +0.61 | | Net Assets Attributable to Listed Company Shareholders (Period-end) | 4,152,000,000 | +1.14 | 2025 H1 Operating Revenue and Gross Margin by Business Segment | Business Segment | Operating Revenue (CNY) | Gross Margin (%) | | :--- | :--- | :--- | | Cosmetics | 1,094,000,000 | 61.99 | | Pharmaceuticals | 207,000,000 | 51.80 | | Raw Materials and Derivatives, Additives | 179,000,000 | 40.93 | | Property Management and Other | 293,000,000 | 21.80 | 2025 H1 Financial Statement Related Item Changes | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,789,541,668.33 | 1,925,374,405.82 | -7.05 | | Operating Cost | 852,782,976.05 | 926,705,517.96 | -7.98 | | Selling Expenses | 644,163,222.10 | 700,155,381.20 | -8.00 | | Administrative Expenses | 86,472,288.48 | 78,943,499.68 | 9.54 | | R&D Expenses | 79,167,753.34 | 65,646,381.71 | 20.60 | | Financial Expenses | -19,246,530.02 | -8,718,191.15 | Not applicable | | Net Cash Flow from Operating Activities | 18,677,417.87 | 135,939,772.35 | -86.26 | | Net Cash Flow from Investing Activities | 7,431,661.24 | 2,992,937,416.21 | -99.75 | | Net Cash Flow from Financing Activities | -29,792,992.69 | -1,714,715,756.30 | Not applicable | | Income Tax Expense | 18,877,518.48 | 29,014,460.08 | -34.94 | - Administrative expenses increased by **9.54%** mainly due to employee compensation adjustments and increased depreciation and amortization; R&D expenses increased by **20.60%** mainly due to the company's increased R&D investment[68](index=68&type=chunk) - Net cash flow from investing activities significantly decreased by **99.75%** mainly due to the receipt of remaining proceeds from the real estate business divestiture in the prior period[69](index=69&type=chunk) [(I) Main Business Analysis](index=18&type=section&id=(I)%20Main%20Business%20Analysis) This part analyzes the financial performance of the company's main businesses, including changes in financial items, revenue and cost structure, and gross margin, segmented by industry, product, region, and sales model, revealing growth drivers and challenges for each business segment 2025 H1 Main Business by Industry | By Industry | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin (%) | Operating Revenue YoY Change (%) | Gross Margin YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Cosmetics | 1,094,017,376.76 | 415,868,448.03 | 61.99 | -7.73 | 0.61 | | Property Management and Other | 292,870,553.14 | 229,029,992.02 | 21.80 | -4.96 | 2.07 | | Pharmaceuticals | 207,088,132.10 | 99,811,467.61 | 51.80 | -13.87 | -0.32 | | Raw Materials and Derivatives, Additives | 178,623,051.90 | 105,513,630.20 | 40.93 | 4.15 | 1.66 | - Cosmetics revenue decreased mainly due to Aier Doctor brand iteration, strict control of price chaos, declining online traffic dividends, and loss of OEM customers[73](index=73&type=chunk)[74](index=74&type=chunk) - Pharmaceutical revenue decreased mainly due to expanded centralized procurement, lower winning bid prices, and ineffective new product launches[74](index=74&type=chunk) 2025 H1 Main Business by Sales Model | By Sales Model | Operating Revenue (CNY) | Operating Revenue YoY Change (%) | | :--- | :--- | :--- | | Cosmetics Distribution | 227,429,811.42 | -25.26 | | Cosmetics Direct Sales | 866,587,565.34 | -1.68 | | Pharmaceutical Distribution | 207,088,132.10 | -13.87 | | Raw Materials and Derivatives, Additives Distribution | 99,652,456.01 | 2.49 | | Raw Materials and Derivatives, Additives Direct Sales | 78,970,595.89 | 6.32 | [(III) Analysis of Assets and Liabilities](index=21&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) This part analyzes the composition and changes in the company's assets and liabilities at the end of the period, focusing on significant changes and their reasons for items such as financing receivables, prepayments, other receivables, construction in progress, other non-current assets, other payables, and long-term borrowings 2025 H1 Asset and Liability Status Changes | Item Name | Period-end Amount (CNY) | Period-end % of Total Assets | Prior Year-end Amount (CNY) | Prior Year-end % of Total Assets | Period-end vs. Prior Year-end Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Financing Receivables | 46,636,301.87 | 0.77 | 18,560,937.05 | 0.31 | 151.26 | | Prepayments | 140,579,022.20 | 2.33 | 88,501,829.53 | 1.47 | 58.84 | | Other Receivables | 32,440,941.21 | 0.54 | 19,248,155.43 | 0.32 | 68.54 | | Construction in Progress | 28,705,830.49 | 0.48 | 16,121,145.74 | 0.27 | 78.06 | | Other Non-current Assets | 18,714,594.92 | 0.31 | 8,987,603.08 | 0.15 | 108.23 | | Other Payables | 266,707,873.47 | 4.42 | 204,362,950.71 | 3.41 | 30.51 | | Long-term Borrowings | 0 | 0 | 44,552,937.50 | 0.74 | -100.00 | - Financing receivables increased by **151.26%** mainly due to an increase in bank acceptance bills held during the current period[75](index=75&type=chunk) - Prepayments increased by **58.84%** mainly due to payments for endorsement fees, prepaid promotion fees, and live streaming service fees during the current period[75](index=75&type=chunk) - Long-term borrowings decreased by **100%** mainly due to the repayment of bank loans[77](index=77&type=chunk) Restricted Assets at Period End | Item | Period-end Book Value (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Monetary Funds | 148,162,485.43 | Mainly various deposits, fixed deposits, and government special subsidies that cannot be used in the short term | | Total | 148,162,485.43 | | [(VI) Analysis of Major Holding and Associate Companies](index=23&type=section&id=(VI)%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) This part lists the financial information of the company's major holding subsidiaries and associate companies with a significant impact (over 10%) on net profit, and describes the acquisition and disposal of subsidiaries during the reporting period Major Subsidiaries and Associate Companies | Company Name | Company Type | Main Business | Registered Capital (million CNY) | Total Assets (million CNY) | Net Assets (million CNY) | Operating Revenue (million CNY) | Operating Profit (million CNY) | Net Profit (million CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Freda Pharmaceutical Group Co., Ltd. | Subsidiary | Pharmaceutical product sales | 200.00 | 1,108.51 | 526.21 | 173.85 | 15.22 | 15.11 | | Shandong Freda Bio-stock Co., Ltd. | Subsidiary | Cosmetics production and sales | 91.00 | 1,694.89 | 1,371.98 | 938.91 | 77.89 | 69.70 | | Lushang Life Service Co., Ltd. | Subsidiary | Property management | 133.34 | 733.19 | 485.54 | 234.58 | 19.05 | 13.98 | | Shandong Bausch & Lomb Freda Pharmaceutical Co., Ltd. | Associate | Pharmaceutical production and sales | 90.00 | 604.38 | 270.61 | 381.78 | 108.43 | 90.14 | - The company holds **30%** equity in associate company Shandong Bausch & Lomb Freda Pharmaceutical Co., Ltd., which impacts the net profit attributable to the listed company by **CNY 29.8498 million**[81](index=81&type=chunk) - During the reporting period, the company liquidated and deregistered Shandong Congfeng Information Technology Co., Ltd., and absorbed and merged Shandong Baifu Freda Pharmaceutical Co., Ltd., aiming to streamline equity structure and improve operational management efficiency, with no significant impact on the company's overall production, operations, and performance[83](index=83&type=chunk) [V. Other Disclosures](index=24&type=section&id=V.%20Other%20Disclosures) This section discloses potential policy, industry, operational, and safety/environmental risks faced by the company, and details the measures taken and progress made in response to the "Quality Improvement, Efficiency Enhancement, and Return" action plan, covering main business, technological innovation, investor returns, information disclosure, and corporate governance [(I) Potential Risks](index=24&type=section&id=(I)%20Potential%20Risks) The company faces multiple risks including policy, industry, operational, and safety/environmental. Policy risks mainly stem from strengthening regulations in cosmetics and pharmaceuticals and expanded centralized procurement; industry risks include fierce competition in the cosmetics market, high R&D investment for new pharmaceuticals, raw material price fluctuations, and exchange rate risks; operational risks involve challenges in online/offline channels, dealer management, supply chain efficiency, and changes in expense ratios; safety and environmental risks relate to pollutant treatment in production processes - Cosmetics industry regulation continues to strengthen, and the pharmaceutical industry is affected by centralized procurement and medical insurance payment reforms, which may lead to changes in industry operating models and product competitive landscape[83](index=83&type=chunk) - The cosmetics market faces fierce competition and rapid trend changes, posing a risk of market share decline for the company; new drug development in pharmaceuticals is difficult, and returns may not meet expectations[84](index=84&type=chunk) - Competition in the hyaluronic acid raw material market is intensifying, with price fluctuation risks, and the company's raw material business is affected by foreign exchange rate fluctuations[86](index=86&type=chunk) - Operational risks include changes in e-commerce platform policies, rising traffic costs, high offline channel rents, declining customer traffic, dealer management, and supply chain efficiency[87](index=87&type=chunk) [(II) Other Disclosures](index=25&type=section&id=(II)%20Other%20Disclosures) The company actively implemented the "Quality Improvement, Efficiency Enhancement, and Return" action plan, making progress in main business, technological innovation, investor returns, information disclosure, and corporate governance in the first half of the year. Cosmetics segment's Yilian brand sales increased by **23.78%** year-on-year, and medical-grade hyaluronic acid sales increased by **287.3%**. The company added a national-level postdoctoral workstation, and Freda Bio-stock and Mingren Freda laboratories obtained CNAS certification. The 2024 annual cash dividend totaled **45.92%** of net profit attributable to shareholders. The company continuously strengthened investor communication, improved its ESG rating to A-level, and optimized its corporate governance structure - In the first half of 2025, the cosmetics segment's Yilian brand sales increased by **23.78%** year-on-year; medical-grade hyaluronic acid sales increased by **287.3%**, driving an **8.5** percentage point increase in hyaluronic acid raw material gross margin[90](index=90&type=chunk) - The company added **1** national-level postdoctoral workstation; Freda Bio-stock and Mingren Freda laboratories obtained **CNAS certification**; medical recombinant collagen dressing (Class II) obtained its product registration certificate[92](index=92&type=chunk) - The company's 2024 annual cash dividend totaled **CNY 111,822,565.25** (tax inclusive), accounting for **45.92%** of the net profit attributable to listed company shareholders in 2024. No interim dividend will be distributed for the first half of 2025[94](index=94&type=chunk) - The company's ESG rating improved to **A-level**, and it strengthened investor communication through various channels, responding to **41** interactive questions on the SSE e-interaction platform and answering over **100** investor phone inquiries in the first half of the year[96](index=96&type=chunk) - The company plans to abolish the supervisory board, with its functions to be exercised by the board's audit committee, and will revise the "Articles of Association" and some governance systems to comply with the new "Company Law" and regulatory requirements[99](index=99&type=chunk) [Section IV Corporate Governance, Environment, and Society](index=29&type=section&id=Section%20IV%20Corporate%20Governance,%20Environment,%20and%20Society) This section details changes in the company's governance structure, outlines profit distribution plans, and provides environmental information for its key subsidiaries, reflecting its commitment to corporate responsibility [I. Changes in Directors, Supervisors, and Senior Management](index=29&type=section&id=I.%20Changes%20in%20Directors,%20Supervisors,%20and%20Senior%20Management) This section discloses changes in the company's directors, supervisors, and senior management during the reporting period, including the appointment and resignation of the Deputy General Manager and Board Secretary - **Xu Chuanbin** was appointed as the company's Deputy General Manager[102](index=102&type=chunk) - **Dou Xixi** was appointed as the company's Board Secretary, having previously acted as the Board Secretary[102](index=102&type=chunk)[103](index=103&type=chunk) - **Zhang Hongyang** no longer serves as the company's Deputy General Manager and Board Secretary due to work changes[102](index=102&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=29&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This section states that the company will not carry out profit distribution or capital reserve conversion into share capital for the semi-annual period - The company will not carry out profit distribution or capital reserve conversion into share capital for the semi-annual period[104](index=104&type=chunk) [IV. Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=30&type=section&id=IV.%20Environmental%20Information%20of%20Listed%20Companies%20and%20Their%20Major%20Subsidiaries%20Included%20in%20the%20List%20of%20Enterprises%20Required%20to%20Disclose%20Environmental%20Information%20by%20Law) This section discloses that two of the company's subsidiaries (Shandong Focus Freda Bio-stock Co., Ltd. and Shandong Freda Biotechnology Co., Ltd.) are included in the list of enterprises required to disclose environmental information by law, and details Freda Bio-stock and Mingren Freda's environmental measures and compliance status for waste gas, wastewater, and solid waste treatment - Shandong Focus Freda Bio-stock Co., Ltd. and Shandong Freda Biotechnology Co., Ltd. have been included in the list of enterprises required to disclose environmental information by law[106](index=106&type=chunk) - Freda Bio-stock's waste gas, wastewater, and solid waste treatment all meet discharge standards; waste gas is treated by activated carbon adsorption, wastewater is treated by a sewage treatment plant before discharge into the municipal pipeline, and solid waste is handled compliantly[106](index=106&type=chunk)[107](index=107&type=chunk) - Mingren Freda's waste gas, wastewater, and solid waste treatment also all meet discharge standards; waste gas is treated by water spray and activated carbon adsorption, boilers are equipped with low-nitrogen combustion devices, and sewage treatment plant waste gas is treated through three-stage spraying and biological deodorization, among other methods[108](index=108&type=chunk) [Section V Significant Matters](index=33&type=section&id=Section%20V%20Significant%20Matters) This section addresses significant corporate matters, including the fulfillment of commitments, integrity status of the company and its controlling shareholder, and details of major related-party transactions and guarantees [I. Fulfillment of Commitments](index=33&type=section&id=I.%20Fulfillment%20of%20Commitments) This section discloses the fulfillment of commitments made by the company's actual controller, controlling shareholder, the company itself, and its directors, supervisors, and senior management during or continuing into the reporting period, mainly concerning business independence, avoidance of horizontal competition, reduction and standardization of related-party transactions, and measures to enhance returns; all commitments were strictly fulfilled - The controlling shareholder, Shandong Commercial Group Co., Ltd., committed to ensuring the company's business independence, asset integrity, personnel independence, institutional independence, financial independence, avoiding horizontal competition, and reducing and standardizing related-party transactions[112](index=112&type=chunk)[113](index=113&type=chunk) - The company and its directors and senior management committed not to transfer benefits to other units or individuals without compensation or under unfair conditions, not to harm the interests of the listed company, and to constrain job-related consumption[113](index=113&type=chunk) - All commitment matters were strictly fulfilled, with no unfulfilled commitments[112](index=112&type=chunk)[113](index=113&type=chunk)[114](index=114&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller during the Reporting Period](index=37&type=section&id=IX.%20Explanation%20of%20the%20Integrity%20Status%20of%20the%20Company,%20its%20Controlling%20Shareholder,%20and%20Actual%20Controller%20during%20the%20Reporting%20Period) This section explains the integrity status of the company and its controlling shareholder, confirming that they have not failed to comply with effective court judgments or defaulted on large outstanding debts - The controlling shareholder, Shandong Commercial Group Co., Ltd., maintained an **AA+** long-term credit rating, with a stable outlook[116](index=116&type=chunk) - Neither the company nor its controlling shareholder has failed to comply with effective court judgments or defaulted on large outstanding debts[116](index=116&type=chunk)[117](index=117&type=chunk) [X. Significant Related-Party Transactions](index=37&type=section&id=X.%20Significant%20Related-Party%20Transactions) This section details various significant related-party transactions entered into by the company during the reporting period, including daily operating related-party transactions, asset acquisition/disposal related-party transactions, and financial services with affiliated financial companies, explaining the necessity and fairness of these transactions 2025 H1 Daily Related-Party Transactions | Related-Party Transaction Category | 2025 Estimated Amount (million CNY) | 2025 Jan-Jun Actual Amount (million CNY) | | :--- | :--- | :--- | | Purchase of Goods | 50.00 | 1.96 | | Acceptance of Services | 50.00 | 13.83 | | Sale of Goods | 50.00 | 4.05 | | Provision of Services | 200.00 | 51.05 | | Lease (Property Rental) | 15.00 | 6.13 | | Total | 365.00 | 77.03 | - The company's controlling subsidiary, Shandong Lan'an Garden Engineering Co., Ltd., underwent a capital increase and share expansion; the company waived its preemptive right, reducing its equity stake from **100%** to **49%**; payment and industrial and commercial registration changes have been completed[122](index=122&type=chunk)[123](index=123&type=chunk) 2025 H1 Financial Business with Affiliated Financial Company | Business Type | Related Party | Beginning Balance (CNY) | Current Period Total Deposit/Loan Amount (CNY) | Current Period Total Withdrawal/Repayment Amount (CNY) | Ending Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | :--- | | Deposit Business | Shandong Commercial Group Finance Co., Ltd. | 1,765,608,401.20 | 1,900,558,439.32 | 2,161,479,157.22 | 1,504,687,683.30 | | Loan Business | Shandong Commercial Group Finance Co., Ltd. | 45,000,000.00 | 0.00 | 30,000,000.00 | 15,000,000.00 | | Credit Line Business | Shandong Commercial Group Finance Co., Ltd. | | 0.00 | | | - The company's deposit interest income from Shandong Commercial Group Finance Co., Ltd. was **CNY 13,893,930.84**, and loan interest expense was **CNY 552,812.52**[132](index=132&type=chunk) [XI. Significant Contracts and Their Fulfillment](index=41&type=section&id=XI.%20Significant%20Contracts%20and%20Their%20Fulfillment) This section discloses significant guarantees executed and outstanding during the reporting period, primarily related to associated guarantees arising from major asset disposals, and specifies the guarantee amounts and counter-guarantee measures Company's Total Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (million CNY) | | :--- | :--- | | Total Guarantee Balance at Period-end (A) | 215.00 | | Total Guarantees (A+B) | 215.00 | | Total Guarantees as % of Company's Net Assets | 5.24 | | Amount of Guarantees Provided for Shareholders, Actual Controllers, and Their Related Parties (C) | 215.00 | | Amount of Debt Guarantees Provided Directly or Indirectly for Guaranteed Parties with Asset-Liability Ratio Exceeding 70% (D) | 215.00 | | Total of the Above Three Guarantee Amounts (C+D+E) | 215.00 | - The company and its holding companies' external guarantee balance is **CNY 215 million**, all of which are associated guarantees arising from major asset disposals and are counter-guaranteed by the controlling shareholder, Shandong Commercial Group Co., Ltd[138](index=138&type=chunk)[186](index=186&type=chunk) - The company has no overdue guarantees[138](index=138&type=chunk) [Section VI Share Changes and Shareholder Information](index=43&type=section&id=Section%20VI%20Share%20Changes%20and%20Shareholder%20Information) This section provides an overview of the company's share capital stability and detailed information on its shareholder structure, including the top ten shareholders and their holdings [I. Share Capital Changes](index=43&type=section&id=I.%20Share%20Capital%20Changes) During the reporting period, the company's total share capital and share structure remained unchanged - During the reporting period, the company's total share capital and share structure remained unchanged[142](index=142&type=chunk) [II. Shareholder Information](index=43&type=section&id=II.%20Shareholder%20Information) This section discloses the total number of shareholders, the top ten shareholders, and the top ten shareholders with unrestricted shares as of the end of the reporting period, and explains the controlling shareholder's shareholding structure and related-party relationships - As of the end of the reporting period, the total number of common shareholders was **47,512**[143](index=143&type=chunk) Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Period-end Shareholding (shares) | Percentage (%) | Share Status | Number (shares) | | :--- | :--- | :--- | :--- | :--- | | Shandong Commercial Group Co., Ltd. | 524,739,200 | 51.62 | Pledged | 140,000,000 | | Lushang Group Co., Ltd. | 17,210,000 | 1.69 | Unrestricted | 0 | | National Social Security Fund 114 Portfolio | 11,880,160 | 1.17 | Unrestricted | 0 | | Shandong World Trade Center | 9,836,000 | 0.97 | Unrestricted | 0 | | Tao Dan | 7,884,698 | 0.78 | Unrestricted | 0 | - The controlling shareholder, Shandong Commercial Group Co., Ltd., holds **384,739,200** shares (**37.85%**) through its own ordinary securities account, and **140,000,000** shares (**13.77%**) through the "Lushang Group - Orient Securities - 24 Lushang EB Guarantee and Trust Property Special Account" securities account[145](index=145&type=chunk) - Shandong Commercial Group Co., Ltd., Shandong World Trade Center, and Lushang Group Co., Ltd. have related-party relationships[145](index=145&type=chunk) [Section VII Bond-Related Information](index=46&type=section&id=Section%20VII%20Bond-Related%20Information) This section states that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor convertible corporate bonds during the reporting period - The company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments during the reporting period[148](index=148&type=chunk) - The company had no convertible corporate bonds during the reporting period[148](index=148&type=chunk) [Section VIII Financial Report](index=47&type=section&id=Section%20VIII%20Financial%20Report) This section presents the company's comprehensive financial statements, outlines significant accounting policies, tax information, and provides detailed notes on various financial items, related-party transactions, and other material financial disclosures [II. Financial Statements](index=47&type=section&id=II.%20Financial%20Statements) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively presenting the company's financial position, operating results, and cash flow - The consolidated balance sheet shows that as of June 30, 2025, the company's total assets were **CNY 6,037,060,817.19**, total liabilities **CNY 1,167,586,021.65**, and total owners' equity **CNY 4,869,474,795.54**[152](index=152&type=chunk) - The consolidated income statement shows that for the first half of 2025, total operating revenue was **CNY 1,789,541,668.33**, net profit **CNY 134,265,865.95**, and net profit attributable to parent company shareholders **CNY 107,962,780.31**[159](index=159&type=chunk)[161](index=161&type=chunk) - The consolidated cash flow statement shows that for the first half of 2025, net cash flow from operating activities was **CNY 18,677,417.87**, net cash flow from investing activities **CNY 7,431,661.24**, and net cash flow from financing activities **-CNY 29,792,992.69**[167](index=167&type=chunk)[168](index=168&type=chunk) [III. Company Basic Information](index=67&type=section&id=III.%20Company%20Basic%20Information) This section outlines the company's history, main business transformation, stock listing information, organizational structure, and ultimate controlling party, clarifying that the company's current main businesses include cosmetics, pharmaceuticals, and raw materials/additives - The company, formerly known as Shandong Wanjie High-tech Co., Ltd., completed the divestiture of its real estate business in February 2023, and its main business transformed to pharmaceutical products and cosmetics production and sales[183](index=183&type=chunk) - The company's stock abbreviation is **"Freda"**, stock code **"600223"**, and it is listed on the Shanghai Stock Exchange[184](index=184&type=chunk) - The company's ultimate controlling party is the **Shandong Provincial State-owned Assets Supervision and Administration Commission (SASAC)**[184](index=184&type=chunk) [V. Significant Accounting Policies and Estimates](index=68&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This section elaborates on the significant accounting policies and estimates followed by the company in preparing its financial statements, covering business combinations, financial instruments, inventories, long-term equity investments, fixed assets, intangible assets, revenue recognition, government grants, and explains the significant judgments and estimates made by management in applying these policies - The company prepares its financial statements on a going concern basis, adhering to the **"Accounting Standards for Business Enterprises"** and relevant regulations[185](index=185&type=chunk)[189](index=189&type=chunk) - Financial assets are classified as measured at amortized cost, fair value through other comprehensive income, or fair value through profit or loss, based on the management business model and contractual cash flow characteristics[212](index=212&type=chunk) - Revenue is recognized when the customer obtains control of the related goods, and is recognized over time or at a point in time based on the nature of the performance obligations[299](index=299&type=chunk)[300](index=300&type=chunk) - The company makes significant judgments and estimates for financial instrument impairment, inventory write-downs, fair value of financial instruments, impairment provisions for long-term assets, and goodwill impairment provisions[321](index=321&type=chunk)[322](index=322&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk) [VI. Taxation](index=107&type=section&id=VI.%20Taxation) This section lists the company's main tax categories and rates, and discloses the subsidiaries enjoying high-tech enterprise tax incentives Main Tax Categories and Rates | Tax Category | Tax Rate | | :--- | :--- | | Value-Added Tax | 1%, 3%, 5%, 6%, 9%, 13% | | Consumption Tax | 15% | | Corporate Income Tax | 15%, 20%, 25% | | Urban Maintenance and Construction Tax | Paid according to the policy of the company's location | | Education Surcharge | Paid according to the policy of the company's location | - Shandong Mingren Freda Pharmaceutical Co., Ltd., Shandong Freda Bio-stock Co., Ltd., Shandong Freda Biotechnology Co., Ltd., Shandong Focus Freda Bio-stock Co., Ltd., Shandong Lushang Architectural Design Co., Ltd., Shandong Baifu Freda Pharmaceutical Co., Ltd., and other subsidiaries enjoy a **15%** corporate income tax preferential rate[329](index=329&type=chunk)[330](index=330&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=108&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) This section provides detailed notes for each major item in the consolidated financial statements, including monetary funds, notes receivable, accounts receivable, inventories, long-term equity investments, fixed assets, intangible assets, goodwill, short-term borrowings, employee benefits payable, operating revenue and costs, various expenses, investment income, and cash flows, explaining period-end balances, changes, and related accounting treatments - The period-end monetary funds balance was **CNY 2,947,226,863.09**, of which **CNY 148,162,485.43** was restricted, mainly for various deposits, fixed deposits, and government special subsidies[332](index=332&type=chunk)[334](index=334&type=chunk) - The accounts receivable period-end book balance was **CNY 554,429,518.94**, with a bad debt provision of **CNY 98,204,673.82**, mainly accrued by aging portfolio[346](index=346&type=chunk)[348](index=348&type=chunk) - The inventories period-end book value was **CNY 501,811,076.96**, with an inventory impairment provision of **CNY 6,071,375.53**[383](index=383&type=chunk) - The long-term equity investments period-end book value was **CNY 97,533,772.30**, mainly investment income from associates[391](index=391&type=chunk) - Goodwill's book original value was **CNY 164,311,642.90**, with an impairment provision of **CNY 10,569,002.01**, mainly originating from Shandong Focus Freda Bio-stock Co., Ltd[418](index=418&type=chunk)[420](index=420&type=chunk) - For the first half of 2025, operating revenue was **CNY 1,789,541,668.33**, operating cost **CNY 852,782,976.05**, and gross margin **52.35%**[471](index=471&type=chunk) - Selling expenses amounted to **CNY 644,163,222.10**, primarily including advertising, service fees, and employee compensation[480](index=480&type=chunk) - R&D expenses amounted to **CNY 79,167,753.34**, mainly comprising employee compensation and other personnel expenses, outsourced R&D and testing fees, and material costs[482](index=482&type=chunk) - Financial expenses were **-CNY 19,246,530.02**, primarily due to interest income offsetting interest expenses[484](index=484&type=chunk) [VIII. Research and Development Expenses](index=163&type=section&id=VIII.%20Research%20and%20Development%20Expenses) This section details the company's R&D expenses during the reporting period, including expensed and capitalized R&D expenditures classified by nature of expense, and changes in R&D projects meeting capitalization criteria 2025 H1 R&D Expenses by Nature of Expense | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 33,370,651.84 | 28,909,725.05 | | Material Costs | 12,600,053.79 | 9,888,717.75 | | Outsourced R&D Fees | 16,692,998.55 | 10,894,125.83 | | Depreciation, Amortization, Lease Fees | 9,500,277.27 | 10,179,509.72 | | Technical Service Fees | 8,981,034.49 | 2,993,514.57 | | Inspection Fees | 2,149,988.26 | 1,650,935.14 | | Equipment and Energy Costs | 1,436,155.77 | 1,547,796.20 | | Intellectual Property Fees | 935,272.34 | 950,332.09 | | Expert Service Fees | 718,113.22 | 360,568.29 | | Routine Administrative Expenses | 1,330,189.96 | 1,936,727.60 | | Other | 1,195,233.86 | 905,693.60 | | Total | 88,909,969.35 | 70,217,645.84 | | Of which: Expensed R&D Expenditure | 79,167,753.34 | 65,646,381.71 | | Capitalized R&D Expenditure | 9,742,216.01 | 4,571,264.13 | - Current period capitalized R&D expenses amounted to **CNY 9,742,216.01**, an increase of **113.12%** compared to the prior period[513](index=513&type=chunk) - The KMC API project ceased subsequent R&D due to rising material prices, increased process costs, and lack of product competitive advantage, with R&D expenses transferred to current profit or loss[516](index=516&type=chunk) - The patch research and development project's phased results were repurchased by the cooperative partner due to a company strategic adjustment[517](index=517&type=chunk) [IX. Changes in Consolidation Scope](index=165&type=section&id=IX.%20Changes%20in%20Consolidation%20Scope) This section explains changes in the company's consolidation scope during the reporting period, mainly involving liquidation and deregistration of a subsidiary and absorption merger, aimed at streamlining equity structure and improving operational efficiency - The company liquidated and deregistered its controlling subsidiary, Shandong Congfeng Information Technology Co., Ltd[518](index=518&type=chunk) - The company's controlling subsidiary, Shandong Focus Freda Bio-stock Co., Ltd., absorbed and merged its controlling subsidiary, Shandong Baifu Freda Pharmaceutical Co., Ltd[518](index=518&type=chunk) - The aforementioned changes aim to streamline the equity structure and improve operational management efficiency, and relevant industrial and commercial registration procedures have been completed[518](index=518&type=chunk) [X. Interests in Other Entities](index=166&type=section&id=X.%20Interests%20in%20Other%20Entities) This section details the company's interests in subsidiaries, joint ventures, and associates, including the composition of the enterprise group, key financial information of important non-wholly-owned subsidiaries, and important associates - The company owns multiple controlling subsidiaries, including Shandong Freda Pharmaceutical Group Co., Ltd., Shandong Freda Bio-stock Co., Ltd., and Shandong Focus Freda Bio-stock Co., Ltd[520](index=520&type=chunk) - The company holds **41%** equity in Shandong Lushang Tang'an Property Co., Ltd., but due to another shareholder's entrusted voting rights, the company has actual control over it and includes it in the consolidation scope[521](index=521&type=chunk) Key Financial Information of Important Non-wholly-owned Subsidiaries (Current Period) | Subsidiary Name | Minority Shareholding Percentage (%) | Current Period Profit/Loss Attributable to Minority Shareholders (CNY) | Current Period Dividends Declared to Minority Shareholders (CNY) | Period-end Minority Interest Balance (CNY) | | :--- | :--- | :--- | :--- | :--- | | Shandong Freda Bio-stock Co., Ltd. | 17.58 | 13,711,513.64 | | 253,081,822.79 | | Lushang Life Service Co., Ltd. | 28.68 | 5,357,338.17 | 4,129,920.00 | 153,015,733.86 | Key Financial Information of Important Associate Shandong Bausch & Lomb Freda Pharmaceutical Co., Ltd. | Item | Period-end Balance/Current Period Amount (CNY) | | :--- | :--- | | Total Assets | 604,380,414.63 | | Total Liabilities | 333,774,170.06 | | Equity Attributable to Parent Company Shareholders | 270,606,244.57 | | Operating Revenue | 381,776,164.54 | | Net Profit | 90,142,207.71 | | Total Comprehensive Income | 90,142,207.71 | | Dividends Received in Current Year | 59,995,080.80 | [XI. Government Grants](index=171&type=section&id=XI.%20Government%20Grants) This section discloses the company's government grant-related liability items and the amounts of government grants recognized in current profit or loss during the reporting period, including income-related and asset-related grants 2025 H1 Government Grant-Related Liability Items | Financial Statement Item | Beginning Balance (CNY) | Current Period New Grants (CNY) | Current Period Recognized in Other Income (CNY) | Ending Balance (CNY) | Related to Asset/Income | | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 35,845,879.15 | | 796,999.99 | 34,898,879.16 | Income-related | | Deferred Income | 15,379,865.94 | 4,808,800.00 | 430,595.11 | 19,758,070.83 | Asset-related | | Total | 51,225,745.09 | 4,808,800.00 | 1,227,595.10 | 54,656,949.99 | | 2025 H1 Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | | :--- | :--- | | Income-related | 11,497,079.93 | | Asset-related | 430,595.11 | | Total | 11,927,675.04 | [XII. Risks Related to Financial Instruments](index=172&type=section&id=XII.%20Risks%20Related%20to%20Financial%20Instruments) This section analyzes the financial instrument risks faced by the company, including interest rate risk, credit risk, liquidity risk, and exchange rate risk, and explains the strategies adopted by the company to manage these risks and the results of sensitivity analysis - The company's interest rate risk primarily arises from financial institution borrowings, which are controlled by reasonably allocating the proportion of fixed-rate and floating-rate borrowings[533](index=533&type=chunk) - The company's credit risk mainly stems from monetary funds, notes receivable, accounts receivable, and financing receivables, managed by assessing customer creditworthiness and regularly monitoring credit records[534](index=534&type=chunk) - As of June 30, 2025, the top five accounts receivable and contract assets totaled **CNY 69,662,216.28**, accounting for **11.36%** of the total[535](index=535&type=chunk) - The company manages liquidity risk through comprehensive budget management, maintaining sufficient monetary fund reserves, and credit cooperation with financial institutions[536](index=536&type=chunk) - The company is exposed to exchange rate risk, primarily from foreign currency-denominated monetary funds and accounts receivable; if the RMB appreciates or depreciates by **10%** against the USD, it would affect total profit by approximately **CNY 1,433,115.35**[537](index=537&type=chunk) 2025 H1 Financial Asset Transfer | Transfer Method | Nature of Transferred Financial Assets | Amount of Transferred Financial Assets (CNY) | Derecognition Status (CNY) | | :--- | :--- | :--- | :--- | | Endorsement | Bank Acceptance Bill | 13,794,969.73 | 13,794,969.73 | | Endorsement | Commercial Acceptance Bill | 6,303,755.79 | 0 | | Total | | 20,098,725.52 | 13,794,969.73 | [XIII. Disclosure of Fair Value](index=174&type=section&id=XIII.%20Disclosure%20of%20Fair%20Value) This section discloses the fair value of the company's assets and liabilities measured at fair value at the end of the period, and explains the valuation methods for recurring Level 3 fair value measurement items 2025 H1 Total Assets Continuously Measured at Fair Value | Item | Level 3 Fair Value Measurement (CNY) | Total (CNY) | | :--- | :--- | :--- | | Other Equity Instrument Investments | 40,000,000.00 | 40,000,000.00 | | Financing Receivables | 46,636,301.87 | 46,636,301.87 | | Total Assets Continuously Measured at Fair Value | 86,636,301.87 | 86,636,301.87 | - The company's equity investments that do not confer control, joint control, or significant influence and lack an active market, as well as bank acceptance bills classified as financing receivables, are measured using **Level 3 fair value**[545](index=545&type=chunk)[546](index=546&type=chunk) [XIV. Related Parties and Related-Party Transactions](index=176&type=section&id=XIV.%20Related%20Parties%20and%20Related-Party%20Transactions) This section details the company's parent company, subsidiaries, joint ventures, associates, and other related parties, and lists the specifics of purchases and sales of goods, provision and acceptance of services, related-party leases, related-party guarantees, related-party fund transfers, related-party asset transfers, key management personnel compensation, and other related-party transactions, as well as unsettled items during the reporting period - The company's parent company is **Shandong Commercial Group Co., Ltd.**, and its ultimate controlling party is the **Shandong Provincial State-owned Assets Supervision and Administration Commission (SASAC)**[548](index=548&type=chunk) - The company engaged in multiple related-party transactions for purchases and sales of goods, and provision and acceptance of services; current period purchases of goods/acceptance of services totaled **CNY 17,763,658.75**, and sales of goods/provision of services totaled **CNY 64,640,569.82**[555](index=555&type=chunk)[558](index=558&type=chunk) - As a lessor, the company recognized related-party lease income of **CNY 7,528,515.39** in the current period[562](index=562&type=chunk) - As a guaranteed party, the company received multiple guarantees from related party Shandong Commercial Group Co., Ltd.; some guarantees remain unfulfilled at the period end[564](index=564&type=chunk)[565](index=565&type=chunk) - Key management personnel compensation for the current period was **CNY 1,363,469.40**[569](index=569&type=chunk) [XVI. Commitments and Contingencies](index=193&type=section&id=XVI.%20Commitments%20and%20Contingencies) This section states that as of the financial statement date, the company has no significant commitments or important contingencies requiring disclosure - As of the financial statement date, the company has no significant commitments requiring disclosure[581](index=581&type=chunk) - The company has no important contingencies requiring disclosure[582](index=582&type=chunk) [XVII. Events After the Balance Sheet Date](index=193&type=section&id=XVII.%20Events%20After%20the%20Balance%20Sheet%20Date) This section discloses profit distribution after the balance sheet date; the company completed dividend distribution on July 24 - The company plans to distribute profit or dividends of **CNY 60,994,126.50**[583](index=583&type=chunk) - The company completed dividend distribution on July 24[584](index=584&type=chunk) [XVIII. Other Significant Matters](index=194&type=section&id=XVIII.%20Other%20Significant%20Matters) This section explains that the company has identified two reporting segments, the pharmaceutical and chemical industry and the property management industry, based on internal organizational structure and management requirements, and discloses the financial information for each segment - The company identified two reporting segments: the pharmaceutical and chemical industry and the property management industry[585](index=585&type=chunk) 2025 H1 Financial Information by Reporting Segment | Item | Pharmaceutical and Chemical Industry (CNY) | Property Management and Other Industries (CNY) | Inter-segment Eliminations (CNY) | Total (CNY) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,496,247,181.72 | 297,510,370.31 | -4,215,883.70 | 1,789,541,668.33 | | Operating Cost | 623,853,401.26 | 232,818,871.99 | -3,889,297.20 | 852,782,976.05 | | Total Profit | 190,540,750.27 | 22,873,434.16 | -60,270,800.00 | 153,143,384.43 | | Net Profit | 177,060,045.90 | 17,476,620.05 | -60,270,800.00 | 134,265,865.95 | | Total Assets | 5,621,943,366.85 | 1,165,758,177.57 | -750,640,727.23 | 6,037,060,817.19 | | Total Liabilities | 1,134,593,685.17 | 341,173,075.10 | -308,180,738.62 | 1,167,586,021.65 | [XIX. Notes to Parent Company Financial Statement Items](index=195&type=section&id=XIX.%20Notes%20to%20Parent%20Company%20Financial%20Statement%20Items) This section provides detailed notes for major items in the parent company's financial statements, including other receivables and long-term equity investments, reflecting the parent company's financial position and investment income - The parent company's other receivables period-end balance was **CNY 226,802,681.25**, mainly including dividends receivable of **CNY 20,484,540.00** and other receivables of **CNY 206,318,141.25**[592](index=592&type=chunk) - The parent company's long-term equity investments period-end book value was **CNY 1,180,633,197.64**, primarily investments in subsidiaries[607](index=607&type=chunk)[608](index=608&type=chunk) - The parent company's 2025 H1 investment income was **CNY 60,270,800.00**, mainly from long-term equity investments accounted for using the cost method[610](index=610&type=chunk) [XX. Supplementary Information](index=202&type=section&id=XX.%20Supplementary%20Information) This section provides supplementary financial information, including a detailed statement of non-recurring gains and losses for the current period, return on net assets, and earnings per share, to further complete the financial report disclosure 2025 H1 Detailed Statement of Non-recurring Gains and Losses | Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 11,585.47 | | Government grants recognized in current profit or loss | 7,679,959.67 | | Other non-operating income and expenses apart from the above | -1,679,784.06 | | Less: Income tax impact | 521,021.85 | | Minority interest impact (after tax) | 2,109,584.55 | | Total | 3,381,154.68 | 2025 H1 Return on Net Assets and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Net Assets (%) | Basic Earnings Per Share (CNY/share) | Diluted Earnings Per Share (CNY/share) | | :--- | :--- | :--- | :--- | | Net profit attributable to common shareholders of the company | 2.60 | 0.11 | 0.11 | | Net profit attributable to common shareholders of the company after deducting non-recurring gains and losses | 2.51 | 0.10 | 0.10 |

福瑞达公告，2025年上半年营业收入17.9亿元，同比下降7.05%。净利润1.08亿元，同比下降15.16%。 ...

（原标题：2118.28万元资金今日流出美容护理股） 沪指8月21日上涨0.13%，申万所属行业中，今日上涨的有17个，涨幅居前的行业为农林牧渔、石油石 化，涨幅分别为1.50%、1.39%。美容护理行业位居今日涨幅榜第三。跌幅居前的行业为机械设备、电 力设备，跌幅分别为1.08%、0.98%。 美容护理行业今日上涨0.98%，全天主力资金净流出2118.28万元，该行业所属的个股共29只，今日上涨 的有20只；下跌的有9只。以资金流向数据进行统计，该行业资金净流入的个股有12只，其中，净流入 资金超千万元的有7只，净流入资金居首的是拉芳家化，今日净流入资金3604.00万元，紧随其后的是水 羊股份、福瑞达，净流入资金分别为2538.65万元、2469.64万元。美容护理行业资金净流出个股中，净 流出资金居前的有青岛金王、中顺洁柔、珀莱雅，净流出资金分别为1.14亿元、2035.84万元、1906.39 万元。（数据宝） 美容护理行业资金流向排名 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | -- ...

证券之星消息，8月21日化妆品板块较上一交易日上涨1.27%，水羊股份领涨。当日上证指数报收于 3771.1，上涨0.13%。深证成指报收于11919.76，下跌0.06%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002094 | 青岛金王 | 9.08 | -1.20% | 142.86万 | 13.26 Z | | 603605 | | 86.87 | -0.13% | 9.25万 | 8.05亿 | | 300849 | 锦盛新材 | 13.84 | 0.14% | 5.36万 | 7426.32万 | | 300957 | 贝泰妮 | 46.91 | 0.64% | 6.82万 | 3.21亿 | | 600315 | 上海家化 | 23.40 | 0.65% | 14.13万 | 3.32亿 | | 300856 | 科思股份 | 15.74 | 0.70% | 8.23万 | 1.29亿 | | 300955 | 嘉亨家化 | 20.69 | 0. ...

证券之星消息，8月19日化妆品板块较上一交易日上涨0.25%，青松股份领涨。当日上证指数报收于 3727.29，下跌0.02%。深证成指报收于11821.63，下跌0.12%。化妆品板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300132 | 青松股份 | 6.35 | 4.79% | 46.79万 | | 2.93亿 | | 300886 | 华业香料 | 31.15 | 2.50% | 5.12万 | | · 1.57亿 | | 300740 | 水羊股份 | 18.90 | 2.38% | 21.47万 | | 4.05亿 | | 837023 | 芭薇股份 | 19.10 | 1.76% | 4.14万 | | 7911.63万 | | 300955 | 嘉亨家化 | 20.60 | 1.38% | 3.04万 | | 6227.35万 | | 603983 | 丸美生物 | 43.78 | 1.34% | 4.54万 | | 2666T | | ...

Core Viewpoint - The article discusses the evolution and achievements of the Chinese skincare brand, Ai Er Bo Shi, particularly in the field of microbiome science in skincare, emphasizing its journey from research to consumer products and its role in establishing a scientific and cultural identity for Chinese brands on the global stage [3][4][6]. Group 1: Research and Development - Since 2020, Ai Er Bo Shi has held an annual "Skin Microecology Conference," which has become a significant platform for research, academic exchange, and industry transformation, witnessing the brand's growth and expanding the industry's perspective [6]. - The brand has developed the first Chinese skin microbiome scientific skincare platform and established a database correlating skin microbiota with physiological parameters, marking a shift from theoretical discussions to applied research and industry connections [6][12]. - The "287 Barrier Bacteria" was identified as a key strain with significant repair functions, representing a critical step in China's foundational research on skin microbiomes [14][15]. Group 2: Product Innovation - Ai Er Bo Shi successfully applied the "287 Barrier Technology" in its new product line, which includes water, lotion, cream, and masks, demonstrating significant repair effects validated by user testing [16][19]. - The products utilize a combination of advanced ingredients and technologies to provide a comprehensive skin barrier repair solution, translating scientific mechanisms into tangible consumer experiences [19][21]. Group 3: Brand Evolution and Strategy - The brand announced a comprehensive renewal, entering the "Scientific Guardian, Renewed Life" 3.0 era, which emphasizes a holistic upgrade in visual aesthetics, user experience, and social responsibility [22][26]. - The renewal process involved deep consumer engagement to enhance product functionality and design, reflecting a commitment to user-centric innovation [25][26]. - Ai Er Bo Shi aims to position itself not only as an innovator in microbiome skincare but also as a socially responsible technology brand, integrating scientific research with cultural values and community engagement [26].

Group 1 - The cosmetics sector increased by 1.2% on August 15, with Shuiyang Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3696.77, up 0.83%, while the Shenzhen Component Index closed at 11634.67, up 1.6% [1] - Key stocks in the cosmetics sector showed various performance, with Shuiyang Co., Ltd. closing at 18.09, up 2.67%, and Marubi Biological Technology Co., Ltd. closing at 41.52, up 2.42% [1] Group 2 - The cosmetics sector experienced a net outflow of 104 million yuan from main funds, while retail investors saw a net inflow of 165 million yuan [2] - Notable stocks with negative performance included Qingdao Kingking, which closed at 8.74, down 1.80% [2] - The trading volume and turnover for several stocks were significant, with Shuiyang Co., Ltd. achieving a turnover of 276 million yuan [1][2]