Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company reported a revenue of 880 million yuan in Q1 2025, a year-on-year decrease of 1.6%, with a net profit attributable to shareholders of 51 million yuan, down 14.1% year-on-year [5][6] - The growth of the brand "Yilian" remains strong, with a revenue of 250 million yuan in Q1 2025, an increase of 25% year-on-year, while "Aier Doctor" saw a revenue decline of 19.7% to 240 million yuan [6] - The company focuses on major product development, with significant sales growth in key products such as Yilian spray and "Pongrun" lotion, which increased by 69% and 65% year-on-year, respectively [6] - The gross profit margin improved by 0.5 percentage points to 51.3%, driven by better margins in raw materials and additives [6] Financial Summary - The company expects net profits attributable to shareholders to be 290 million yuan, 330 million yuan, and 370 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 26x, 23x, and 21x [7][10] - Projected revenue for 2025 is 4.32 billion yuan, with a growth rate of 8.5% [10][11] - The company maintains a healthy cash position and is awaiting a turning point for "Aier Doctor" [7]

Investment Rating - The report maintains a "Recommendation" rating for the consumer discretionary sector [5] Core Insights - The beauty and personal care segment shows strong growth, with companies like Proya achieving over 10 billion RMB in revenue for the first time, and significant increases in net profit [3][26] - The retail sector is expanding, with ALDI opening new stores and achieving record sales, while companies like Yonghui Supermarket are recovering from previous losses [25][34] - The travel and leisure industry is also seeing growth, with increased flight operations and significant revenue increases for companies like Xiangyuan Culture [21][34] Summary by Sections Market Performance - For the week of April 21-25, 2025, the Shenyin Wanguo indices for retail, social services, and beauty care sectors showed mixed performance, with beauty care up by 3.80% [10][12] - The beauty care sub-sector outperformed others, with individual products and cosmetics increasing by 7.11% and 4.89% respectively [11] Key Industry Data and News - Proya's revenue for 2024 reached 10.778 billion RMB, marking a 21% increase, while its net profit rose by 30% [3][26] - Other companies like Marubi and Betaini also reported significant revenue growth, with Marubi's revenue increasing by 33.4% in 2024 [3][29] - The travel sector saw a rise in flight operations, with nearly 106,000 flights executed in the week of April 14-20, 2025, reflecting an 8.7% increase year-on-year [21][23] Key Company Announcements - Proya's Q1 2025 revenue was 2.359 billion RMB, a year-on-year increase of 8.13% [26] - Marubi reported a Q1 2025 revenue of 847 million RMB, up 28.01% from the previous year [29] - Bubble Mart's Q1 2025 revenue surged by 165%-170%, with overseas revenue increasing by over 475% [33]

Core Viewpoint - The launch of the innovative transdermal collagen technology by Furuida Biotech's brand KeyC marks a significant advancement in the field of recombinant collagen protein, enhancing skin penetration rates by 27.5 times compared to traditional methods, indicating a disruptive innovation in the industry [1][4]. Group 1: Technology and Innovation - The newly developed transdermal collagen technology allows for significantly improved skin penetration, overcoming the traditional barrier that large molecular collagen could not penetrate the stratum corneum [3][4]. - The research team utilized cell-penetrating peptides to link with recombinant type III collagen, effectively delivering collagen to deeper skin layers, akin to a vehicle transporting goods [3][4]. - Experimental data shows that the transdermal collagen significantly enhances the expression of key structural proteins in the skin, promoting repair and regeneration, thus providing a comprehensive anti-aging effect [4]. Group 2: Product Launch and Efficacy - Furuida Biotech has launched a series of products featuring the new transdermal collagen, including a collagen essence and a collagen mask, which have shown promising results in reducing fine lines and improving skin texture [5]. - Third-party SGS certification indicates that after 10 minutes of application, fine lines between the eyebrows were reduced by 13.15%, and after 28 days, the reduction reached 23.24% [5]. Group 3: Market Position and Strategy - Furuida Biotech aims to leverage its research capabilities and industry leadership to establish recombinant collagen as a significant growth segment, following the success of hyaluronic acid [7]. - The company plans to enhance its investment in the medical beauty brand KeyC and strengthen collaborations with research institutions and hospitals to capitalize on the emerging opportunities in the recombinant collagen market [7].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 876,077,751.32, a decrease of 1.63% compared to CNY 890,636,572.78 in the same period last year[4] - Net profit attributable to shareholders was CNY 50,711,565.71, down 14.10% from CNY 59,036,697.53 year-on-year[4] - Basic and diluted earnings per share were both CNY 0.05, representing a decrease of 16.67% from CNY 0.06 in the same period last year[4] - The weighted average return on equity was 1.23%, down 0.23 percentage points from 1.46% year-on-year[4] - Net profit for Q1 2025 was CNY 63,048,460.18, a decline of 13.68% from CNY 73,042,414.08 in Q1 2024[18] - Earnings per share for Q1 2025 was CNY 0.05, compared to CNY 0.06 in Q1 2024[19] Cash Flow - The net cash flow from operating activities was negative CNY 117,523,249.20, a decline of 410.41% compared to a positive CNY 37,860,668.63 in the previous year[4] - Cash inflow from financing activities in Q1 2025 was 78,000,000.00, an increase from 57,000,000.00 in Q1 2024[21] - The net cash flow from financing activities improved to 36,049,533.40 in Q1 2025, compared to -1,534,251,586.89 in Q1 2024[21] - The cash and cash equivalents at the end of Q1 2025 were 2,690,022,771.99, down from 3,190,395,526.72 in Q1 2024[21] - The cash inflow from the disposal of subsidiaries and other business units in Q1 2024 was 2,950,572,349.92, which is not reported for Q1 2025[21] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,044,055,077.03, an increase of 0.73% from CNY 6,000,330,923.23 at the end of the previous year[4] - Total assets and equity as of March 31, 2025, were CNY 6,044,055,077.03 and CNY 4,851,414,184.27 respectively, showing slight increases from CNY 6,000,330,923.23 and CNY 4,788,365,724.09 as of December 31, 2024[16] - The company's current assets totaled 4.186 billion RMB, showing an increase from 4.144 billion RMB at the end of 2024[14] - Total liabilities and equity as of March 31, 2025, were CNY 6,044,055,077.03, compared to CNY 6,000,330,923.23 at the end of 2024[16] Research and Development - The company reported a significant increase in R&D expenses, contributing to the decline in net profit and earnings per share[5] - Research and development expenses for Q1 2025 were CNY 41,789,315.57, up 27% from CNY 32,891,611.79 in Q1 2024[17] - The company launched 47 new products and obtained 12 new patents in the cosmetics sector, focusing on R&D and technological innovation[10] Revenue by Segment - The cosmetics segment generated 526 million RMB in revenue with a gross margin of 61.06%, while the Yilian brand and Aier Doctor brand contributed 250 million RMB and 236 million RMB, respectively[10] - The pharmaceutical segment reported revenue of 108 million RMB with a gross margin of 54.80%, and successfully launched 2 functional beverages during the reporting period[11] - The raw materials and additives segment generated 86 million RMB in revenue with a gross margin of 39.54%, and the sales of hyaluronic acid raw materials increased by 32% year-on-year[12] Other Financial Metrics - Non-operating income included government subsidies amounting to CNY 8,842,888.23, impacting the overall financial performance positively[8] - The major reasons for the decline in net profit included reduced revenue, decreased profits from associated companies, and increased R&D investments[5] - The company experienced a decrease in sales expenses, which were CNY 310,926,503.36 in Q1 2025, down from CNY 322,975,649.96 in Q1 2024[17] - The company paid 29,500,000.00 for debt repayment in Q1 2025, significantly lower than 1,571,450,000.00 in Q1 2024[21] - The company did not apply new accounting standards starting from 2025[21]

证券代码：600223 证券简称：福瑞达 编号：临 2025-013 鲁商福瑞达医药股份有限公司 关于 2025 年第一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 年第一季度主要经营数据披露如下： 一、2025 年第一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 | 25,224,291.90 | 26,608,754.90 | 526,345,075.93 | 二、2025 年第一季度公司主要产品和原材料的价格变动情况 护肤类产品 2025 年第一季度平均售价同比下降 0.75%。 （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 年第一季 ...

证券代码：600223 证券简称：福瑞达 编号：临 2025-014 鲁商福瑞达医药股份有限公司 关于召开 2025 年第一季度业绩说明会的公告 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： 问题征集方式：投资者可于 2025 年 4 月 28 日（星期一）至 5 月 7 日 （星期三）16:00 前将需要了解的情况和相关问题通过电子邮件的形式发送至公 司投资者关系邮箱：lsfrd600223@163.com。公司将在业绩说明会上对投资者普 遍关注的问题进行回答。 鲁商福瑞达医药股份有限公司（以下简称"公司"）于 2025 年 4 月 25 日披露 公司 2025 年第一季度报告，为了便于广大投资者更全面深入地了解公司 2025 年第一季度业绩和经营情况，公司拟于 2025 年 5 月 8 日（星期四）15:00-16:00 举行 2025 年第一季度业绩说明会，就投资者普遍关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以网络文字互动的形式召开，公司将针对 2025 年第一季 度业绩和经营情况 ...

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 876 million yuan and a net profit attributable to the parent company of 51 million yuan [1] - As of March 31, 2025, total assets amounted to 6.044 billion yuan, with net assets attributable to the parent company at 4.156 billion yuan [1] Group 2: Cosmetics Business - The cosmetics segment generated operating revenue of 526 million yuan in Q1, with a gross margin of 61.06% [1] - The Yilian brand experienced significant growth, with Q1 revenue of 250 million yuan, representing a 25% year-on-year increase [1] - The Yilian spray product line announced a new spokesperson, Zhang Linghe, leading to a 69% increase in sales [1] - The focus on the "Pongrun" cream as a core product resulted in a 65% year-on-year increase in sales for the Pongrun water and milk products [1] - The Aier Doctor brand accelerated its brand adjustment, achieving Q1 revenue of 236 million yuan [1] - The Aier Doctor brand launched new products, including a "probiotic special gift box" and a new cleansing product [1] - The Kemi brand focused on "collagen anti-aging" and implemented a strategy centered on collagen products, ranking first in popularity on Douyin for collagen essence [1] Group 3: Pharmaceutical Business - The pharmaceutical segment maintained stable performance with operating revenue of 108 million yuan and a gross margin of 54.80% [2] - The company continued to advance drug research and development, launching two functional beverages during the reporting period [2] - Organizational changes were made to adapt to market policy changes, including the establishment of a KA sales department and a digital marketing department [2] - The company developed 200 new clients in hospital and OTC channels [2] Group 4: Raw Materials and Additives - The raw materials and additives segment achieved operating revenue of 86 million yuan with a gross margin of 39.54% [2] - The raw materials segment focused on technological innovation, obtaining two new authorized invention patents [2] - The company established a national-level postdoctoral research workstation and progressed with domestic and international pharmaceutical-grade project applications [2] - The sales of hyaluronic acid raw materials increased by 32% year-on-year, with an 11 percentage point increase in gross margin [2]

| 报告期指标 | 2025年一季报 | 2024年一季报 | 本年比上年增减(%) | 2023年一季报 | | --- | --- | --- | --- | --- | | 基本每股收益（元） | 0.0500 | 0.0600 | -16.67 | 0.1300 | | 每股净资产（元） | 4.09 | 4.01 | 2 | 3.78 | | 每股公积金(元) | 0.6 | 0.6 | 0 | 0.61 | | 每股未分配利润(元) | 2.22 | 2.16 | 2.78 | 1.99 | | 每股经营现金流(元) | - | - | - | - | | 营业收入(亿元) | 8.76 | 8.91 | -1.68 | 12.72 | | 净利润(亿元) | 0.51 | 0.59 | -13.56 | 1.29 | | 净资产收益率(%) | 1.23 | 1.46 | -15.75 | 3.42 | 数据四舍五入，查看更多财务数据>> 一、主要会计数据和财务指标 二、前10名无限售条件股东持股情况 三、分红送配方案情况 本次公司不分配不转赠。 前十大流通股东累计持有： 59963.59万股， ...

福瑞达（600223）公告，2025年第一季度营收为8.76亿元，同比下降1.63%；净利润为5071.16万元，同 比下降14.10%。 ...

金融界 2025 年 4 月 24 日消息，国家知识产权局信息显示，深圳市福瑞达科技有限公司取得一项名 为"一种汽车用电池管理系统的唤醒回采电路"的专利，授权公告号 CN222784789U，申请日期为 2024 年 6 月。 专利摘要显示，本实用新型公开了一种汽车用电池管理系统的唤醒回采电路，包括微控制器、CAN 总 线收发器、电源开关，所述 CAN 总线收发器采集汽车 BMS 相关信息，并将相关信息传输给微控制 器，实现 CAN 总线收发器与微控制器电连接进行数据传输和回采，电源开关通过 VBAT 接口连接到电 池，电源开关通过 EN 引脚控制开闭状态，当 EN 引脚被拉高时，电源开关打开，使 VBAT 电压能够流 向系统，电源开关通过 Q2 引脚输出用于驱动其他负载，CAN 总线收发器的 RxD 引脚和 TxD 引脚分别 与微控制器的 IN 引脚和 Out 引脚电连接，VBAT 接口电连接一个二极管 D1、一个电阻 R3、一个电阻 R2 后电连接 CAN 总线收发器的 WAKE 接口。 天眼查资料显示，深圳市福瑞达科技有限公司，成立于2016年，位于深圳市，是一家以从事计算机、通 信和其他电子设备制造业 ...