皮肤衰老的本质，是胶原纤维网的崩塌。但如何让外源性胶原穿透角质层这座"铜墙铁壁"，始 终是行业难题。消费者一边为"胶原流失"焦虑，一边质疑涂抹产品的实际功效——分子量超过 5 0 0道尔顿的胶原蛋白真能渗透吗？活性成分会被皮肤"拒之门外"吗？ 2 0 2 5 年 4 月 ， 福 瑞 达 生 物 股 份 旗 下 珂 谧 在 济 南 召 开 的 " 2 0 2 5 重 组 胶 原 蛋 白 技 术 发 布 会 暨 珂 谧 Ke y C穿膜胶原新品首发式"上，给出了一个颠覆性答案。 这场以"穿膜胶原"为核心的技术革命，不仅将胶原透皮效率提升2 7 . 5倍，更让中国美妆科技首 次 站 上 全 球 抗 衰 技 术 竞 争 的 制 高 点 。 这 场 突 破 背 后 ， 是 科 研 逻 辑 的 颠 覆 ， 还 是 产 业 格 局 的 重 构？ 皮肤角质层的屏障功能，曾被视作大分子胶原的"天堑"。 传统透皮法则认为，分子量超过5 0 0道尔顿的成分难以穿透角质层。但福瑞达生物股份科研团 队选择了一条反直觉的技术路径—— 不是缩小分子量，而是给胶原装上"穿膜引擎" 。这场看 似违背常识的技术突围，实则是一场从基因设计到分子工 ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses a pharmaceutical and cosmetics company, focusing on its performance in the healthcare and beauty sectors, including revenue growth, product innovation, and market strategies. Key Points and Arguments Financial Performance - The company achieved an annual revenue of 3.983 billion yuan, with a net profit of 244 million yuan, despite challenges from the real estate sector [1] - Excluding the impact of real estate, the overall business and core products are expected to see a year-on-year profit growth of 54.54% in 2024 compared to 2023 [1] - The Huaron segment reported a revenue of 2.475 billion yuan in 2024, reflecting a year-on-year increase of 2.46% [1] Shareholder Returns - The company distributed a total cash dividend of 112 million yuan, accounting for 45.92% of the annual net profit [2] - The Huaron segment's revenue for the year was 963 million yuan, a growth of 12.36% year-on-year [2] Product Innovation and R&D - The company is focusing on R&D, with significant investments in new product development, including 140 new products launched and breakthroughs in synthetic biology and biomanufacturing technologies [3] - The introduction of new raw materials, such as hyaluronic acid and recombinant proteins, is expected to enhance product offerings and market competitiveness [4] Market Strategy and Expansion - The company is expanding its offline presence, with over 5,000 self-operated and franchise stores, while also enhancing online sales through platforms like Tmall and Douyin [2][8] - The focus on high-end markets and international expansion is evident, with plans to deepen collaborations with brands in non-EU and non-US regions [5] Challenges and Adjustments - The company faced intense competition in the cosmetics sector, leading to adjustments in marketing strategies and product offerings [9][10] - The management acknowledged the need for strategic adjustments in response to market dynamics, particularly in the face of declining growth rates in certain product lines [10][11] Future Outlook - The company aims to continue leveraging technology and brand upgrades to create sustainable value for shareholders, with a focus on a comprehensive industry chain layout [6] - Plans for 2025 include further development of innovative products and enhancing the brand's market positioning [6] Additional Insights - The company is exploring potential mergers and acquisitions to bolster its market position, given its strong cash reserves [47] - The management emphasized the importance of maintaining a balance between defensive and offensive strategies in the current market environment [26] Other Important but Overlooked Content - The company is actively engaging in discussions about the competitive landscape in the beauty sector, particularly regarding the differentiation of its products in the collagen protein market [37] - There is a focus on enhancing the customer experience through AI-driven strategies and optimizing the supply chain for better efficiency [25][44] This summary encapsulates the key insights from the conference call, highlighting the company's financial performance, strategic initiatives, and future outlook in the pharmaceutical and cosmetics industries.

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Viewpoints - The report emphasizes the ongoing impact of tariff shocks and suggests focusing on high-quality retail channels and differentiated consumer brands that cater to domestic demand [4][22] - The report highlights the transformation of traditional retail, with Yonghui Supermarket leading the way in adapting to a consumer-centric retail era [4][22] - The rise of domestic brands and the recovery of consumer demand are seen as inevitable trends, with recommendations to focus on quality retail channels and differentiated brands [4][22] Summary by Sections Retail Market Review - The retail industry index rose by 2.88% during the week of April 7 to April 11, outperforming the Shanghai Composite Index, which fell by 3.11% [6][13] - The supermarket sector showed the largest increase, with a weekly rise of 13.54% [14][17] - Notable individual stock performances included Guofang Group (+61.1%), Eurasia Group (+26.3%), and Nanning Department Store (+22.4%) [19][20] Industry Dynamics - Yonghui Supermarket has opened a "green channel" for domestic manufacturers affected by export restrictions, receiving over 100 cooperation requests from various sectors [4][22] - The report discusses the approval of a new collagen product by Jinbo Bio, which is expected to strengthen its leading position in the medical beauty sector [4][23] Investment Recommendations - Investment focus areas include: - Traditional retail: Highlighting companies like Yonghui Supermarket and Aiyingshi that are adapting to consumer trends [7][27] - Gold and jewelry: Recommendations for brands like Laopu Gold and Chaohongji that possess differentiated product capabilities [7][28] - Cosmetics: Emphasizing domestic brands such as Maogeping and Shangmei that are expanding into high-potential segments [7][28] - Medical aesthetics: Focusing on companies like Aimeike and Kedi that are positioned to benefit from the recovery in medical beauty consumption [7][28] Company-Specific Insights - Laopu Gold reported a revenue of 8.506 billion yuan (+167.5%) and a net profit of 1.473 billion yuan (+253.9%) for FY2024, indicating strong growth potential [29] - Yonghui Supermarket's revenue for the first three quarters of 2024 was 54.549 billion yuan (-12.1%), with a net loss of 78 million yuan, but it is undergoing significant transformation [32] - Jinbo Bio's new collagen product is expected to provide both immediate filling effects and stimulate collagen regeneration, enhancing its competitive edge in the market [23][24]

证券代码：600223 证券简称：福瑞达 编号：临2025-012 登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： ● 问题征集方式：投资者可于2025年4月8日（星期二）至4月14日（星期一）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"）已于2025年3月22日披露公司2024年年度报告，为了 便于广大投资者更全面深入地了解公司2024年业绩和经营情况，公司拟于2025年4月15日（星期二） 15:00-17:00举行2024年度业绩说明会，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视频结合网络互动的形式召开，公司将针对2024年业绩和经营情况与投资者进行交 流，在信息披露允许的范围内就投资者普遍关注的问题进行回答。 二、业绩说明会召开的时间、地点 三、参加人员 鲁商福瑞达医药股份有限公司 关于召开2024年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、 ...

证券代码：600223 证券简称：福瑞达 编号：临 2025-012 鲁商福瑞达医药股份有限公司 关于召开 2024 年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 8 日（星期二）至 4 月 14 日 （星期一）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"）已于 2025 年 3 月 22 日 披露公司 2024 年年度报告，为了便于广大投资者更全面深入地了解公司 2024 年业绩和经营情况，公司拟于 2025 年 4 月 15 日（星期二）15:00-17:00 举行 2024 年度业绩说明会，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视频结合网络互动的形式召开，公司将针对 2024 年业 绩和经营情况与投资者进行交流，在信息 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [4]. Core Insights - The company's core business remains stable, with a notable improvement in gross margin. In 2024, the company achieved revenue of 3.983 billion yuan, a year-on-year decrease of 13.02%, primarily due to the impact of the real estate business divestiture. Excluding real estate, core business revenue remained flat. The net profit attributable to shareholders was 244 million yuan, down 19.73% year-on-year, while the net profit excluding non-recurring items was 215 million yuan, up 54.54% year-on-year [1][2]. Summary by Sections Financial Performance - In Q4, the company recorded revenue of 1.180 billion yuan, a slight decline of 0.33% year-on-year, with a net profit of 72 million yuan, an increase of 10.72% year-on-year [1]. - The gross margin improved by 6.19 percentage points to 52.68% in 2024, mainly due to the divestiture of low-margin real estate business and optimization of the cosmetics and raw materials business structure. The net profit margin decreased by 0.56 percentage points to 7.44% [2]. Business Segments - The cosmetics segment generated revenue of 2.475 billion yuan in 2024, a year-on-year increase of 2.46%, with a gross margin of 62.57%. The "Yilian" brand achieved revenue of 963 million yuan, up 12.36% year-on-year, while "Aier Doctor" reported revenue of 1.301 billion yuan, down 3.48% year-on-year [3]. - The pharmaceutical segment's revenue was 512 million yuan, a decrease of 1.41% year-on-year, with a gross margin of 52.32%. The company is expanding its distribution channels and launching new functional food products [3]. Profit Forecast - The company forecasts revenues of 4.389 billion yuan in 2025, 4.710 billion yuan in 2026, and 5.056 billion yuan in 2027, with corresponding growth rates of 10.20%, 7.32%, and 7.34% respectively. The net profit attributable to shareholders is expected to be 283 million yuan in 2025, 317 million yuan in 2026, and 360 million yuan in 2027 [4][10].

Group 1 - The core viewpoint of the collaboration between Furuida Group and Shandong Xinhua Bookstore Group is to create an immersive experience that combines culture and technology, aiming to explore new retail integration and brand co-creation in the beauty industry [4][7] - The high-end skincare brand "Shanyan," under Furuida Group, has launched a pop-up store themed "Time Encounter," integrating Qilu cultural elements with skincare technology, featuring areas for skin detection, home lifting technique demonstrations, and product showcases [4][6] - The strategic partnership is seen as a starting point for future expansions, with plans to extend the pop-up experience to multiple bookstores in Shandong and explore AI skin diagnosis and other digital interactions [7][9] Group 2 - The event included a themed salon where experts discussed the science of aging, emphasizing the idea that "anti-aging knows no age," and showcased the brand's commitment to providing a warm and engaging experience [6] - The collaboration aims to redefine the connection between beauty and culture, providing a model for industry upgrades and contributing to the high-quality development of Shandong's economy [9]

中国国际金融股份有限公司 关于 鲁商福瑞达医药股份有限公司 重大资产出售暨关联交易 之 2024年度持续督导意见暨持续督导总结报告 独立财务顾问 声明与承诺 中国国际金融股份有限公司接受鲁商福瑞达医药股份有限公司委托，担任鲁商福瑞 达医药股份有限公司重大资产出售暨关联交易之独立财务顾问。本独立财务顾问按照证 券行业公认的业务标准、道德规范和诚实信用、勤勉尽责精神，遵循客观、公正的原则， 出具本持续督导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方对所提供文件 及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、误导性陈述 或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 2、本独立财务顾问已按照规定履行持续督导义务，有充分理由确信所发表的专业意 见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息披露文件真实、准 确、完整。 3、本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续督导意见 所做出的任何投资决策而产生的相应风险，本独立财务顾问不承担任何责任。 4、本独立财务顾问未委托和授权任何其它机构和个人提供未在本持续督导意见中列 载的信息和 ...

Group 1: Agriculture and Livestock Industry - The probability of capacity reduction in the pig farming industry is high, with recovery difficulties greater than in previous cycles, indicating that the pig cycle is likely to return to normal gradually [2] - The overall output of large-scale pig enterprises is expected to increase year-on-year in 2025, while the industry may re-enter a loss state due to strong supply and weak demand for pig prices [2] - The pig farming sector is currently undervalued, with significant upside potential in stock valuations as many stocks are at historical low valuation ranges [2] Group 2: Light Textile Industry - The company, Shifeng Culture, is expected to turn a profit in 2024, with its toy business accounting for over 90% of revenue from 2018 to 2023 [3] - The integration of AI and IP in product development is leading the industry trend, with successful launches of AI toys that meet various functional needs [3] - The company plans to expand its market presence through diversified strategies and aims to enter overseas markets, projecting significant growth in net profit from 0.1 billion to 1.0 billion from 2024 to 2026 [3] Group 3: Healthcare Industry - The company, Weijian Medical, is actively responding to a crisis by enhancing its internal controls and implementing a traceability project for its sanitary products [5] - The brand, Nais Princess, has gained market recognition and improved rankings on e-commerce platforms due to its product quality and clean production environment [5] - The company aims to enhance product quality and innovation in its core product lines, focusing on consumer trust and product storytelling [5][27] Group 4: Human Resources Industry - Beijing Renli is embracing AI technology to drive digital transformation in the human resources sector, establishing a joint venture to focus on AI applications [9][30] - The company is developing a dual technology path to enhance operational efficiency and risk management through AI integration [30] - Profit forecasts for 2024-2026 have been adjusted downward, with expected net profits of 8.3 billion, 9.5 billion, and 10.4 billion respectively [9][32] Group 5: Energy Industry - Kunlun Energy reported a revenue of 1870.46 billion RMB in 2024, reflecting a year-on-year increase of 5.5% [33] - The company achieved a natural gas sales volume of 541.70 billion cubic meters, up 9.9% year-on-year, outperforming industry growth [33] - The LNG plant's operational efficiency has improved, with 13 plants achieving profitability, indicating a positive trend in the energy sector [35]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company achieved a revenue of 3.983 billion yuan in 2024, a year-on-year decrease of 13.02%, but a 6% growth when excluding the impact of the real estate business. The net profit attributable to the parent company was 244 million yuan, down 19.73% year-on-year, while the non-recurring net profit increased by 54.54% to 215 million yuan [1][5]. - The gross margin for 2024 was 52.68%, up 6.19 percentage points year-on-year, while the sales expense ratio increased significantly to 44.77%, up 3.71 percentage points [2]. - The cosmetics segment showed steady growth, with revenue of 2.475 billion yuan, a year-on-year increase of 2.46%, accounting for 62.76% of total revenue. The gross margin for this segment was 62.57% [3][4]. Financial Performance - In Q4 2024, the company reported revenue of 1.180 billion yuan, a slight decrease of 0.33% year-on-year, with a net profit of 72 million yuan, an increase of 10.72% year-on-year. The non-recurring net profit for Q4 was 64 million yuan, up 104.37% [1][2]. - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares, totaling 60.99 million yuan [1]. - The projected revenues for 2025-2027 are 4.281 billion yuan, 4.672 billion yuan, and 5.060 billion yuan, respectively, with net profits expected to be 291 million yuan, 322 million yuan, and 365 million yuan [5][12]. Brand Strategy and Market Position - The company employs a multi-brand strategy with a focus on the "5+N" brand development model, which has led to rapid growth in its cosmetics segment. Collaborations with cultural IPs have boosted sales significantly [4]. - The company is expanding its product offerings in the health sector, including the launch of new health-oriented products and the establishment of a supply chain service platform [5].