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].

转自：大众报业·齐鲁壹点 活动当日，善颜品牌联合老年大学举办主题沙龙，特邀资深培训师李维娜与品牌培训顾问田霞联袂主讲。李维娜从胶原蛋白流失、弹性 纤维断裂等机理切入，结合影像化呈现解析衰老科学；田霞则通过现场演示家居提拉手法与善颜明星产品试用，让参与者直观感受"分肤 定制"的精准抗衰科技。活动不仅传递了"抗衰不分年龄"的理念，更以"优雅老去亦能焕发新生"的品牌温度，引发共鸣。 此次合作是福瑞达集团与新华书店集团"文化+科技"战略的起点。未来，双方计划以山东书城为样板，拓展至省内多地书店场景，并探索 AI肤质诊断等数字化交互，打造季节限定主题快闪体验。此外，双方还将联合推出系列文化沙龙、美妆研学工坊，深化"智美山东"品牌 内涵，为山东经济高质量发展注入新动能。 从一本好书到一瓶科技护肤臻品，从文化地标到创新消费场景，福瑞达集团与新华书店的跨界实践，不仅重构了美妆与文化的连接方 式，更以国企担当为产业升级提供了鲜活样本。这场关于美的探索，正以书香为笔，科技为墨，绘就齐鲁大地"智美共生"的未来画卷。 福瑞达集团与山东新华书店集团于2024年12月签署战略合作协议，以"文化链接、科技协同"为框架，致力于探索新零售融合 ...

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 ...

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].

Core Viewpoint - The company reported a 6% year-on-year growth in net profit attributable to shareholders, excluding the impact of real estate business, despite a decline in overall revenue and net profit [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 3.983 billion yuan, a decrease of 13.02% year-on-year, and a net profit attributable to shareholders of 244 million yuan, down 19.73% year-on-year. However, the net profit excluding non-recurring items increased by 54.54% to 215 million yuan [2]. - The company's gross margin for 2024 was 52.68%, an increase of 6.19 percentage points year-on-year, while the net profit margin was 7.44%, a decrease of 0.56 percentage points [2]. - The sales expense ratio increased to 36.73%, up 5.14 percentage points year-on-year, while the management expense ratio decreased to 4.59%, down 0.28 percentage points. The R&D expense ratio rose to 4.19%, an increase of 0.84 percentage points [2]. Business Segment Performance - The cosmetics segment showed stable performance, with operating revenue of 2.475 billion yuan in 2024, an increase of 2.46% year-on-year, and a gross margin of 62.57%, up 0.44 percentage points [3]. - The Yilian brand generated revenue of 963 million yuan, a year-on-year increase of 12.36%. Sales of Spray 1.0 and Spray 2.0 grew by 13% and 35%, respectively. The "billion cream" plan for the Pengrun product line saw an 18% increase in sales [3]. - The Aier Doctor brand reported revenue of 1.301 billion yuan, a decrease of 3.48% year-on-year. The probiotic product line saw over 500 million yuan in sales for masks and over 170 million yuan for lotions, with a 9% increase in sales for the Flash Charge product line [3]. - The pharmaceutical segment experienced a slight decline, with revenue of 512 million yuan, down 1.41% year-on-year. The raw materials and derivatives segment generated 343 million yuan, a decrease of 2.43% [3]. Investment Outlook - The company is focusing on the health sector after divesting its real estate business, leveraging strong R&D capabilities and deepening its raw material business for sustainable high-quality growth. EPS forecasts for 2025-2027 are 0.29, 0.34, and 0.39 yuan per share, corresponding to PE ratios of 26, 22, and 19 times, respectively, maintaining a "buy" rating [4].

Investment Rating - The investment rating for the company is "Buy" with a target price expected to yield over 20% relative return within six months [6][18]. Core Insights - The company reported a revenue of 3.98 billion yuan in 2024, a year-over-year decrease of 13.02%, but a non-recurring net profit of 2.15 billion yuan, showing a significant increase of 54.54% [1][5]. - The cosmetics business remains stable, with a revenue of 2.48 billion yuan, representing a year-over-year growth of 2.46% [3]. - The company is diversifying its brand matrix and leveraging cross-industry collaborations for marketing, which has led to notable sales increases in specific product lines [4]. Financial Performance - In 2024, the gross margin was 52.68%, an increase of 6.19 percentage points year-over-year, while the net profit margin was 7.44%, a decrease of 0.56 percentage points [2]. - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares, totaling 609.9 million yuan [1]. - The projected revenues for 2025-2027 are 4.28 billion, 4.67 billion, and 5.06 billion yuan, respectively, with corresponding net profits of 291 million, 322 million, and 365 million yuan [5][12]. Revenue Structure - The cosmetics segment accounted for 62.76% of total revenue in 2024, with a gross margin of 62.57% [3]. - The property management and other income decreased significantly by 46.18%, now representing 15.56% of total revenue [3]. - The pharmaceutical revenue slightly decreased by 1.41%, but its proportion increased to 12.99% [3]. Brand Strategy - The company employs a "5+N" brand development strategy, focusing on multi-brand growth and successful collaborations with cultural IPs [4]. - Specific product lines, such as the probiotic series from the Aier Doctor brand, have achieved sales exceeding 500 million yuan [4]. Future Outlook - The company is expected to continue its growth trajectory, with the main brand, Yilian, showing steady growth and new sub-brands like Kemi accelerating their growth [5]. - The company is also expanding into new business areas, including health products and medical supplies, enhancing its overall market position [5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a 6% year-on-year growth in net profit attributable to the parent company after excluding the impact of the real estate business, despite a 13.02% decline in total revenue to 3.983 billion yuan [2] - The cosmetics segment showed resilience with a revenue increase of 2.46% to 2.475 billion yuan, while the pharmaceutical and raw materials segments experienced slight declines [3] - The company is focusing on the health sector after divesting its real estate business, leveraging strong R&D capabilities to drive quality growth in its cosmetics business [4] Financial Performance Summary - In 2024, the company achieved total revenue of 3.983 billion yuan, a decrease of 13.02% year-on-year, and a net profit of 244 million yuan, down 19.73% year-on-year [2] - The adjusted net profit, excluding the real estate business, showed a growth of 6.15% [2] - The gross margin for 2024 was 52.68%, an increase of 6.19 percentage points year-on-year, while the net margin was 7.44%, a decrease of 0.56 percentage points [2] - The cosmetics segment's revenue was 2.475 billion yuan, with a gross margin of 62.57% [3] - The company forecasts EPS of 0.29, 0.34, and 0.39 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26, 22, and 19 [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 6% year-on-year growth in net profit attributable to the parent company after excluding the impact of the real estate business, despite a 13.02% decline in total revenue to 3.983 billion yuan [2][3]. - The cosmetics segment showed resilience with a revenue increase of 2.46% to 2.475 billion yuan, while the pharmaceutical and raw materials segments experienced slight declines [3]. - The company is focusing on the health sector after divesting its real estate business, leveraging strong R&D capabilities to drive quality growth in its cosmetics business [4]. Financial Summary - In 2024, the company achieved a gross margin of 52.68%, up 6.19 percentage points year-on-year, while the net profit margin was 7.44%, down 0.56 percentage points [2]. - The company’s revenue for 2025 is projected to be 4.304 billion yuan, with a year-on-year growth of 8.07%, and net profit is expected to reach 297.33 million yuan, reflecting a 22.09% increase [4][10]. - The earnings per share (EPS) forecast for 2025 is 0.29 yuan, with corresponding price-to-earnings (P/E) ratios of 26, 22, and 19 for the years 2025, 2026, and 2027 respectively [4][10].