Investment Rating - The report recommends a "buy" rating for the cosmetics and medical beauty sectors, highlighting a favorable outlook for 2025 due to improved consumer expectations and policy support [4][6]. Core Insights - The report emphasizes that the cosmetics sector will focus on three key elements: domestic brands, segmentation, and cost-effectiveness, with a projected steady growth in demand for 2025 [4][6]. - The medical beauty industry is expected to benefit from improved income expectations, with domestic companies poised to become major competitors in the light medical beauty segment [4][6]. - E-commerce is identified as a growth area, with new consumption models and brands emerging to drive development [4][6]. Summary by Sections 1. Industry Performance Review - The beauty and personal care sector has not achieved excess returns in 2025 due to trading disruptions, but is expected to rebound with policy support [7][8]. - The SW beauty index has seen a growth of 0.6% since the beginning of 2025, underperforming compared to the broader A-share index [8][10]. 2. Cosmetics Sector - The report forecasts a recovery in the cosmetics demand in 2025, with a focus on high cost-performance brands benefiting from consumer preferences [15][18]. - Domestic brands are gaining market share, with significant growth in the skincare market, where domestic brands now occupy four out of the top ten positions [18][19]. - The report highlights the success of domestic brands in e-commerce platforms, particularly during promotional events, indicating a strong competitive position against international brands [21][22]. 3. Medical Beauty Sector - The medical beauty market is transitioning from a blue ocean to a red ocean, with domestic companies expanding their product lines and research pipelines [4][6]. - Key recommendations include focusing on companies with strong product pipelines and high profitability, such as Ai Meike [4][6]. 4. E-commerce Sector - The report suggests that the e-commerce sector will continue to thrive with the rise of new consumption models and brands, particularly benefiting from the growth of domestic brands [4][6]. 5. Key Company Recommendations - The report recommends several companies based on their brand matrix and growth potential, including Shangmei Co., Pulaile, and others in the cosmetics sector [4][6]. - In the medical beauty sector, Ai Meike is highlighted as a key player, with a focus on companies with strong product offerings and research capabilities [4][6].

证券代码：600223 证券简称：福瑞达 编号：临 2025-001 鲁商福瑞达医药股份有限公司 2025 年度"提质增效重回报"行动方案 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。 为践行中央经济工作会议和中央金融工作会议精神，落实国务院《关于进一 步提高上市公司质量的意见》要求，响应上海证券交易所《关于开展沪市公司"提 质增效重回报"专项行动的倡议》，推动上市公司高质量发展和投资价值提升， 鲁商福瑞达医药股份有限公司（以下简称"公司"）制定了《2025 年度"提质 增效重回报"行动方案》，具体方案如下所示： 一、聚焦主责主业，提升经营质量 近年来，公司通过实施重大资产出售，剥离房地产开发业务，聚焦于化妆品、 医药、原料及添加剂等业务，实现了业务平稳转型、盈利稳健增长、资产持续改 善。2024 年，公司紧紧围绕战略规划和年度经营计划，稳步推进各业务板块的 生产经营，进一步加大科技创新投入力度，积极推进智能化、数字化、绿色化转 型升级，持续提升品牌影响力，务实前行、克难攻坚，不断激发经营活力和增长 动力，推进各项经营管 ...

证券代码：600223 证券简称：福瑞达 编号：临 2024-043 鲁商福瑞达医药股份有限公司 关于控股股东非公开发行可交换公司债券 部分股份解除质押的公告 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： ●截止本公告发布之日，控股股东山东省商业集团有限公司（以下简称"鲁 商集团"）直接持有鲁商福瑞达医药股份有限公司（以下简称"公司"）股份 524,739,200 股，占公司总股本的 51.62%；鲁商集团及一致行动人合计持有公司 股份 551,785,200 股，占公司总股本的 54.28%。 规要求及时履行信息披露义务。 ●公司于 2024 年 12 月 25 日接到控股股东鲁商集团通知，鲁商集团于 2024 年 12 月 25 日在中国证券登记结算有限责任公司上海分公司办理完成了"山东省 商业集团有限公司-2021 年面向专业投资者非公开发行可交换公司债券（第二 期）质押专户"持有的本公司 35,000,000 股股票解除质押手续。 ●本次股份解除质押后，鲁商集团累计质押股份 140,000,000 ...

Summary of Conference Call Company and Industry Overview - The conference call involved **Florida**, a company viewed as undervalued in the market, and the discussion was led by analysts from Hongyuan Securities and senior researchers from Yingmei. [1][2] Key Points and Arguments Sales Performance - Sales data showed a slight slowdown, but overall performance remains satisfactory, particularly with the recent addition of short-term products. [2] - The company has opened approximately **500 to 600 new stores** this year, with plans to expand to **800 to 1,000 stores**. [2][3] - The offline sales strategy is emphasized, with a focus on brand activities and consumer engagement. [2][3] Strategic Adjustments - The company is undergoing a strategic adjustment period, particularly in its influencer and agency mechanisms. [2][4] - There is a recognition of the need to balance online and offline sales channels, with offline channels proving to be more effective in reaching consumers. [2][3] Product Development - New product lines are being introduced, including an **upgraded probiotic series** and potential new products like **焦兰亭剃**. [5] - The company is also focusing on improving product formulations and packaging to enhance market competitiveness. [5][6] Market Challenges - The company faces challenges in the **Douyin (TikTok)** platform, where sales performance has not met expectations due to rising costs and competition. [7][8] - The overall cosmetics market is experiencing increased competition, particularly from foreign brands, which has raised concerns about market dynamics. [15][16] Future Outlook - The long-term goal is to achieve **20 billion** for the 博士 brand and **15 billion** for the 宜联 brand. [17] - The company is cautious about market conditions for the upcoming year, indicating potential adjustments based on market performance. [18][19] Brand Performance - The **科密** brand is showing promising growth, with expectations to reach **50 to 60 million** in sales this year. [10][11] - The company is also exploring new avenues in the medical and pharmaceutical sectors, with ongoing projects in clinical stages. [27][29] Additional Important Information - The company is focusing on maintaining a low return rate and high repurchase rate, which is better than the industry average. [14] - There is an emphasis on leveraging existing brands and refining current product lines rather than expanding into new markets at this time. [23][24] This summary encapsulates the key discussions and insights from the conference call, highlighting the company's strategic direction, market challenges, and future growth plans.

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。 2021 年 12 月，鲁商福瑞达医药股份有限公司（以下简称"公司"）控股股 东山东省商业集团有限公司（以下简称"鲁商集团"）非公开发行可交换公司债 券（第二期），并将其持有的本公司 35,000,000 股无限售流通股划转至鲁商集 团在中国证券登记结算有限责任公司上海分公司开立的质押专户"山东省商业集 团有限公司-2021 年面向专业投资者非公开发行可交换公司债券（第二期）质押 专户"，预备用于可交换公司债券换股和本息偿付提供担保。 近日，公司接到控股股东鲁商集团通知，山东省商业集团有限公司 2021 年 面向专业投资者非公开发行可交换公司债券（第二期）已于 2024 年 12 月 10 日 到期完成摘牌，累计换股 0 股。鉴于本期可交换债券已到期并完成摘牌工作，鲁 商集团拟向中国证券登记结算有限责任公司上海分公司申请办理质押专户中 35,000,000 股股份的解除质押手续。上述股份将在解除质押后划转至鲁商集团 的自有证券账户。 证券代码：600223 证券简称：福瑞达 ...

证券代码：600223 证券简称：福瑞达 编号：临 2024-041 鲁商福瑞达医药股份有限公司 关于参加 2024 年三季度沪市主板美妆行业专场集体 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 2024 年 11 月 26 日（星期二）至 12 月 2 日（星期一）16:00 前通过公司邮箱 lsfrd600223@163.com 进行提问，公司将在 本次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 2024 年 10 月 29 日 披露公司 2024 年第三季度报告，详见上海证券交易所网站（www.sse.com.cn）。 为了便于广大投资者更全面深入地了解公司 2024 年第三季度经营成果、财务状 况，公司计划于 2024 年 12 月 3 日参加 2024 年三季度沪市主板美妆行业专场集 体业绩说明会，会议时间下午 13:30-17:00，会上将就投资者关心的问题进行交 流。 一、业绩说明会类型 本次业绩 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the near term [3]. Core Views - The company has experienced a phase of adjustment in its cosmetics segment but is achieving steady growth, with pharmaceutical sales stabilizing in Q3 2024 [3]. - For the first three quarters of 2024, the company reported revenue of 2.803 billion yuan, a year-on-year decrease of 17.45%, while the net profit attributable to shareholders was 171 million yuan, down 28.09% year-on-year [2]. - The cosmetics segment showed a revenue increase of 3.25% year-on-year, reaching 1.708 billion yuan, with a gross margin of 62.32% [2]. - The company is focusing on multi-brand development and actively launching new products to meet market demand [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 877 million yuan, a decrease of 4.82% year-on-year, with a net profit of 44 million yuan, down 7.76% year-on-year [2]. - The gross margin for Q3 was 51.81%, a decrease of 3.10 percentage points year-on-year, while the net profit margin was 5.01%, down 0.16 percentage points [2]. - The company’s total assets were reported at 6.10149 billion yuan, with net assets of 4.08441 billion yuan [1]. Segment Performance - The cosmetics segment's revenue for the first three quarters was 1.708 billion yuan, with notable growth in specific product lines such as the Yilian brand, which saw a 7.57% increase in revenue [2]. - The pharmaceutical segment reported revenue of 370 million yuan, a year-on-year decrease of 7.42%, but Q3 sales showed an 18.96% increase [2]. - The raw materials and additives segment generated revenue of 249 million yuan, with a slight decrease of 1.96% year-on-year [2]. Future Outlook - The company expects to achieve net profits of 282 million yuan in 2024, with projections of 327 million yuan and 373 million yuan for 2025 and 2026, respectively [3]. - Earnings per share (EPS) are projected to be 0.28 yuan in 2024, increasing to 0.32 yuan in 2025 and 0.37 yuan in 2026 [3]. - The report emphasizes the company's strategy to enhance its main brands and develop new products to adapt to market needs [2].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The report highlights that the company experienced a revenue decline of 17.45% year-on-year for the first three quarters of 2024, totaling 2.803 billion yuan, with a net profit attributable to shareholders of 171 million yuan, down 28.09% year-on-year. However, the non-recurring net profit increased by 40.09% year-on-year to 151 million yuan [3][4] Summary by Sections Market Performance - The company's stock closed at 7.33 yuan on November 7, 2024, with a 52-week price fluctuation between 5.74 and 10.69 yuan. The total market capitalization is 7.451 billion yuan [1] Financial Performance - For Q3 2024, the company reported a revenue of 877.19 million yuan, a decrease of 4.82% year-on-year, and a net profit of 43.91 million yuan, down 7.76% year-on-year. The gross margin for Q3 was 51.81%, a decline of 3.10 percentage points year-on-year [4][8] - The cosmetics segment generated 1.708 billion yuan in revenue, up 3.25% year-on-year, while the pharmaceutical segment saw a revenue of 370 million yuan, down 7.42% year-on-year [4][6] Operational Review - The company has made strides in its raw materials segment by solidifying its leading position in hyaluronic acid and launching new products. The cosmetics segment has seen innovative sales strategies, contributing to revenue growth [6][7] Financial Forecast - The company is projected to generate revenues of 4.279 billion yuan in 2024, with a year-on-year decline of 6.6%, followed by growth in subsequent years to 4.805 billion yuan in 2025 and 5.307 billion yuan in 2026 [5][11] - The estimated net profit for 2024 is 275 million yuan, reflecting a 9.4% decrease year-on-year, with expectations of recovery in the following years [7][11] Valuation - The report suggests a price-to-earnings (P/E) ratio of 20-25 times for 2025, indicating a market capitalization range of 7.2 to 9 billion yuan, with a reasonable price range of 7.10 to 8.88 yuan per share [7][10]

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 7.86 CNY, compared to the current price of 6.82 CNY [1]. Core Views - The company's revenue for Q3 2024 was 877 million CNY, a year-on-year decrease of 4.8%, while the net profit attributable to shareholders was 44 million CNY, down 7.8% year-on-year. For the first three quarters of 2024, the company achieved a revenue of 2.803 billion CNY, a decline of 17.5%, and a net profit of 171 million CNY, down 28.1% year-on-year [1][2]. - The cosmetics segment is experiencing a slowdown due to increased competition, although the gross margin has improved year-on-year. The cosmetics revenue for the first three quarters of 2024 was 1.708 billion CNY, up 3.25% year-on-year, with a gross margin of 62.32%, an increase of 0.24 percentage points [2]. - The pharmaceutical segment has shown signs of recovery, with a revenue of 370 million CNY for the first three quarters of 2024, a decrease of 7.42% year-on-year, but a significant increase of 18.96% in Q3 alone [2]. - The raw materials and additives segment saw a slight decline in revenue to 249 million CNY, down 1.96% year-on-year, but the gross margin improved to 39.39%, an increase of 3.38 percentage points [2]. - The company is focusing on optimizing sales expenses and increasing R&D investment, with a sales expense ratio of 36.5% for the first three quarters of 2024, up 4.4 percentage points year-on-year [2]. Financial Summary - For 2024, the company is projected to generate total revenue of 4.001 billion CNY, a decrease of 12.6% year-on-year, with a net profit of 214 million CNY, down 29.4% year-on-year [3]. - The earnings per share (EPS) for 2024 is estimated at 0.21 CNY, with a price-to-earnings (P/E) ratio of 32 [3]. - The company’s total assets are projected to be 7.105 billion CNY in 2024, with a debt-to-asset ratio of 32.8% [3].

Investment Rating - The investment rating for the company is "Buy" with a target price based on expected performance over the next six months [1][4]. Core Views - The report highlights that the cosmetics segment is currently under pressure, but there is optimism regarding the performance during the Double Eleven shopping festival and the introduction of new products [1]. - The company reported a revenue of 2.803 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 17.45%, while the net profit attributable to shareholders was 171 million yuan, down 28.09% year-on-year [1]. - The report indicates that the company is focusing on internal adjustments and strategic improvements following the divestment of its real estate business, which is expected to yield positive results in the future [1][2]. Financial Summary - For Q3 2024, the company reported a revenue of 877 million yuan, a year-on-year increase of 4.82%, while the net profit attributable to shareholders was 44 million yuan, down 7.76% year-on-year [1]. - The cosmetics segment saw a revenue decline of 4.9% to 522 million yuan in Q3 2024, but the gross margin improved by 4.4 percentage points to 64.48% due to product structure upgrades and reduced manufacturing costs [1]. - The pharmaceutical segment experienced a revenue increase of 19.3% to 130 million yuan in Q3 2024, with a gross margin of 47.43% [1]. Earnings Forecast - The projected net profits for the company for the years 2024, 2025, and 2026 are 271 million yuan, 346 million yuan, and 409 million yuan, respectively, with corresponding PE ratios of 25.7, 20.1, and 17.0 [2][3].