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].

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].

Core Viewpoint - The company reported a decline in overall revenue and net profit for 2024, but showed significant growth in its core cosmetic brand, Yilian, particularly in Q4, indicating a positive trend in product performance and market recovery [1][2]. Financial Performance - For the full year 2024, the company achieved revenue of 3.983 billion yuan, down 13.0%, and a net profit of 244 million yuan, down 19.7%. However, the net profit excluding non-recurring items increased by 54.5% to 215 million yuan [1]. - In Q4 2024, revenue was 1.180 billion yuan, a slight decrease of 0.3%, while net profit rose by 10.7% to 72 million yuan, and net profit excluding non-recurring items surged by 104.4% to 64 million yuan [2]. Cosmetic Business Performance - The cosmetic segment showed signs of recovery in Q4, with revenue increasing by 0.7% year-on-year. For the full year, cosmetic business revenue reached 2.475 billion yuan, up 2.5% [2]. - Yilian's revenue for 2024 was 963 million yuan, a 12.4% increase, with Q4 revenue of 305 million yuan, up 24% year-on-year. The brand's product iterations, such as the spray products, performed well, with sales growth of 13% and 35% respectively [2]. - The company expanded its offline presence, with over 500 stores for Yilian and Aier Bo Shi, contributing nearly 300 million yuan in sales for the year [2]. Drug and Raw Material Revenue - The pharmaceutical segment generated 512 million yuan in revenue, a decline of 1.4%. The company established an integrated production and sales system focused on academic and brand marketing [3]. - Revenue from raw materials and additives was 343 million yuan, down 2.4%. The company successfully passed GMP compliance checks for sodium hyaluronate and obtained EU certification for its raw materials [3]. Profitability and Cost Management - Q4 gross margin improved significantly to 54.65%, up 9.9 percentage points, driven by business structure optimization. The gross margin for cosmetics was 63.1%, while pharmaceuticals stood at 57% [4]. - The company's net profit margin for Q4 was 6.13%, reflecting a stable performance [5]. Future Outlook - The company is expected to continue benefiting from the ongoing upgrades and adjustments in its business model, with Yilian showing strong growth potential. Projections for net profit in 2025 and 2026 are 310 million yuan and 340 million yuan, respectively, with corresponding PE ratios of 24x and 22x [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Views - The company reported a 19.7% year-on-year decline in net profit attributable to shareholders for 2024, but the performance excluding real estate was stable. The total revenue for 2024 was 3.983 billion yuan, down 13.0% year-on-year, while the net profit attributable to shareholders was 244 million yuan [6][9] - The company focuses on the health sector, with a steady performance in the cosmetics business. The forecast for net profit attributable to shareholders for 2025-2027 is 290 million, 336 million, and 381 million yuan respectively, with corresponding EPS of 0.29, 0.33, and 0.38 yuan [6][9] - The company has a reasonable valuation, with a current PE ratio of 26.7 for 2025, and the overall business is expected to stabilize and recover in the future [6][9] Financial Summary - In 2024, the cosmetics segment generated revenue of 2.475 billion yuan, up 2.5% year-on-year, with a gross margin of 62.6% [7] - The pharmaceutical segment reported revenue of 512 million yuan, down 1.4%, while the raw materials segment generated 343 million yuan, down 2.4% [7] - The overall gross margin for the company in 2024 was 52.7%, an increase of 6.2 percentage points year-on-year, driven by product structure upgrades [7][9] - The company plans to accelerate the high-end transformation of its raw materials business and has launched several functional foods [8] Financial Projections - Revenue projections for 2025-2027 are 4.367 billion, 4.711 billion, and 5.049 billion yuan respectively, with year-on-year growth rates of 9.6%, 7.9%, and 7.2% [9][11] - The net profit attributable to shareholders is projected to grow by 19.0%, 16.0%, and 13.4% for the years 2025-2027 [9][12] - The company’s return on equity (ROE) is expected to improve from 6.2% in 2024 to 7.8% in 2027 [9][12]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][6][15] Core Views - The company reported a decline in net profit attributable to shareholders by 19.7% year-on-year for 2024, but the performance excluding real estate was stable [6] - The company achieved a revenue of 3.983 billion yuan in 2024, a decrease of 13.0% year-on-year, while the net profit attributable to shareholders was 244 million yuan [6] - The company focuses on the health sector, with a positive outlook for its cosmetics business, which is expected to stabilize and recover in the future [6][8] Financial Summary - Revenue for 2024 was 3.983 billion yuan, with a year-on-year decline of 13.0% [6][9] - The net profit attributable to shareholders for 2024 was 244 million yuan, down 19.7% year-on-year, while the non-recurring net profit increased by 54.5% [6][9] - The company’s gross margin improved to 52.7% in 2024, up 6.2 percentage points year-on-year [7][12] - The projected net profit for 2025-2027 is estimated at 290 million, 336 million, and 381 million yuan respectively, with corresponding EPS of 0.29, 0.33, and 0.38 yuan [6][9] Business Performance - The cosmetics segment generated revenue of 2.475 billion yuan in 2024, reflecting a growth of 2.5% [7] - The pharmaceutical segment reported revenue of 512 million yuan, a decrease of 1.4% due to policy changes in the industry, but is expected to stabilize in the second half of the year [7][8] - The company is accelerating the high-end transformation of its raw materials business, with a focus on customized services for food-grade and cosmetic-grade products [8]