Investment Rating - The report maintains a "Recommended" rating for the company, with projected PE ratios for 2025-2027 at 28X, 23X, and 19X respectively [5][6]. Core Insights - The company reported a revenue of 3.983 billion yuan in 2024, a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 244 million yuan, down 19.73% year-on-year. However, the non-recurring net profit increased by 54.54% to 215 million yuan [1][5]. - The cosmetics business showed steady growth, with the Yilian brand achieving a revenue increase of 12.36% year-on-year, while the Ai Er Bo Shi brand faced some pressure, with a revenue decline of 3.48% year-on-year [2][3]. - The pharmaceutical segment completed the integration of production and sales, with a revenue of 512 million yuan in 2024, a slight decrease of 1.41% year-on-year, but an increase of 18.78% in the second half of the year [3][4]. Summary by Sections Revenue and Profitability - The company achieved a total revenue of 3.983 billion yuan in 2024, with a projected revenue growth of 14.7% in 2025, reaching 4.568 billion yuan [6][9]. - The gross margin for 2024 was reported at 52.68%, an increase of 6.19 percentage points year-on-year, with the cosmetics segment achieving a gross margin of 62.57% [4][9]. Business Segments - The cosmetics segment is expanding its multi-channel strategy, actively increasing its presence on platforms like JD and Pinduoduo, with notable sales growth in specific product lines [2][3]. - The pharmaceutical business is focusing on new product development and supply chain services, with a successful launch of several functional foods [3][4]. Financial Projections - The forecast for net profit attributable to shareholders is 280 million yuan in 2025, 331 million yuan in 2026, and 398 million yuan in 2027, reflecting year-on-year growth rates of 15.1%, 18.2%, and 20.2% respectively [5][6]. - The report indicates a steady improvement in profitability metrics, with a non-recurring net profit margin projected to increase to 5.39% in 2024 [4][9].

Core Insights - The company experienced a 19.73% year-on-year decline in net profit for 2024 due to the impact of divesting its real estate business, but net profit increased by 6.15% when excluding this effect [3] - The asset-liability ratio decreased to 20.20% as the proceeds from the real estate divestiture were used to repay financial institution loans [3] - The company increased its R&D investment by 20.05% in 2024, marking the fifth consecutive year of rising R&D expenditures [3] Group 1: Business Performance - The cosmetics segment saw a revenue increase of 2.46% year-on-year, while the pharmaceutical segment experienced a decline of 1.41%, and the raw materials and additives segment fell by 2.43% [4] - Key brands in the cosmetics sector, such as Yilian and Aier Doctor, contributed significantly to revenue growth, with Yilian solidifying its high-moisture brand positioning and Aier Doctor maintaining its leading position in domestic micro-ecological skincare [4] - The pharmaceutical business stabilized in the second half of the year after adjustments to sales organization, channels, and models, focusing on innovative marketing strategies and product positioning [4] Group 2: Strategic Focus - The raw materials and additives segment is accelerating its shift towards high-end products, expanding customized services for food-grade and cosmetic-grade products [5] - The company is building technical barriers with hyaluronic acid and strengthening its leading position with natamycin to create a product moat [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's cosmetics business shows steady growth, with the brand "Aier Doctor" expected to see significant volume increase due to adjustments and upgrades [10] - The company is focusing on the health industry and is gradually improving efficiency through organizational restructuring and strategic focus [10] - Short-term performance may be under pressure due to the ongoing upgrade phase of the cosmetics brands [10] Financial Performance Summary - For 2024, the company is projected to achieve total revenue of 39.83 billion yuan, a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 2.44 billion yuan, down 19.73% [10] - The cosmetics segment generated revenue of 24.75 billion yuan in 2024, reflecting a year-on-year increase of 2.46% [10] - The gross profit margin for the cosmetics business is 62.57%, an increase of 0.44 percentage points year-on-year [10] - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares for 2024, with a total dividend payout ratio of 45.92% [10] Earnings Forecast and Valuation - The forecast for net profit attributable to shareholders has been adjusted downwards for 2025 and 2026 to 2.82 billion yuan and 3.51 billion yuan, respectively [10] - The projected P/E ratios for 2025, 2026, and 2027 are 28, 22, and 19, respectively [10]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][4][7] Core Views - The company experienced fluctuations in performance due to the divestiture of its real estate development business in 2024, but overall performance remained stable when excluding this impact. The company achieved a revenue of 3.983 billion with a year-on-year decrease of 13.02%, and a net profit attributable to shareholders of 244 million, down 19.73%. However, the net profit excluding non-recurring items increased by 54.54% to 215 million. When excluding the real estate impact, the annual revenue remained flat, with a net profit growth of 6.1% and a growth of 5.26% in net profit excluding non-recurring items [1][4][9]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 3.983 billion, a decrease of 13.02% year-on-year, and a net profit of 244 million, down 19.73%. The net profit excluding non-recurring items was 215 million, reflecting a significant increase of 54.54%. In Q4 alone, the revenue was 1.180 billion, with a slight decrease of 0.33% year-on-year, while the net profit was 72.36 million, up 10.72% year-on-year [1][4][9]. Cosmetics Segment - The cosmetics segment generated a revenue of 2.475 billion in 2024, an increase of 2.46% year-on-year, with a gross margin of 62.57%, up 0.44 percentage points. The main subsidiary, Furuida Bio, achieved a revenue of 2.166 billion and a net profit of 193 million, with a net profit margin of 8.9%, an increase of 0.65 percentage points year-on-year. In Q4, the cosmetics segment revenue was 767 million, up 0.7% year-on-year, with a gross margin of 63.13%, up 0.9 percentage points [2][9]. Pharmaceutical Segment - The pharmaceutical segment reported a revenue of 512 million in 2024, a slight decrease of 1.41% year-on-year, but in Q4, it rebounded with a revenue of 142 million, up 17.4% year-on-year, and a gross margin of 57.11%, an increase of 7.12 percentage points [10]. Raw Material Additives Segment - The raw material additives segment achieved a revenue of 343 million in 2024, down 2.43% year-on-year, with a gross margin of 35.92%, up 3.62 percentage points. In Q4, the revenue was 94 million, down 4.1% year-on-year, but the gross margin improved to 26.73%, up 3.8 percentage points [10]. Profitability and Efficiency - The company's gross margin and net margin for 2024 were 52.68% and 7.44%, respectively, with a year-on-year increase of 6.19 percentage points and a decrease of 0.56 percentage points. The sales expense ratio increased by 5.14 percentage points due to brand promotion investments, while the management expense ratio decreased by 0.28 percentage points [3][12]. Future Outlook - The company is focusing on its core cosmetics business following the divestiture of its real estate segment. Despite facing competitive pressures and internal adjustments, the company is implementing strategic changes and cost-reduction measures, which are expected to improve overall performance in the future. The net profit estimates for 2025, 2026, and 2027 have been adjusted to 293 million, 323 million, and 354 million, respectively, with corresponding PE ratios of 26, 23, and 21 [4][20].

Core Viewpoint - The company reported a decline in revenue and net profit for 2024, primarily due to the divestment of its real estate business, but showed growth in core operations when excluding this impact [3][4]. Financial Performance - In 2024, the company achieved a revenue of 3.983 billion yuan, a year-on-year decrease of 13.0%, and a net profit attributable to shareholders of 244 million yuan, down 19.7%. However, excluding the impact of the real estate divestment, revenue remained flat, and net profit increased by 6.2% [3]. - The earnings per share (EPS) for 2024 was 0.24 yuan, with a proposed cash dividend of 0.06 yuan per share, resulting in a total payout ratio of 45.9% for the year [4]. Business Segmentation - The cosmetics segment saw a revenue increase of 2.5%, with the Yilian brand growing by 12% while the Ai'er Doctor brand experienced a slight decline [5]. - Revenue contributions from different segments in 2024 were as follows: cosmetics (62.2%), property management and others (15.4%), pharmaceuticals (12.9%), and raw materials and additives (8.6%) [5]. Sales Channels - Online sales dominated the cosmetics business, accounting for 87% of revenue, with a year-on-year growth of 1.8%, while offline sales represented 13% with a growth of 6.9% [5]. Profitability Metrics - The gross margin improved by 6.2 percentage points to 52.7% in 2024, with cosmetics, property management, pharmaceuticals, and raw materials having gross margins of 62.6%, 20%, 52.3%, and 35.9%, respectively [6]. - The operating cash flow for 2024 was 229 million yuan, a decrease of 51.8% year-on-year, primarily due to cash flow impacts from the real estate business divestment [7]. Expense Management - The total expense ratio increased by 3.7 percentage points to 44.8%, with specific increases in sales expenses (5.1 percentage points) and R&D expenses (0.8 percentage points) [7].

Group 1: Industry Insights - The organic silicon sector is experiencing continuous improvement in profitability, with an optimizing industry structure [3] - The agricultural sector is focusing on new breeding directions and industry transformations following the recent seed industry conference [4] Group 2: Company Performance - Zijin Mining (601899.SH) reported a revenue of 303.64 billion yuan for 2024, a year-on-year increase of 3.5%, and a net profit of 32.1 billion yuan, up 51.8% year-on-year [5] - Jianghai Co., Ltd. (002484.SZ) achieved a revenue of 3.539 billion yuan in the first three quarters of 2024, a decrease of 6.33% year-on-year, with a net profit of 494 million yuan, down 9.71% [7] - Horizon Robotics (9660.HK) saw a decline in non-vehicle solution revenue to 72 million yuan in 2024, compared to 81 million yuan in 2023, but improved gross margin by 10.4 percentage points [8] - Furuida (600223.SH) reported a revenue of 3.98 billion yuan and a net profit of 240 million yuan for 2024, with a proposed dividend of 0.06 yuan per share [9] - Pinduoduo (PDD.O) achieved a revenue of 393.84 billion yuan in 2024, a 59% year-on-year growth, and a GAAP net profit of 112.43 billion yuan, up 87.3% year-on-year [10]

合计师 事务所(特殊普通合伙) 关于鲁商福瑞达医药股份有限公司 在山东省商业集团财务有限公司 存贷款业务情况的专项审核报告 上会师报字(2025)第 2124 号 ghai Centified Dublic Secountants (Special General Pantnership) 关于鲁商福瑞达医药股份有限公司 上会会计师事务所（特殊普通合伙） 中国 上海 我们的责任是在执行审核工作的基础上对汇总表发表专项审核意见。我们按照 中国注册会计师审计准则的相关规定执行了审核工作。中国注册会计师审计准则要 求我们遵守中国注册会计师职业道德守则,计划和执行审核工作以对汇总表是否不 存在重大错报获取合理保证。在审核过程中,我们实施了包括检查会计记录、重新 计算相关项目金额等我们认为必要的程序。我们相信,我们的审核工作为发表审核 意见提供了合理的基础。 令计师 李今所（特殊普通合伙） 在山东省商业集团财务有限公司存贷款业务情况 的专项审核报告 一、管理层责任 上会师报字(2025)第 2124 号 鲁商福瑞达医药股份有限公司: 按照《上海证券交易所上市公司自律监管指引第 5 号一交易与关联交易》的规 定,编制和披 ...

鲁商福瑞达医药股份有限公司 内部控制审计报告 上会师报字(2025)第 2120 号 上会会计师事务所（特殊普通合伙） 中国 上海 令计师 李今所（特殊普通合伙） ahai Certified Public Accountants (Special General Partnership) 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵公司董事会 的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审 计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根 据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 内部控制审计报告 上会师报字(2025)第 2120 号 鲁商福瑞达医药股份有限公司全体股东; 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 ...

鲁商福瑞达医药股份有限公司 审计报告 上会师报字(2025)第 2118 号 上会会计师事务所（特殊普通合伙） 中国 上海 . 会计师 李 务所(特殊善通合 i Centiliad Public Accountants (Special Genera 审计报告 上会师报字(2025)第 2118 号 鲁商福瑞达医药股份有限公司全体股东: 一、审计意见 我们审计了鲁商福瑞达医药股份有限公司(以下简称"贵公司")财务报表,包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度的合并及母公司利润表、 合并及母公司现金流量表、合并及母公司所有者权益变动表以及相关财务报表附注。 我们认为,后附的财务报表在所有重大方面按照企业会计准则的规定编制,公 允反映了贵公司 2024 年 12 月 31 日的合并及母公司财务状况以及 2024 年度的合并及 母公司经营成果和现金流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会 计师对财务报表审计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国 注册会计师职业道德守则,我们独立于贵公司,并履行了职业 ...

朱德胜：男，山东莘县人，1966年12月生，中共党员，管理学（会计学方 向）博士，会计学教授、注册会计师，历任山东财经大学讲师、副教授、教授、 会计学院副院长、MPAcc中心主任等职。现任山东财经大学教授，山东海化股份 有限公司、阳谷华泰股份有限公司独立董事。2021年7月至今任本公司独立董事。 已获得上海证券交易所颁发的独立董事任职资格证书。 （二）独立性情况 本人及直系亲属、主要社会关系不在公司或其附属企业任职，没有为公司 或其附属企业提供财务、法律、管理咨询、技术咨询等服务，没有从公司及其 主要股东或有利害关系的机构和人员取得额外的、未予披露的其他利益，不存 在影响独立性的情况。 鲁商福瑞达医药股份有限公司 2024 年度独立董事述职报告 （朱德胜） 2024 年度，我作为鲁商福瑞达医药股份有限公司（以下简称"公司"）的 独立董事，严格按照《公司法》《证券法》《上市公司独立董事管理办法》等规 范性文件以及《公司章程》《独立董事工作制度》等相关制度的要求，忠实、勤 勉、独立地履行职责，及时了解公司的生产经营、三会运作情况等。报告期内， 积极出席公司召开的相关会议，认真审议各项议案，对公司相关事项发表独立 ...