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]

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].

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]

证券研究报告 | 2025年03月24日 福瑞达（600223.SH） 优于大市 2024 年剔除地产影响归母净利润增长 6%，毛利率持续优化 公司 2024 年受房地产开发业务剥离导致业绩有所波动，扣除相关影响整体 表现稳健。公司 2024 年实现营收 39.83 亿/yoy-13.02%；归母净利润 2.44 亿/yoy-19.73%；扣非净利润 2.15 亿/yoy+54.54%，剔除地产影响，全年营 收基本持平，归母净利润同比增长 6.1%，扣非归母净利润增长 5.26%。单 Q4 实现营收 11.80 亿/yoy-0.33%，实现归母净利润 7236.32 万/yoy+10.72%， 扣非净利润 0.64 亿/yoy+104.37%。同时公司每 10 股派发现金红利0.6 元（含 税），分红率达 45.92%，较 2023 年的 33.51%提升明显。 化妆品板块全年实现营收24.75亿/yoy+2.46%，毛利率为 62.57%/+0.44pct。 同时主要子公司福瑞达生物（母公司口径）全年实现营收/净利润 21.66 亿 /1.93 亿，净利率达 8.9%/yoy+0.65pct，预计整体化妆品 ...

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 ...