Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q3 2024 performance shows short-term pressure on earnings, but the launch of upgraded products is expected to drive future growth [2][5] - The company is focusing on the health industry and is gradually improving efficiency through organizational adjustments and strategic focus [5] Summary by Relevant Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of 2.803 billion yuan, a decrease of 17.45% year-on-year, and a net profit attributable to shareholders of 171 million yuan, down 28.09% [2] - Q3 2024 revenue was 877 million yuan, a decline of 4.82%, with a net profit of 44 million yuan, down 7.76% [2] Cosmetics Segment - The cosmetics revenue for the first three quarters of 2024 was 1.708 billion yuan, an increase of 3.25% year-on-year [3] - The Yilian brand generated 658 million yuan in revenue, growing by 7.57%, although Q3 showed some volatility [3] - New product iterations performed well, with sales of the 2.0 spray increasing by 21% and the "Pongrun" product line seeing a 54% increase in cream sales [3] Pharmaceutical and Raw Materials - Pharmaceutical and raw material revenues for the first three quarters were 370 million yuan and 250 million yuan, respectively, with year-on-year declines of 7.4% and 2.0% [4] - Q3 revenues for pharmaceuticals and raw materials were 130 million yuan and 80 million yuan, showing increases of 18.7% and declines of 7.5% year-on-year, respectively [4] Cost Management - The gross margin for the first three quarters of 2024 increased by 4.77 percentage points to 51.85% [5] - The net profit margin for the first three quarters was 6.11%, a decrease of 0.9 percentage points year-on-year [5] Earnings Forecast - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 290 million, 390 million, and 480 million yuan, respectively, with corresponding P/E ratios of 26, 19, and 16 times [5]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [4] Core Views - The company is in a transformation phase, focusing on strengthening its internal capabilities and is optimistic about the upcoming Double 11 sales performance [8] - The cosmetics segment is under pressure during the off-season, while the pharmaceutical segment has stabilized in Q3 [7] - The company has made significant progress in product innovation and brand development, particularly in the cosmetics sector [8] Financial Performance Summary - For the first three quarters of 2024, the company's total revenue was 2.803 billion yuan, a year-on-year decrease of 17.4%, with a net profit attributable to shareholders of 171 million yuan, down 28.1% [6] - In Q3 2024, revenue was 877 million yuan, a year-on-year decrease of 4.8%, and net profit attributable to shareholders was 44 million yuan, down 7.8% [6] - The cosmetics segment generated revenue of 1.708 billion yuan, up 3.25% year-on-year, while the pharmaceutical segment's revenue was 370 million yuan, down 7.42% year-on-year [7] Business Segment Analysis - The cosmetics segment showed resilience with brands like Yilian and Aier Bozhu achieving year-on-year revenue growth of 7.57% and 1.80% respectively [7] - The pharmaceutical segment's sales stabilized with an 18.96% year-on-year increase in Q3 [7] - The raw materials and additives segment reported revenue of 249 million yuan, down 1.96% year-on-year [7] Strategic Initiatives - The company is enhancing its raw material reserves and has completed the registration of new cosmetic ingredients using synthetic biology [8] - Innovative marketing strategies, such as collaborations for product launches, have led to significant sales growth in various product lines [8] - The company is expanding into collagen and hair care markets, with new product launches receiving positive market feedback [8] Future Projections - Revenue projections for 2024-2026 are 4.008 billion yuan, 4.590 billion yuan, and 5.170 billion yuan, with corresponding growth rates of -12.5%, 14.5%, and 12.6% [8] - Net profit projections for the same period are 271 million yuan, 321 million yuan, and 370 million yuan, with growth rates of -10.6%, 18.2%, and 15.5% respectively [8] - Earnings per share (EPS) are expected to be 0.27 yuan, 0.32 yuan, and 0.36 yuan for 2024-2026 [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company's Q3 2024 net profit attributable to shareholders decreased by 7.8% year-on-year, with a steady performance in the cosmetics business [3] - Revenue for the first three quarters of 2024 reached 2.803 billion yuan, down 17.5% year-on-year, while net profit attributable to shareholders was 171 million yuan, down 28.1% year-on-year [3] - The report anticipates a gradual recovery in operations focusing on the health sector, with reasonable valuations [3] Financial Performance Summary - For Q1-Q3 2024, cosmetics revenue was 1.708 billion yuan, up 3.3%, with a gross margin of 62.3%, an increase of 0.2 percentage points [4] - The pharmaceutical segment reported revenue of 370 million yuan, down 7.4%, with a gross margin of 50.5%, a decrease of 3.9 percentage points [4] - The overall gross margin for the company in Q1-Q3 2024 was 51.9%, an increase of 4.8 percentage points [4] - The company has adjusted its profit forecasts for 2024-2026, now expecting net profits of 272 million yuan, 325 million yuan, and 381 million yuan respectively [3] Business Segment Insights - The cosmetics business showed resilience, with brands like Yilian and Aier Doctor achieving revenues of 658 million yuan (up 7.6%) and 909 million yuan (up 1.8%) respectively [4] - The pharmaceutical sales have stabilized in Q3 2024, with a revenue of 130 million yuan, marking a 19.6% increase [5] - The company is actively expanding its product lines in collagen and personal care, enhancing growth potential in the cosmetics sector [5] Market Position and Valuation - The current stock price is 7.35 yuan, with a market capitalization of 7.472 billion yuan [7] - The projected P/E ratios for 2024-2026 are 27.5, 23.0, and 19.6 respectively, indicating a reasonable valuation [3][6]

Investment Rating - The investment rating for the company is "Buy" with a target price of 8.96 CNY, up from the previous target of 7.44 CNY [4]. Core Views - The company's cosmetics business has faced temporary pressure, leading to a downward revision of profit forecasts. The expected EPS for 2024-2026 is 0.28 CNY (-0.03), 0.31 CNY (-0.06), and 0.34 CNY (-0.09) [3]. - The company's Q1-Q3 revenue, net profit attributable to the parent, and net profit excluding non-recurring items were 280.3 million CNY, 17.1 million CNY, and 15.1 million CNY, respectively, showing a year-on-year decline of 17%, 28%, and an increase of 40% [3]. - The cosmetics segment's revenue for Q1-Q3 was 170.8 million CNY, a year-on-year increase of 3%, while the pharmaceutical and raw materials segments saw declines of 7% and 2%, respectively [3]. Summary by Sections Revenue Performance - The company's Q3 revenue was 87.7 million CNY, with a year-on-year decline of 5%. The pharmaceutical segment grew by 20%, while the raw materials segment declined by 7% [3]. - The cosmetics segment's revenue for Q1-Q3 was 52.2 million CNY in Q3, down 5% year-on-year, while the pharmaceutical segment reached 13 million CNY, up 20% [3]. Profitability - The gross margins for cosmetics, pharmaceuticals, and raw materials were 62.32%, 50.48%, and 39.39%, respectively, with cosmetics margins remaining relatively stable [3]. - The company has adjusted its organizational structure to focus on product lines, which may enhance future performance [3]. Brand Performance - The brand "Yail Doctor" and "Yilian" showed different growth rates, with Yilian's revenue increasing by 8% to 65.8 million CNY, while Yail Doctor's revenue increased by 2% to 90.9 million CNY [3]. - New product launches and brand collaborations have contributed positively to sales, with specific product lines showing significant growth [3].

福瑞达（600223.SH） 优于大市 化妆品业务调整期致收入承压，降本增效支撑毛利结构优化 受去年同期地产财务数据有所波动，核心主业保持稳定。前三季度公司营业 收入 28.03 亿元，同比减少 17.45%；实现归母净利润 1.71 亿元，同比减少 28.09%。单三季度实现营业收入 8.77 亿元，同比下降 4.82%；归母净利润 4391.38 万元，同比下降 7.76%；扣非归母净利润 3927.59 万，同比下降 12.15%。由于公司去年 10 月 31 日完成第二批 2 家地产公司交接，因此去年 三季度仍有部分房地产业务，对公司三季度业绩存在一定扰动影响。 分业务看，单三季度化妆品业务实现收入 5.22 亿/yoy-4.9%，毛利率 64.48%/yoy+4.4pct。依托产品结构提升和和制造成本降低等方式带动毛利 率提升。其中 Q3 颐莲品牌实现营收 2.11 亿/yoy-4.1%，前三季度 2.0 喷雾/ 嘭润霜销售分别增长 21%/54%。Q3 瑷尔博士实现营收 2.64 亿/yoy-10.5%， 今年以来闪充水乳/益生菌面膜销售分别同比增长 12%/5%，自 618 后瑷尔博 士就产品价 ...

Investment Rating - The report has downgraded the investment rating to "Accumulate" [3] Core Views - The company reported a revenue of 2.803 billion yuan for the first three quarters of 2024, a year-on-year decrease of 17.45%, and a net profit attributable to shareholders of 171 million yuan, down 28.09% year-on-year [1] - The cosmetics business showed a revenue of 1.708 billion yuan for the first three quarters of 2024, with a year-on-year increase of 3.25%, but the third quarter saw a decline in revenue [2] - The pharmaceutical sales stabilized in the third quarter, with a revenue of 370 million yuan, reflecting a year-on-year increase of 7.42% [2] - The company is undergoing a brand strategy upgrade and optimizing internal governance, but the growth rate of the cosmetics business has slowed due to rising online traffic costs and intensified competition [3] Summary by Sections Financial Performance - For Q3 2024, the company reported revenues of 877 million yuan, a decrease of 4.82% year-on-year, and a net profit of 44 million yuan, down 7.76% year-on-year [1] - The adjusted profit forecasts for 2024-2026 are 276 million yuan, 343 million yuan, and 401 million yuan, respectively, reflecting a downward revision [3] Cosmetics Business - The revenue for the cosmetics segment in Q1-Q3 2024 was 1.708 billion yuan, with Q1-Q3 revenues of 544 million, 642 million, and 522 million yuan, showing a mixed performance across quarters [2] - The brands Yilian and Aier Doctor experienced revenue declines in Q3 2024, with Yilian's revenue at 658 million yuan, up 7.57% year-on-year, but down 4% in Q3 [2] Pharmaceutical Sales - The pharmaceutical segment's revenue for the first three quarters of 2024 was 370 million yuan, with a significant increase in Q3 sales by 18.96% year-on-year [2] Strategic Developments - The company is implementing a "5+N" brand strategy and optimizing its organizational structure and internal governance to enhance operational efficiency [3]

鲁商福瑞达医药股份有限公司 关于 2024 年第三季度主要经营数据的公告 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。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将鲁商福瑞达医药股份有限公司（以下 简称"公司"）2024 年第三季度主要经营数据披露如下： 一、2024 年第三季度公司主要产品的产量、销量及收入实现情况 | 主要产品 | 产量（件） | 销量（件） | 营业收入（元） | | --- | --- | --- | --- | | 护肤类 | 28,584,145.00 | 26,265,644.92 | 521,635,708.17 | 二、2024 年第三季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 护肤类产品 2024 年第三季度平均售价同比基本持平。 证券代码：600223 证券简称：福瑞达 编号：临 2024-040 （二）主要原材料价格波动情况 公司主要原材料有包装物、保湿剂、活性物、乳化剂、油脂等。 1、包装物 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥877,188,685.48, representing a decrease of 4.82% compared to the same period last year[2]. - The net profit attributable to shareholders for the same period was ¥43,913,792.10, down 7.76% year-on-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥39,275,925.66, a decrease of 12.15%[2]. - Year-to-date operating revenue reached ¥2,802,563,091.30, reflecting a decline of 17.45% compared to the previous year[2]. - The basic earnings per share for the reporting period was ¥0.04, a decrease of 26.09% compared to the previous year[2]. - The weighted average return on equity for the year-to-date was 4.14%, down 2.07 percentage points from the previous year[2]. - For the first nine months of 2024, the company achieved operating revenue of RMB 2.803 billion and a net profit attributable to the parent company of RMB 171 million[10]. - Total revenue for the first three quarters of 2024 was CNY 2,802,563,091.30, a decrease of 17.4% compared to CNY 3,394,861,033.85 in the same period of 2023[18]. - Total revenue for the first three quarters of 2024 was CNY 2,750,224,359.66, a decrease from CNY 3,687,918,796.70 in the same period of 2023, representing a decline of approximately 25.4%[22]. - Net profit for Q3 2024 was CNY 209,546,814.29, down from CNY 301,724,176.02 in Q3 2023, reflecting a decrease of about 30.6%[21]. - Operating profit for Q3 2024 was CNY 242,009,090.78, compared to CNY 350,259,097.52 in Q3 2023, indicating a decline of approximately 30.9%[20]. Assets and Liabilities - The total assets at the end of the reporting period were ¥6,101,487,099.77, a decrease of 21.95% from the end of the previous year[3]. - The company’s total assets as of September 30, 2024, amounted to RMB 6.101 billion, with net assets attributable to the parent company of RMB 4.084 billion[10]. - Total assets decreased to CNY 6,101,487,099.77 as of September 30, 2024, down from CNY 7,817,827,107.25 at the end of 2023, a decline of 21.9%[17]. - Total liabilities decreased to CNY 1,344,443,202.56 in Q3 2024, compared to CNY 3,137,686,013.71 in Q3 2023, a reduction of 57.1%[16]. - The company's equity attributable to shareholders increased to CNY 4,084,410,634.25 as of September 30, 2024, compared to CNY 4,014,767,628.09 at the end of 2023, a rise of 1.7%[17]. - Short-term borrowings decreased significantly to CNY 357,041,959.64 in Q3 2024 from CNY 705,223,652.78 in Q3 2023, a drop of 49.3%[16]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥61,382,368.06, down 81.28% year-on-year[6]. - The net cash flow from operating activities for Q3 2024 was ¥61,382,368.06, a decrease of 81.24% compared to ¥327,923,984.43 in Q3 2023[23]. - The total cash inflow from investing activities reached ¥3,144,584,567.90, significantly up from ¥1,477,753,540.60 in the same period last year, marking a 112.67% increase[23]. - The net cash flow from investing activities was ¥3,033,931,469.71, compared to ¥1,286,526,781.43 in Q3 2023, indicating a growth of 135.67%[23]. - The cash inflow from financing activities totaled ¥202,213,516.67, down from ¥1,857,479,650.94 in Q3 2023, reflecting an 89.09% decrease[23]. - The net cash flow from financing activities was -¥1,955,777,620.27, slightly worse than -¥1,892,930,155.52 in the previous year[23]. - The ending balance of cash and cash equivalents was ¥2,826,444,010.60, compared to ¥1,359,154,882.95 at the end of Q3 2023, showing a 108.56% increase[24]. - The total cash outflow from operating activities was ¥2,854,066,223.57, down from ¥3,673,023,967.03 in Q3 2023, a decrease of 22.25%[23]. - The company paid ¥338,008,929.40 in employee-related cash payments, down from ¥417,792,272.02 in the same quarter last year, a reduction of 19.06%[23]. - The cash paid for taxes was ¥218,083,031.38, significantly lower than ¥462,910,141.51 in Q3 2023, indicating a decrease of 53.19%[23]. - The cash received from the disposal of subsidiaries and other business units was ¥2,982,039,258.30, a substantial increase from ¥1,379,905,982.23 in the previous year, representing a growth of 116.00%[23]. Segment Performance - The cosmetics segment generated revenue of RMB 1.708 billion, a year-on-year increase of 3.25%, with a gross margin of 62.32%[10]. - The medical segment reported revenue of RMB 370 million, a year-on-year decrease of 7.42%, with a gross margin of 50.48%[11]. - The raw materials and additives segment recorded revenue of RMB 249 million, a year-on-year decrease of 1.96%, with a gross margin of 39.39%[12]. - The company launched nine functional food products in the new business expansion, including drinks made from traditional Chinese herbs[11]. - The sales of the "Billion Yuan" cream project increased by 54% year-on-year, contributing to the growth of the same series of products[10]. Shareholder Information - The company’s major shareholder, Shandong Commercial Group Co., Ltd., holds 51.62% of the shares, with 195,000,000 shares pledged[7]. - The company’s major shareholder, Shandong Commercial Group, holds approximately 32.44% of the total share capital[9]. Future Outlook - The company reported a net profit margin decline due to reduced revenue and increased costs, impacting overall profitability[18]. - Future outlook includes potential market expansion and new product development strategies to recover from the revenue decline experienced in 2024[18].

证券代码：600223 证券简称：福瑞达 公告编号：2024-039 鲁商福瑞达医药股份有限公司 2024 年半年度权益分派实施公告 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、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.05 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/30 | － | 2024/10/31 | 2024/10/31 | 差异化分红送转： 否 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本1,016,568,775股为基数，每股派发现金红利0.05 元（含税），共计派发现金红利 50,828,438.75 元。 三、 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权 ...

证券代码：600223 证券简称：福瑞达 编号：临 2024-038 鲁商福瑞达医药股份有限公司 关于召开 2024 年第三季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。 本次投资者说明会以网络文字互动的形式召开，公司将针对 2024 年第三季 度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 （一）会议召开时间：2024 年 10 月 30 日（星期三）10:00-11:00 （二）网络参与地址：上证路演中心平台（http://roadshow.sseinfo.com/） 会议召开时间：2024 年 10 月 30 日（星期三）10:00-11:00 网络参与地址：上证路演中心平台（http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络文字互动 （三）会议召开方式：上证路演中心网络文字互动 三、参加人员 重要内容提示： 问题征集方式：投资者可于 2024 年 10 月 23 日（星期三）至 ...