Sales Channel Optimization - The offline sales channel optimization is progressing as expected, with significant improvements in channel quality and management capabilities [2] - The company is expanding its offline sales team to establish a solid foundation for long-term operations [2] - The shift from traditional distribution to value-driven sales models aims to enhance profitability and growth potential of offline channels [2][3] Market Competition - The company views strong competitors as catalysts for growth, providing valuable learning experiences [3] - The offline profit margins are substantial, prompting proactive adjustments to adapt to intense market competition [3] Revenue Expectations - The company is optimistic about recovering offline revenue in 2026, having made adequate preparations in 2025 [4] - Continuous efforts will be made to expand the offline market in 2026 [4] Online Sales Performance - The largest online sales platforms are Douyin and Tmall, with both showing similar sales volumes [5] - Other platforms, such as JD.com, have also shown significant growth in 2025 [5] Product Development - The company has high expectations for the upcoming medical product, the seaweed sugar repair patch, which is still in the pre-launch phase [5] - The lactose acid mask launched previously performed excellently in 2025, meeting sales expectations [5] - The company is preparing to submit materials for the approval of a new collagen product, with clinical trials completed [6]

Group 1: Sales Team and Strategy - The company has expanded its sales team to over 200 members, focusing on both online and offline sales channels [2] - The company prioritizes both revenue and profit, viewing them as indicators of market share and profitability [2] - The company has a rich reserve of medical device products, including Class II and Class III devices [2] Group 2: Shareholder and Incentive Plans - The chairman currently has no plans to reduce his shareholding, and any future plans will comply with regulatory disclosure obligations [3] - The company has plans for stock incentives, but the specific timeline for implementation is uncertain [3] Group 3: Financial Position and Market Performance - The company is monitoring potential acquisition targets but has not identified any suitable candidates at this time [3] - The offline business model has a significantly higher net profit margin compared to the online model, and the company aims to enhance offline operations for stable profit contributions [3] - Sales performance during the promotional period in March was satisfactory and aligned with company expectations, with a focus on daily sales [3]

| A：无论是线上还是线下，兴趣电商还是货架电商，都是 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 公司重要的销售渠道，公司对各个渠道的内部销售目标都是比 | | | | | | | | 较严格的，各渠道都有独立的团队，也希望各团队及其渠道在 | | | | | | | | 2026 | 年度都能有比较好的表现。 | | | | | | | Q4、目前公司 | OTC | 渠道情况如何？ | | | | | | A：目前公司 | OTC | 渠道覆盖率还是比较低的，OTC | 渠道的 | | | | | 潜力也是比较大的。2025 | 年度公司扩充了 | OTC | 渠道的销售团 | | | | | 队，2026 | 年度公司会加大 | OTC | 渠道的拓展力度，持续提高 | OTC | | | | 渠道的覆盖率，希望 | 2026 | 年度 | OTC | 渠道能有比较好的表现。 | | | | Q5、目前公司抖音和天猫那个平台盈利更好？ | | | | | | | | A：两个平台定位不同，抖音作为公司兴趣电商的主要销 | | ...

证券代码：301371 证券简称：敷尔佳 | 关于本次活动 | 本次活动不涉及应披露重大信息。 | | --- | --- | | 是否涉及应披 | | | 露重大信息的 | | | 说明 | | | 附件清单 | 无。 | | （如有） | | | 日期 | 2026 年 3 月 17 日 | 3 型，不断满足消费者多元化的护肤需求。 Q3、公司线上线下占比趋势如何？ A：敷尔佳成立之初，通过与经销商的深度合作，线下占 比大于线上。随着近年来线上渠道的快速发展，线上占比已经 大于线下。 Q4、目前公司抖音的 ROI 情况如何？ A：抖音是公司重要的线上平台，2025 年度通过精细化运 营，ROI 数据是有明显提升的，整体也比较符合公司预期，未 来公司将持续细化抖音平台的运行工作，希望 ROI 数据能在保 持稳定的同时得到进一步的提升。 Q5、2025 年新品变化有哪些？ A：2025 年重点上市了积雪草系列产品、以油养肤系列产 品、方胖子-湿敷膜、清痘升级系列产品及控油敛肤系列产品 等几十款，具体产品可在公司线上各大官方旗舰店进行了解。 Q6、公司是否有公开的业绩指引？ A：2026 年度，公司对各个销售渠 ...

哈尔滨敷尔佳科技股份有限公司 | | 备是比较充分的，械品与妆品都有，剂型涵盖敷料、面膜、水、 | | --- | --- | | | 乳、膏、霜、精华、次抛等，具体以公司 2026 年度实际上新 | | | 情况为准。 | | | Q4、2026 年度公司在净利率方面是怎么规划的？ | | | A：基于 2025 年度线下销售渠道优化调整与线下销售团队 | | | 的完善，为公司 2026 年度线下业务开展夯实了很好的基础， | | | 由于线上和线下销售模式的差异，线下业务的净利率是明显优 | | | 于线上的，2026 年度公司会进一步加大线下业务开展力度， | | | 公司有信心，也希望 2026 年度总体净利率能有比较好的表现。 | | | Q5、今年公司 3.8 节促销表现如何？ | | | A：从销售数据上看，今年 3.8 大促期间的表现是比较好 | | | 的，符合公司预期。目前公司以日销为主，大促为辅，大促期 | | | 间公司积极参与平台活动，希望能在回馈消费者的同时，为公 | | | 司的业绩锦上添花。 | | | Q6、目前公司研发团队能有多少人？ | | | A：2025 年度公司持 ...

敷尔佳 20260313 摘要 渠道调整完成：2025Q4 基本完成经销商精简化，线下业务已恢复正常 发货；线下净利率（不含总部摊销）保持 70%以上，毛利率稳定在 80%左右。 线上精细化运营：在沪杭设立电商团队，规模超 200 人；抖音 ROI 从 1.6-1.8 提升至 2.0+，自播占比已超达播；天猫 ROI 约 1:3，利润率高 于抖音。 产品矩阵与增长点：2025 年推 40 余款产品，白膜与另一新品前三季度 合计销额超 3 亿；乳糖酸系列成新增长点，2025 前三季度销额接近 2 亿元。 医美管线进度：胶原蛋白冻干纤维已完成临床并申报；三类医用敷料临 床中；凝胶产品预计 2026H2 进入临床；三类胶原原料由聚源供应。 研发与产能策略：采取"外部科研院所合作+ODM 先行测试"模式，通 过 ODM 快速响应市场热点，反馈良好后再自建产线以降低成本。 2026 年展望：计划推出 20 多款新品（含 PDRN 系列），目标将整体 ROI 稳定在 2.0；并购方向锁定拥有新原料技术或三类医疗器械证的企 业。 Q&A 请介绍一下公司在 2025 年的核心变化与运营调整情况？ 2025 年公司进行了一系列 ...

Group 1: Offline Channel Strategy - The company plans to optimize and adjust offline sales channels to improve quality and management capabilities [2] - The transition of distributors from traditional distribution to value-driven sales is a key focus for creating better growth conditions in the offline market [2] - The company aims to expand its offline sales team to lay a talent foundation for long-term business development [2] Group 2: Expansion of Offline Business - The offline business is currently being expanded through two main methods: increasing the number of distributors and direct expansion by the company's sales team targeting large chain terminals [3] - In 2026, the company intends to increase the number of offline partners while ensuring quality [3] Group 3: New Product Development - The company has a robust reserve of new products for 2026, including medical devices and functional skincare products, covering both patch and non-patch forms [3] - Efforts will be made to align the speed and categories of new product launches between online and offline channels [3] Group 4: Performance Guidance - The company does not provide public guidance on offline performance for 2026 but expects a positive start following the optimization and team expansion in 2025 [3]

Group 1: Business Operations and Strategy - In 2025, the company optimized its offline sales channels and improved its management team, leading to enhanced operational capabilities and a solid foundation for 2026 [1] - The sales channels were shifted from traditional distribution to value-driven sales, resulting in a streamlined number of distributors and improved profitability [1] - The offline sales team is divided into three groups: CS and KA channels, professional channels, and OTC channels [1] Group 2: Financial Performance and Projections - Financial data for 2025 is still under audit, with specific figures to be disclosed in the annual report on April 23, 2026 [2] - The offline profit margin is higher than online, with improved profitability due to sales channel optimization [3] - The sales team has grown to over 200 members, reflecting ongoing recruitment efforts [4] Group 3: Product Development and Innovation - The company plans to continue its dual focus on medical devices and functional skincare products, with new product launches expected in various forms including dressings, masks, and creams [5] - Progress is being made on a recombinant type III humanized collagen freeze-dried fiber, which has completed clinical trials and is preparing for submission [6] Group 4: Corporate Governance and Future Plans - The company is considering mergers and acquisitions to enhance R&D capabilities and product offerings, with future updates to be disclosed as per regulatory requirements [7] - The dividend plan for this year has not yet been determined, with an announcement expected on April 23, 2026 [8] - There are ongoing considerations for stock incentive plans, with no current confirmation on implementation [9] - No share reductions have occurred from executives whose restrictions were lifted in February 2025 [9]

Group 1: Online Business Outlook - The company expects the online business profit margin to remain within a reasonable range due to improved operational capabilities and a refined operational model [2] - The online operations team has been enhanced, contributing to better profitability on online platforms [2] Group 2: Offline Business Strategy - The company has optimized offline sales channels and is expanding its sales team, anticipating a positive performance in offline business for the year [2] - The transformation of the distributor model is part of the strategy to boost offline sales [2] Group 3: Product Development and Innovation - The company is actively expanding its non-patch product line, with a focus on improving product structure and increasing the sales proportion of non-patch products [3] - A new medical device product, "Medical Trehalose Repair Patch," is planned for launch this year, following the acquisition of a Class II medical device certificate in August 2025 [3] - Over ten new Class II medical device products were launched in 2025, with details available on the company's official e-commerce platforms [3] Group 4: Mergers and Acquisitions - The company is monitoring potential mergers and acquisitions to enhance R&D capabilities and product matrix, with future developments to be disclosed in accordance with regulatory requirements [3] Group 5: Financial Guidance and Dividend Plans - The company has set internal sales plans for 2026 but will not publicly disclose annual performance forecasts [3] - The dividend plan for this year is yet to be determined, pending the evaluation of 2025 performance and 2026 funding plans, with an announcement expected on April 23, 2026 [3]

Group 1: Online Team and Sales Channels - The company has established operational teams in Shanghai and Hangzhou to enhance online operational efficiency and profitability, focusing on interest e-commerce and shelf e-commerce respectively [2] - All existing sales channels are considered key, with dedicated teams for each channel to deepen exploration and expand new sales channels while improving profitability [3] Group 2: Pricing and Inventory Management - The company's product pricing has remained stable, with improvements in pricing stability due to sales channel optimization [3] - Inventory levels are maintained within a reasonable range, following a sales-driven production principle to ensure timely product supply and minimize operational costs and market risks [3] Group 3: New Product Development - The company has a robust pipeline for new product launches, including medical devices and functional skincare products, with a wide range of formulations and effects [3] - The sales proportion of cosmetic products has increased following the establishment of the Shanghai R&D center, enhancing the product matrix and profitability [3] Group 4: Medical Aesthetics Business - The company is actively advancing its medical aesthetics product layout, with a rich reserve of R&D projects, although future growth as a second growth curve depends on new product output and sales performance [3]