Group 1 - The company Fuhua Jia (301371) reported that as of September 10, 2025, the number of shareholders is 15,963 [1]

Group 1 - The cosmetics sector experienced a slight increase of 0.22% on September 10, with Jinsheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 3812.22, up 0.13%, while the Shenzhen Component Index closed at 12557.68, up 0.38% [1] - Jinsheng New Materials saw a significant rise in its closing price to 14.38, reflecting an increase of 11.73% with a trading volume of 139,700 shares and a transaction value of 198 million yuan [1] Group 2 - The cosmetics sector faced a net outflow of 10.99 million yuan from institutional investors and 78.76 million yuan from retail investors, while individual investors saw a net inflow of 89.75 million yuan [2] - The trading data indicates that Jinsheng New Materials had a net inflow of 24.75 million yuan from institutional investors, despite a net outflow from retail and speculative investors [3] - Qingdao Kingway and Beitaini also reported net inflows from retail investors, while other companies like Shanghai Jahwa and Marubi experienced net outflows from both institutional and speculative investors [3]

Group 1 - Harbin Fulejia Technology Co., Ltd. collaborated with Cambridge College to host a skincare-themed welcome event titled "New Semester, New 'Skin' Encounter" [1][3] - The event combined skin detection, scientific skincare knowledge dissemination, and a celebration party, providing professional skincare services to new students [1][3] - A professional "skin detection station" was set up at the welcome party, utilizing advanced skin detection instruments to analyze students' skin conditions and offer personalized skincare solutions [3] Group 2 - The event addressed common skin issues faced by young people, such as dark circles from late-night studying and redness from military training exposure [3] - Attendees received multiple benefits, including free "mask experience packs" through QR code interaction, a lottery for full-sized skincare gift sets, and additional rewards for social media sharing with the hashtag FulejiaRenewalLaunch [3] - The brand representative, Sun Na, emphasized the need for gentle and effective care for young skin and expressed the company's commitment to promoting scientific and healthy skincare concepts [3]

Group 1 - The company announced that it will hold a staff representative meeting on September 8, 2025, to elect Mr. Xu Chong as the employee representative director of the second board of directors [2]

证券代码：301371 证券简称：敷尔佳 公告编号：2025-035 哈尔滨敷尔佳科技股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 2、召开地点：哈尔滨市松北区美谷路 500 号公司一楼花果山会议室。 3、召开方式：现场表决与网络投票相结合的方式。 4、召集人：公司董事会 5、主持人：公司董事长张立国先生 6、会议召开的合法、合规性：本次股东会的召集、召开及表决方式符合《中华 人民共和国公司法》《上市公司股东会规则》《深圳证券交易所创业板股票上市规 则》等有关法律、行政法规、部门规章、规范性文件和《公司章程》的有关规定。 1 1、召开时间 （1）现场会议召开时间：2025 年 9 月 8 日（星期一）下午 14:30。 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 9 月 8 日的交易时间，即上午 9：15-9：25、9:30-1 ...

北京市中伦（深圳）律师事务所 关于哈尔滨敷尔佳科技股份有限公司 法律意见书 二〇二五年九月 北京 • 上海 • 深圳 • 广州 • 武汉 • 成都 • 重庆 • 青岛 • 杭州 • 南京 • 海口 • 东京 • 香港 • 伦敦 • 纽约 • 洛杉矶 • 旧金山 • 阿拉木图 Beijing • Shanghai • Shenzhen • Guangzhou • Wuhan • Chengdu • Chongqing • Qingdao • Hangzhou • Nanojing • Haikou • Tokyo • Hong Kong • London • New York • Los Angeles • San Francisco • Almaty 北京市中伦（深圳）律师事务所 关于哈尔滨敷尔佳科技股份有限公司 2025 年第一次临时股东会的 法律意见书 2025 年第一次临时股东会的 致：哈尔滨敷尔佳科技股份有限公司 北京市中伦（深圳）律师事务所（下称"本所"）接受哈尔滨敷尔佳科技股 份有限公司（下称"公司"）的委托，指派律师出席公司 2025 年第一次临时股 东会（下称"本次股东会"），并根据《中华人民 ...

证券代码：301371 证券简称：敷尔佳 公告编号：2025-036 哈尔滨敷尔佳科技股份有限公司 关于选举产生第二届董事会职工代表董事的公告 2025 年 9 月 8 日 1 附件： 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 哈尔滨敷尔佳科技股份有限公司（以下简称"公司"）于 2025 年 9 月 8 日 召开职工代表大会，选举徐崇先生为公司第二届董事会职工代表董事，任期自本 次职工代表大会选举通过之日起至第二届董事会届满之日止。 本次职工代表董事选举产生后，公司第二届董事会中兼任高级管理人员以及 由职工代表担任的董事人数未超过公司董事总数的二分之一，符合相关法律、法 规及《公司章程》等的有关规定。 徐崇先生的简历详见附件。 特此公告。 哈尔滨敷尔佳科技股份有限公司董事会 徐崇先生简历 徐崇，男，汉族，1981 年出生，中国国籍，无境外永久居留权，本科学历。 2005年8月至2008年6月任哈尔滨六顺电气自动化设计有限公司销售经理；2008 年 7 月至 2012 年 4 月任远孚化工（大连）有限公司销售经理；2012 年 6 月至 2018 年 7 ...

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, highlighting strong growth potential and investment opportunities in the industry [14][19]. Core Insights - The cosmetics and medical beauty sector has shown resilience, outperforming the market during the week of August 29 to September 5, 2025, with the Shenwan Beauty Care Index declining only 0.8% [3][4]. - The transition to autumn skincare marks the beginning of a consumption peak for the sector, with significant sales events such as the Autumn Beauty Consumption Festival and Double 11 approaching, creating new investment opportunities [9][10]. - Major companies in the sector are optimistic about their performance in the second half of 2025, as indicated by a recent conference involving over ten beauty care companies [9]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index remained stable, outperforming the Shenwan A Index by 1.4 percentage points, while the Shenwan Personal Care Index fell by 1.8%, underperforming the Shenwan A Index by 0.3 percentage points [3][4]. Key Company Reviews - **Mao Geping (1318HK)**: Reported a revenue of 2.59 billion yuan for H1 2025, a year-on-year increase of 31%, with a net profit of 670 million yuan, up 36%. The color cosmetics segment saw a revenue of 1.42 billion yuan, while skincare generated 1.09 billion yuan, reflecting strong brand momentum [10][11]. - **Shangmei Co. (02145HK)**: Achieved a revenue of 4.108 billion yuan in H1 2025, a 17.3% increase, with a net profit of 556 million yuan, up 34.7%. The main brand, Han Shu, contributed significantly to growth, with a revenue of 3.344 billion yuan [16][17]. Investment Recommendations - Recommended companies include Shangmei Co., Porlaia, and Shanghai Jahwa, which have strong brand matrices and relatively low PE multiples. Other notable mentions are Marubi Biological and Mao Geping, which are positioned well to benefit from the rise of domestic beauty brands [10][19]. - The report suggests focusing on companies with strong R&D capabilities and product pipelines, particularly in the upstream medical beauty segment, with a recommendation for Aimeike [10][19]. Market Trends - The report notes a significant increase in online sales, with H1 2025 online revenue for Mao Geping reaching 1.297 billion yuan, a 39% year-on-year increase, marking a shift in consumer purchasing behavior towards online platforms [12][18]. - The overall cosmetics retail market showed a 4.5% growth in July 2025, indicating a robust recovery in consumer spending [23][26]. Strategic Developments - Porlaia's investment in Huazhi Xiao reflects a strategic move to enhance its multi-brand strategy and capitalize on the influence of Gen Z consumers [28]. - The report highlights the competitive landscape, noting that domestic brands are increasingly capturing market share, with a notable shift in consumer perception from "value for money" to "quality choice" [32].

Core Insights - The increasing prevalence of acne-prone skin is attributed to fast-paced lifestyles, irregular schedules, and environmental pollution, leading to a shift in acne care from a niche to a core segment within the booming "beauty economy" [1] - The launch of the second-generation acne treatment mask, "Clearing Acne Skin Repair Patch 2.0" by the company, introduces technological breakthroughs and multiple patented formulations, offering a "gentle yet effective" new experience for acne care [1] Product Features - The key ingredient in the "Clearing Acne Skin Repair Patch 2.0" is "Sophora Flavescens Alkaloid Salicylate," which utilizes supramolecular technology to enhance skin penetration by 3-5 times compared to traditional salicylic acid, achieving a 6.08 times higher penetration within 48 hours and a 4.04 times higher retention in the skin [3] - The product addresses core acne issues through a comprehensive solution that includes oil control, acne removal, and redness reduction, effectively alleviating discomfort associated with various types of acne [3][4] Market Trends - According to data from Euromonitor, the online acne care market in China is expected to exceed 24 billion yuan in 2024, with a year-on-year growth of over 15%, significantly outpacing the overall skincare market [4] - The sales of "acne management" products, which focus on oil control, stabilization, and prevention, are twice that of "emergency acne" products, indicating a strong consumer demand for long-term care solutions [4] Strategic Positioning - The upgrade of the acne mask product aligns well with the trend towards more refined and systematic acne care, showcasing the company's competitive advantage in functional skincare while demonstrating a deep understanding of Chinese consumers' skin issues [4] - With the continuous expansion of the acne care market and the deepening of user needs, the company is well-positioned to lead the industry into a more professional new phase through innovative products [4]

Core Viewpoint - The performance of leading medical beauty companies is diverging amid industry adjustments, with Giant Biological leading in revenue growth while Huaxi Biological and Fulejia face significant declines in performance [2][5][10]. Group 1: Company Performance - Giant Biological reported a revenue of 31.13 billion yuan with a year-on-year growth of 22.5% and a net profit of 11.82 billion yuan, reflecting a 20.2% increase [5][11]. - Huaxi Biological's revenue fell to 22.61 billion yuan, a decrease of 19.57%, with net profit dropping by 35.38% to 2.21 billion yuan [3][4]. - Fulejia's revenue decreased to 8.63 billion yuan, down 8.15%, and net profit fell by 32.54% to 2.3 billion yuan [4][9]. Group 2: Strategic Adjustments - Huaxi Biological attributed its revenue decline to a drop in income from its skin science innovation transformation business, which saw a 33.97% decrease to 9.12 billion yuan [5][7]. - Fulejia's revenue drop was linked to the optimization of offline channels, which impacted sales, while its marketing expenses increased by 39.56% to 4.2 billion yuan [6][10]. - Both companies are undergoing strategic transformations to address their performance issues, with Huaxi Biological implementing significant reforms and Fulejia focusing on improving channel quality [8][10]. Group 3: Industry Trends - The medical beauty industry is shifting from a focus on "traffic dividends" to "technical barriers," with the competition intensifying between hyaluronic acid and recombinant collagen products [2][13]. - The market for recombinant collagen products is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [14]. - Companies are increasingly recognizing the importance of research and development capabilities, patent strategies, and compliance as key competitive factors in the evolving landscape of the medical beauty industry [16].