Core Insights - The company, Fulejia, is facing significant operational pressure with a revenue of 863 million yuan in the first half of 2025, representing a year-on-year decline of 8.15%, and a net profit of 230 million yuan, down 32.54% year-on-year [1] Group 1: Business Performance - The decline in both revenue and profit indicates a challenging environment for Fulejia, which was once known as the "first stock of medical beauty masks" [1] - The company's sales expenses account for nearly half of its revenue, suggesting a struggle with the cost-effectiveness of its growth strategy [1] Group 2: Channel Transformation - The shift towards online channels has led to a drastic reduction in traditional distributor income, with offline revenue contribution dropping to less than 20% [2] - Despite rapid growth in online channels, it has not compensated for the revenue shortfall, revealing a need for improved operational capabilities in offline channels [2] - The heavy investment in marketing, particularly in live-streaming and influencer partnerships, has resulted in sales costs growing significantly faster than revenue, leading to a profit squeeze [2] Group 3: Product and Brand Challenges - The core product category, "medical beauty masks," is facing a trust crisis due to regulatory tightening and consumer perception changes, which has compressed previous marketing premium spaces [3] - The company is experiencing delays in R&D innovation, with a heavy reliance on traditional product forms and insufficient differentiation compared to competitors [3] - The presence of counterfeit products across multiple platforms is damaging brand value and consumer trust, complicating the recovery of customer relationships [3] Group 4: Strategic Directions - Fulejia's transformation requires a focus on three key areas: rebalancing channels by enhancing offline professional service capabilities, accelerating the development of high-value products, and rebuilding brand trust through transparent supply chains [4] - The company must shift its marketing focus from "medical beauty concepts" to "professional solutions" to restore consumer confidence [4] Group 5: Industry Reflection - The challenges faced by Fulejia reflect a broader industry shift from traffic-driven growth to value-driven strategies, emphasizing the importance of solid product capabilities over mere marketing [5]

Market Overview - The cosmetics sector experienced a decline of 4.44% on August 27, with Proya leading the drop [1] - The Shanghai Composite Index closed at 3800.35, down 1.76%, while the Shenzhen Component Index closed at 12295.07, down 1.43% [1] Individual Stock Performance - Key stocks in the cosmetics sector showed varied performance, with Jiahen Jiahua rising by 2.08% to a closing price of 25.03 [1] - Other notable declines included Marubi Biological falling by 2.13% to 40.94, and Shiseido dropping by 3.34% to 25.47 [1][2] Trading Volume and Capital Flow - The total trading volume for the cosmetics sector was significant, with Jiahen Jiahua recording a volume of 195,100 shares and a transaction value of 498 million yuan [1] - The sector saw a net outflow of 580 million yuan from institutional investors, while retail investors contributed a net inflow of 470 million yuan [2] Capital Flow Analysis - Major stocks like Jiahen Jiahua and Marubi Biological experienced mixed capital flows, with Jiahen Jiahua seeing a net outflow of 15.42 million yuan from institutional investors [3] - Conversely, Marubi Biological had a net inflow of 7.79 million yuan from institutional investors, indicating varied investor sentiment across the sector [3]

Group 1 - The core point of the article is that Fuirjia has received a medical device registration certificate for its product "Medical Alginate Sugar Repair Patch" from the Heilongjiang Provincial Drug Administration, which is expected to enhance its market position in the medical device sector [1] - Fuirjia's revenue composition for the year 2024 is reported to be 57.72% from the daily chemical industry and 42.28% from the medical device industry, indicating a significant presence in both sectors [1] - As of the report, Fuirjia's market capitalization stands at 14.6 billion yuan, reflecting its valuation in the market [1] Group 2 - The pet industry is experiencing a significant boom, with a market size of 300 billion yuan, leading to positive market reactions among listed companies in the sector [1] - The emergence of smart pet devices, such as smartphones that can "call" their owners, highlights innovation within the pet industry [1]

Core Viewpoint - The company held an online performance briefing on August 26, 2025, to discuss its financial results and operational updates with investors [1] Group 1: Financial Performance - For the first half of 2025, the company achieved operating revenue of 863,112,643.06 yuan and a net profit attributable to shareholders of 229,656,927.58 yuan [1] - The second quarter of 2025 saw a significant revenue increase of 86.68% compared to the first quarter, indicating a recovery trend in performance [1] - The revenue composition for the first half of 2025 was 72.39% from cosmetics (62,481.77 million yuan) and 27.61% from medical devices (23,829.45 million yuan) [1] Group 2: Product and Market Updates - As of June 30, 2025, the company has obtained three Class II medical device registration certificates, including products like medical sodium hyaluronate repair patches and solutions [1] - The company reported a positive growth trend in offline sales for the first half of 2025, attributed to sales channel optimization and product price adjustments [1] - Sales on the JD platform showed significant year-on-year growth in the first half of 2025, with enhanced cooperation and product variety [1] Group 3: Corporate Structure and Future Plans - The company currently has two wholly-owned subsidiaries: Harbin Futejia Trading Co., Ltd. and Shanghai Fuirjia Technology Development Co., Ltd. [1] - The company has sufficient self-funding reserves and currently has no financing plans [1] - There are no share reductions by major shareholders or company executives at this time, with 77,529,400 shares (14.91% of total shares) being unrestricted [1]

Group 1 - The core point of the article is that the company Fuhua Jia (301371) has received a Class II medical device registration certificate from the Heilongjiang Provincial Drug Administration for its product "Medical Trehalose Repair Patch" on August 26 [1] Group 2 - The product is categorized as a medical device, indicating its intended use in healthcare settings [1] - The registration certificate is a significant regulatory milestone for the company, potentially enabling market entry and commercialization of the product [1] - The announcement was made on the same day the certificate was received, highlighting the company's proactive communication with stakeholders [1]

Core Viewpoint - The company Fulejia (301371.SZ) has received a Class II medical device registration certificate for its product "Medical Trehalose Repair Patch" from the Heilongjiang Provincial Drug Administration, which will enhance its product portfolio and market expansion capabilities, although the actual sales performance and impact on future earnings remain uncertain [1]. Company Summary - The product "Medical Trehalose Repair Patch" is intended for the care of minor wounds, abrasions, and cuts, and is classified as a Class II medical device [1]. - The registration certificate is valid until August 25, 2030, indicating a long-term approval for the product's market presence [1]. - The registration number for the certificate is 黑械注准20252140056, which is essential for regulatory compliance [1]. Industry Summary - The approval of this medical device is expected to contribute to the diversification of the company's product offerings within the healthcare sector [1]. - The market potential for such medical devices is significant, particularly in the context of increasing demand for wound care solutions [1].

关于获得医疗器械注册证的公告 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。 哈尔滨敷尔佳科技股份有限公司（以下简称"公司"）于 2025 年 8 月 26 日获 得黑龙江省药品监督管理局颁发的医疗器械注册证（Ⅱ类医疗器械），产品名称为 "医用海藻糖修复贴"，具体内容如下： 一、基本信息 1、注册人名称：哈尔滨敷尔佳科技股份有限公司 2、产品名称：医用海藻糖修复贴 证券代码：301371 证券简称：敷尔佳 公告编号：2025-034 哈尔滨敷尔佳科技股份有限公司 二、对公司的影响及风险提示 本次医疗器械注册证的获得，进一步丰富了公司医疗器械类产品矩阵，能够更 好地满足广大消费者对医用敷料产品的需求，有利于提高公司在专业皮肤护理产品 市场的拓展能力，对公司未来的生产经营将产生正面影响。 以上产品实际销售情况取决于未来市场的推广效果，目前公司尚且无法预测该 产品对公司未来业绩的具体影响，敬请广大投资者注意防范投资风险，理性投资。 1 三、备查文件 1、《中华人民共和国医疗器械注册证》。 特此公告。 哈尔滨敷尔佳科技股份有限公司董事会 3、注册证编号：黑械注准 20 ...

Group 1: Company Overview - As of June 30, 2025, the company has obtained 3 Class II medical device registration certificates [2] - The company currently has 2 wholly-owned subsidiaries: Harbin Futejia Trading Co., Ltd. and Shanghai Fulejia Technology Development Co., Ltd. [8] Group 2: Financial Performance - For the first half of 2025, the company achieved operating revenue of ¥863,112,643.06, with a net profit attributable to shareholders of ¥229,656,927.58 [3] - The company's revenue from cosmetics in the first half of 2025 was ¥624,817,700, accounting for 72.39% of total revenue, while revenue from medical devices was ¥238,294,500, accounting for 27.61% [8] - In Q2 2025, the company's operating revenue increased by 86.68% compared to Q1 2025, indicating a recovery trend [8] Group 3: Sales and Market Performance - The company reported a positive growth trend in offline sales for the first half of 2025, with sales channels gradually returning to health [3] - Sales on the JD platform showed significant year-on-year growth in the first half of 2025, attributed to enhanced cooperation and new promotional strategies [6] Group 4: Investor Relations and Future Plans - The company currently has no share repurchase plans [5] - There are no current financing plans as the company has sufficient internal funds [9] - The company has completed all fundraising project milestones, and the special accounts for raised funds have been fully canceled [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company experienced a revenue decline of 8.15% year-on-year in H1 2025, with total revenue reaching 863 million yuan. The net profit attributable to shareholders decreased by 32.54% to 230 million yuan [1]. - The decline in revenue is attributed to the optimization of offline channels, while the decrease in net profit is mainly due to increased promotional expenses [1]. - The company has a strong focus on new raw material development and deepening its presence in the medical device sector, with a significant increase in R&D personnel [3]. Financial Performance Summary - In H1 2025, the company reported a gross margin of 81.47%, with a net profit margin of 26.61%, reflecting a year-on-year decrease of 9.62 percentage points [2]. - The revenue from medical devices was 238 million yuan, accounting for 27.61% of total revenue, down 48.07% year-on-year, while cosmetics revenue was 625 million yuan, up 29.95% year-on-year [1]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 400 million yuan, which is 174.21% of the net profit for the first half of the year [1]. Earnings Forecast and Financial Indicators - The projected net profit for the company is expected to be 609 million yuan in 2025, with a year-on-year decrease of 7.9%, followed by increases of 13.4% and 14.2% in 2026 and 2027, respectively [4]. - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 21x, 18x, and 16x, respectively [3][4].

Core Insights - China has become the world's second-largest cosmetics consumer market, driven by rising economic levels and increasing consumer demand for better living standards [1] - Domestic cosmetic brands are leveraging smart manufacturing, scientific innovation, and proprietary ingredients to reshape the market landscape traditionally dominated by international brands [1] Company Overview - Fulejia's Northern Beauty Valley industrial base covers over 100,000 square meters and includes R&D quality inspection centers, medical device workshops, and fully automated warehouses, representing a model of "smart factories" in Harbin [3] - The company emphasizes product innovation and R&D as its core production force, adhering to high standards across the R&D, production, and finished product stages [3][6] - Fulejia conducts comprehensive testing on its products, including clinical efficacy tests, safety evaluations, and stability assessments under various environmental conditions, ensuring high product quality [3][6] Production Process - The production process is fully automated, utilizing a control system that minimizes human intervention risks and ensures compliance with GMP standards through features like automatic cleaning and online sterilization [4] - All raw materials and packaging undergo rigorous testing upon arrival, and both semi-finished and finished products are subject to quality control checks throughout the production process [6] R&D and Innovation - Fulejia collaborates with several universities and research institutions, including Harbin Institute of Technology and Sichuan University, to enhance its R&D capabilities and develop new products [6] - The company has established a comprehensive R&D system and talent cultivation mechanism, integrating internal and external resources to drive continuous innovation [6] Product Range and Market Position - Fulejia offers over sixty specialized skin care products, including medical dressings and functional skin care items, and has developed proprietary cosmetic ingredients [7] - The company has transitioned from a pharmaceutical background to become a leader in medical dressings, showcasing its commitment to technology, efficacy, and quality [7]