Core Viewpoint - The company is facing its most severe challenges since its listing, with significant declines in revenue and profit due to structural issues and strategic missteps [1] Group 1: Financial Performance - In Q1 2025, the company's revenue was 301 million yuan, a year-on-year decline of 26.39% [1] - The net profit attributable to shareholders was 91.38 million yuan, down 39.77% year-on-year, while the net profit excluding non-recurring items plummeted by 62.82% [1] Group 2: Business Challenges - The company's growth issues stem from a "heavy marketing, light R&D" approach, leading to a decline in core business performance [2] - The shift to online direct sales has resulted in diminishing returns, with sales expenses increasing by 19.35% to 159 million yuan, failing to offset the decline in offline channels [2] - The medical dressing business, which constituted 42.28% of revenue by the end of 2024, saw an average price drop of 11.8% to 39.68 yuan [2] - The product matrix is weak, with only 7 out of 29 patents being invention patents, indicating a reliance on external manufacturing for product differentiation [2] Group 3: Financial Health and Governance Issues - The company reported a negative operating cash flow of -66.16 million yuan in Q1, a significant drop from 128 million yuan in the same period last year [3] - Accounts receivable surged by 79.15%, and inventory reached 189 million yuan, raising concerns about potential inventory impairment risks [3] - Non-recurring gains accounted for 42.4% of net profit, highlighting unsustainable "paper profits" [3] - The former major shareholder has divested and launched competing products, undermining the company's supply chain advantages [3] Group 4: Strategic Recommendations - The company needs to focus on rebuilding its technological moat to navigate the transition from "qualification dividends" to "technological dividends" in the skincare industry [4] - Key areas for improvement include enhancing R&D capabilities, developing new growth lines, and restructuring channel value distribution [4] - Continued reliance on marketing and government subsidies may lead to loss of market share to competitors with stronger technological foundations [4]

Core Viewpoint - The company Fulejia (301371.SZ), known as the "first stock in medical beauty masks," is facing significant internal and external pressures, including a major shareholder's decision to liquidate shares and increased competition in the functional skincare market, leading to a decline in net profits despite heavy marketing expenditures [1][9]. Financial Performance - In the recent annual report, the company reported operating revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while net profit attributable to shareholders was 661 million yuan, a decrease of 11.77%. The net profit after deducting non-recurring items was 604 million yuan, down 17% [2][4]. - This marks the second consecutive year of declining net profits and the third year of decreasing net profit after adjustments, with a reduction of approximately 200 million yuan compared to 847 million yuan in 2022 [2]. Marketing and R&D Expenditures - The significant drop in net profit is primarily attributed to a surge in sales expenses, which reached 748 million yuan in 2024, a substantial increase of 40.53%, far exceeding the revenue growth rate [4]. - Sales expenses have consistently risen over the years, from 264 million yuan in 2021 to increases of approximately 47.69% and 36.44% in 2022 and 2023, respectively, outpacing revenue growth [4]. - In contrast, the company's R&D expenses were only about 34.82 million yuan in 2024, highlighting a "heavy marketing, light R&D" approach, with R&D expenditure rates remaining below 2%, significantly lower than competitors like Betaini and Huaxi Biological [4]. Product Pricing and Market Competition - The company's flagship product, the medical mask, is experiencing chaotic pricing, with significant discrepancies between official and online retail prices, impacting brand integrity [7]. - The gross margin for the company has been declining, with a reported gross margin of 81.73% in 2024, marking the second consecutive year of decline, while net profit margin has decreased from over 53% in 2018 to only 32.78% in 2024 [5]. Shareholder Dynamics - In July 2024, the second-largest shareholder, Hasanlian, announced plans to sell 1.8 million shares, representing 4.5% of the total share capital, although the reasons for this decision were not disclosed [8]. - The relationship between the company and Hasanlian has become complex, as Hasanlian has entered the cosmetics market with products similar to Fulejia's, intensifying competition [8][9].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][6]. Core Views - The company experienced a revenue increase of 4.3% year-on-year in 2024, but the net profit attributable to shareholders decreased by 11.8%. In Q1 2025, revenue fell by 26.4% and net profit dropped by 39.8%, primarily due to adjustments in distribution channels [1][4]. - The company is undergoing structural adjustments and increased expenditure, which has put pressure on performance. There is an expectation for gradual improvement in operational efficiency [4]. Revenue and Profitability - In 2024, the company achieved a revenue of 2.02 billion yuan, with a net profit of 660 million yuan. The earnings per share (EPS) was 1.65 yuan, with a proposed cash dividend of 1 yuan per share [1][4]. - The revenue breakdown shows that cosmetics and medical devices accounted for 57.7% and 42.3% of total revenue, respectively, with year-on-year growth of 7.5% and 0.3% [2]. Financial Metrics - The gross margin for 2024 was 81.7%, a decrease of 0.5 percentage points year-on-year, while the first quarter of 2025 saw a recovery to 83.0% [3]. - The operating cash flow for 2024 was 610 million yuan, a decrease of 26.2% year-on-year, and the first quarter of 2025 reported a net outflow of 66.16 million yuan [3]. Future Earnings Forecast - The profit forecast for 2025 to 2027 has been revised downwards, with net profits projected at 629 million yuan for 2025, 672 million yuan for 2026, and 723 million yuan for 2027. The corresponding EPS estimates are 1.57 yuan, 1.68 yuan, and 1.81 yuan [4][10].

Group 1: Performance and Sales Strategy - The company is optimizing sales channels and product pricing, which has temporarily impacted Q4 2024 and Q1 2025 performance [2] - The optimization and pricing restructuring is a dynamic and ongoing process, with specific measures varying by market feedback [2] - The company aims to complete clinical trials for its recombinant type III humanized collagen freeze-dried fibers this year [2][3] Group 2: Product Development and Innovation - The company has established a joint laboratory with France's Sentein Laboratory to enhance R&D capabilities, focusing on raw material development and technical cooperation [3] - In 2025, the company has launched five new products, including sunscreen and facial masks, with more products expected to be released [3] Group 3: Production Capacity and Future Plans - The company currently has production lines for class III medical devices and is considering capacity expansion if sales are substantial post-launch [3] - The R&D team is expected to continue growing in both expertise and size [3] Group 4: Financial Strategy - The 2024 dividend plan includes cash dividends and capital reserve transfers to increase stock liquidity and enhance market performance [3]

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 2.017 billion yuan in 2024, representing a year-on-year increase of 4.32%. However, the net profit attributable to shareholders decreased by 11.77% to 661 million yuan [1][4]. - Online revenue increased to 54.96% of total revenue, with a significant growth of 20.03% year-on-year, while offline revenue declined by 10.05% [2]. - The gross profit margin for 2024 was 81.73%, slightly down by 0.5 percentage points year-on-year, primarily due to increased sales and marketing expenses [3]. Revenue and Profitability - The company expects net profits for 2025, 2026, and 2027 to be 721 million yuan, 797 million yuan, and 901 million yuan, respectively, with growth rates of 9.0%, 10.7%, and 13.0% [4][5]. - The projected price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 18x, 16x, and 14x, respectively [4][5]. Financial Metrics - The company reported a sales expense ratio of 37.09% in 2024, which increased significantly due to higher marketing costs associated with online sales [3]. - The net profit margin for 2024 was 32.78%, down by 5.98 percentage points year-on-year, attributed to increased promotional spending [3][4]. - The forecasted revenue growth rates for the next three years are 14.4% for 2025, 9.2% for 2026, and 15.6% for 2027 [5][8].

Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Views - The company achieved a revenue of 2.017 billion yuan in 2024, representing a year-on-year increase of 4.32%. However, the net profit attributable to shareholders decreased by 11.77% to 661 million yuan [1][4]. - The increase in online revenue, which accounted for 54.96% of total revenue, was a significant factor in the revenue growth. Online sales reached 1.108 billion yuan, up 20.03% year-on-year [2][4]. - The company is focusing on enhancing its medical device segment and is actively developing recombinant collagen materials, with several products in clinical stages [4]. Revenue and Profitability - The company's gross margin for 2024 was 81.73%, a slight decrease of 0.5 percentage points year-on-year. The net profit margin was 32.78%, down 5.98 percentage points, primarily due to increased sales and marketing expenses [3][4]. - The projected net profits for 2025, 2026, and 2027 are expected to be 721 million yuan, 797 million yuan, and 901 million yuan, respectively, indicating a growth rate of 9.0%, 10.7%, and 13.0% [4][5]. Financial Forecast - The forecasted revenue for 2025 is 2.308 billion yuan, with a growth rate of 14.4%. The projected earnings per share for 2025 is 1.80 yuan, with a price-to-earnings ratio of 18 [5][7]. - The company’s operating expenses are expected to increase, with sales expenses projected at 889 million yuan in 2025, reflecting a continued investment in marketing [7][8].

从医用敷料到功效护肤，从贴片面膜到肌肤术后修复，敷尔佳的双研发中心模式正在重塑国货美妆的创 新逻辑。这种以技术分工为基础、以协同创新为引擎、以质量管控为保障的体系，不仅为品牌构筑了难 以复制的竞争壁垒，更为中国美妆行业提供了"研值驱动"的转型样本。当哈尔滨的扎实科研遇上上海的 前沿洞察，敷尔佳的故事证明：唯有打破地域边界、激活创新共振，方能在这场全球化的科技竞逐中， 让世界持续见证中国之美。 双中心的联动不仅体现在地域分工，更通过超分子技术平台与产学研网络的深度融合，形成"1+1>2"的 创新势能。哈尔滨研发中心与哈尔滨工业大学(深圳)合作的超分子"智"组装技术，解决了天然成分稳定 性差、透皮吸收率低的行业难题，开发出超分子白池花籽油、超分子葡萄籽油等专利原料。上海研发中 心则延续品牌做药习惯，深研原料开发端和技术应用端。在原料开发端，深耕植物提取物(特别是东北 特色植物)与人体自有成分(如重组胶原蛋白)的研究，以解决消费者对于安全、高效护肤方案的迫切需 求，并带动东北一带特色植物原料发展。在应用研究端，上海研发中心积极推进将独有的好成分转化成 为好配方和好产品，聚焦于配方的新剂型、产品的新品类等方面，开展科 ...

坚持"技术驱动、妆械协同"，深化双产品矩阵的协同效应化妆品领域，2024 年陆续推出"敷尔佳酵能舒 安水"、"敷尔佳乳糖酸控油敛肤面膜及精华液"、"敷尔佳葡萄籽溯颜弹嫩乳液面膜"等多款功效护肤新 品，完成"苦参碱水杨酸盐""乙酰姜黄酮"及"β-烟酰胺单核苷酸"三款新原料备案，为后续产品配方升级 与新品上市奠定基础。医疗器械领域，Ⅱ类医疗器械产品共有4 个项目有序开展，Ⅲ类医疗器械产品重 组Ⅲ型人源化胶原蛋白冻干纤维已进入临床试验中期的设计确认阶段。 事件 公司发布2024 年年报与2025 年一季报：2024 年营收20.17 亿元（同比+4.3%），归母净利润6.61 亿元 （同比-11.8%），扣非归母净利润6.04 亿元（同比-17.0%）；2025Q1 营收3.01 亿元（同比-26.4%）， 归母净利润0.91亿元（同比-39.8%），扣非归母净利润0.53 亿元（同比-62.8%）。 主动调整渠道结构与费用投入力度加大，业绩增长波动2024 年营收增长稳健、净利润下滑主要系销售 推广投入力度加大影响。 2025Q1 公司主动开展销售渠道优化与产品价格梳理工作，同时费用端持续加大宣传推广与电商渠道费 ...

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Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is experiencing temporary pressure on performance due to increased marketing expenditures, with a projected revenue of 2.017 billion yuan for 2024, representing a year-on-year growth of 4.32%, while the net profit attributable to the parent company is expected to decline by 11.77% to 661 million yuan [1]. - The company is focusing on a dual-line development strategy in medical devices and cosmetics, aiming to enrich its product matrix for growth, with revenue forecasts for 2025-2027 at 2.354 billion, 2.618 billion, and 2.940 billion yuan respectively [5]. Financial Performance Summary - For 2024, the company reported a gross margin of 81.73%, a decrease of 0.50 percentage points year-on-year, and a net profit margin of 32.78%, down by 5.98 percentage points [2]. - The sales expense ratio increased significantly to 37.1% in 2024, up by 9.56 percentage points, primarily due to increased online marketing costs [2]. - In Q1 2025, the company reported a revenue of 301 million yuan, a year-on-year decline of 26.39%, with a net profit of 91 million yuan, down 39.77% [1]. Product Performance Summary - The cosmetics segment showed strong performance with a revenue of 1.164 billion yuan in 2024, a year-on-year increase of 7.49%, accounting for 57.72% of total revenue [3]. - The medical device segment generated 853 million yuan in revenue, a slight increase of 0.27%, representing 42.28% of total revenue [3]. - The company has established a solid product matrix with six products generating over 100 million yuan in sales each, including various medical and cosmetic products [4]. Research and Development Summary - The company increased its R&D investment to 34.82 million yuan in 2024, a growth of 6.04% year-on-year, and has launched a new R&D center in Shanghai [5]. - The company has received approval for two invention patents and registered 13 new cosmetic products in the year [5].