1、访谈公司董事会秘书、财务负责人，了解公司治理和内部控制情况、2024 年度公司整体经营情况、信息披露情况、关联交易及其他关联方资金往来情况、 重大对外投资情况、募集资金使用情况等； 2、察看上市公司主要生产经营场所； 3、取得公司现行治理规则和内控制度等规则，核查公司章程、股东大会、 董事会、监事会议事规则等公司基本制度，查阅了股东大会、董事会及监事会决 议及记录； 中信证券股份有限公司 关于哈尔滨敷尔佳科技股份有限公司 2024 年度持续督导工作现场检查报告 | 保荐人名称：中信证券股份有限公司 | 被保荐公司简称：敷尔佳 | | | | | --- | --- | --- | --- | --- | | 保荐代表人姓名：鄢凯红 | 联系电话：010-6083 8304 | | | | | 保荐代表人姓名：范新亮 | 联系电话：010-6083 4190 | | | | | 现场检查人员姓名：鄢凯红、姜逸茵 | | | | | | 现场检查对应期间：2024 年 1 月 1 日-2024 | 年 12 月 31 日 | | | | | 现场检查时间：2025 年 4 月 14 日-2025 年 4 | ...

Core Viewpoint - Harbin Fulejia Technology Co., Ltd. (301371.SZ) has delivered a stable and impressive 2024 annual report amidst a challenging consumer environment in the cosmetics industry, showcasing systematic optimization in product strategy, R&D layout, and sales structure [1] Group 1: Business Performance - In 2024, the company achieved operating revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, with medical device revenue at 853 million yuan, accounting for 42.28%, and cosmetic revenue at 1.164 billion yuan, growing by 7.49% and making up 57.72% [1] - The dual-driven strategy of "medical devices + functional skincare" is highlighted, with a balanced development pattern between the two sectors [1] Group 2: Product Development - The company launched over ten new functional skincare products, including "lactic acid oil-control mask" and "blue copper peptide soothing series," addressing various skincare needs such as whitening and anti-wrinkle [2] - The average price of self-developed skincare products in 2024 is approximately 34.82 yuan, aligning with the trend of consumer upgrading while emphasizing scientific ingredients and efficacy [2] Group 3: R&D and Innovation - R&D investment reached 34.82 million yuan in 2024, a year-on-year increase of 6.04%, with the Shanghai R&D center officially operational, enhancing the company's R&D capabilities [2] - The company has obtained 29 patent authorizations, including 7 invention patents, and is advancing clinical trials for III-class medical devices, indicating a strategic focus on the medical aesthetics sector [3] Group 4: Market Strategy - The company employs a "hit products + long-term iteration" strategy, with several products achieving over 100 million yuan in sales, such as "medical sodium hyaluronate repair patch" and "niacinamide whitening mask," maintaining stable growth [4] - The establishment of a sensory evaluation laboratory and collaboration with third-party research institutions for efficacy validation enhances brand credibility and consumer experience [4] Group 5: Long-term Vision - The company emphasizes a long-term development path centered on products and supported by technology, avoiding short-term explosive growth in favor of sustainable value creation [5] - As the demand for effective skincare becomes more scientific, segmented, and personalized, the company is evolving from a "hit product" model to a "brand cluster + technology platform" approach, indicating potential for greater growth [6]

Core Insights - The company reported a revenue of 8.8993 million yuan for the first quarter of 2025, representing a year-on-year decline of 57.79% [1] - The net loss for the quarter was 0.9609 million yuan, compared to a net profit of 3.875 million yuan in the same period last year [1] Financial Performance - Revenue for Q1 2025: 8.8993 million yuan, down 57.79% year-on-year [1] - Net loss for Q1 2025: 0.9609 million yuan, compared to a net profit of 3.875 million yuan in Q1 2024 [1]

Core Viewpoint - The article highlights how Fulejia, known as the "first stock of medical dressings," is redefining the domestic skincare market by shifting from "ingredient competition" to "mechanism innovation," leveraging scientific advancements to enhance product efficacy and establish a competitive edge in the increasingly saturated beauty industry [1][3]. Group 1: Industry Trends - The domestic beauty industry is experiencing intense competition, with brands previously relying on popular ingredients and marketing strategies to attract consumers [1]. - The trend of "ingredient stacking" has led to market homogenization, failing to address complex skin issues and lacking long-term competitiveness [1]. Group 2: Company Innovations - Fulejia has adopted supramolecular technology as a core competitive advantage, allowing for the design and recombination of different functional molecules into new supramolecular structures, enhancing product efficacy [2]. - The company has developed several innovative raw materials using supramolecular technology, such as supramolecular white pool flower seed oil and supramolecular grape seed oil, which improve skin nourishment and penetration efficiency [2]. Group 3: Research and Development - Fulejia actively collaborates with various universities and research institutions to explore cutting-edge fields, ensuring that technological innovations align with market demands [3]. - The company emphasizes a research and development system that integrates external scientific resources, focusing on the physiological mechanisms of skin rather than merely competing on ingredient concentrations [3].

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]

Core Viewpoint - Harbin Fulejia Technology Co., Ltd. reported a revenue increase in 2024 but a decline in net profit, indicating challenges in maintaining profitability despite sales growth [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while net profit was 661 million yuan, a decrease of 11.77% [1]. - For Q1 2025, revenue fell to 301 million yuan, down 26.39% year-on-year, and net profit dropped to 91.38 million yuan, a decline of 39.77% [1]. - In 2023, revenue was 1.934 billion yuan, up 9.29%, but net profit decreased by 11.56% to 749 million yuan [2]. Sales and R&D Expenses - The company has faced criticism for high sales expenses and low R&D investment. In 2023, sales expenses reached 532 million yuan, accounting for 27.51% of total revenue, while R&D expenses were only 32.84 million yuan, or 1.70% of revenue [2]. - In 2024, sales expenses increased to approximately 748 million yuan, a 40.53% rise, making up 37.08% of total revenue, while R&D expenses grew to 34.82 million yuan, still only 1.73% of revenue [2]. - As of 2024, the company had 58 R&D personnel, representing 8.20% of total employees, indicating a gradual increase in R&D capacity [3]. Competitive Landscape - The company previously held a leading market share of 17.5% in medical dressings but has faced increased competition, particularly from Juzhi Biotechnology, which surpassed Fulejia in revenue for medical dressings in 2023 and 2024 [4]. - Former partner Harbin Sanlian Pharmaceutical has also entered the competitive landscape, launching similar products that overlap with Fulejia's offerings [5][6]. - The market for skin care products in China is projected to reach 518.5 billion yuan by 2026, with functional skin care and medical dressing products expected to grow significantly [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]. - 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].