Core Insights - The performance of domestic beauty companies in China is showing significant divergence, with some achieving remarkable growth while others face declines, indicating a reshaping of the market landscape [1][4][42] Group 1: Company Performance - Proya has become the first domestic beauty company to enter the 10 billion yuan club, with a revenue of 10.778 billion yuan, growing by 21.04% [2] - Other companies like Shangmei and Juzi Biological also reported substantial revenue increases of 62.08% and 57.17% respectively, while Shanghai Jahwa experienced a revenue decline of 13.93% [2][3] - Six beauty companies have revenues exceeding 5 billion yuan, suggesting that this threshold will soon become a significant benchmark for the top 10 domestic beauty brands [1] Group 2: Profitability Trends - Juzi Biological leads in profitability with a profit of 2.062 billion yuan, up 42.06%, while Proya's profit reached 1.552 billion yuan, growing by 30% [3] - In contrast, Shanghai Jahwa reported a loss of 833 million yuan, marking a 266.60% decline, highlighting the stark differences in profitability among companies [3][11] Group 3: Market Dynamics - The current market dynamics indicate a shift towards efficacy-driven products, with companies that successfully launched standout products seeing better performance [4][5] - The competition is intensifying, with new entrants emerging and established brands needing to adapt to changing consumer preferences and market trends [7][30] Group 4: R&D and Strategic Focus - Companies are increasingly focusing on R&D, with most reporting a rise in R&D expenditures, indicating a strategic shift towards innovation and efficacy [20][21] - The trend of acquisitions and investments in technology is becoming a key strategy for companies aiming to enhance market share and scale [23][24] Group 5: Emerging Opportunities - The male skincare market is growing rapidly, presenting new opportunities for brands to capture this segment [36] - The aging population is creating demand for products targeting older consumers, which remains largely untapped [39] - As online sales plateau, brands are shifting focus to offline channels, indicating a potential new battleground for market share [40]

Group 1 - The A-share market saw a rapid rise in PEEK material concept stocks, indicating strong investor interest in this sector [1] - Zhongxin Fluorine Materials hit the daily limit up, showcasing significant market momentum [1] - Newhan New Materials and Fuheng New Materials both increased by over 5%, reflecting positive market sentiment [1] - Zhongyan Co. and Jusa Long also experienced gains, indicating a broader trend in the industry [1]

Core Viewpoint - Harbin Fulejia Technology Co., Ltd. (Fulejia) has experienced a significant decline in revenue and profit in Q1 2025, indicating ongoing challenges in its business operations and profitability metrics [2][4][10]. Financial Performance - In Q1 2025, Fulejia's revenue dropped by 26.39% year-on-year to 301 million yuan, with net profit falling nearly 40% to 91.38 million yuan [2]. - For the full year 2024, Fulejia reported a revenue increase of 4.32% to 2.017 billion yuan, but net profit decreased by 11.77% to 661 million yuan, and non-recurring net profit fell by 17% to 604 million yuan [5][10]. - The company's cash flow from operating activities turned negative for the first time, with a year-on-year decline of 151.78% [2]. Marketing and Sales Strategy - Fulejia's sales expense ratio surged from 5.72% to 52.89% over recent years, with marketing expenses in 2024 reaching 748 million yuan, exceeding net profit for the same period [5][6]. - Online direct sales accounted for 54.96% of total revenue in 2024, but the cost of acquiring customers online has increased, leading to a decrease in gross margin [6][7]. - The average price of Fulejia's cosmetic products fell from 40.99 yuan in 2023 to 34.82 yuan in 2024, indicating a decline in product pricing power [8]. Inventory and Production - Fulejia's inventory turnover days doubled to 307 days, with inventory levels increasing by 40.75% year-on-year, reflecting production outpacing sales [3][13]. - The company produced 21.386 million standard units in 2024, while sales were only 20.396 million units, leading to excess inventory [15]. Research and Development - Fulejia's investment in research and development is significantly lower compared to sales expenses, with a ratio of 21:1 in 2024, which has increased by 180% since 2021 [3][16]. - The focus on marketing over R&D raises concerns about the company's long-term competitive advantage in a challenging market environment [16].

Core Viewpoint - Harbin Fulejia Technology Co., Ltd. is demonstrating resilience and potential in the competitive medical beauty skincare market, focusing on precise consumer demand and diversified market expansion [2] Group 1: Market Performance - In 2024, Fulejia achieved operating revenue of 2.017 billion yuan, a year-on-year increase of 4.32% [2] - Online sales reached 1.108 billion yuan in 2024, growing by 20.03% year-on-year, with strong performance during promotional events [3] Group 2: R&D and Innovation - R&D expenses increased by 6.04% in 2024, with the number of R&D personnel growing by 114.81% [3] - The completion of a self-owned production base and the establishment of a Shanghai R&D center in 2024 signify a strengthened R&D capability [3] Group 3: Shareholder Returns and Strategic Adjustments - Fulejia announced its first dividend in May 2024, with plans for another before the Spring Festival in early 2025, aiming to enhance stock liquidity [4] - The company is optimizing sales channel structures and strengthening product pricing management for long-term sustainable development [4][5] Group 4: Competitive Advantage - The acquisition of Harbin Beixing Pharmaceutical Co., Ltd. has provided Fulejia with independent production capabilities, laying a solid foundation for long-term growth [5] - The company aims to leverage its comprehensive competitive advantages in R&D, products, branding, resources, and market to enhance its position in the medical beauty skincare sector [5]

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].