哈尔滨敷尔佳科技股份有限公司 审计报告 德皓审字[2025]00001032 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特殊普通合伙 ) BeijingDehaoInternationalCertifiedPublicAccountants(LimitedLiabilityPartnership) 哈尔滨敷尔佳科技股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 已审财务报表 | | | | 合并资产负债表 | 1-2 | | | 合并利润表 | 3 | | | 合并现金流量表 | 4 | | | 合并股东权益变动表 | 5-6 | | | 母公司资产负债表 | 7-8 | | | 母公司利润表 | 9 | | | 母公司现金流量表 | 10 | | | 母公司股东权益变动表 | 11-12 | | | 财务报表附注 | 1-67 | 审 计 报 告 德皓审字[2025]00001032号 哈尔滨敷尔佳科技股份有限公司全体 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 37.44 [8][9]. Core Views - The company achieved a revenue of RMB 2.017 billion in 2024, representing a year-over-year increase of 4.32%, while the net profit attributable to the parent company was RMB 661 million, down 11.77% year-over-year [1]. - In Q1 2025, the company reported a revenue of RMB 301 million, a decrease of 26.39% year-over-year, and a net profit of RMB 91 million, down 39.77% year-over-year, due to channel optimization and price adjustments impacting short-term growth [1]. - The company is expected to regain growth potential after completing channel adjustments and is advised to monitor high-frequency data and new product performance [1]. Revenue and Profitability - The company’s medical device and cosmetics segments are projected to achieve revenues of RMB 853 million and RMB 1.164 billion in 2024, both reflecting a growth of 4.32% year-over-year [2]. - The gross margin for 2024 is reported at 81.73%, a decline of 0.5 percentage points year-over-year, while the net margin is at 32.78%, down 5.98 percentage points year-over-year [4]. Sales and Marketing Strategy - The company employs a multi-channel sales strategy, combining online and offline sales, with online channel revenue reaching RMB 1.108 billion in 2024, accounting for 54.96% of total revenue, an increase of 7.59 percentage points year-over-year [3]. - Online direct sales generated RMB 1.002 billion, up 26.76% year-over-year, while offline distribution revenue was RMB 908 million, down 10.10% year-over-year [3]. Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is RMB 1.56, RMB 1.71, and RMB 1.87, respectively, reflecting a downward revision from previous estimates [5]. - The report assigns a price-to-earnings (PE) ratio of 24 times for 2025, with a target price of RMB 37.44, down from a previous value of RMB 40 [5].

Core Viewpoint - The financial performance of Fulejia in Q1 2025 shows a significant decline in both revenue and net profit, raising concerns about the recovery pace of the cosmetics industry and the company's strategic adjustments [1]. Financial Performance - The company reported a revenue of 301.07 million yuan in Q1 2025, a decrease of 26.39% compared to 409.02 million yuan in the same period last year [2]. - The net profit attributable to shareholders was 91.38 million yuan, reflecting a year-on-year decline of 39.77% from 151.73 million yuan [2]. - The net cash flow from operating activities was negative at -66.16 million yuan, compared to a positive 127.78 million yuan in the previous year [2]. - Basic and diluted earnings per share were both 0.23 yuan, down from 0.38 yuan year-on-year [2]. - The weighted average return on equity decreased to 1.60% from 2.67% [2]. - Total assets at the end of the reporting period were 5.96 billion yuan, down from 6.08 billion yuan at the end of the previous year [2]. Market Challenges - The decline in performance is attributed to two main factors: weak overall demand in the domestic cosmetics market and intensified competition leading to price wars and marketing battles between domestic and foreign brands [1][3]. - The core business of medical dressings, which previously held an advantage in the medical aesthetics market, is experiencing slowed growth due to stricter regulations and heightened competition [3]. - The functional skincare segment is also underperforming due to insufficient R&D investment and slow product iteration, failing to meet market demand changes [3]. Strategic Initiatives - In response to the challenges, the company plans to increase R&D investment and aims to launch over 10 innovative products within the year, focusing on anti-aging and sensitive skin repair segments [3]. - The company intends to accelerate the penetration of offline channels by collaborating with chain pharmacies and medical aesthetic institutions to expand the coverage of "medical-research co-creation" products [3]. - Fulejia is exploring overseas opportunities, planning to pilot cross-border e-commerce in Southeast Asian markets [3]. Industry Insights - The performance fluctuations of Fulejia reflect structural adjustments within the domestic cosmetics industry, where consumer demands for product safety and efficacy are rising [3]. - Brands that rely solely on marketing will face greater challenges, while companies with R&D barriers, supply chain advantages, and flexible channels are expected to thrive in the competitive landscape [3].

Company Overview - Fulejia is a company engaged in the research, production, and sales of professional skin care products, with a strong market recognition and brand influence [5] - The company offers a diverse range of products, including medical devices and functional skin care products, covering various forms such as masks, serums, and lotions [5][6] - Fulejia has established a multi-channel sales strategy, combining online platforms like Tmall and Douyin with offline channels such as medical institutions and retail pharmacies [5][6] Financial Performance - In the reporting period, the company achieved operating revenue of 2,016,975,873.58 yuan, representing a year-on-year increase of 4.32% [6] - The net profit attributable to shareholders was 661,129,436.27 yuan, a decrease of 11.77% year-on-year, primarily due to increased sales promotion expenses [6] Business Model - The company employs a "sales-driven production" model to ensure supply-demand balance and cost efficiency [7] - Fulejia utilizes a combination of self-production, entrusted processing, and OEM production to meet market demands [8] - The sales strategy includes direct sales, distribution, and consignment through both online and offline channels [9] Industry Trends - The skin care product manufacturing industry is evolving, with increasing consumer demand for high-quality products [14] - The market for professional skin care products is expected to grow, with projections indicating a market size of 518.5 billion yuan by 2026 [14] Key Performance Drivers - Fulejia focuses on product innovation and marketing strategies to maintain competitiveness in the skin care market [15] - The company has launched various new products to meet diverse consumer needs, including whitening and anti-wrinkle masks [16] - Continuous investment in research and development is aimed at enhancing product supply capabilities and production efficiency [18][19] Research and Development - The company has established a collaborative R&D model, integrating internal and external resources to respond quickly to industry changes [19] - Fulejia has received multiple patents and is actively expanding its product line in medical devices [20]

哈尔滨敷尔佳科技股份有限公司 2024 年度内部控制评价报告 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要 求（以下简称"企业内部控制规范体系"），结合哈尔滨敷尔佳科技股份有限 公司（以下简称"公司"或"本公司"）内部控制制度和评价办法，在内部控 制日常监督和专项监督的基础上，我们对公司 2024 年 12 月 31 日（内部控 制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其 有效性，并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建 立和实施内部控制进行监督。经理层负责组织领导企业内部控制的日常运行。公 司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在任何虚假 记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完整性承担个 别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规、资产安全、财务报告及 相关信息真实完整，提高经营效率和效果，促进实现发展战略。由于内部控制存 在的固有局限性，故仅能为实现上述目标提供合理保证。此外，由于情况的变化 可能导致内部控制变得 ...

证券代码：301371 证券简称：敷尔佳 公告编号：2025-012 哈尔滨敷尔佳科技股份有限公司 关于续聘会计师事务所的公告 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 4 月 22 日召 开第二届董事会第十三次会议、第二届监事会第九次会议，审议通过了《关于续聘 会计师事务所的议案》，同意续聘北京德皓国际会计师事务所（特殊普通合伙）（原 北京大华国际会计师事务所（特殊普通合伙），以下简称"北京德皓国际"）为公 司 2025 年度审计机构，为公司提供财务审计与内部控制审计。本议案尚需提交公司 年度股东会审议。具体情况公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 名称：北京德皓国际会计师事务所（特殊普通合伙） 成立日期：2008 年 12 月 8 日 组织形式：特殊普通合伙 注册地址：北京市西城区阜成门外大街 31 号 5 层 519A 首席合伙人：杨雄 截至 2024 年 12 月 31 日，北京德皓国际合伙人 66 名，注册会计师 300 名，签 署过证券服务 ...

2024 年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：哈尔滨敷尔佳科技股份有限公司 单位：万元 | 非经营性 | 资金占用方 | 占用方与上 | 上市公司核算 | 2024 年期 | 2024 年度占用 | 2024 年度占用 | 2024 | 年度偿还 | 2024 年期末占 | 占用形成 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 市公司的关 | | 初占用资 | 累计发生金额 | 资金的利息 | | | | | 占用性质 | | 资金占用 | 名称 | | 的会计科目 | | | | 累计发生金额 | | 用资金余额 | 原因 | | | | | 联关系 | | 金余额 | （不含利息） | （如有） | | | | | | | 控股股东、实际控 | | | | | | | | | | | 非经营性占用 | | 制人及其附属企业 | | | | | | | | | | | 非经营性占用 | | 小计 | — | — | — | | | | | | | | — | | ...

哈尔滨敷尔佳科技股份有限公司 2024 年年度财务报告全文 哈尔滨敷尔佳科技股份有限公司 2024 年年度财务报告 2025 年 4 月 1 哈尔滨敷尔佳科技股份有限公司 2024 年年度财务报告全文 第十节 财务报告 一、审计报告 | 审计意见类型 | 标准的无保留意见 | | --- | --- | | 审计报告签署日期 | 2025 年 04 月 22 日 | | 审计机构名称 | 北京德皓国际会计师事务所(特殊普通合伙) | | 注册会计师姓名 | 张瑞、张璐云 | 审计报告正文 一、审计意见 敷尔佳与收入确认相关的会计政策及账面金额信息请参阅合并财务报表附注三、（二十三），以及附注五、注释 31。 收入确认是敷尔佳关键业绩指标之一，存在管理层为达到特定目标或期望而操纵收入确认时点的固有风险，因此我 们将收入确认识别为关键审计事项。 我们审计了哈尔滨敷尔佳科技股份有限公司(以下简称敷尔佳)财务报表，包括 2024 年 12 月 31 日的合并及母公司资 产负债表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表以及相关财务报 表附注。 我们认为，后附的财务报表在所 ...

一、2024 年年审会计师事务所基本情况 （一）会计师事务所基本信息 名称：北京德皓国际会计师事务所（特殊普通合伙） 成立日期：2008 年 12 月 8 日 组织形式：特殊普通合伙 注册地址：北京市西城区阜成门外大街 31 号 5 层 519A 首席合伙人：杨雄 哈尔滨敷尔佳科技股份有限公司 董事会审计委员会对会计师事务所 2024 年度履职 情况评估及履行监督职责情况的报告 根据《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所创 业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上 市公司规范运作》及《公司章程》等有关规定，哈尔滨敷尔佳科技股份有限公司（以 下简称"公司"）董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。 现将审计委员会对北京德皓国际会计师事务所（特殊普通合伙）（原北京大华国际 会计师事务所（特殊普通合伙），以下简称"北京德皓国际"）2024 年度履职评估 及履行监督职责的情况报告如下： 经审计，北京德皓国际认为财务报表在所有重大方面按照企业会计准则的规定 编制，公允反映了公司 2024 年 12 月 31 日的合并及母公司财务状况以及 202 ...