Market Overview - The cosmetics sector increased by 0.2% on November 13, with Jinsheng New Materials leading the gains [1] - The Shanghai Composite Index closed at 4029.5, up 0.73%, while the Shenzhen Component Index closed at 13476.52, up 1.78% [1] Individual Stock Performance - Jinsheng New Materials (300849) closed at 16.16, up 2.08% with a trading volume of 59,500 shares and a transaction value of 95.82 million yuan [1] - Shuiyang Co. (300740) closed at 21.51, up 2.04% with a trading volume of 147,200 shares and a transaction value of 314 million yuan [1] - Beitaini (300957) closed at 43.24, up 1.08% with a trading volume of 35,900 shares and a transaction value of 154 million yuan [1] - Other notable stocks include Furuida (600223) at 7.98 (+0.63%), Qingsong Co. (300132) at 8.12 (+0.37%), and Qingdao Kingway (002094) at 7.80 (+0.26%) [1] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 56.57 million yuan from institutional investors and 32.11 million yuan from retail investors, while individual investors saw a net inflow of 88.67 million yuan [2] - The capital flow for individual stocks shows that Shuiyang Co. had a net inflow of 21.64 million yuan from institutional investors, while other stocks like Huaye Fragrance (300886) and Kesheng Co. (300856) faced net outflows [3]

Group 1 - The company, Fulejia, reported that as of November 10, 2025, the number of shareholders is 14,919 [2]

Core Viewpoint - The cosmetics sector experienced a notable increase of 3.13% on November 10, with Lafang Jiahua leading the gains [1] Group 1: Market Performance - The Shanghai Composite Index closed at 4018.6, up 0.53%, while the Shenzhen Component Index closed at 13427.61, up 0.18% [1] - Lafang Jiahua's stock price rose by 6.14% to 23.51, with a trading volume of 96,700 shares and a transaction value of 223 million [1] - Other notable performers included: - Jiahen Jiahua: 5.57% increase, closing at 36.79 with a transaction value of 124 million [1] - Qingsong Co.: 4.56% increase, closing at 7.80 with a transaction value of 362 million [1] - Proya: 4.46% increase, closing at 73.32 with a transaction value of 759 million [1] Group 2: Fund Flow Analysis - The cosmetics sector saw a net inflow of 152 million from institutional investors, while retail investors experienced a net outflow of 179 million [1] - Key fund flows for selected companies included: - Lafang Jiahua: 22.32 million net inflow from institutional investors, with a net outflow of 11.42 million from retail investors [2] - Beitaini: 34.32 million net inflow from institutional investors, with a net outflow of 13.48 million from retail investors [2] - Shanghai Jahwa: 24.72 million net inflow from institutional investors, with a net outflow of 30.62 million from retail investors [2]

Market Overview - The cosmetics sector experienced a decline of 1.21% on November 6, with Betaini leading the drop [1] - The Shanghai Composite Index closed at 4007.76, up 0.97%, while the Shenzhen Component Index closed at 13452.42, up 1.73% [1] Individual Stock Performance - Notable gainers included: - Shuiyang Co., Ltd. (300740) with a closing price of 20.83, up 1.46% [1] - Qingsong Co., Ltd. (300132) with a closing price of 7.27, up 1.11% [1] - Significant decliners included: - Betaini (300957) with a closing price of 42.22, down 4.89% [2] - Jiahen Home Care (300955) with a closing price of 36.68, down 3.47% [2] Trading Volume and Capital Flow - The cosmetics sector saw a net outflow of 82.6352 million yuan from institutional investors, while retail investors had a net inflow of 58.2199 million yuan [2] - The trading volume for Shuiyang Co., Ltd. was 149,100 shares, with a transaction value of 311 million yuan [1] Capital Flow Analysis - Major net inflows were observed in: - Shuiyang Co., Ltd. with a net inflow of 23.1839 million yuan [3] - Qingsong Co., Ltd. with a net inflow of 7.1227 million yuan [3] - Major net outflows were noted in: - Betaini with a net outflow of 90.237 million yuan [3] - Shanghai Jahwa (600315) with a net outflow of 90.237 million yuan [3]

Group 1 - Wang Manyu, the Olympic champion, has become the new spokesperson for the skincare brand Fulejia, which has sparked discussions on social media [1] - The collaboration is logical as both Wang Manyu and Fulejia hail from Heilongjiang, and professional athletes are typically more discerning about product safety and effectiveness [1] - Fulejia has launched the 2.0 version of its acne treatment essence, which features a core ingredient developed over six years, indicating a significant investment in research and development [3][4] Group 2 - The core ingredient, supramolecular salicylic acid, has been scientifically validated and published in the top-tier journal "Chemical Engineering Journal," showcasing its high research quality [4][6] - Supramolecular technology allows for the redesign of molecular structures to enhance the efficacy and stability of active ingredients, which is a cutting-edge approach in the cosmetics industry [4][6] - Fulejia's research team has achieved a 30-fold increase in the penetration rate of the new ingredient, significantly improving its effectiveness while reducing irritation [4][6] Group 3 - Fulejia's commitment to long-term research is evident as it has developed multiple technologies, including supramolecular co-crystallization and NaDES extraction, which can lead to a continuous output of innovative raw materials [7][9] - The brand's strategy of investing in unique ingredients and scientific validation positions it well in the competitive market, especially as domestic brands seek to differentiate themselves [9] - The success of Fulejia's new product and technology will depend on market acceptance and the ability to address consumer pain points effectively [9]

Group 1 - The company, Fulejia, reported that as of October 31, 2025, the number of shareholders is 14,817 [2]

Core Viewpoint - The cosmetics sector experienced a decline of 1.75% on November 4, with Marubi Biotechnology leading the drop [1][2] Group 1: Market Performance - The Shanghai Composite Index closed at 3960.19, down 0.41%, while the Shenzhen Component Index closed at 13175.22, down 1.71% [1] - Major stocks in the cosmetics sector showed varied performance, with Qing Song Co. slightly up by 0.28% and Marubi Biotechnology down by 3.92% [1][2] Group 2: Trading Volume and Value - The trading volume and value for key stocks in the cosmetics sector were significant, with Qingdao Kingway recording a trading volume of 576,600 shares and a transaction value of 470 million yuan [2] - The total net outflow of main funds in the cosmetics sector was 208 million yuan, while retail investors saw a net inflow of 155 million yuan [2] Group 3: Fund Flow Analysis - The main funds showed a net outflow in several companies, including Marubi Biotechnology with a net outflow of 7.54 million yuan, while retail investors had a net inflow of 17.24 million yuan [3] - LaFang Co. had a net inflow of 8.17 million yuan from retail investors, despite a net outflow from main funds [3]

Market Overview - The cosmetics sector experienced a decline of 0.58% on October 31, with Jiaheng Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Individual Stock Performance - Notable gainers included: - Qingsong Co., Ltd. (300132) with a closing price of 7.23, up 5.39% [1] - Lafang Jiahua (603630) at 22.74, up 3.04% [1] - Shuiyang Co., Ltd. (300740) at 20.43, up 2.82% [1] - Jiaheng Jiahua (300955) saw a significant decline, closing at 35.66, down 5.01% [2] - Marubi Biotechnology (603983) also fell, closing at 34.53, down 4.16% [2] Trading Volume and Capital Flow - The cosmetics sector had a net outflow of 131 million yuan from main funds, while retail investors saw a net inflow of 214 million yuan [2] - The trading volume for Qingsong Co., Ltd. was 329,200 shares, with a transaction value of 23.5 million yuan [1] - Jiaheng Jiahua had a trading volume of 50,300 shares, with a transaction value of 183 million yuan [2] Capital Flow Analysis - Shanghai Jahwa (600315) had a net inflow of 11.76 million yuan from main funds, but a net outflow of 23.52 million yuan from retail investors [3] - Other companies like Lafang Jiahua and Qingsong Co., Ltd. also experienced mixed capital flows, with retail investors showing some interest despite overall outflows from main and speculative funds [3]

Investment Rating - The report maintains a rating of "Accumulate" for the company [3][5]. Core Views - The company experienced a decline in revenue and net profit in the first three quarters of 2025, with revenue down 11.5% year-on-year to 1.3 billion yuan and net profit down 36.7% to 330 million yuan [1][3]. - The report highlights increased sales expenses and a decrease in gross margin, with the gross margin for the first three quarters down 0.5 percentage points to 81.1% [2][3]. - Due to uncertainties in terminal demand and increasing industry competition, the profit forecasts for 2025-2027 have been revised downwards, with net profit estimates for 2025, 2026, and 2027 adjusted to 460 million yuan, 509 million yuan, and 556 million yuan respectively [3]. Financial Performance Summary - Revenue for the first three quarters of 2025 was 1.3 billion yuan, a decrease of 11.5% year-on-year, with a single-quarter revenue of 430 million yuan in Q3, down 17.6% year-on-year [1]. - The gross margin for the first three quarters was 81.1%, with quarterly margins of 83.0%, 80.6%, and 80.4% for Q1, Q2, and Q3 respectively [2]. - The operating cash flow for the first three quarters was 240 million yuan, a decrease of 48.5% year-on-year [2]. Profitability and Valuation Metrics - The report provides updated earnings per share (EPS) estimates of 0.89 yuan, 0.98 yuan, and 1.07 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (P/E) ratios of 28, 25, and 23 [3][4]. - The company’s return on equity (ROE) is projected to decline to 8.04% in 2025, with a gradual increase to 9.0% by 2027 [4][12].

Core Viewpoint - Fulejia, a well-known company in the professional skin care sector, was established on November 28, 2017, and went public on August 1, 2023, in Shenzhen. The company has a strong market position due to its high-quality products and robust R&D capabilities [1]. Group 1: Business Performance - In Q3 2025, Fulejia reported revenue of 1.297 billion yuan, ranking 7th among 8 companies in the industry. The top company, Proya, had revenue of 7.098 billion yuan, while the industry average was 3.238 billion yuan [2]. - The main business composition showed that cosmetic revenue was 625 million yuan, accounting for 72.39%, while medical device revenue was 238 million yuan, making up 27.61% [2]. - The net profit for the same period was 325 million yuan, ranking 3rd in the industry, with Proya leading at 1.055 billion yuan and the industry average at 329 million yuan [2]. Group 2: Financial Health - Fulejia's debt-to-asset ratio was 3.60% in Q3 2025, slightly down from 3.62% the previous year, significantly lower than the industry average of 25.15%, indicating strong solvency and low financial risk [3]. - The gross profit margin was 81.11%, slightly down from 81.65% year-on-year, but still above the industry average of 66.60%, reflecting strong profitability [3]. Group 3: Management and Shareholder Information - Chairman Zhang Liguan's salary for 2024 was 619,400 yuan, a decrease of 3,000 yuan from 2023. The general manager, Sun Na, had a salary of 1.8298 million yuan, down 37,000 yuan from the previous year [4]. - As of September 30, 2025, the number of A-share shareholders decreased by 1.29% to 14,800, with an average holding of 5,229.49 shares, an increase of 1.22% [5]. Group 4: Market Trends and Future Outlook - According to Changjiang Securities, Fulejia's cosmetic segment showed steady growth in H1 2025, with revenues of 620 million yuan, a year-on-year increase of 29.95%, while medical device revenue saw a decline of 48% [6]. - The online sales channel performed exceptionally well, with online revenue reaching 690 million yuan, a 47% increase year-on-year, while offline sales dropped by 64% [6]. - The company is expected to see earnings per share (EPS) of 1.04, 1.16, and 1.28 yuan for 2025 to 2027, maintaining a "buy" rating [6].