证券代码：301371 证券简称：敷尔佳 公告编号：2024-026 哈尔滨敷尔佳科技股份有限公司 关于董事会、监事会完成换届选举及聘任高级管理人员、证 券事务代表的公告 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 2024 年 4 月 24 日召开职工代表大会，选举产生了公司第二届监事会职工代表监事，于 2024 年 5 月 17 日召开 2023 年年度股东大会，选举产生了公司第二届董事会董事、第二 届监事会非职工代表监事。公司完成董事会、监事会换届选举后，于同日召开公 司第二届董事会第一次会议、第二届监事会第一次会议，分别审议通过了选举第 二届董事会董事长、董事会各专门委员会委员、聘任副总经理、董事会秘书、财 务负责人、证券事务代表及选举第二届监事会主席等相关议案。公司已完成本次 董事会、监事会的换届选举及高级管理人员、证券事务代表的聘任工作，现将相 关情况公告如下： 一、公司第二届董事会及专门委员会组成情况 （一）第二届董事会成员 公司第二届董事会由 5 名董事组成，其中非独立董事 3 名，独立董 ...

证券代码：301371 证券简称：敷尔佳 公告编号：2024-024 哈尔滨敷尔佳科技股份有限公司 第二届董事会第一次会议决议公告 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。 一、董事会会议召开情况 哈尔滨敷尔佳科技股份有限公司（以下简称"公司"）第二届董事会第一次 会议于 2024 年 5 月 17 日在公司会议室以现场方式召开。经全体董事同意豁免本 次会议通知时限要求，本次会议应出席董事 5 名，实际出席董事 5 名，经全体董 事共同推举，本次会议由董事张立国先生主持，公司监事及高级管理人员列席了 本次会议。会议召开符合法律法规、《公司法》及《公司章程》的规定。 二、董事会会议审议情况 1、审议通过《关于选举公司第二届董事会董事长的议案》 根据《公司法》《证券法》等相关法律法规及《公司章程》的有关规定，公司 董事会同意选举张立国先生为公司第二届董事会董事长，任期自本次会议审议通过 之日起至第二届董事会任期届满之日止。 具体内容详见公司同日刊登在巨潮资讯网（www.cninfo.com.cn）上的相关公告。 表决结果：同意 5 票，反对 0 票，弃权 0 ...

| --- | --- | |--------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2023 年全年，公司实现营业收入 19.34 亿元，同比增长 9% ；归母净利润 7.49 亿元，同比下 | | | 滑 12% ；扣非归母净利润 7.28 亿元，同比下滑 5% 。其中， 2023Q4 公司实现营业收入 5.94 亿 | | | 元，同比增长 31% ；归母净利润 2.13 亿元，同比增长 7% ；扣非归母净利润 2.03 亿元。 | | | 2024Q1 公司实现营业收入 4.09 亿元，同比增长 10% ；归母净利润 1.52 亿元，同比下滑 5% ； | | | | | | 扣非归母净利润 1.42 亿元，同比下滑 5% 。 | | 2023 年全年，公司实现营业收入 19.34 亿元，同比增长 9%；归母净利润 7.49 亿元，同比下 滑 12%； ...

Group 1: Financial Performance - The company plans to distribute cash dividends of 10 RMB per 10 shares, totaling 400,080,000 RMB (including tax) based on a total share capital of 40,008,000 shares [4][7] - The accounts receivable increased from approximately 32 million RMB at the beginning of 2023 to 650 million RMB at year-end, primarily due to settled but unpaid receivables [3] Group 2: Cost Management and Technology - The application of synthetic biology technology is expected to reduce the production cost of hyaluronic acid from tens of thousands to hundreds per kilogram, potentially increasing gross profit margins [2][3] - If the procurement cost of sodium hyaluronate decreases, it will further lower product costs and enhance company profits [3] Group 3: Research and Development - The company is collaborating with various universities and research institutes to develop innovative products, including supermolecular materials and plant extracts [5][6] - A new R&D center in Shanghai is set to open in 2024, focusing on formula development and technological innovation [5][6] Group 4: Market Strategy - The company is enhancing its brand image and expanding sales channels through online and offline strategies, including partnerships with major media and influencers [4][8] - The company aims to maintain its competitive edge by focusing on product quality, safety, and innovation in product categories [6][8] Group 5: Future Outlook - In 2024, the company will continue to drive growth through technological innovation, brand building, and market expansion, with a focus on increasing market share and operational performance [8] - The company is exploring potential acquisitions in the biotechnology sector to enhance its capabilities [6]

（问题征集专题页面二维码） 1 证券代码：301371 证券简称：敷尔佳 公告编号：2024-022 哈尔滨敷尔佳科技股份有限公司 关于举行2023年度暨2024年第一季度业绩说明会的公告 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"）将于2024年5月10日 （星期五）15:00-17:00在全景网举办2023年度暨2024年第一季度业绩说明会， 本次业绩说明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关系 互动平台"（http://ir.p5w.net）参与本次业绩说明会。 出席本次业绩说明会的人员有：公司董事长张立国先生，董事、总经理孙娜 女士，副总经理郝庆祝先生，董事会秘书、财务负责人邓百娇女士，独立董事王 孝先先生，保荐代表人鄢凯红先生，具体以当天实际参会人员为准。 为充分尊重投资者、提升交流的针对性，现就本次业绩说明会提前向投资者 公开征集问题，广泛听取投资者的意见和建议。投资者可于2024年5月9日（星期 四）17:00前访问 http://ir.p5w.net/zj/，或扫描下方二维码 ...

Financial Performance - In 2023, the company achieved a revenue of 1,933.50 million CNY, representing a year-on-year growth of 9.29% [2] - The net profit attributable to shareholders was 749.34 million CNY, a decrease of 11.56% year-on-year [2] - In Q1 2024, the company reported a revenue of 409.02 million CNY, with a year-on-year growth of 9.65% [4] - The net profit attributable to shareholders in Q1 2024 was 151.73 million CNY, down 4.77% year-on-year [4] Research and Development - The company registered 13 ordinary cosmetics and 2 special cosmetics in 2023 [2] - R&D expenses increased by 112.88% in 2023, with a total of 25 patents approved, including 5 invention patents [7] - A new R&D center was established in Shanghai in November 2023 to enhance product formulation and technological innovation [3] Production and Capacity Expansion - The company launched a modern industrial base, "Fuerjia Northern Beauty Valley," in June 2023 to enhance production capacity and product quality [3] - The new factory's operation is expected to support further market expansion and stabilize production [3] Marketing and Brand Development - In 2023, the company utilized diverse marketing strategies, including collaborations with media personalities, to enhance brand recognition [3] - The company successfully raised 2.232 billion CNY through its IPO on the Shenzhen Stock Exchange in August 2023, solidifying its market position [4] - The company aims to improve brand loyalty and purchasing intent through unified brand management and marketing strategies [4] Market Trends and Future Outlook - The skincare industry is expected to trend towards specialization and personalization, particularly in skin repair and functional skincare [4] - The company plans to focus on expanding product categories, enhancing brand image, and increasing R&D investment in 2024 [5] - The company aims to maintain a balanced channel structure, with a target of 70% self-broadcasting and 30% influencer marketing on platforms like Douyin [5]

这些他们的身份都比较那么24年给我的感觉也是可能他行业的感觉交流的时候大家也都感受24年可能比23年还要更难可能是未来几年化学品都进入了一个微增长的时代甚至是零增长时代这是我最近明白明白确实现在我们看行业也是竞争比较激烈的一个状态 那在这样一个背景下咱们怎么展望Q2以及全年这个应该是淘宝也是刚刚释放出来的消息预售机制也取消了今年可能就是现货直接开卖所以也想请教一下我们现在618的布局怎么样怎么展望整个Q2以及全年 我们对电商整个618双11还是坚持我们前几年就去年跟大家交流的时候表达的观点我们赫尔加不完全依赖大宿因为我们的渠道是比较丰富丰满的我们更看重的是长期发展性所以说对618双11未来的我们的规划也是跟着平台的交售规则来走 比如说我上次前几天参加了天猫我们健康类目的一个峰会那么他们今年提出了比如说二二三年天猫整个活动是一百多天那今年他们就策划了两百五十多天啊就是说各个平台现在的竞争竞争是非常非常激烈的包括日常的时候各个平台进行比价系统 请进行比价以第一价包括前两天我参加金融大会金融大会也这个雷蒙也领导人也跟我们交流这六八十五个会员他们唯一的动作就是比价那我们富尔加我们不会参与这种恶性竞争我们不会以第一价来 ...

Investment Rating - The investment rating for the company is "Buy" with a target price of 39.90 CNY, which is a decrease from the previous target of 44.00 CNY [15]. Core Views - The company is experiencing pressure on profits, which are below expectations. There is a focus on expanding cosmetics and online channels, with profitability under pressure. Attention is needed on subsequent online sales and inventory changes in offline distribution [15]. - The company reported a revenue of 1,934 million CNY for 2023, with a projected increase to 2,191 million CNY in 2024, reflecting a growth rate of 13% [15]. - The gross profit margin for the company is 82.8%, which is a decrease of 0.8 percentage points year-on-year, attributed to an increase in the proportion of cosmetics sales [15]. Financial Summary - The company’s operating income for 2023 is 912 million CNY, with a projected increase to 1,002 million CNY in 2024, indicating a growth of 10% [15]. - The net profit attributable to the parent company for 2023 is 749 million CNY, with an expected increase to 761 million CNY in 2024, showing a growth of 2% [15]. - The earnings per share (EPS) for 2023 is 1.87 CNY, projected to be 1.90 CNY in 2024 [15]. Market Performance - The company’s stock has a market capitalization of 13,243 million CNY, with a 52-week price range of 25.94 to 70.70 CNY [19]. - The company is positioned in the household and personal goods sector, specifically in essential consumer products [15].

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its future performance [4]. Core Insights - The company reported a revenue of 1.934 billion yuan in 2023, representing a year-on-year growth of 9.29%. However, the net profit attributable to shareholders decreased by 11.56% to 749 million yuan [4]. - For Q1 2024, the company achieved a revenue of 409 million yuan, a year-on-year increase of 9.65%, while the net profit attributable to shareholders was 152 million yuan, down 4.77% [4]. - The growth in revenue is primarily driven by the cosmetics segment and online sales channels, with cosmetics revenue reaching 1.083 billion yuan, up 19.92% year-on-year [4]. - The company has a strong focus on enhancing its brand recognition and market position through product development, channel expansion, and marketing strategies [4]. Financial Performance Summary - **Revenue Forecast**: Expected revenues for 2024, 2025, and 2026 are projected at 2.176 billion, 2.441 billion, and 2.720 billion yuan, respectively, with growth rates of 12.5%, 12.2%, and 11.4% [4][6]. - **Net Profit Forecast**: Projected net profits for the same years are 850 million, 953 million, and 1.066 billion yuan, with growth rates of 13.5%, 12.1%, and 11.8% [4][6]. - **Earnings Per Share (EPS)**: EPS is expected to increase from 1.87 yuan in 2023 to 2.66 yuan by 2026 [4][6]. - **Valuation Metrics**: The price-to-earnings (PE) ratio is projected to decrease from 18 in 2023 to 12 by 2026, indicating an improving valuation as earnings grow [4][6]. Strategic Initiatives - The company is enhancing its product matrix by expanding its functional skincare and medical device offerings, with a focus on high-demand items such as hyaluronic acid repair patches [4]. - It is also strengthening its online presence across multiple platforms, including Tmall, Xiaohongshu, and Douyin, to capture a broader consumer base [4]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 400 million yuan, reflecting a cash dividend ratio of 53.39% [4].

证券研究报告 2024 年 04 月 27 日 公 司 报 告│ 公 司 年 报 点 评 敷尔佳（301371） 线上直销占比提升，加码研发夯实长期竞争力 事件： 公司发布 2023 年年报与 2024 年 1 季报：2023 年营收 19.34 亿元（同比+9.3%）， 归母净利润 7.49 亿元（同比-11.6%），扣非归母净利润 7.28 亿元（同比-5.1%）； 2024Q1 营收 4.09 亿元 （同比+9.7%），归母净利润 1.52 亿元（同比-4.8%）， 扣非归母净利润 1.42 亿元（同比-5.3%）。 ➢ 收入增长稳健，线上直销占比增加 公司营业收入增长主要驱动来自于线上直销收入持续增长，净利润下降主要源 于线上销售占比增长带动相关销售费用增加、公司北方美谷基地启用折旧与摊 销增加以及持续加大研发投入。2023 年综合毛利率 82.2% （同比-0.84pct）， 销售费率 27.5%（同比+5.48pct），管理费率 4.67%（同比+1.98pct），归母净 利率 38.76%（同比-9.13pct）。2024Q1 综合毛利率 81.4% （同比-1.23pct）， 销售费率 32. ...