Core Viewpoint - The company Fulejia (301371.SZ) has received a Class II medical device registration certificate for its product "Medical Trehalose Repair Patch" from the Heilongjiang Provincial Drug Administration, which will enhance its product portfolio and market expansion capabilities, although the actual sales performance and impact on future earnings remain uncertain [1]. Company Summary - The product "Medical Trehalose Repair Patch" is intended for the care of minor wounds, abrasions, and cuts, and is classified as a Class II medical device [1]. - The registration certificate is valid until August 25, 2030, indicating a long-term approval for the product's market presence [1]. - The registration number for the certificate is 黑械注准20252140056, which is essential for regulatory compliance [1]. Industry Summary - The approval of this medical device is expected to contribute to the diversification of the company's product offerings within the healthcare sector [1]. - The market potential for such medical devices is significant, particularly in the context of increasing demand for wound care solutions [1].

关于获得医疗器械注册证的公告 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 8 月 26 日获 得黑龙江省药品监督管理局颁发的医疗器械注册证（Ⅱ类医疗器械），产品名称为 "医用海藻糖修复贴"，具体内容如下： 一、基本信息 1、注册人名称：哈尔滨敷尔佳科技股份有限公司 2、产品名称：医用海藻糖修复贴 证券代码：301371 证券简称：敷尔佳 公告编号：2025-034 哈尔滨敷尔佳科技股份有限公司 二、对公司的影响及风险提示 本次医疗器械注册证的获得，进一步丰富了公司医疗器械类产品矩阵，能够更 好地满足广大消费者对医用敷料产品的需求，有利于提高公司在专业皮肤护理产品 市场的拓展能力，对公司未来的生产经营将产生正面影响。 以上产品实际销售情况取决于未来市场的推广效果，目前公司尚且无法预测该 产品对公司未来业绩的具体影响，敬请广大投资者注意防范投资风险，理性投资。 1 三、备查文件 1、《中华人民共和国医疗器械注册证》。 特此公告。 哈尔滨敷尔佳科技股份有限公司董事会 3、注册证编号：黑械注准 20 ...

Group 1: Company Overview - As of June 30, 2025, the company has obtained 3 Class II medical device registration certificates [2] - The company currently has 2 wholly-owned subsidiaries: Harbin Futejia Trading Co., Ltd. and Shanghai Fulejia Technology Development Co., Ltd. [8] Group 2: Financial Performance - For the first half of 2025, the company achieved operating revenue of ¥863,112,643.06, with a net profit attributable to shareholders of ¥229,656,927.58 [3] - The company's revenue from cosmetics in the first half of 2025 was ¥624,817,700, accounting for 72.39% of total revenue, while revenue from medical devices was ¥238,294,500, accounting for 27.61% [8] - In Q2 2025, the company's operating revenue increased by 86.68% compared to Q1 2025, indicating a recovery trend [8] Group 3: Sales and Market Performance - The company reported a positive growth trend in offline sales for the first half of 2025, with sales channels gradually returning to health [3] - Sales on the JD platform showed significant year-on-year growth in the first half of 2025, attributed to enhanced cooperation and new promotional strategies [6] Group 4: Investor Relations and Future Plans - The company currently has no share repurchase plans [5] - There are no current financing plans as the company has sufficient internal funds [9] - The company has completed all fundraising project milestones, and the special accounts for raised funds have been fully canceled [3]

Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Views - The company experienced a revenue decline of 8.15% year-on-year in H1 2025, with total revenue reaching 863 million yuan. The net profit attributable to shareholders decreased by 32.54% to 230 million yuan [1]. - The decline in revenue is attributed to the optimization of offline channels, while the decrease in net profit is mainly due to increased promotional expenses [1]. - The company has a strong focus on new raw material development and deepening its presence in the medical device sector, with a significant increase in R&D personnel [3]. Financial Performance Summary - In H1 2025, the company reported a gross margin of 81.47%, with a net profit margin of 26.61%, reflecting a year-on-year decrease of 9.62 percentage points [2]. - The revenue from medical devices was 238 million yuan, accounting for 27.61% of total revenue, down 48.07% year-on-year, while cosmetics revenue was 625 million yuan, up 29.95% year-on-year [1]. - The company plans to distribute a cash dividend of 10 yuan per 10 shares, totaling 400 million yuan, which is 174.21% of the net profit for the first half of the year [1]. Earnings Forecast and Financial Indicators - The projected net profit for the company is expected to be 609 million yuan in 2025, with a year-on-year decrease of 7.9%, followed by increases of 13.4% and 14.2% in 2026 and 2027, respectively [4]. - The estimated price-to-earnings (PE) ratios for 2025, 2026, and 2027 are 21x, 18x, and 16x, respectively [3][4].

Core Insights - China has become the world's second-largest cosmetics consumer market, driven by rising economic levels and increasing consumer demand for better living standards [1] - Domestic cosmetic brands are leveraging smart manufacturing, scientific innovation, and proprietary ingredients to reshape the market landscape traditionally dominated by international brands [1] Company Overview - Fulejia's Northern Beauty Valley industrial base covers over 100,000 square meters and includes R&D quality inspection centers, medical device workshops, and fully automated warehouses, representing a model of "smart factories" in Harbin [3] - The company emphasizes product innovation and R&D as its core production force, adhering to high standards across the R&D, production, and finished product stages [3][6] - Fulejia conducts comprehensive testing on its products, including clinical efficacy tests, safety evaluations, and stability assessments under various environmental conditions, ensuring high product quality [3][6] Production Process - The production process is fully automated, utilizing a control system that minimizes human intervention risks and ensures compliance with GMP standards through features like automatic cleaning and online sterilization [4] - All raw materials and packaging undergo rigorous testing upon arrival, and both semi-finished and finished products are subject to quality control checks throughout the production process [6] R&D and Innovation - Fulejia collaborates with several universities and research institutions, including Harbin Institute of Technology and Sichuan University, to enhance its R&D capabilities and develop new products [6] - The company has established a comprehensive R&D system and talent cultivation mechanism, integrating internal and external resources to drive continuous innovation [6] Product Range and Market Position - Fulejia offers over sixty specialized skin care products, including medical dressings and functional skin care items, and has developed proprietary cosmetic ingredients [7] - The company has transitioned from a pharmaceutical background to become a leader in medical dressings, showcasing its commitment to technology, efficacy, and quality [7]

每经AI快讯，8月26日，美容护理板块震荡走强，嘉亨家化20%涨停，水羊股份涨超5%，敷尔佳、珀莱 雅、拉芳家化等跟涨。 （文章来源：每日经济新闻） ...

Group 1 - The core viewpoint of the news is that 成泉资本 has conducted a research on the listed company 敷尔佳, highlighting its sales performance and strategic developments [1] - 敷尔佳's sales channel optimization and product pricing adjustments have shown significant progress, with a 86.68% quarter-on-quarter revenue growth in Q2 2025 [1] - Sales on platforms like Douyin and Tmall during the 6.18 shopping festival were optimistic and met expectations, while 京东 also experienced impressive growth through deeper collaborations and a wider product range [1] Group 2 - The overall trend of online advertising spending remains stable, with no significant changes observed [1] - The proportion of revenue from non-adhesive products is steadily increasing, indicating a richer product line [1] - The R&D team is in a growth phase, with plans for further improvement and expansion [1] Group 3 - The 重组三型人源化胶原蛋白冻干纤维 project has completed three rounds of injections and is currently in the data cleaning and report preparation stage [1] - The specific dividend arrangements will need to be monitored through the company's temporary announcements [1]

Group 1 - The core viewpoint of the news is that Huirjia has made significant progress in optimizing sales channels and product pricing, with a notable revenue increase in Q2 2023 [1] - Huirjia's revenue in Q2 2023 increased by 86.68% quarter-on-quarter, aligning with expectations [1] - Sales growth on platforms like Douyin and Tmall during the 618 shopping festival was optimistic and met expectations [1] - The growth rate on the JD platform was impressive in the first half of the year, achieved through deeper cooperation and a richer product variety [1] - Overall online advertising trends remained stable without significant changes, while Douyin's advertising share has slightly tightened, mainly during promotional periods [1] - The offline expense ratio was low, primarily consisting of sales personnel salaries and offline activity material costs [1] - The revenue share of non-adhesive products has steadily increased, indicating a richer product line [1] - The R&D team is in a growth phase and will continue to improve and expand [1] - The third round of injections for the restructured humanized collagen freeze-dried fiber project has been completed, and data cleaning and report preparation are underway [1] - Specific dividend arrangements will need to be monitored through the company's temporary announcements [1] Group 2 - Shanghai Hosheng Asset Management Co., Ltd. was established in 2011 and became one of the first private fund managers registered with the Asset Management Association of China in 2014 [2] - The company is a leading institution in credit bond research and investment in China, with employees possessing strong educational backgrounds and extensive experience in the domestic capital market [2] - Hosheng Asset has precise industry and company analysis capabilities, keen credit risk identification skills, and a comprehensive risk management system [2] - The company aims to create excess returns for clients through dynamic portfolio optimization, adhering to the philosophy of value investment and research-driven value creation [2]

Core Viewpoint - The company, Fulejia, is experiencing a decline in revenue and net profit for the first half of 2025, but there are signs of recovery in the second quarter due to sales channel optimization and product price adjustments [1][2]. Group 1: Financial Performance - For the first half of 2025, the company reported a revenue of 863 million yuan, a year-on-year decrease of 8.15% [1] - The net profit attributable to shareholders was 230 million yuan, down 32.54% year-on-year [1] - The net profit after excluding non-recurring gains and losses was 166 million yuan, a decrease of 48.66% year-on-year [1] - Basic earnings per share were 0.44 yuan [1] Group 2: Sales Channels and Strategies - The company has implemented a multi-channel sales strategy, integrating online and offline sales, covering major e-commerce platforms like Tmall, Douyin, JD.com, and Pinduoduo, as well as offline medical institutions and retail stores [1] - In the second quarter of 2025, the company saw a significant revenue increase of 86.68% compared to the first quarter, indicating a recovery in performance [2] - The company is focusing on optimizing offline distribution channels, with over 99% of revenue coming from the distribution model, which incurs minimal sales expenses [2] Group 3: Product Development - The company is enhancing its product line, particularly in non-patch products, with a steady increase in their revenue share [3] - The establishment of a research and development center in Shanghai is expected to accelerate product innovation and expansion [3] - The company has completed the third round of injections for a project involving humanized collagen freeze-dried fibers, which is currently in the data cleaning and report preparation stage [3]

Group 1: Sales Performance - In the first half of 2025, the company's sales channel optimization and product pricing restructuring achieved significant progress, with a 86.68% increase in revenue from Q1 to Q2 [1] - The 6.18 sales event showed optimistic growth on platforms like Douyin and Tmall, aligning with expectations [2] - The JD platform experienced remarkable growth in the first half of 2025 due to enhanced cooperation and new promotional strategies [2] Group 2: Online and Offline Strategies - The overall trend of online advertising efficiency remained stable without significant changes [2] - The offline sales model primarily relies on distributors, with distributor revenue accounting for over 99%, resulting in minimal sales expenses [2] - The proportion of non-adhesive products in revenue has steadily increased, supported by the establishment of the Shanghai R&D center [2] Group 3: Research and Development - The R&D team is still in a growth phase, with plans for further expansion in both expertise and team size [2] - The project on human-derived collagen freeze-dried fibers has completed three rounds of injections and is currently in the data cleaning phase [3] Group 4: Future Considerations - The company has not disclosed specific plans for mid-term dividends, advising stakeholders to monitor future announcements [3]