Core Viewpoint - The company, Fuhua, announced on September 23 that it has completed all three rounds of clinical trials for its recombinant human collagen freeze-dried fiber project, and is currently in the data cleaning and report preparation phase, progressing smoothly and in line with company expectations [2] Group 1 - The company has successfully completed the three rounds of injections for the clinical trial [2] - The project is now in the data cleaning and summary report preparation stage [2] - The progress of the project is satisfactory and meets the company's expectations [2]

Core Insights - The company, Fulejia, reported strong sales performance for its lactose acid masks in the first half of the year, aligning with its expectations [2] Company Summary - Fulejia announced on September 23 that the sales data for its lactose acid masks was very positive, meeting the company's forecasts [2]

Group 1: Sales Performance - The company's sales channel optimization has shown significant progress, with a 86.68% increase in revenue from Q1 to Q2 2025, indicating a recovery trend that aligns with company expectations [1] - The lactose acid mask launched in August last year has performed very well in sales during the first half of 2025, meeting company expectations [2] Group 2: Product Structure and Development - The company's product range includes medical devices and functional skincare products, featuring various forms such as masks, essences, lotions, and sprays [1] - The company has a robust pipeline of research projects, with ongoing efforts to enhance R&D capabilities following the establishment of a new R&D center in Shanghai [2] Group 3: Online Sales Channels - JD.com has emerged as a strong online sales channel, with the company enhancing its collaboration with JD to diversify product offerings and implement new promotional strategies, resulting in notable growth on the platform [2] Group 4: Future Plans - The company plans to continue launching new products in the upcoming quarters, with specific details to be announced in future communications [2] - Dividend arrangements for the third quarter are still under consideration, with updates to be provided through official announcements [2]

证券时报·数据宝统计，截至发稿，敷尔佳收盘价为25.05元，下跌0.79%，本期筹码集中以来股价累计 下跌5.29%。具体到各交易日，2次上涨，6次下跌。 机构评级来看，近一个月该股获5家机构买入评级。预计目标价最高的是中金公司，8月22日中金公司发 布的研报给予公司目标价33.10元。（数据宝） 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 敷尔佳9月22日披露，截至9月20日公司股东户数为15007户，较上期（9月10日）减少956户，环比降幅 为5.99%。 融资融券数据显示，该股最新（9月19日）两融余额为1.01亿元，其中，融资余额为1.01亿元，本期筹码 集中以来融资余额合计减少480.14万元，降幅为4.55%。 公司发布的半年报数据显示，上半年公司共实现营业收入8.63亿元，同比下降8.15%，实现净利润2.30 亿元，同比下降32.54%，基本每股收益为0.4400元，加权平均净资产收益率4.02%。 （文章来源：证券时报网） ...

Group 1 - The core value of the brand Fulejia lies in the professionalism and reliability of its product efficacy, and price fluctuations can dilute consumer perception of value, leading to irreversible damage to the brand [1] - Fulejia's pricing strategy adheres to the "value anchoring" principle, basing its pricing on substantial factors such as R&D investment, clinical trial data, and raw material costs, while addressing the core needs of its target consumer group [1] - The brand maintains a stable pricing system for its flagship product, "Clear Acne Skin Repair Patch," despite multiple formula upgrades, ensuring consumers perceive a direct correlation between price and visible efficacy [1] Group 2 - During promotional events, the stability of Fulejia's regular prices and the temporary discounts can create a psychological discomfort among consumers, reflecting a short-term misalignment between brand trust and consumer price expectations [2] - Fulejia's official flagship store maintains price stability most of the time, only offering limited discounts during major shopping events, with prices quickly reverting post-promotion to restore the original pricing system [2] - The key objective of Fulejia's pricing strategy is to establish a clear value coordinate system, where the acceptance of price fluctuations by consumers hinges on the perceived reasonableness behind those changes [2] Group 3 - Fulejia is following a "slow is fast" growth path, focusing on sustainable brand asset development through stable pricing rather than explosive traffic strategies [3] - The ultimate goal of price management is to safeguard value rather than merely controlling numbers, integrating pricing strategies into brand building as a crucial component of consumer communication and trust accumulation [3] - The current consumer market emphasizes the importance of not sacrificing brand value for short-term sales or allowing market fluctuations to obscure value propositions, representing valuable business wisdom [3]

Market Overview - The Shanghai Composite Index closed at 3877.55 points, with a change of 0.41% [1] - The total trading volume of A-shares reached 1561.918 billion yuan [1] Technical Analysis - A total of 127 A-shares experienced a death cross, where the 5-day moving average fell below the 10-day moving average [1] - Notable stocks with significant distance between their 5-day and 10-day moving averages include: - COFCO Technology: 5-day MA at 11.41 yuan, 10-day MA at 11.52 yuan, difference of -0.92% [1] - Jiuri New Materials: 5-day MA at 27.35 yuan, 10-day MA at 27.59 yuan, difference of -0.86% [1] - Potential Energy Trust: 5-day MA at 20.44 yuan, 10-day MA at 20.59 yuan, difference of -0.77% [1] Individual Stock Performance - COFCO Technology: Today's change of 0.09%, trading volume of 1.13% [1] - Jiuri New Materials: Today's change of 1.49%, trading volume of 1.84% [1] - Potential Energy Trust: Today's change of 0.34%, trading volume of 1.64% [1] - Other notable stocks with death crosses include: - Tongzhou Electronics: Today's change of -0.42%, trading volume of 2.40% [1] - ST Long Pharmaceutical: Today's change of -2.50%, trading volume of 2.14% [1] - Jin Hong Shun: Today's change of -1.44%, trading volume of 2.07% [1]

Market Overview - On September 15, the cosmetics sector declined by 0.18%, with Huaye Fragrance leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index closed at 13005.77, up 0.63% [1] Individual Stock Performance - Notable gainers included: - Jinsong New Material (300849) with a closing price of 14.48, up 3.72% and a trading volume of 121,800 shares, totaling 179 million yuan [1] - Lafang Home (603630) closed at 28.58, up 2.11% with a trading volume of 71,300 shares, totaling 200 million yuan [1] - Notable decliners included: - Huaye Fragrance (300886) closed at 29.66, down 1.79% with a trading volume of 18,400 shares, totaling 55.05 million yuan [2] - Marubi Biological (603983) closed at 39.95, down 1.36% with a trading volume of 13,900 shares, totaling 55.49 million yuan [2] Capital Flow Analysis - The cosmetics sector experienced a net outflow of 83.38 million yuan from institutional investors, while retail investors saw a net inflow of 76.42 million yuan [2] - The overall capital flow for individual stocks showed: - Jinsong New Material had a net inflow of 18.50 million yuan from institutional investors, accounting for 10.31% of its total [3] - Huaye Fragrance had a net outflow of 4.23 million yuan from institutional investors, accounting for 6.58% of its total [3]

Core Viewpoint - Zhenyan Biotechnology Co., Ltd. has recently listed on the New Third Board, with expectations of targeting the Beijing Stock Exchange for future listing opportunities [1][2]. Company Overview - Zhenyan Biotechnology specializes in post-surgical skin repair in the medical beauty sector, offering products such as medical masks, sprays, and moisturizers [2]. - The company's "Recombinant Mussel Adhesive Protein Hydrogel Dressing" and "Recombinant Collagen Repair Sterile Dressing" are designed for post-procedure care following laser and photon rejuvenation treatments [2]. Financial Performance - In 2024, Zhenyan's medical masks generated revenue of 251 million yuan, accounting for over 40% of total revenue [2]. - The company reported total revenues and net profits of 597 million yuan and 74 million yuan respectively in 2024, reflecting year-on-year growth of 22.89% and 7.34% [3]. - Online sales contributed approximately 318 million yuan, making up around 50% of total revenue [3]. Market Position and Competition - If Zhenyan successfully lists, it could become the first stock in the medical mask segment on the Beijing Stock Exchange [3]. - The company’s revenue structure is similar to that of Chuangye's "medical mask first stock" (301371.SZ), which has faced significant profit declines [3]. - Despite industry challenges, Zhenyan has maintained growth, while competitors like Chuangye have seen substantial revenue drops due to increased competition and market dynamics [3]. Sales and Marketing Strategy - Zhenyan's sales expenses surged to 276 million yuan in 2024, a year-on-year increase of approximately 50%, representing 46% of total revenue [4]. - The company has adopted a competitive pricing strategy, with its medical repair dressing priced lower than similar products from competitors [5].

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 2025年半年度跟踪报告 | 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 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2．督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不 限于防止关联方占用公司资源的制度、募集资金 | 是 | | 管理制度、内控制度、内部审计制度、关联交易 | | | 制度） | | | （2）公司是否有效执行相关规章制度 | 是，根据敷尔佳内控自我评价报告，发行人有 | | | 效执行了相关规章制度。 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 保荐人每月查询公司募集资金专户资金变 ...

Core Viewpoint - The skincare and daily chemical industry in A-share listed companies has shown significant performance divergence in the first half of 2025, with 14 representative companies analyzed for their financial results [1]. Group 1: Performance Analysis - Six companies experienced declines in both revenue and net profit: Lafang Jiahua, Furuida, Fulejia, Beitaini, Huaxi Biological, and Kesi Co. [1] - Lafang Jiahua reported revenue of 410 million yuan, a decrease of 4.27% year-on-year, and a net profit of 6 million yuan, down 82.89% compared to the previous year [1]. - Furuida achieved revenue of 1.79 billion yuan, a decline of 7.05% year-on-year, with a net profit of 108 million yuan [1]. - One company, Chuang'er Biological, saw revenue growth of 16.98% to 214 million yuan but a net profit decline of 55.99% to 13 million yuan [1]. - Jiaheng Jiahua reported revenue of 514 million yuan, an increase of 21.72% year-on-year, but a net loss of 32 million yuan, with losses widening compared to the previous year [1]. Group 2: Factors Influencing Performance - Jiaheng Jiahua's significant net loss is closely linked to its Huzhou base, with new business expansions impacting operational performance [2]. - Lafang Jiahua's dual decline in performance is attributed to changes in the domestic and international operating environment, compounded by intensified industry competition, despite increased market investment [2].