福瑞达年报解码：地产业务剥离阵痛后，多引擎战略逐步破局

Core Insights - The company experienced a 19.73% year-on-year decline in net profit for 2024 due to the impact of divesting its real estate business, but net profit increased by 6.15% when excluding this effect [3] - The asset-liability ratio decreased to 20.20% as the proceeds from the real estate divestiture were used to repay financial institution loans [3] - The company increased its R&D investment by 20.05% in 2024, marking the fifth consecutive year of rising R&D expenditures [3] Group 1: Business Performance - The cosmetics segment saw a revenue increase of 2.46% year-on-year, while the pharmaceutical segment experienced a decline of 1.41%, and the raw materials and additives segment fell by 2.43% [4] - Key brands in the cosmetics sector, such as Yilian and Aier Doctor, contributed significantly to revenue growth, with Yilian solidifying its high-moisture brand positioning and Aier Doctor maintaining its leading position in domestic micro-ecological skincare [4] - The pharmaceutical business stabilized in the second half of the year after adjustments to sales organization, channels, and models, focusing on innovative marketing strategies and product positioning [4] Group 2: Strategic Focus - The raw materials and additives segment is accelerating its shift towards high-end products, expanding customized services for food-grade and cosmetic-grade products [5] - The company is building technical barriers with hyaluronic acid and strengthening its leading position with natamycin to create a product moat [5]