Core Viewpoint - Harbin Fulejia Technology Co., Ltd. reported a revenue increase in 2024 but a decline in net profit, indicating challenges in maintaining profitability despite sales growth [1][2]. Financial Performance - In 2024, the company achieved a revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while net profit was 661 million yuan, a decrease of 11.77% [1]. - For Q1 2025, revenue fell to 301 million yuan, down 26.39% year-on-year, and net profit dropped to 91.38 million yuan, a decline of 39.77% [1]. - In 2023, revenue was 1.934 billion yuan, up 9.29%, but net profit decreased by 11.56% to 749 million yuan [2]. Sales and R&D Expenses - The company has faced criticism for high sales expenses and low R&D investment. In 2023, sales expenses reached 532 million yuan, accounting for 27.51% of total revenue, while R&D expenses were only 32.84 million yuan, or 1.70% of revenue [2]. - In 2024, sales expenses increased to approximately 748 million yuan, a 40.53% rise, making up 37.08% of total revenue, while R&D expenses grew to 34.82 million yuan, still only 1.73% of revenue [2]. - As of 2024, the company had 58 R&D personnel, representing 8.20% of total employees, indicating a gradual increase in R&D capacity [3]. Competitive Landscape - The company previously held a leading market share of 17.5% in medical dressings but has faced increased competition, particularly from Juzhi Biotechnology, which surpassed Fulejia in revenue for medical dressings in 2023 and 2024 [4]. - Former partner Harbin Sanlian Pharmaceutical has also entered the competitive landscape, launching similar products that overlap with Fulejia's offerings [5][6]. - The market for skin care products in China is projected to reach 518.5 billion yuan by 2026, with functional skin care and medical dressing products expected to grow significantly [8].
净利润下滑、遭遇“背刺”，敷尔佳的“医美面膜生意”不灵了？