Core Viewpoint - The company Fulejia (301371.SZ), known as the "first stock in medical beauty masks," is facing significant internal and external pressures, including a major shareholder's decision to liquidate shares and increased competition in the functional skincare market, leading to a decline in net profits despite heavy marketing expenditures [1][9]. Financial Performance - In the recent annual report, the company reported operating revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while net profit attributable to shareholders was 661 million yuan, a decrease of 11.77%. The net profit after deducting non-recurring items was 604 million yuan, down 17% [2][4]. - This marks the second consecutive year of declining net profits and the third year of decreasing net profit after adjustments, with a reduction of approximately 200 million yuan compared to 847 million yuan in 2022 [2]. Marketing and R&D Expenditures - The significant drop in net profit is primarily attributed to a surge in sales expenses, which reached 748 million yuan in 2024, a substantial increase of 40.53%, far exceeding the revenue growth rate [4]. - Sales expenses have consistently risen over the years, from 264 million yuan in 2021 to increases of approximately 47.69% and 36.44% in 2022 and 2023, respectively, outpacing revenue growth [4]. - In contrast, the company's R&D expenses were only about 34.82 million yuan in 2024, highlighting a "heavy marketing, light R&D" approach, with R&D expenditure rates remaining below 2%, significantly lower than competitors like Betaini and Huaxi Biological [4]. Product Pricing and Market Competition - The company's flagship product, the medical mask, is experiencing chaotic pricing, with significant discrepancies between official and online retail prices, impacting brand integrity [7]. - The gross margin for the company has been declining, with a reported gross margin of 81.73% in 2024, marking the second consecutive year of decline, while net profit margin has decreased from over 53% in 2018 to only 32.78% in 2024 [5]. Shareholder Dynamics - In July 2024, the second-largest shareholder, Hasanlian, announced plans to sell 1.8 million shares, representing 4.5% of the total share capital, although the reasons for this decision were not disclosed [8]. - The relationship between the company and Hasanlian has become complex, as Hasanlian has entered the cosmetics market with products similar to Fulejia's, intensifying competition [8][9].
重压下的敷尔佳：重金砸营销、净利却连降，医用面膜价格混乱