Core Viewpoint - The company is facing its most severe challenges since its listing, with significant declines in revenue and profit due to structural issues and strategic missteps [1] Group 1: Financial Performance - In Q1 2025, the company's revenue was 301 million yuan, a year-on-year decline of 26.39% [1] - The net profit attributable to shareholders was 91.38 million yuan, down 39.77% year-on-year, while the net profit excluding non-recurring items plummeted by 62.82% [1] Group 2: Business Challenges - The company's growth issues stem from a "heavy marketing, light R&D" approach, leading to a decline in core business performance [2] - The shift to online direct sales has resulted in diminishing returns, with sales expenses increasing by 19.35% to 159 million yuan, failing to offset the decline in offline channels [2] - The medical dressing business, which constituted 42.28% of revenue by the end of 2024, saw an average price drop of 11.8% to 39.68 yuan [2] - The product matrix is weak, with only 7 out of 29 patents being invention patents, indicating a reliance on external manufacturing for product differentiation [2] Group 3: Financial Health and Governance Issues - The company reported a negative operating cash flow of -66.16 million yuan in Q1, a significant drop from 128 million yuan in the same period last year [3] - Accounts receivable surged by 79.15%, and inventory reached 189 million yuan, raising concerns about potential inventory impairment risks [3] - Non-recurring gains accounted for 42.4% of net profit, highlighting unsustainable "paper profits" [3] - The former major shareholder has divested and launched competing products, undermining the company's supply chain advantages [3] Group 4: Strategic Recommendations - The company needs to focus on rebuilding its technological moat to navigate the transition from "qualification dividends" to "technological dividends" in the skincare industry [4] - Key areas for improvement include enhancing R&D capabilities, developing new growth lines, and restructuring channel value distribution [4] - Continued reliance on marketing and government subsidies may lead to loss of market share to competitors with stronger technological foundations [4]
敷尔佳一季报|业绩双降、扣非净利润-63% 产品矩阵单薄、研发实力堪忧