Core Viewpoint - Harbin Fulejia Technology Co., Ltd. (Fulejia) has experienced a significant decline in revenue and profit in Q1 2025, indicating ongoing challenges in its business operations and profitability metrics [2][4][10]. Financial Performance - In Q1 2025, Fulejia's revenue dropped by 26.39% year-on-year to 301 million yuan, with net profit falling nearly 40% to 91.38 million yuan [2]. - For the full year 2024, Fulejia reported a revenue increase of 4.32% to 2.017 billion yuan, but net profit decreased by 11.77% to 661 million yuan, and non-recurring net profit fell by 17% to 604 million yuan [5][10]. - The company's cash flow from operating activities turned negative for the first time, with a year-on-year decline of 151.78% [2]. Marketing and Sales Strategy - Fulejia's sales expense ratio surged from 5.72% to 52.89% over recent years, with marketing expenses in 2024 reaching 748 million yuan, exceeding net profit for the same period [5][6]. - Online direct sales accounted for 54.96% of total revenue in 2024, but the cost of acquiring customers online has increased, leading to a decrease in gross margin [6][7]. - The average price of Fulejia's cosmetic products fell from 40.99 yuan in 2023 to 34.82 yuan in 2024, indicating a decline in product pricing power [8]. Inventory and Production - Fulejia's inventory turnover days doubled to 307 days, with inventory levels increasing by 40.75% year-on-year, reflecting production outpacing sales [3][13]. - The company produced 21.386 million standard units in 2024, while sales were only 20.396 million units, leading to excess inventory [15]. Research and Development - Fulejia's investment in research and development is significantly lower compared to sales expenses, with a ratio of 21:1 in 2024, which has increased by 180% since 2021 [3][16]. - The focus on marketing over R&D raises concerns about the company's long-term competitive advantage in a challenging market environment [16].
线上烧钱反噬利润？敷尔佳陷“流量困局”