Core Insights - The company, Fulejia, is facing significant operational pressure in the first half of 2025, with revenue of 863 million yuan, a year-on-year decline of 8.15% [1] - The decline in both revenue and profit reflects the challenges faced by the company, once known as the "first stock of medical beauty masks," amid industry changes [1] Revenue and Profit Trends - Fulejia's revenue has decreased, with sales expenses accounting for nearly half of its costs, indicating a heavy burden on the company [1] - The traditional distribution system has seen a sharp decline, with offline revenue contribution dropping to less than 20%, while online channels, despite rapid growth, are unable to fully compensate for the revenue gap [1] Marketing and Sales Strategy - The company has shifted its marketing resources significantly towards live e-commerce and influencer marketing, leading to a situation where sales expenses are growing faster than revenue [1] - Heavy investments in collaborations with top influencers and platform promotions have increased online visibility and order growth but have not translated into sustainable sales [1] Product and Brand Challenges - The core product category of "medical beauty masks" is facing a trust crisis due to regulatory tightening and consumer perception changes [1] - The company is struggling with slow innovation cycles, relying heavily on traditional sheet masks, while counterfeit products are undermining brand value and consumer trust [1] Strategic Directions for Growth - The company needs to focus on three key areas for transformation: - Rebalancing channels by enhancing offline professional channels and reducing reliance on single-path traffic purchases [1] - Accelerating the development of high-value products to replace marketing premiums with technological barriers [1] - Rebuilding brand value through transparent supply chains and anti-counterfeiting measures, shifting marketing focus from "medical beauty concepts" to "professional solutions" [1]
敷尔佳2025年上半年业绩双降、库存压力加大或正经历渠道转型与价值重估的阵痛