福瑞达(600223)：2025Q3业绩略承压 期待双11大促业绩改善

Core Insights - The company reported a decline in net profit attributable to shareholders by 23.1% year-on-year for Q3 2025, indicating overall performance pressure [1] - The company focuses on the integration of cosmetic and pharmaceutical sectors, leveraging a "5+N" core technology matrix to enhance future performance [1] Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2.6 billion yuan, down 7.3% year-on-year, with a net profit of 140 million yuan, a decrease of 17.2% [1] - In Q3 alone, revenue was 810 million yuan, down 8.0%, and net profit was 30 million yuan, down 23.1% [1] - The overall gross margin for Q1-Q3 2025 was 51.5%, a slight decrease of 0.4 percentage points [2] Business Segment Analysis - Cosmetics segment revenue was 1.57 billion yuan, down 8.2%, with a gross margin of 61.2%, a decrease of 1.1 percentage points; notable performances included a 19.5% increase in revenue for the Yilian brand [2] - Pharmaceutical segment revenue was 310 million yuan, down 17.5%, but gross margin improved by 1.8 percentage points to 52.3% [2] - Raw materials segment revenue increased by 11.2% to 280 million yuan, with a gross margin of 40.3%, up 0.9 percentage points; pharmaceutical-grade raw material sales surged by 107.8% year-on-year [2] Brand and Strategic Developments - The Yilian brand maintained growth, with a 28% increase in sales for the spray product line in Q1-Q3 2025; a new product launch achieved significant sales during a major shopping event [3] - The company is advancing its raw material strategy, achieving regulatory approvals for new ingredients and enhancing its product offerings in the health and wellness sector [3] - The company is also innovating in traditional Chinese medicine, collaborating with established brands to develop new products [3]