Core Viewpoint - The stock price of Harbin Fulejia Technology Co., Ltd. has significantly declined since its IPO, reflecting poor financial performance and a challenging market environment [2][4][26]. Financial Performance - Since its listing on August 1, 2023, at an initial price of 55.68 yuan per share, the stock reached a peak of 80.04 yuan but has since fallen sharply, with a current price of 23.88 yuan, representing a near 50% decline from the IPO price [4][25]. - In 2023, the company reported a revenue increase of 9.29% to 1.934 billion yuan, but net profit fell by 11.56% to 749 million yuan [6][27]. - The downward trend continued in 2024, with revenue of 2.017 billion yuan (up 4.32%) and net profit dropping 11.77% to 661 million yuan [6][27]. - For the first nine months of 2025, revenue was 1.297 billion yuan, down 11.54%, and net profit was 325 million yuan, a significant drop of 36.73% [8][29]. Business Segments - The medical device segment, once a key revenue driver, saw a dramatic decline in revenue, dropping 48.1% to 238 million yuan in the first half of 2025, reducing its contribution to total revenue from 48.8% to 27.6% [8][30]. - Conversely, the cosmetics segment reported a revenue of 625 million yuan, a 30% increase, but this growth was accompanied by soaring marketing expenses [31][32]. Marketing and R&D Strategy - The company has adopted a "heavy marketing, light R&D" approach, with sales expenses reaching 420 million yuan, a 39.56% increase, resulting in a sales expense ratio of 48.7% [11][32]. - This strategy has led to diminishing returns, as marketing costs have outpaced revenue growth, eroding profit margins [33][34]. - The reliance on high-risk online marketing channels, particularly on platforms like Douyin, poses additional risks if costs increase or platform rules change [33][34]. Competitive Position - Fulejia's patent portfolio is limited, with only 31 patents, of which only 9 are invention patents, significantly lower than competitors like Huaxi Biological and Beitaini [37]. - The company faces challenges in the face of regulatory changes that restrict the marketing of its medical device products, leading to a sharp decline in sales [37][39]. Strategic Responses - In response to declining sales, the company has implemented a price reduction strategy, with significant discrepancies between official and online prices for its products [39]. - The company is also exploring ways to reposition its products and enhance its marketing strategies to adapt to regulatory changes and market demands [39][40].
敷尔佳市值蒸发六成背后： 营销费用激增吞噬利润