福瑞达（600223）：2025年半年报点评：颐莲高增，关注战略调整与产品迭代

Investment Rating - The report maintains a "Recommended" rating for the company, with expected profit growth rates of 5.6%, 21.9%, and 25.0% for the years 2025 to 2027 respectively, corresponding to PE ratios of 33X, 27X, and 22X [4]. Core Insights - The company reported a revenue of 1.79 billion yuan in H1 2025, a decrease of 7.05% year-on-year, with a net profit attributable to shareholders of 108 million yuan, down 15.16% year-on-year [1]. - The cosmetics segment showed strong growth, particularly the Yilian brand, which achieved a revenue of 554 million yuan, up 23.78% year-on-year, driven by marketing initiatives and innovative sales channels [2]. - The report highlights a strategic adjustment in product offerings and a focus on brand positioning, particularly for the Aierbo brand, which faced revenue decline due to product iteration and pricing control [2]. Financial Performance Summary - In H1 2025, the company's gross margin was 52.35%, with a net profit margin of 6.03%. The gross margin improved by 0.48 percentage points year-on-year [3]. - The company’s revenue for Q2 2025 was 913 million yuan, a decline of 11.72% year-on-year, with a net profit of 57.25 million yuan, down 16.07% year-on-year [1]. - The report projects total revenue for 2025 to be 4.568 billion yuan, with a growth rate of 14.7% expected in 2026 [5][8].