福瑞达（600223）：2025年中报点评：研发密集创新，静待新品新变化

Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 10.11 yuan [2][9]. Core Views - The company is experiencing a phase of performance pressure, with a 7.05% year-on-year decline in revenue and a 15.16% drop in net profit for the first half of 2025. The revenue for 25H1 was 1.79 billion yuan, and the net profit was 108 million yuan [2][9]. - The company is undergoing strategic adjustments, particularly in its product lines, with expectations for performance recovery as new products are launched and adjustments take effect [9]. Financial Performance Summary - 2025 Half-Year Performance: Revenue was 1.79 billion yuan (-7.05% YoY), and net profit was 108 million yuan (-15.16% YoY). The gross margin was 52.3% (+0.5pp YoY), and the net margin was 7.5% (-0.6pp YoY) [2]. - 2025 Q2 Performance: Revenue was 913 million yuan (-11.7% YoY), and net profit was 57 million yuan (-16.1% YoY). The gross margin was 53.4% (+0.6pp YoY), and the net margin was 7.8% (-0.2pp YoY) [2]. - Future Financial Projections: Expected revenues for 2024A, 2025E, 2026E, and 2027E are 3.983 billion, 3.798 billion, 4.189 billion, and 4.598 billion yuan respectively, with corresponding net profits of 244 million, 248 million, 294 million, and 350 million yuan [5][10]. Business Segment Performance - Cosmetics Segment: Revenue was 1.094 billion yuan (-7.73% YoY). The "Yilian" brand showed strong growth with a 23.78% increase in revenue to 554 million yuan, driven by successful marketing and product upgrades [9]. - Raw Materials Segment: Revenue was 179 million yuan (+4.15% YoY), with a notable increase in high-value products, particularly in hyaluronic acid (HA) sales, which grew by 287.3% YoY [9]. R&D and Innovation - The company continues to invest in R&D, with expenses increasing by 20.60% YoY to 79 million yuan in the first half of 2025. New product launches, including the "transdermal collagen" technology, are expected to drive future growth [9].