鲁商福瑞达医药股份有限公司（以下简称"公司"）于 2025 年 10 月 28 日披 露公司 2025 年第三季度报告，为了便于广大投资者更全面深入地了解公司 2025 年第三季度业绩和经营情况，公司拟于 2025 年 11 月 3 日（星期一）16:00-17:00 举行 2025 年第三季度业绩说明会，就投资者普遍关心的问题进行交流。 一、业绩说明会类型 本次投资者说明会以网络文字互动的形式召开，公司将针对 2025 年第三季 度业绩和经营情况与投资者进行交流，在信息披露允许的范围内就投资者普遍关 注的问题进行回答。 二、业绩说明会召开的时间、地点 鲁商福瑞达医药股份有限公司 关于召开 2025 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 问题征集方式：投资者可于 2025 年 10 月 27 日（星期一）至 10 月 31 日（星期五）16:00 前将需要了解的情况和相关问题通过电子邮件的形式发送至 公司投资者关系邮箱：lsfrd600223@163.com。公司将在业 ...

证券代码：600223 证券简称：福瑞达 编号：临 2025-031 鲁商福瑞达医药股份有限公司 关于 2025 年第三季度主要经营数据的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 根据上海证券交易所《上海证券交易所上市公司自律监管指引第 3 号行业信 息披露：第十三号——化工》的要求，现将鲁商福瑞达医药股份有限公司（以下 简称"公司"）2025 年第三季度主要经营数据披露如下： 二、2025 年第三季度公司主要产品和原材料的价格变动情况 （一）主要产品价格变动情况 较高的大单品（精华、面霜类）销售占比变动所致。 （二）主要原材料价格波动情况 公司主要原材料有包装物、保湿剂、活性物、乳化剂、油脂等。 1、包装物 2025 年第三季度平均采购单价较 2024 年第三季度同比上升 0.05 元/个，增 幅 6.94%。 因礼盒类高单价包材采购数量增加，2025 年第三季度平均采购单价较 2025 年第二季度环比上升 0.12 元/个，增幅 18.46%。 一、2025 年第三季度公司主要产品的产量、销量及收入实现情况 ...

Financial Performance - Total revenue for Q3 2025 was CNY 807,271,233, a decrease of 7.97% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 33,780,841.2, down 23.07% year-on-year[3] - The net profit after deducting non-recurring gains and losses decreased by 34.87% to CNY 25,579,567.5, primarily due to the product iteration phase of core cosmetics and reduced online traffic[7] - The basic earnings per share for the quarter was CNY 0.03, a decline of 26.42% compared to the same period last year[3] - Total operating revenue for the first three quarters of 2025 was CNY 2,596,812,901.60, a decrease of 7.4% compared to CNY 2,802,563,091.30 in the same period of 2024[18] - Net profit for the first three quarters of 2025 was CNY 178,355,243.27, a decline of 15.0% from CNY 209,546,814.29 in 2024[19] - Total comprehensive income for the first three quarters of 2025 was CNY 178.36 million, a decrease of 14.87% compared to CNY 209.55 million in the same period of 2024[20] - Basic and diluted earnings per share for the first three quarters of 2025 were CNY 0.14, down from CNY 0.17 in 2024[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,831,204,120, a decrease of 2.82% from the end of the previous year[3] - As of September 30, 2025, total assets amounted to CNY 5.831 billion, while net assets attributable to the parent company were CNY 4.187 billion[11] - The company's total liabilities decreased from CNY 4.143 billion at the end of 2024 to CNY 3.968 billion as of September 30, 2025[15] - The company's total liabilities as of September 30, 2025, were CNY 942,214,014.59, a decrease of 22.2% from CNY 1,211,965,199.14 at the end of 2024[17] - Total equity attributable to shareholders as of September 30, 2025, was CNY 4,186,812,185.70, an increase of 2.0% from CNY 4,104,899,060.85 at the end of 2024[17] Cash Flow - Cash flow from operating activities for the year-to-date period decreased by 37.00% due to reduced sales receipts[7] - Net cash flow from operating activities for the first three quarters of 2025 was CNY 38.67 million, down 37.00% from CNY 61.38 million in 2024[21] - Cash inflow from operating activities totaled CNY 2.80 billion in 2025, a decrease of 4.05% from CNY 2.92 billion in 2024[21] - Cash outflow from operating activities was CNY 2.76 billion in 2025, down 3.34% from CNY 2.85 billion in 2024[21] - Net cash flow from investing activities was -CNY 29.76 million in 2025, a significant decline from CNY 3.03 billion in 2024[21] - Cash inflow from financing activities was CNY 248.58 million in 2025, an increase from CNY 202.21 million in 2024[21] - Net cash flow from financing activities was -CNY 180.52 million in 2025, an improvement from -CNY 1.96 billion in 2024[21] - The ending cash and cash equivalents balance for the first three quarters of 2025 was CNY 2.63 billion, a decrease from CNY 2.83 billion in 2024[21] Shareholder Information - The company reported a total of 44,533 common shareholders at the end of the reporting period[9] - The largest shareholder, Shandong Commercial Group Co., Ltd., holds 51.6% of the shares, amounting to 524,739,200 shares[9] Segment Performance - For the first nine months of 2025, the company achieved operating revenue of CNY 2.597 billion and a net profit attributable to the parent company of CNY 142 million[11] - The cosmetics segment reported revenue of CNY 1.569 billion, a year-on-year decline of 8.17%, with a gross margin of 61.24%[11] - The Yilian brand generated sales of CNY 786 million, a year-on-year increase of 19.50%, while the spray product line achieved sales of CNY 664 million, up 28%[11] - The pharmaceutical segment's revenue was CNY 305 million, down 17.46%, with a gross margin of 52.27%[12] - The raw materials and additives segment saw revenue of CNY 276 million, an increase of 11.19%, with a gross margin of 40.26%[13] Research and Development - Research and development expenses for the first three quarters of 2025 were CNY 116,058,297.86, up 11.7% from CNY 103,797,009.10 in 2024[18] - The company developed over 200 new customers across hospital and OTC channels during the reporting period[12] - The company launched 7 new health products during the third quarter, including Red Ginseng and Ejiao Peptide drinks[13] Financial Standards - The company has not adopted new accounting standards for the year 2025[22]

Core Insights - The company reported a third-quarter revenue of 807 million yuan, representing a decline of 7.97% [1] - The net profit for the third quarter was 33.78 million yuan, down 23.07% [1] - For the first three quarters, the total revenue was 2.597 billion yuan, a decrease of 7.34% [1] - The net profit for the first three quarters was 142 million yuan, reflecting a decline of 17.19% [1]

Core Viewpoint - Jinsong New Materials (300849) has received an administrative penalty notice for information disclosure violations, resulting in fines for the company and its executives [2][3]. Group 1: Administrative Penalties - The company was fined 1.5 million yuan, and the chairman, Ruan Rongtao, was also fined 1.5 million yuan for the violations [2]. - The former general manager, Ruan Qijiang, and the chairman of the supervisory board, Xia Shuliang, received warnings and fines of 1 million yuan each, while the former vice president and director, Ruan Cenghong, received a warning and a 500,000 yuan fine [2]. Group 2: Violations Details - The main violation involved failing to disclose related party transactions in the 2022 annual report, specifically a construction contract with Zhejiang Hongxiang for a project valued at 120 million yuan, which accounted for 18.6% of the company's audited net assets for that year [3]. - The contract was improperly awarded to Ruan Zhongyan, the nephew of Ruan Rongtao, without proper disclosure, constituting a related party transaction [3]. Group 3: Company Response and Governance - The company held a board meeting on April 29, 2023, to retroactively approve the related party transaction, which was later confirmed by a shareholder meeting with a 99.97% approval rate [4]. - The company has committed to improving internal governance, enhancing operational standards, and ensuring compliance with information disclosure regulations to protect shareholder interests [4]. Group 4: Company Background - Jinsong New Materials has over 20 years of experience in the production and sale of cosmetic packaging materials, offering a wide range of products, including over 1,000 specifications for well-known brands [5]. - The company was listed on the Growth Enterprise Market in July 2020, raising funds for projects aimed at increasing production capacity [5].

Core Insights - The cosmetics sector experienced a decline of 0.72% on October 22, with LaFang JiaHua leading the drop [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Market Performance - Qingdao Jinwang (002094) saw a closing price of 7.88, with an increase of 2.74% and a trading volume of 561,300 shares, amounting to 450 million yuan [1] - Other notable performers included Kesheng Co. (300856) with a closing price of 13.88, up 1.46%, and Yusong Co. (300132) at 6.52, up 1.40% [1] - LaFang JiaHua (603630) closed at 22.55, down 1.83%, with a trading volume of 39,800 shares and a turnover of 90.79 million yuan [2] Capital Flow - The cosmetics sector experienced a net outflow of 12.29 million yuan from institutional investors and 12.90 million yuan from retail investors, while there was a net inflow of 25.19 million yuan from individual investors [2] - The capital flow for individual stocks showed that Qingdao Jinwang had a net inflow of 30.74 million yuan from institutional investors, while LaFang JiaHua had a net outflow of 7.07 million yuan [3] - Other stocks like Kesheng Co. and Yusong Co. also experienced varying degrees of net inflow and outflow from different investor categories [3]

Core Insights - Li Jiaqi remains a significant influencer in the beauty industry during the Double Eleven shopping festival, with nearly 1,700 brands participating in his livestream, over 60% of which are domestic brands [1][17] - The first hour of GMV in Li Jiaqi's livestream during Double Eleven 2024 saw a year-on-year increase, with certain categories like beauty, maternal and infant products, fashion, and food experiencing growth of nearly 80% [1][6] - The negotiation dynamics between brands and Li Jiaqi are showcased in the variety show "All Girls' Offers," which has evolved to include user voting to determine brand outcomes [1][2] Brand Pricing Strategies - Foreign brands like L'Oreal and Shiseido are generally maintaining or slightly increasing prices, while domestic brands are more aggressive in offering discounts and promotions [3][6] - The pricing strategies of brands vary, with some opting for structural discounts rather than outright price reductions, creating a perception of value for consumers [6][10] - Gift money discounts for beauty brands on Tmall are concentrated in the 0.90-0.96 range, with some brands like Proya offering significant discounts while others like La Mer maintain their pricing strategy [7][9] Brand Participation Trends - The participation of foreign brands in Li Jiaqi's livestream has decreased, with many opting out or adjusting their strategies in the Chinese market due to pricing pressures and market challenges [15][17] - Domestic brands such as Proya, Winona, and Han Shu have shown consistent participation and growth, aligning their strategies with Li Jiaqi's livestream ecosystem [15][16] - The shift towards more domestic brands in the lineup has sparked discussions among consumers regarding brand recognition and the perceived value of the products offered [19] Market Dynamics - The overall market dynamics indicate that foreign brands are facing challenges in the Chinese market, with many considering exit strategies or channel adjustments [17][19] - Li Jiaqi's influence on foreign brands is diminishing, as they are less willing to offer competitive pricing compared to domestic brands, which are more flexible and responsive to market demands [17][19] - The evolving landscape of the beauty industry during major shopping events highlights the importance of brand adaptability and consumer engagement strategies [10][19]

Core Insights - The cosmetics sector experienced a slight decline of 0.03% on October 21, with Lafang Jiahua leading the drop [1] - The Shanghai Composite Index closed at 3916.33, up 1.36%, while the Shenzhen Component Index closed at 13077.32, up 2.06% [1] Group 1: Stock Performance - Jinsheng New Material (300849) saw a significant increase of 7.74%, closing at 14.76 with a trading volume of 103,000 shares and a turnover of 148 million yuan [1] - Jiaheng Jiahua (300955) rose by 4.90%, closing at 30.62 with a trading volume of 45,700 shares and a turnover of 137 million yuan [1] - Qing Song Co. (300132) increased by 3.71%, closing at 6.43 with a trading volume of 266,600 shares and a turnover of 170 million yuan [1] - Lafang Jiahua (603630) declined by 2.67%, closing at 22.97 with a trading volume of 61,500 shares and a turnover of 141 million yuan [2] - Shanghai Jahwa (600315) fell by 1.85%, closing at 27.09 with a trading volume of 96,400 shares and a turnover of 262 million yuan [2] Group 2: Capital Flow - The cosmetics sector experienced a net outflow of 11.49 million yuan from institutional investors, while retail investors saw a net inflow of 19.36 million yuan [2] - The main capital inflow was observed in brands like Banlaya (603605) with a net inflow of 10.38 million yuan, while Jinsheng New Material (300849) had a net outflow of 11.78 million yuan [3] - Retail investors showed a significant net inflow in Furuida (600223) with 7.23 million yuan, while the outflow from institutional investors was 3.19 million yuan [3]

Core Insights - The cosmetics sector experienced a decline of 0.33% on October 20, with Marubi Biotechnology leading the drop [1] - The Shanghai Composite Index closed at 3863.89, up 0.63%, while the Shenzhen Component Index closed at 12813.21, up 0.98% [1] Market Performance - Notable gainers in the cosmetics sector included: - Jiahen Homecare (300955) with a closing price of 29.19, up 6.22% [1] - Huaye Fragrance (300886) with a closing price of 28.63, up 1.45% [1] - Keshare (300856) with a closing price of 13.77, up 1.32% [1] - Marubi Biotechnology (603983) closed at 36.84, down 2.57%, marking the largest decline in the sector [2] Trading Volume and Capital Flow - The cosmetics sector saw a net outflow of 10.6154 million yuan from institutional investors, while retail investors experienced a net outflow of 15.8642 million yuan [2] - Conversely, speculative funds recorded a net inflow of 26.4796 million yuan [2] Individual Stock Capital Flow - Shanghai Jahwa (600315) had a significant net outflow of 23.5185 million yuan from institutional investors, while it attracted a net inflow of 7.4057 million yuan from speculative funds [3] - Jiahen Homecare (300955) saw a net inflow of 8.9635 million yuan from institutional investors, but a net outflow of 3.4693 million yuan from speculative funds [3] - Keshare (300856) experienced a net inflow of 5.6164 million yuan from institutional investors, with a net outflow of 680.09 million yuan from retail investors [3]

Core Points - The cosmetics sector experienced a decline of 2.36% on October 17, with Lafang Home leading the drop [1] - The Shanghai Composite Index closed at 3839.76, down 1.95%, while the Shenzhen Component Index closed at 12688.94, down 3.04% [1] Stock Performance - Jinsheng New Material (300849) closed at 13.88, up 3.89% with a trading volume of 64,700 shares and a transaction value of 89.115 million yuan [1] - Furuida (600223) remained unchanged at 7.83, with a trading volume of 112,800 shares [1] - Marubi Biological (603983) closed at 37.81, down 0.13% with a trading volume of 11,900 shares [1] - Qingsong Co. (300132) closed at 6.14, down 1.44% with a trading volume of 145,600 shares [1] - XD+R Caiya (603605) closed at 78.02, down 1.50% with a trading volume of 48,900 shares and a transaction value of 383 million yuan [1] - Other notable declines include: - Buxiaoxing (300886) down 1.60% to 28.22 [1] - Fulejia (301371) down 1.74% to 24.30 [1] - Qingdao Kingway (002094) down 2.19% to 7.61 with a transaction value of 133 million yuan [1] - Zhiwei Co. (920123) down 2.55% to 17.59 [1] - Kesi Co. (300856) down 2.58% to 65 [1] Fund Flow - The cosmetics sector saw a net outflow of 188 million yuan from main funds, while retail investors contributed a net inflow of 215 million yuan [3] - Speculative funds experienced a net outflow of 27.0841 million yuan [3]