来源：@华夏时报微博 华夏时报记者 张斯文 于娜 北京报道 2025年12月15日收盘后，哈尔滨敷尔佳科技股份有限公司（下称"敷尔佳"，股票代码：301371.SZ）股价报收 23.88元，当日下跌2.37%，延续了整体下行趋势。与发行价格相比当前股价已遭"腰斩"。 回顾今年全年走势，敷尔佳股价自年初至今（截至12月初）累计下跌约12.11%，整体表现低迷。 （来源：Wind） 事实上，敷尔佳的股价表现一直在"走熊"。 2023年8月1日以55.68元/股的发行价上市，当日其股价一度冲高至80.04元/股（不复权），创下历史最高点。当日 报收于70.7元，对应市值约282.86亿元。 而高光并未持续太久，股价随后便进入了下行通道。到2024年8月，股价已跌至28.39元/股，市值约113.58亿元， 较发行价已接近腰斩。 进入2025年，跌势依然未止。至2025年6月18日，股价报收25.25元/股；而到2025年10月下旬发布第三季度报告 时，其总市值已缩水至约128.93亿元。 利润缩水"创造历史" 股价的长期疲软或许是受公司糟糕的业绩影响。 自上市以来，敷尔佳的核心财务指标持续恶化。 2023年，公司即 ...

Core Viewpoint - The performance of Fulejia (301371.SZ), known as the "first stock of facial masks," continues to deteriorate, with Q3 net profit declining nearly 45% year-on-year, indicating a worsening trend compared to the previous two quarters [1] Financial Performance - In the first three quarters, the company achieved operating revenue of 1.297 billion yuan, a year-on-year decline of 11.54% - The net profit attributable to shareholders was 325 million yuan, down 36.73% year-on-year - The first quarter started poorly, but revenue saw slight growth in the second quarter due to promotional events like "618," only to decline again in the third quarter, with both revenue and net profit showing increased declines [1] Cash Flow and Expenses - The operating cash flow also showed negative trends, with net cash flow from operating activities decreasing by 48.52% year-on-year due to reduced cash receipts from sales and increased marketing expenses - Sales expenses for the first three quarters amounted to 621 million yuan, an increase of 26.19% year-on-year, highlighting the ongoing issue of marketing dependency [1] Industry Context - Analysts suggest that the company's brand and product line are relatively singular, making it overly reliant on the "Fulejia" brand and facial mask category during a downturn in the beauty industry - The facial mask category is reportedly trapped in a "low-price spiral," with over half of the top 10 brands on Douyin seeing single-piece prices drop to single digits in the first half of 2025 - The decline in facial mask prices has led to a noticeable decrease in the enthusiasm of beauty companies to launch new products, with a significant drop in new product registrations expected in 2024 [2] Market Expectations - The cooling of the facial mask segment reflects a broader downturn in the beauty industry, prompting many listed beauty companies to pursue external mergers and acquisitions to enhance competitiveness - There are market expectations for Fulejia to demonstrate progress in brand or product line expansion amidst these industry challenges [2]