文丨毕艳红 公司产品毛利率维持高位，其中医疗器械类产品毛利率为84.22%，化妆品类产品毛利率为80.42%。并 且，公司持续丰富产品矩阵，推出了医用透明质酸钠修复液次抛、胶原蛋白抗皱修护次抛精华等新品， 满足消费者多样化的护肤需求。 盈利方面，公司上半年实现归属于上市公司股东的净利润2.30亿元。经营活动产生的现金流量净额为 1.62亿元，现金流状况保持稳定。截至报告期末，公司总资产达56.99亿元，归属于上市公司股东的净资 产为54.92亿元，财务结构保持稳健。 报告期内，敷尔佳主动推进线下渠道整合，将资源向高效益终端倾斜，提升整体运营效率。分业务板块 看，医疗器械类产品收入2.38亿元，企业在半年报中解释，这源于对经销体系的主动优化。 化妆品板块展现强劲韧性，收入同比增长29.95%至6.25亿元，占总营收比重提升至72.39%，长远期利于 公司健康发展。 化妆品业务稳健增长，研发投入持续加码 面对行业技术迭代加速和利润承压，敷尔佳上半年研发投入逆势同比增长47.65%至2333万元，研发人 员扩充至69人，增幅达18.97%。哈尔滨、上海双研发中心协同效应显现，聚焦创新原料开发与加速技 术转化，为产品 ...

Core Viewpoint - The functional skincare industry in China is experiencing a rise of domestic brands, with various listed companies involved across the supply chain, including raw materials, packaging, and sales channels [1][2]. Group 1: Industry Overview - Functional skincare products are designed to address specific skin issues and possess certain pharmacological effects, indicating a growing market for targeted skincare solutions [1]. - The industry is characterized by a diverse range of companies, from raw material suppliers to online and offline sales channels [2]. Group 2: Company Distribution - Key companies in the raw materials segment include Kesheng Co., Qingsong Co., and Xinhang New Materials, while packaging material companies include Jiaheng Household and Jinsong New Materials [2][3]. - Major players in the functional skincare segment include Betaini, Huaxi Biological, Shanghai Jahwa, and Chuang'er Biological, with significant online sales channels represented by Alibaba, JD.com, and Pinduoduo [2][4]. Group 3: Financial Performance - Betaini leads the industry with a revenue of 57.36 billion yuan in 2024, followed by Huaxi Biological with 53.71 billion yuan and Shanghai Jahwa with 56.79 billion yuan [6][18]. - The gross profit margins for most companies in the functional skincare sector range from 70% to 85%, with Juzhi Biological achieving the highest margin at 82.09% [17][18]. Group 4: Business Strategies - Companies are focusing on R&D innovation, brand enhancement, and channel optimization to capture more market share and adapt to competitive pressures [19]. - Betaini plans to enhance its product offerings in the baby skincare segment and expand its online and offline presence, while Huaxi Biological is shifting towards anti-aging strategies and enhancing its technological capabilities [20][19]. Group 5: Market Positioning - Betaini has a dominant market position with 99.49% of its business in functional skincare, primarily targeting the Chinese market [16]. - Huaxi Biological and Shanghai Jahwa have also established strong brand identities with competitive product lines, while Chuang'er Biological focuses on collagen products [14][16].