Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The company's sales channel optimization and product price adjustment have achieved phased progress, with the sales channels gradually returning to health and the product price adjustment completed. The offline revenue in the first half of 2025 showed a good growth trend quarter-on-quarter, and the performance is gradually picking up [27]. - The company's revenue in the second quarter of 2025 increased by 86.68% quarter-on-quarter compared with the first quarter, and the performance is showing a warming trend, in line with the company's expectations [38]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Fuerjia, and the reception time is August 26, 2025. The listed company's reception personnel include Chairman Zhang Liguo, Director, Board Secretary, and Financial Controller Deng Baijiao, and Independent Director Wang Xiaoxian [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - As of June 30, 2025, the company has a total of 3 approved Class II medical device registration certificates, namely Medical Sodium Hyaluronate Repair Patch, Medical Sodium Hyaluronate Repair Liquid, and Medical Recombinant Type III Humanized Collagen Patch [24]. - The company's fundraising projects have all reached the预定可使用状态, and the special accounts for the raised funds have all been cancelled. For details, please refer to the "Announcement on the Completion of the Fundraising Project and Cancellation of the Special Account for the Raised Funds" disclosed by the company on the Juchao Information Network (www.cninfo.com.cn) [26]. - In the first half of 2025, the company achieved an operating income of 863,112,643.06 yuan, a net profit attributable to shareholders of the listed company of 229,656,927.58 yuan, and a net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses of 166,174,897.97 yuan. For details, please refer to the company's "2025 Semi-Annual Report" [29]. - The company's on-sale medical device products include Medical Sodium Hyaluronate Repair Patch (White Film), Medical Sodium Hyaluronate Repair Patch (Black Film), Medical Sodium Hyaluronate Repair Liquid (Single-Use), Medical Sodium Hyaluronate Repair Liquid (Spray), Medical Recombinant Type III Humanized Collagen Patch, Fuerjia Medical Repair Dressing (Liquid), Fuerjia Medical Repair Dressing (Lotion), and Fuerjia Medical Repair Dressing (Ointment). For details, please refer to the official flagship stores opened by the company on major e-commerce platforms [30]. - As of now, the company has no share repurchase plan [31]. - In the first half of 2025, the sales situation on the JD platform was good, with a significant year-on-year increase. The main reason is that the company deepened its cooperation with JD in the first half of the year, enriched the product variety on the JD platform, and added some new cooperation methods, such as full gift activities and new product launches [33]. - As of now, Halianlian has not reduced its shares in the company [34]. - Currently, the company's non-restricted shares are 77,529,400, accounting for 14.91% of the company's total share capital [35]. - The increase in the gross profit margin of medical device products is mainly due to the company's optimization of offline sales channels. The offline sales are mainly in the distribution mode, and the reduction of offline sales scale has led to an increase in the overall sales price of the company's medical device products [36]. - In the second quarter of 2025, the company's operating income increased by 86.68% quarter-on-quarter compared with the first quarter, and the performance is showing a warming trend, in line with the company's expectations [38]. - In the first half of the year, the company's cosmetics revenue was 624.8177 million yuan, accounting for 72.39% of the operating income; the medical device revenue was 238.2945 million yuan, accounting for 27.61% of the operating income. For details, please refer to the company's "2025 Semi-Annual Report" [39]. - The company currently has 2 wholly-owned subsidiaries, namely Harbin Futejia Economic and Trade Co., Ltd. and Shanghai Fuerjia Technology Development Co., Ltd. [40]. - As of now, the company's directors, supervisors, and senior management have not reduced their shares in the company [41]. - For the specific situation and progress of the company's in - research projects, please refer to the content of Section 3 of the company's "2025 Semi-Annual Report" [42]. - The company has sufficient self-owned funds and currently has no financing plan [44].