（来源：Wind） 分季度看，公司第一季度营收3.01亿元，同比大幅下降26.39%，为上市以来单季度最大营收降幅；净利 润0.91亿元，同比下降39.77%。 同时，公司第二季度营收5.62亿元，同比微增5.9%，主要依赖化妆品类产品线上推广拉动；但净利润 1.38亿元，同比仍下滑26.72%，毛利率同比下降0.78个百分点。 本报（chinatimes.net.cn）记者张斯文 于娜 北京报道 十月的哈尔滨凉意初显，而敷尔佳投资者的心似乎已跌入冰点。 2025年半年报显示，这家有"医美面膜第一股"之称的企业遭遇了营收与净利润的双双下滑——营业收入 下降8.15%至8.63亿元，净利润更是暴跌32.54%至2.30亿元。这样的业绩表现创下"上市以来最差"纪 录。 具体来看，公司营业收入从2024年同期的9.40亿元降至8.63亿元，同比下降8.15%，为上市以来首次半 年度营收负增长。同期，公司归母净利润从3.41亿元降至2.30亿元，同比降幅扩大至32.54%，扣非净利 润更是近乎腰斩下降幅度高达48.66%，盈利水平创上市以来同期最低。 作为敷尔佳起家的基本盘，医疗器械类产品（如医用透明质酸钠修复贴）上 ...

Core Viewpoint - The performance of Fulejia, known as the "first stock in medical beauty masks," has significantly declined, with a notable drop in revenue and profit in the first half of 2025 [2][7]. Financial Performance Summary - Fulejia reported a revenue of 863.11 million yuan, a year-on-year decrease of 8.15% [3]. - The net profit attributable to shareholders was 229.66 million yuan, down 32.54% year-on-year [3]. - The net profit after deducting non-recurring gains and losses was 166.17 million yuan, a substantial decline of 48.66% [3]. - The net cash flow from operating activities was 161.63 million yuan, down 54.69% [3]. - Basic and diluted earnings per share were both 0.44 yuan, a decrease of 32.31% [3]. - Total assets decreased by 6.33% to 5.70 billion yuan, while net assets attributable to shareholders fell by 3.01% to 5.49 billion yuan [3]. Reasons for Revenue Decline - The company attributed the revenue decline to the optimization of offline channels and increased promotional expenses, which surged by 39.56% to 420 million yuan, accounting for 48.67% of revenue [4][16]. - R&D investment was only 23.33 million yuan, representing a mere 2.7% of revenue, indicating a heavy reliance on promotional spending rather than innovation [4][21]. Market Competition and Product Performance - Fulejia's medical device segment generated 238.29 million yuan, a significant drop of 48.07%, while the cosmetics segment saw a revenue increase of 29.95% to 624.82 million yuan [8][9]. - The competition in the cosmetics industry is intensifying, with major companies entering the medical beauty sector, leading to price wars [9][11]. Sales Channel Shift - The company is shifting its sales strategy from offline to online channels, with online sales contributing 80.50% of total revenue, a 47.11% increase year-on-year [14][15]. - Offline sales dropped significantly by 63.99%, now accounting for only 19.50% of total revenue [14]. Future Strategies - Fulejia plans to focus on expanding its product line in the medical device sector and enhancing brand development through sub-brand incubation and flexible marketing strategies [11][12]. - The company aims to increase its online presence and sales, although it has been criticized for its late transition to online channels [18][19]. R&D and Regulatory Challenges - Fulejia's R&D investment remains low compared to peers, with only 31 patents approved and limited medical device registrations [22]. - Recent regulatory changes may impact the classification of medical dressings, potentially affecting the company's product offerings [22].

Core Viewpoint - The company Fulejia continues to experience a decline in net profit for the second consecutive year, with a reported decrease of 11.77% in 2024, attributed primarily to increased marketing expenses and a competitive business environment [1][3][4]. Financial Performance - In 2024, Fulejia achieved operating revenue of 2.017 billion yuan, a year-on-year increase of 4.32%, while the net profit attributable to shareholders was 661 million yuan, reflecting a decrease of 11.77% [3]. - The company reported a net profit decline of 11.56% in 2023, despite a revenue growth of 9.29% during the same period [3]. - Marketing expenses have significantly increased, with 2024 sales expenses reaching 748 million yuan, up 40.53% from 2023, which had sales expenses of 532 million yuan, an increase of 36.44% [3]. Market Environment - The competitive landscape is characterized by reliance on traffic operations and price competition, leading to increased costs and reduced profit margins [4]. - Fulejia's financial report indicates a significant dependence on promotional events and influencer marketing, which, while effective for short-term sales, contribute to rising operational costs over time [4]. Historical Context - Founded in 2015, Fulejia quickly rose to prominence in the beauty industry, particularly in the medical dressing sector, with a substantial portion of its revenue derived from medical products [5][6]. - The company experienced rapid revenue growth from 374 million yuan in 2018 to 1.342 billion yuan in 2019, and further to 1.585 billion yuan in 2020 [6]. Research and Development - Fulejia's R&D expenses have seen significant growth, with 2023 expenditures reaching 32.84 million yuan, but the growth rate slowed to 6.04% in 2024 [9]. - The proportion of R&D expenses relative to total revenue remains low, at less than 2% in 2024, compared to over 5% for competitors like Huaxi Biology [9]. Future Outlook - The company plans to continue its dual-line R&D strategy focusing on both medical devices and cosmetics, aiming to enhance brand image and market share through refined operations and product quality [9]. - Industry experts suggest that Fulejia needs to differentiate itself and explore new avenues, such as beauty devices, to maintain its competitive edge as its initial advantages diminish [10].