Core Insights - The company reported a challenging mid-term performance for 2025, with revenue of 1.79 billion yuan, a year-on-year decline of 7.05%, and a net profit of 108 million yuan, down 15.16% [1] - The cosmetics segment, particularly the core brand Aier Doctor, has become a significant drag on performance, with Aier Doctor's revenue dropping 29.97% year-on-year in the first half of 2025 [2][3] - The company faces intense competition from both traditional and emerging beauty brands, making it crucial to overcome transitional pains and rebuild growth momentum [1][8] Revenue and Profit Decline - The decline in revenue and net profit is primarily attributed to the downturn in the company's main business segments, particularly the cosmetics sector, which accounts for over 60% of total revenue [2] - The cosmetics business generated 1.094 billion yuan in the first half of 2025, a decrease of 7.73%, with Aier Doctor's performance being the most detrimental, contributing to the overall decline [2][3] - Despite the strong performance of the Yilian brand, which saw a revenue increase of 23.78% to 554 million yuan, it was insufficient to offset Aier Doctor's rapid decline [2] Challenges Faced by Aier Doctor - Aier Doctor's growth has been hindered by several factors, including product iteration challenges, strict pricing controls, reduced online traffic, and the loss of OEM clients due to poor management [2][3] - The brand's revenue had already shown signs of decline in 2024, with a slight decrease of 3.48% to 1.301 billion yuan, indicating ongoing struggles [3] Performance of Other Segments - The pharmaceutical segment experienced a revenue decline of 13.87% to 207 million yuan, impacted by price reductions from expanded procurement and lack of significant results from new product launches [4] - In contrast, the raw materials and additives segment performed well, achieving revenue of 179 million yuan, a year-on-year increase of 4.15%, driven by a 287.3% surge in sales of medical-grade hyaluronic acid [4][5] Offline Channel Expansion and New Business Ventures - The company's efforts to expand offline channels have not met expectations, with revenue from offline sales decreasing compared to the previous year, despite increased investment [6][9] - The company aims to continue expanding offline channels, targeting partnerships with retailers like Yonghui Supermarket and Miniso [9] - The new collagen medical beauty segment, represented by the brand Kemi, has yet to achieve significant scale, with reported sales of over 14 million yuan for collagen products in the first half of 2025 [9] Overall Strategic Outlook - The company is facing deep-rooted issues, including over-reliance on a single brand, challenges in diversifying channels, and slow growth in new business areas [9] - The future performance of Aier Doctor, breakthroughs in offline channel expansion, and the growth of the collagen segment will be critical for the company's overall performance [9]

在全球护肤科技竞争加速的当下，中国品牌能否给出一份独立、自信且有说服力的答案？ 从2 0 1 8年提出"微生态科学护肤"品牌理念，到2 0 2 4年发布《微生态科学护肤白皮书》，再到 今年第六届微生态大会全面聚焦科研落地与品牌升级，瑷尔博士用八年的时间给出了回应： 这是一条由实验室菌株到消费者梳妆台的全链路科研之路，也是一个本土品牌在国际舞台上构 筑科技形象、文化自信与社会责任的过程。 今年瑷尔博士微生态大会行至第六届，既有" 2 8 7屏障菌"这样的硬核科研成果，也有"科学守 护 焕新而生" 3 . 0时代的品牌表达。它不仅是一次学术与产业的交流，更像是一场中国护肤行 业的集体宣言：原创科技、系统机制、品牌表达，三者必须同步推进，才能让中国微生态护肤 真正走向世界。 自2 0 2 0年起，瑷尔博士每年举办一次"皮肤微生态大会"。五届走来，这场大会逐步成长为皮 肤微生态领域集科研、学术交流、产业转化于一体的重要平台，既见证了品牌的成长，也推动 了整个行业的视野拓展。 在前期（2 0 2 0 – 2 0 2 1），大会首次打破美妆行业和皮肤科学次元壁，并前瞻性地提出"科学护 肤要兼顾菌群生态"，发布首个皮肤医学 ...

Core Viewpoint - The article highlights the successful launch of the "287 Barrier Technology" series by Yal Doctor, achieving over 10 million in sales within 50 days, driven by a strong focus on long-term research and development rather than short-term marketing tactics [3][16]. Group 1: Research and Development Strategy - Yal Doctor has established a unique research moat in the field of skin microbiome, focusing on Chinese skin characteristics since its inception in 2018, with foundational research dating back to 2015 [6][8]. - The brand's research team has collected over 10,000 skin microbiome samples from various regions in China, creating the first "Chinese Healthy Skin Microbiome Resource Bank" with over 2,000 core strains identified [7][9]. - Yal Doctor has built a comprehensive platform system for research, application, product development, and efficacy evaluation, supported by two major databases [7][9]. Group 2: Product Development and Market Launch - The "287 Barrier Technology" was developed based on the identification of a specific strain, CCSM0287, which exhibits exceptional barrier repair capabilities and has been patented [10][11]. - The new product line, including masks and lotions, was launched with a focus on user experience and scientific backing, leading to rapid market acceptance and positive consumer feedback [12][16]. - The brand's sales strategy emphasizes a "research first, marketing later" approach, ensuring that products are backed by solid scientific evidence before reaching consumers [8][18]. Group 3: Market Position and Future Outlook - Yal Doctor has positioned itself as a leader in the skin microbiome skincare sector, transitioning from a pioneer to a market leader through substantial research investments and a systematic operational approach [8][15]. - The successful market performance of the "287 Barrier Technology" series reflects the brand's ability to convert research into profitable products, establishing a sustainable business model [16][19]. - As consumer acceptance of microbiome skincare grows, Yal Doctor is expected to enhance its influence in both the Chinese and global markets, potentially setting new industry standards [20].

Core Viewpoint - Furuida, a leading hyaluronic acid manufacturer in China, is expanding its product offerings beyond hyaluronic acid, focusing on innovative ingredients like royal jelly acid for skincare [1][2]. Group 1: Company Overview - Furuida is recognized as the pioneer in the industrial preparation of hyaluronic acid in China, with a strong emphasis on quality and innovation [1]. - The company has developed a new high-purity royal jelly acid through a 20-year collaboration with Professor Wang Ruiming's team from Qilu University of Technology [2]. Group 2: Product Development - The first cosmetic raw material derived from royal jelly acid was approved for use in China last year, allowing Furuida to launch its high-end product line, "Yale Doctor," featuring this ingredient [1]. - The "Yale Doctor" series, specifically the "Jingyan Jinzhi" line, is set to be launched by the end of July this year [1]. Group 3: Business Strategy - Furuida is implementing a dual beauty ecosystem model that integrates lifestyle and medical beauty, focusing on multiple brand development [2]. - The company is enhancing its manufacturing processes with five key upgrades: intelligent, green, high-end, transparent, and flexible, ensuring rigorous quality control with over 200 indicators [2]. Group 4: Future Plans - Furuida is investing in the "Northern Beauty Valley" strategy, planning to build the Furuida Smart Beauty Innovation Park with a production capacity aimed at generating 4 billion yuan annually [2]. - The company is also establishing the first recombinant collagen production line in the province, projected to yield 1 billion yuan annually [2].

Core Insights - The company experienced a 19.73% year-on-year decline in net profit for 2024 due to the impact of divesting its real estate business, but net profit increased by 6.15% when excluding this effect [3] - The asset-liability ratio decreased to 20.20% as the proceeds from the real estate divestiture were used to repay financial institution loans [3] - The company increased its R&D investment by 20.05% in 2024, marking the fifth consecutive year of rising R&D expenditures [3] Group 1: Business Performance - The cosmetics segment saw a revenue increase of 2.46% year-on-year, while the pharmaceutical segment experienced a decline of 1.41%, and the raw materials and additives segment fell by 2.43% [4] - Key brands in the cosmetics sector, such as Yilian and Aier Doctor, contributed significantly to revenue growth, with Yilian solidifying its high-moisture brand positioning and Aier Doctor maintaining its leading position in domestic micro-ecological skincare [4] - The pharmaceutical business stabilized in the second half of the year after adjustments to sales organization, channels, and models, focusing on innovative marketing strategies and product positioning [4] Group 2: Strategic Focus - The raw materials and additives segment is accelerating its shift towards high-end products, expanding customized services for food-grade and cosmetic-grade products [5] - The company is building technical barriers with hyaluronic acid and strengthening its leading position with natamycin to create a product moat [5]