（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 medical beauty industry is experiencing a significant transformation as pharmaceutical companies and beauty brands aggressively enter the market, indicating a restructuring of industry boundaries driven by consumer upgrades and technological revolutions [1][9]. Group 1: Industry Dynamics - Major pharmaceutical players are rapidly entering the medical beauty sector, with all four major pharmaceutical distribution giants—Sinopharm, Shanghai Pharmaceuticals, China Resources Pharmaceutical, and Jiuzhoutong—now involved in the medical beauty space [3][5]. - Jiuzhoutong was the first to recognize the potential of the medical beauty market, investing in Aimeike in 2016 and subsequently collaborating with other companies, achieving a significant increase in its medical beauty service institutions to 10,560, a year-on-year growth of 84.81% [5][9]. - The medical beauty market in China is projected to reach a scale of 638.2 billion yuan by 2030, with a compound annual growth rate (CAGR) of 14.5% from 2021 to 2030 [9]. Group 2: Investment Trends - Notable investments include Zhong Shanshan, the former richest man in China, who invested 3.4 billion yuan in Jinbo Biotechnology, becoming its second-largest shareholder, highlighting the growing interest in the collagen market [6][9]. - Jiuzhoutong reported a significant increase in its medical beauty revenue, achieving 851 million yuan in sales for 2024, a year-on-year increase of 120.47%, with a three-year CAGR of 111.64% [9]. Group 3: Market Opportunities - The medical beauty sector is attracting beauty brands, with companies like Chuangyan Biotechnology and Proya entering the market with medical-grade products, indicating a shift towards higher-quality offerings [12][13]. - The demand for medical-grade products is rising, with single-use medical dressings priced between 15 to 35 yuan, reflecting consumers' willingness to pay for higher-quality solutions [13]. Group 4: Competitive Strategies - Companies are adopting various strategies to enter the medical beauty market, including investment and acquisition, technology extension, brand crossover, channel integration, and medical-research collaboration [15]. - The future winners in the medical beauty space are expected to be those who can integrate the entire supply chain from research to sales, emphasizing safety and effectiveness in product offerings [15].