Investment Rating - The report maintains a "Recommend" rating for the company with a target price of 10.11 yuan [2][9]. Core Views - The company is experiencing a phase of performance pressure, with a 7.05% year-on-year decline in revenue and a 15.16% drop in net profit for the first half of 2025. The revenue for 25H1 was 1.79 billion yuan, and the net profit was 108 million yuan [2][9]. - The company is undergoing strategic adjustments, particularly in its product lines, with expectations for performance recovery as new products are launched and adjustments take effect [9]. Financial Performance Summary - **2025 Half-Year Performance**: Revenue was 1.79 billion yuan (-7.05% YoY), and net profit was 108 million yuan (-15.16% YoY). The gross margin was 52.3% (+0.5pp YoY), and the net margin was 7.5% (-0.6pp YoY) [2]. - **2025 Q2 Performance**: Revenue was 913 million yuan (-11.7% YoY), and net profit was 57 million yuan (-16.1% YoY). The gross margin was 53.4% (+0.6pp YoY), and the net margin was 7.8% (-0.2pp YoY) [2]. - **Future Financial Projections**: Expected revenues for 2024A, 2025E, 2026E, and 2027E are 3.983 billion, 3.798 billion, 4.189 billion, and 4.598 billion yuan respectively, with corresponding net profits of 244 million, 248 million, 294 million, and 350 million yuan [5][10]. Business Segment Performance - **Cosmetics Segment**: Revenue was 1.094 billion yuan (-7.73% YoY). The "Yilian" brand showed strong growth with a 23.78% increase in revenue to 554 million yuan, driven by successful marketing and product upgrades [9]. - **Raw Materials Segment**: Revenue was 179 million yuan (+4.15% YoY), with a notable increase in high-value products, particularly in hyaluronic acid (HA) sales, which grew by 287.3% YoY [9]. R&D and Innovation - The company continues to invest in R&D, with expenses increasing by 20.60% YoY to 79 million yuan in the first half of 2025. New product launches, including the "transdermal collagen" technology, are expected to drive future growth [9].

皮肤衰老的本质，是胶原纤维网的崩塌。但如何让外源性胶原穿透角质层这座"铜墙铁壁"，始 终是行业难题。消费者一边为"胶原流失"焦虑，一边质疑涂抹产品的实际功效——分子量超过 5 0 0道尔顿的胶原蛋白真能渗透吗？活性成分会被皮肤"拒之门外"吗？ 2 0 2 5 年 4 月 ， 福 瑞 达 生 物 股 份 旗 下 珂 谧 在 济 南 召 开 的 " 2 0 2 5 重 组 胶 原 蛋 白 技 术 发 布 会 暨 珂 谧 Ke y C穿膜胶原新品首发式"上，给出了一个颠覆性答案。 这场以"穿膜胶原"为核心的技术革命，不仅将胶原透皮效率提升2 7 . 5倍，更让中国美妆科技首 次 站 上 全 球 抗 衰 技 术 竞 争 的 制 高 点 。 这 场 突 破 背 后 ， 是 科 研 逻 辑 的 颠 覆 ， 还 是 产 业 格 局 的 重 构？ 皮肤角质层的屏障功能，曾被视作大分子胶原的"天堑"。 传统透皮法则认为，分子量超过5 0 0道尔顿的成分难以穿透角质层。但福瑞达生物股份科研团 队选择了一条反直觉的技术路径—— 不是缩小分子量，而是给胶原装上"穿膜引擎" 。这场看 似违背常识的技术突围，实则是一场从基因设计到分子工 ...