证券代码：301371 证券简称：敷尔佳 哈尔滨敷尔佳科技股份有限公司 投资者关系活动记录表 编号：2026-005 投资者关系活 动类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 （请文字说明其他活动内容） 参与单位名称 及人员姓名 嘉实基金管理有限公司 靳雨鑫 国海证券股份有限公司 李宇宸 卢世伟 时间 2026 年 3 月 4 日 15：30-16：20 地点 电话会议 上市公司接待 人员姓名 邓百娇女士 董事、董事会秘书 吴 弘先生 证券事务代表 齐鑫鑫女士 投资者关系管理 IR 投资者关系活 动主要内容介 绍 Q1、本次三八节公司线上销售情况如何？ A：目前三八节活动还未结束，具体销售数据还不确定， 公司按照惯例积极跟随各大电商平台活动节奏，在节日活动前 进行预热推广，进一步提高公司品牌知名度与产品曝光度，希 望本次三八节活动能够取得优异的销售成绩，为公司的业绩增 长做出积极贡献。 Q2、公司除面膜外，后续在次抛、水乳、精华上有什么 新品的规划？ A：对于以上剂型，公司在今年上新计划（含旧品升级） 中都有规划，除贴片类产品外，还覆盖水、乳 ...

Core Viewpoint - The company, Fuhua (301371), is making progress in optimizing its offline channels, which aligns with its expectations, particularly in sales channel and retail terminal optimization [1] Group 1: Channel Optimization - The company is enhancing cooperation with service-oriented distributors through a dual approach of "strong regulation + strong optimization" to strengthen control over the offline market [1] - The focus of the strong regulation is on the meticulous management of inventory levels at agents and retail terminals to avoid stockpiling risks, while ensuring a stable pricing order through comprehensive and continuous dynamic monitoring of the pricing system across all channels [1] - The optimization aspect emphasizes the careful selection of strategic partners among agents and retail terminals, transitioning the channel model from traditional distribution to value-driven sales [1] Group 2: Future Strategies - The company aims to provide more professional and comprehensive product and service support to its partners and end consumers as part of its channel transformation strategy [1]

Core Viewpoint - The company has achieved preliminary success in optimizing its offline channels, focusing on sales channel and retail terminal improvements, with financial feedback showing some lag [2] Group 1: Channel Optimization - The company is enhancing cooperation with service-oriented distributors through a dual approach of "strong regulation + strong optimization" to strengthen market control [2] - The focus is on meticulous management of inventory levels at both distributors and retail terminals to avoid excess stock risks, alongside comprehensive and ongoing dynamic regulation of the pricing system across all channels to maintain price order stability [2] - The strategy includes careful selection of strategic partners among distributors and retail terminals, transitioning the channel model from traditional distribution to value-driven sales [2] Group 2: Short-term Impact and Future Development - The short-term impact of the offline adjustments on performance is manageable, serving as a foundational project for the company's future high-quality development [2]

Product Launch and Development - In November and December 2025, the company launched a total of 18 new products, with 9 in medical devices and 9 in cosmetics [1] - The company has a clinical-stage medical device, "Recombinant Type III Humanized Collagen Dressing," and is preparing for clinical trials for other collagen-based products [2] Financial Performance and Sales Strategy - The company is currently finalizing its financial results for 2025, with sales data impacted by adjustments in offline sales channels [2] - The transition from traditional distribution to value-driven sales models is expected to improve long-term health in offline business [2] Margin and Cost Management - The company is experiencing pressure on profit margins due to high online sales costs and adjustments in offline sales channels [4] - The fluctuation in gross margin is attributed to increased competition and changes in product mix, with plans for optimization in production, pricing, and supply chain management [2] Channel Optimization and Inventory Management - The company is optimizing its offline channels, focusing on better inventory management and strategic partnerships with service-oriented distributors [4] - Current adjustments in offline channels are expected to have manageable impacts on performance, laying the groundwork for future growth [4] Future Plans and Incentives - The company expresses a strong intention to implement an equity incentive plan as the management team evolves [4]

Core Viewpoint - Watsons is restarting its dual listing plan in Hong Kong and the UK after 11 years, aiming to raise up to $2 billion, with an expected valuation of $30 billion, leveraging the recovery of the Hong Kong stock market for transformation [1] Group 1: Listing Plan Details - The IPO is planned for the first half of 2026, with a maximum fundraising target of $2 billion (approximately 14.213 billion RMB) [1] - This is not Watsons' first attempt at listing; a previous plan in late 2013 was shelved due to market conditions and other factors [2] - The current IPO could become one of the largest consumer retail IPOs in Hong Kong in recent years [2] Group 2: Market Context - The revival of the listing plan is closely linked to the recovery of the Hong Kong stock market, with new stock financing in Hong Kong reaching HKD 216 billion (approximately 197.23 billion RMB) in the first ten months of 2025, more than doubling from the previous year [3] - The Hang Seng Index has seen a year-to-date increase of approximately 29%, indicating a resurgence in market enthusiasm for tech and consumer companies [3] Group 3: Competitive Landscape - If successful, Watsons will compete with other retail entities such as Sa Sa International in Hong Kong and THG listed in London [4] - The global beauty retail market is currently under pressure, necessitating Watsons to demonstrate the effectiveness of its transformation strategy [4] - The specifics of the dual listing timeline and equity structure remain undisclosed, with the market closely monitoring further developments [4]

Core Viewpoint - The CEO of Li Ning, Qian Wei, acknowledged the pressure from reduced offline foot traffic and the increasing competition within the sportswear industry, while expressing confidence in consumer interest in sports remaining strong [1] Group 1: Company Performance and Strategy - Li Ning has prepared for greater challenges in the second half of the year, indicating a proactive approach to market conditions [1] - The company has established a dynamic inventory management system, alleviating concerns about inventory pressure [1] - Li Ning aims to maintain a core gross profit margin target of 50% while optimizing its offline channel structure [1] Group 2: Market Trends - The trend of consumer segmentation is noted, with an emphasis on the evolving preferences within the sportswear market [1] - The company has completed initial construction of Super Outlets and Outlet Mega Stores, indicating a strategic expansion in retail presence [1]