➢ 短期业绩略有承压，期待后续调整回升。分业务来看：25H1，1）化妆品业 务，实现营业收入 10.94 亿元，同比减少 7.73%，主要系化妆品瑗尔博士品牌多 款核心单品处于产品迭代阶段、线上流量红利减退、OEM 产品部分客户因经营 不善流失等多种因素导致。2）医药业务，实现营业收入 2.07 亿元，同比减少 13.87%，主要受集采省份范围扩大及中标产品价格下降、新品上市尚未产生显 著效果等影响。3）原料及衍生产品、添加剂业务，实现营业收入 1.79 亿元，同 比增长 4.15%。 ➢ 颐莲增长强劲，瑷尔博士略有承压。化妆品业务中，1）颐莲品牌上半年实 现营业收入 5.54 亿元，同比增长 23.78%。得益于官宣喷雾全球代言人张凌赫 并举办夏日喷雾节活动，上半年喷雾品线销售额 4.82 亿元，增幅 43%。渠道上 创新自播形式，如打造官宣代言人日不落专场直播、上线快手 AI 数字人等，自 播渠道上半年同比增长 28%。2）瑷尔博士品牌上半年实现营业收入 4.51 亿元， 同比减少 29.97%，收入减少原因系产品迭代及严控乱价行为。上半年官宣品牌 挚友"十个勤天"，品牌定位升级为"中国微生态护肤品开创者 ...

2025 年 08 月 25 日 福瑞达 (600223) —— 25Q2 业绩承压，预计 25H2 在新品带动下提速 报告原因：有业绩公布需要点评 增持（下调） | 市场数据： | 2025 年 08 月 22 日 | | --- | --- | | 收盘价（元） | 8.52 | | 一年内最高/最低（元） | 9.42/5.74 | | 市净率 | 2.1 | | 股息率%（分红/股价） | 1.29 | | 流通 A 股市值（百万元） | 8,661 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 4.08 | | 资产负债率% | 19.34 | | 总股本/流通 A 股（百万） | 1,017/1,017 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 上 市 公 司 美容护理 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04 ...

Core Viewpoint - The company's performance is under short-term pressure due to strategic adjustments, with a decline in revenue and net profit in the first half of 2025 compared to the previous year [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.79 billion yuan, down 7.05% year-on-year, and a net profit attributable to shareholders of 108 million yuan, down 15.16% year-on-year [1] - In Q2 2025, the company reported revenue of 914 million yuan, a decrease of 11.72% year-on-year, and a net profit of 57 million yuan, down 16.07% year-on-year [1] Group 2: Cosmetics Segment - The cosmetics segment generated revenue of 568 million yuan in Q2 2025, down 11.5% year-on-year, with a gross margin of 62.85%, an increase of 2.2 percentage points year-on-year [1] - The Yilian brand achieved revenue of 304 million yuan in Q2, up 23.08% year-on-year, benefiting from successful marketing activities [1] - The Ai'er Doctor brand reported revenue of 215 million yuan in Q2, down 38.75% year-on-year, currently undergoing a strategic adjustment [1] - The new brand Kemi performed well, with sales of collagen products exceeding 14 million yuan in the first half of the year [1] Group 3: Pharmaceutical Segment - The pharmaceutical segment's revenue in Q2 2025 was 99 million yuan, down 24.4% year-on-year, with a gross margin of 48.53%, a decrease of 1.3 percentage points year-on-year [2] Group 4: Raw Materials and Additives Segment - The raw materials and additives segment achieved revenue of 93 million yuan in Q2 2025, up 5.3% year-on-year, with a gross margin of 42.22%, down 6.2 percentage points year-on-year [3] - The growth in this segment was driven by product structure optimization, while the decline in gross margin was due to intensified industry competition [3] - The hyaluronic acid raw material business generated revenue of 116 million yuan in the first half of the year, up 23.4% year-on-year, with high-margin pharmaceutical-grade hyaluronic acid sales increasing significantly [3] Group 5: Overall Financial Metrics - In Q2 2025, the company's gross margin and net profit margin were 53.35% and 7.80%, respectively, with a year-on-year increase of 0.60 percentage points and a decrease of 0.24 percentage points [3] - The overall expense ratio increased due to revenue pressure, with sales, management, and R&D expense ratios rising year-on-year [3] - The company's operational capability and cash flow remained stable [3]