证券研究报告|公司深度研究报告 敷尔佳：医用敷料领导者，积极变革迈向新程 华西证券轻工&美护团队 2026年3月2日 分析师：徐林锋 分析师：杜磊 邮箱：xulf@hx168.com.cn 邮箱：dulei@hx168.com.cn SAC NO：S1120519080002 SAC NO：S1120525100001 请仔细阅读在本报告尾部的重要法律声明 敷尔佳：三十年深耕铸就优势地位，主动变革迈向高质量增长 敷尔佳：三十年深耕铸就优势地位，主动变革迈向高质量增长。敷尔佳始于1996年创立的华信药业，前期凭借药 品代理积累渠道资源，2014年推出核心单品并完成商标注册，初步布局护肤赛道。2017年品牌独立后，紧抓线上 流量红利实现快速扩张，逐步成长为集研发、生产、销售于一体的医美护肤领先企业。2024年至今， 公司成立上 海研发中心以及杭州运营分公司，并积极优化线下经销体系及线上销售网络，稳步迈向高质量发展新阶段。 竞争优势：先发卡位品牌心智，搭建多品类全渠道销售矩阵。敷尔佳凭借先发优势卡位专业修复赛道，以械字号 医用敷料建立"医美术后修复"强心智。产品端依托核心大单品积淀，布局械字号与妆字号双线，形成覆盖 ...

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：2026-004 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 国联基金管理有限公司 吴刚 梁勤之 裴慧宇 长江证券股份有限公司 罗祎 曾维朵 时间 2026 年 3 月 3 日 15：00-16：00 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、想了解一下公司 2025 年 4 季度的销售情况以及 2026 年度的经营目标？ A：目前 2025 年度的财务数据还在审计中，具体销售情况 还请大家关注公司将于 2026 年 4 月 23 日披露的《2025 年年 度报告》。 2026 年度，公司将继续做好线上、线下销售业务，持续 发挥南北联动的研发优势，在加大研发力度的同时，持续推进 产品上新节奏，进一步完善公司产品矩阵，通过精细化运营持 续提高线上、线下盈利 ...

Core Viewpoint - The company has received approval for four Class II medical device registration certificates, indicating progress in its product development and regulatory compliance [1] Group 1 - The company has obtained approval for four medical device registration certificates [1] - The approved products include: medical sodium hyaluronate repair patch, medical sodium hyaluronate repair solution, medical recombinant type III humanized collagen patch, and medical trehalose repair patch [1]

Group 1: Company Overview - Fulejia is a professional skin care product company focused on R&D, production, and sales of medical devices and functional skin care products, with a multi-channel sales strategy that includes both online and offline platforms [2][3]. - The company has established a comprehensive market reach through major e-commerce platforms like Tmall, Douyin, JD.com, and Pinduoduo, as well as offline channels including specialty cosmetics stores, large supermarkets, chain pharmacies, beauty institutions, and medical facilities [2]. Group 2: Product Registration and R&D - Fulejia has obtained 4 Class II medical device registrations, including products such as medical sodium hyaluronate repair patches and medical recombinant type III humanized collagen patches [3]. - The company has two R&D centers located in Shanghai and Harbin, focusing on raw material development and medical device product R&D, respectively [3]. - In 2025, Fulejia registered 48 cosmetic products, covering various forms such as water, lotion, cream, and essence [4]. Group 3: Clinical Trials and Product Development - The clinical trial for the recombinant type III humanized collagen freeze-dried fiber project has been completed, and the company is preparing the clinical trial summary report for registration submission [4]. - In 2025, the company completed the registration of two new raw materials, which will be developed into products to enhance the product matrix [3]. Group 4: Channel Optimization and Management - The company is optimizing its offline channels, focusing on sales channel and retail terminal improvements, with financial feedback showing some lag [4][5]. - Future strategies include strengthening partnerships with service-oriented distributors and implementing a dual approach of "strong supervision + strong optimization" to enhance market control and stabilize pricing [5]. Group 5: Management and Shareholding - Currently, there is no intention for the company's directors and senior management to reduce their holdings [5].

2026.01. 29 本文字数：2680，阅读时长大约4分钟 作者 | 第一财经 黄思瑜 预计业绩亏损超3亿元、年度业绩首亏，哈三联（002900.SZ）披露业绩预告后，1月29日股价大幅 低开，重挫7.84%。 根据28日晚间的公告，哈三联预计2025年归母净利润亏损3.15亿元～3.75亿元，同比下降636.85% ～739.11%，销售单价下降、营业成本及期间费用同比增加、计提单项大额信用减值损失等是业绩 亏损的原因。 该公司的业绩自2025年一季度开始出现亏损，亏损金额逐季扩大。业绩恶化的背后，哈三联主业医 药板块业绩承压，向动物保健和大健康领域转型，但尚未形成有效业绩支撑。 上市以来年度业绩首亏 哈三联自2017年9月份上市，上市后业绩虽有些年度出现下滑，但是归母净利润一直处于盈利状态， 直至2025年度业绩首度出现亏损。 在2024年盈利超5000万元的基础上，2025年度，该公司预计，归母净利润亏损3.15亿元～3.75亿 元，同比下降636.85%～739.11%；扣非后归母净利润同比下降691.73%～804.44%；基本每股收 益为-1.19元/股至-1元/股区间。 同时，哈三联预计，2 ...

Core Viewpoint - The company, Harbin Sanlian (哈三联), is facing significant financial challenges, with an expected net loss of 315 million to 375 million yuan for the fiscal year 2025, marking its first annual loss since its listing in 2017 [1][2]. Financial Performance - The projected net loss for 2025 represents a year-on-year decline of 636.85% to 739.11% compared to the previous year, with a basic earnings per share expected to be between -1.19 yuan and -1 yuan [2]. - The company's revenue for 2025 is anticipated to be 790 million yuan, a decrease of 30% or 343 million yuan from the previous year [3]. Causes of Decline - The decline in performance is attributed to several factors, including a drop in sales prices due to national drug procurement policies and increased competition in the market [3]. - The company has reported a significant increase in operating costs and expenses, with sales expenses expected to rise by over 23.5 million yuan, primarily due to investments in the health sector [3]. - A substantial credit impairment loss of 24.626 million yuan has been recognized, primarily related to two counterparties [4]. Business Transition - The traditional pharmaceutical business of the company is under pressure, and its transition into animal health and wellness sectors has not yet yielded effective financial support [5]. - The pharmaceutical segment remains the core business, contributing over 86% of total revenue, but has seen a continuous decline in revenue and gross margin [6][7]. Market Position and Strategy - The company has made efforts to diversify into animal health and wellness, but these segments currently contribute only a small fraction (approximately 3.65%) of total revenue [7]. - Harbin Sanlian has participated in industry exhibitions to promote its cosmetic and medical products, indicating a strategic shift towards beauty and health markets [7]. Shareholding and Investments - As of the third quarter of 2025, the company still holds a 4.5% stake in Fulejia (敷尔佳), which is currently the only profitable investment among its subsidiaries [8].

Core Viewpoint - Fulejia, known as the "first stock of medical beauty masks," is facing significant challenges, with a reported revenue decline of 11.54% year-on-year for the first three quarters of 2025, totaling 1.297 billion yuan. The company aims to achieve at least 700 million yuan in revenue in the fourth quarter, which appears to be a considerable challenge [2]. Group 1: Business Performance and Challenges - Fulejia's revenue for the full year of 2024 was 2.017 billion yuan, indicating a need for substantial growth in Q4 2025 to meet targets [2]. - The company's medical device product revenue share has decreased from 55.54% in 2020 to 42.28% in 2024, and further down to 27.61% in the first half of 2025, highlighting a significant impact on its financial performance [9]. - The tightening of regulations regarding "medical beauty masks" has created a clearer distinction between medical devices and cosmetic products, further complicating Fulejia's market position [6][7]. Group 2: Product Development and Market Strategy - Fulejia has made progress in its Class III medical device projects, with a new product, "recombinant type III humanized collagen dressing," entering clinical stages, while other products are in various stages of development [2][4]. - The shift towards Class III medical devices is part of a broader trend among beauty brands, as many are moving away from Class II products due to market saturation and regulatory challenges [3][4]. - Fulejia's entry into the Class III market is seen as a strategy to strengthen its position in the medical beauty sector, although it is currently lagging behind competitors who have already secured Class III registrations [4]. Group 3: Transition to Cosmetics - Fulejia's cosmetics business has seen growth, with revenue surpassing that of medical devices for the first time in 2022, indicating a strategic pivot [11]. - However, the brand still faces challenges in changing consumer perceptions from a medical mask brand to a cosmetics brand, as many consumers associate Fulejia primarily with medical beauty masks [12]. - The company has encountered complaints regarding its cosmetic products, raising concerns about safety and efficacy, which could hinder its ability to attract new customers [12]. Group 4: Research and Development - Fulejia's R&D investment for the first three quarters of 2025 was 36.31 million yuan, with a R&D expense ratio of 2.8%, which, while improved, remains low compared to competitors [14]. - The company holds a total of 61 patents, but the majority are design patents, indicating a potential weakness in innovation compared to peers in the beauty industry [14]. - Balancing R&D investments between medical devices and cosmetics presents a challenge for Fulejia, as both sectors require significant resources to remain competitive [16].

Core Viewpoint - The company Fulejia, known as the "first stock in medical beauty masks," has reported a significant decline in both revenue and net profit for the first half of 2025, marking its worst performance since going public [2][3]. Financial Performance - The company's revenue decreased by 8.15% to 863 million yuan, down from 940 million yuan in the same period of 2024, marking the first negative growth in half-year revenue since its listing [2][3]. - Net profit fell by 32.54% to 230 million yuan, down from 341 million yuan year-on-year, with non-recurring net profit nearly halved, dropping by 48.66% [2][3]. - In Q1 2025, revenue was 301 million yuan, a significant decline of 26.39%, while net profit was 91 million yuan, down 39.77% [3]. - Q2 2025 saw revenue of 562 million yuan, a slight increase of 5.9%, primarily driven by online promotions of cosmetic products, but net profit still declined by 26.72% to 138 million yuan [3][4]. Cost Structure and Profitability - Sales expenses surged to 420 million yuan in the first half of 2025, a year-on-year increase of 39.56%, accounting for 48.67% of total revenue [4][8]. - The gross margin for cosmetic products decreased by 1.11 percentage points to 80.42%, despite a revenue increase of 29.95% to 625 million yuan [7][8]. - Medical device product revenue plummeted by 48.07% to 238 million yuan, significantly impacting overall profitability [5][6]. Market and Regulatory Environment - New regulations from the National Medical Products Administration in 2025 require greater transparency in raw material safety information, increasing compliance costs for medical beauty companies [7]. - The company faces challenges from increased regulatory scrutiny and a competitive market, which has led to a decline in consumer trust due to over-promotional practices [7][11]. Strategic Recommendations - Experts suggest that the company should enhance R&D investment to improve product innovation and diversify its distribution channels, particularly by strengthening partnerships with offline medical beauty institutions [11]. - There is a need for the company to shift its focus from heavy marketing expenditures to building a robust product development strategy to regain market confidence and ensure long-term sustainability [11].

Core Viewpoint - The functional skincare industry in China is experiencing a rise of domestic brands, with products categorized into three main segments: dermatological skincare, high-efficacy skincare, and medical aesthetic skincare [1][2]. Group 1: Industry Overview - Functional skincare products are designed to alleviate or assist in treating specific skin issues, classified as either cosmetic (妆字号) or medical devices (械字号) [1]. - The industry is characterized by a growing presence of domestic brands, indicating a shift in market dynamics [1]. Group 2: Market Segmentation - The functional skincare market is divided into three segments: - Dermatological skincare, typically developed by cosmetic companies in collaboration with dermatologists, includes brands like Winona and La Roche-Posay [2]. - High-efficacy skincare, which emphasizes chemical ingredients, features brands such as WIS and HFP [2]. - Medical aesthetic skincare, developed by companies with a background in biomedicine or medical devices, includes brands like Fulejia and Kefu Mei [2]. Group 3: Product Composition - Dermatological skincare products focus on simplified and targeted ingredients, with examples like Winona's "Soothing Moisturizing Cream" containing ingredients such as sea buckthorn and hyaluronic acid [4]. - High-efficacy skincare products highlight active ingredients like niacinamide and salicylic acid [4]. - Medical aesthetic skincare products, such as those from Chuangfukang, contain fewer ingredients, focusing on essential components like collagen [4]. Group 4: Company Product Strategies - Companies in the functional skincare sector are diversifying their product lines, with many offering both cosmetic and medical device products [6]. - For instance, Betaini focuses on dermatological skincare while also extending into medical device products [6]. Group 5: Company Registration Data - Various companies have registered a significant number of products under both cosmetic and medical device categories, indicating a robust presence in the market: - Huaxi Biological has 1,766 cosmetic registrations and 27 medical device registrations [7]. - Fulejia has 3 cosmetic registrations and 110 medical device registrations [7].

Core Viewpoint - The performance of leading medical beauty companies is diverging amid industry adjustments, with Giant Biological leading in revenue growth while Huaxi Biological and Fulejia face significant declines in performance [2][5][10]. Group 1: Company Performance - Giant Biological reported a revenue of 31.13 billion yuan with a year-on-year growth of 22.5% and a net profit of 11.82 billion yuan, reflecting a 20.2% increase [5][11]. - Huaxi Biological's revenue fell to 22.61 billion yuan, a decrease of 19.57%, with net profit dropping by 35.38% to 2.21 billion yuan [3][4]. - Fulejia's revenue decreased to 8.63 billion yuan, down 8.15%, and net profit fell by 32.54% to 2.3 billion yuan [4][9]. Group 2: Strategic Adjustments - Huaxi Biological attributed its revenue decline to a drop in income from its skin science innovation transformation business, which saw a 33.97% decrease to 9.12 billion yuan [5][7]. - Fulejia's revenue drop was linked to the optimization of offline channels, which impacted sales, while its marketing expenses increased by 39.56% to 4.2 billion yuan [6][10]. - Both companies are undergoing strategic transformations to address their performance issues, with Huaxi Biological implementing significant reforms and Fulejia focusing on improving channel quality [8][10]. Group 3: Industry Trends - The medical beauty industry is shifting from a focus on "traffic dividends" to "technical barriers," with the competition intensifying between hyaluronic acid and recombinant collagen products [2][13]. - The market for recombinant collagen products is projected to grow at a compound annual growth rate of 44.93%, reaching 58.57 billion yuan by 2025 [14]. - Companies are increasingly recognizing the importance of research and development capabilities, patent strategies, and compliance as key competitive factors in the evolving landscape of the medical beauty industry [16].