转自：前瞻产业研究院 功能性护肤品行业主要上市公司：贝泰妮(300957.SZ);华熙生物(688363.SH);上海家化(600315.SH);创尔 生物(831187.NQ);巨子生物(02367.HK);敷尔佳(301371.SZ) 本文核心数据：中国功能性护肤品行业上市企业产品占比 功能性护肤品细分为三大赛道 功能性护肤品指针对性地缓解或辅助治疗某些皮肤问题的一类化妆品(妆字号)或医疗器械(械字号)，具 备一定药理作用，行业正处于国产品牌崛起阶段。根据护肤品功能及功效的不同，功能性护肤品可分为 皮肤学级护肤品、强功效性护肤品和医美级护肤品。 从国内功能性护肤品参与者来看，各大品牌商分别从三大细分赛道切入：皮肤学级护肤品一般是化妆品 企业通过绑定专业的皮肤科医生开展产品研发，或是皮肤科医生自创品牌，代表品牌包括薇诺娜、理肤 泉、薇姿、雅漾、珂润、米蓓尔、玉泽等;强功效护肤品参与者一般是化妆品公司、成分原料商、制药 公司等，代表品牌包括WIS、HFP、雪肌精、林清轩、润百颜、夸迪、片仔癀等;医美级护肤品一般是生 物医药、Ⅲ类医疗器械背景的公司开展研发，代表品牌包括敷尔佳、可复美、芙清、伊肤泉、爱美客、 创 ...

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].

Core Viewpoint - The development paths of medical beauty companies are diverging amid industry adjustments, with three leading companies—Hua Xi Bio, Juzi Bio, and Fulejia—reporting significantly different half-year results, reflecting a shift from "traffic dividends" to "technical barriers" in the industry [1] Group 1: Company Performance - Juzi Bio led with a revenue of 31.13 billion yuan and a year-on-year growth rate of 22.5% [4] - Hua Xi Bio reported a revenue of 22.61 billion yuan, a decline of 19.57% year-on-year, marking its worst interim report since listing [2][3] - Fulejia's revenue was 8.63 billion yuan, down 8.15% year-on-year, with a net profit drop of 32.54% [3][4] Group 2: Strategic Adjustments - Hua Xi Bio 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][6] - Fulejia's revenue drop was linked to offline channel optimization, which increased sales expenses by 39.56% to 4.2 billion yuan [5][9] - Juzi Bio's growth was driven by the sales increase of professional skin care products, contributing 99.7% of its revenue [10][11] Group 3: Market Dynamics - The medical beauty industry is experiencing a shift, with the competition now focusing on research and development capabilities, patent layouts, and compliance [17] - 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 [15] - Hua Xi Bio is expanding into recombinant collagen while maintaining its position in hyaluronic acid, indicating a dual strategy to adapt to market changes [15][16]

Report Summary 1. Report Industry Investment Rating - No information provided 2. Core Viewpoints - The company's sales channel optimization and product price adjustment have achieved phased progress, with the sales channels gradually returning to health and the product price adjustment completed. The offline revenue in the first half of 2025 showed a good growth trend quarter-on-quarter, and the performance is gradually picking up [27]. - The company's revenue in the second quarter of 2025 increased by 86.68% quarter-on-quarter compared with the first quarter, and the performance is showing a warming trend, in line with the company's expectations [38]. 3. Summary by Relevant Catalogs 3.1. Research Basic Situation - The research object is Fuerjia, and the reception time is August 26, 2025. The listed company's reception personnel include Chairman Zhang Liguo, Director, Board Secretary, and Financial Controller Deng Baijiao, and Independent Director Wang Xiaoxian [17]. 3.2. Detailed Research Institutions - The reception objects include investors' online questions and others [20]. 3.3. Research Institution Proportion - No information provided 3.4. Main Content Data - As of June 30, 2025, the company has a total of 3 approved Class II medical device registration certificates, namely Medical Sodium Hyaluronate Repair Patch, Medical Sodium Hyaluronate Repair Liquid, and Medical Recombinant Type III Humanized Collagen Patch [24]. - The company's fundraising projects have all reached the预定可使用状态, and the special accounts for the raised funds have all been cancelled. For details, please refer to the "Announcement on the Completion of the Fundraising Project and Cancellation of the Special Account for the Raised Funds" disclosed by the company on the Juchao Information Network (www.cninfo.com.cn) [26]. - In the first half of 2025, the company achieved an operating income of 863,112,643.06 yuan, a net profit attributable to shareholders of the listed company of 229,656,927.58 yuan, and a net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses of 166,174,897.97 yuan. For details, please refer to the company's "2025 Semi-Annual Report" [29]. - The company's on-sale medical device products include Medical Sodium Hyaluronate Repair Patch (White Film), Medical Sodium Hyaluronate Repair Patch (Black Film), Medical Sodium Hyaluronate Repair Liquid (Single-Use), Medical Sodium Hyaluronate Repair Liquid (Spray), Medical Recombinant Type III Humanized Collagen Patch, Fuerjia Medical Repair Dressing (Liquid), Fuerjia Medical Repair Dressing (Lotion), and Fuerjia Medical Repair Dressing (Ointment). For details, please refer to the official flagship stores opened by the company on major e-commerce platforms [30]. - As of now, the company has no share repurchase plan [31]. - In the first half of 2025, the sales situation on the JD platform was good, with a significant year-on-year increase. The main reason is that the company deepened its cooperation with JD in the first half of the year, enriched the product variety on the JD platform, and added some new cooperation methods, such as full gift activities and new product launches [33]. - As of now, Halianlian has not reduced its shares in the company [34]. - Currently, the company's non-restricted shares are 77,529,400, accounting for 14.91% of the company's total share capital [35]. - The increase in the gross profit margin of medical device products is mainly due to the company's optimization of offline sales channels. The offline sales are mainly in the distribution mode, and the reduction of offline sales scale has led to an increase in the overall sales price of the company's medical device products [36]. - In the second quarter of 2025, the company's operating income increased by 86.68% quarter-on-quarter compared with the first quarter, and the performance is showing a warming trend, in line with the company's expectations [38]. - In the first half of the year, the company's cosmetics revenue was 624.8177 million yuan, accounting for 72.39% of the operating income; the medical device revenue was 238.2945 million yuan, accounting for 27.61% of the operating income. For details, please refer to the company's "2025 Semi-Annual Report" [39]. - The company currently has 2 wholly-owned subsidiaries, namely Harbin Futejia Economic and Trade Co., Ltd. and Shanghai Fuerjia Technology Development Co., Ltd. [40]. - As of now, the company's directors, supervisors, and senior management have not reduced their shares in the company [41]. - For the specific situation and progress of the company's in - research projects, please refer to the content of Section 3 of the company's "2025 Semi-Annual Report" [42]. - The company has sufficient self-owned funds and currently has no financing plan [44].

Core Viewpoint - The company held an online performance briefing on August 26, 2025, to discuss its financial results and operational updates with investors [1] Group 1: Financial Performance - For the first half of 2025, the company achieved operating revenue of 863,112,643.06 yuan and a net profit attributable to shareholders of 229,656,927.58 yuan [1] - The second quarter of 2025 saw a significant revenue increase of 86.68% compared to the first quarter, indicating a recovery trend in performance [1] - The revenue composition for the first half of 2025 was 72.39% from cosmetics (62,481.77 million yuan) and 27.61% from medical devices (23,829.45 million yuan) [1] Group 2: Product and Market Updates - As of June 30, 2025, the company has obtained three Class II medical device registration certificates, including products like medical sodium hyaluronate repair patches and solutions [1] - The company reported a positive growth trend in offline sales for the first half of 2025, attributed to sales channel optimization and product price adjustments [1] - Sales on the JD platform showed significant year-on-year growth in the first half of 2025, with enhanced cooperation and product variety [1] Group 3: Corporate Structure and Future Plans - The company currently has two wholly-owned subsidiaries: Harbin Futejia Trading Co., Ltd. and Shanghai Fuirjia Technology Development Co., Ltd. [1] - The company has sufficient self-funding reserves and currently has no financing plans [1] - There are no share reductions by major shareholders or company executives at this time, with 77,529,400 shares (14.91% of total shares) being unrestricted [1]

Group 1: Company Overview - As of June 30, 2025, the company has obtained 3 Class II medical device registration certificates [2] - The company currently has 2 wholly-owned subsidiaries: Harbin Futejia Trading Co., Ltd. and Shanghai Fulejia Technology Development Co., Ltd. [8] Group 2: Financial Performance - For the first half of 2025, the company achieved operating revenue of ¥863,112,643.06, with a net profit attributable to shareholders of ¥229,656,927.58 [3] - The company's revenue from cosmetics in the first half of 2025 was ¥624,817,700, accounting for 72.39% of total revenue, while revenue from medical devices was ¥238,294,500, accounting for 27.61% [8] - In Q2 2025, the company's operating revenue increased by 86.68% compared to Q1 2025, indicating a recovery trend [8] Group 3: Sales and Market Performance - The company reported a positive growth trend in offline sales for the first half of 2025, with sales channels gradually returning to health [3] - Sales on the JD platform showed significant year-on-year growth in the first half of 2025, attributed to enhanced cooperation and new promotional strategies [6] Group 4: Investor Relations and Future Plans - The company currently has no share repurchase plans [5] - There are no current financing plans as the company has sufficient internal funds [9] - The company has completed all fundraising project milestones, and the special accounts for raised funds have been fully canceled [3]