Core Viewpoint - Furuida's performance in the first half of 2025 has significantly declined, with total revenue and net profit reaching their lowest levels in five years, primarily due to the poor performance of its core brand, Aier Doctor [1][2]. Revenue and Profit Summary - Total revenue for the first half of 2025 was 1.79 billion yuan, a year-on-year decrease of 7.05% [1]. - Net profit attributable to shareholders was 108 million yuan, down 15.16% year-on-year [1]. - The core brand Aier Doctor saw a dramatic revenue drop of 29.97%, negatively impacting overall performance [1][7]. - Despite the decline, the year-on-year revenue growth rate has shown slight improvement compared to previous years due to the completion of the real estate business divestiture [2]. Brand Performance Analysis - The cosmetics segment generated 1.094 billion yuan in revenue, a decrease of 7.73% year-on-year, with the Yilian brand achieving a revenue increase of 23.78% [7]. - Aier Doctor's revenue fell to 451 million yuan, down from 645 million yuan in the previous year, indicating a significant performance gap between the two brands [7]. - The overall gross margin for the cosmetics segment was 61.99%, with a slight increase of 0.61 percentage points compared to the previous year [7]. Cash Flow and Financial Health - The company's cash flow has drastically decreased by 86.26% year-on-year, primarily due to reduced sales collections resulting from lower revenue [9]. - The pharmaceutical segment reported revenue of 207 million yuan, a decrease of 13.87%, with a gross margin of 51.80% [8]. - The raw materials and additives segment saw a revenue increase of 4.15%, driven by a significant rise in hyaluronic acid sales [8]. Market Dynamics and Challenges - Online sales channels accounted for 84.20% of total revenue, highlighting the impact of declining online traffic on Aier Doctor's performance [9]. - The company has increased R&D expenses by 20.6% to 79.17 million yuan, representing approximately 4.42% of total revenue, indicating a commitment to innovation [9]. - The overall market environment remains challenging, with Aier Doctor facing significant pressure from competition and operational issues [9].