其中，化妆品业务分品牌来看，颐莲品牌实现收入7.9 亿元，占总收入比例为30%，收入同比增长 19.5%；瑷尔博士品牌收入6.5 亿元，收入占比25%、收入同比下降28.9%（其中Q3 收入下降26%、降幅 环比上半年有所收窄）；珂谧品牌处于成长期，前三季度实现收入7719 万元。 毛利率下降、费用率略升 事件： 福瑞达发布2025 年三季报。公司2025 年前三季度实现营业收入26 亿元，同比下降7.3%，归母净利润 1.4 亿元，同比下降17.2%，扣非净利润1.3 亿元，同比下降13.7%，EPS（基本）为0.14 元。 分季度来看，25Q1~Q3 公司单季度收入分别为8.8/9.1/8.1 亿元，分别同比-1.6%/-11.7%/-8% ， 归母净利 润分别为0.5/0.6/0.3 亿元， 分别同比-14.1%/-16.1%/-23.1%。 点评： 化妆品板块收入下降8%，其中颐莲品牌增长势头较好、瑷尔博士仍处调整分业务板块来看，25 年前三 季度化妆品板块收入占比为60%，收入同比下降8.2%；医药板块、原料及添加剂板块收入各占比 12%/11% ， 收入分别同比-17.5%/+11.2%。 25Q ...

2025 年 10 月 28 日 公司研究 颐莲品牌增长势头良好，瑷尔博士品牌仍处调整 ——福瑞达（600223.SH）2025 年三季报点评 增持（维持） 当前价：7.86 元 作者 分析师：姜浩 执业证书编号：S0930522010001 021-52523680 jianghao@ebscn.com 分析师：孙未未 执业证书编号：S0930517080001 021-52523672 sunww@ebscn.com 24 年可比情况下业绩稳健，利润中单位数增 长——福瑞达（600223.SH）2024 年年报点 评（2025-03-23） 要点 事件： 分析师：朱洁宇 执业证书编号：S0930523070004 021-52523842 zhujieyu@ebscn.com 市场数据 | 总股本(亿股) | 10.17 | | --- | --- | | 总市值(亿元)： | 79.90 | | 一年最低/最高(元)： | 6.41/9.35 | | 近 3 月换手率： | 70.50% | 股价相对走势 -10% -1% 9% 18% 27% 10/24 01/25 04/25 07/25 福瑞达 沪 ...

化妆品板块，前三季度营业收入15.69亿元，毛利率61.24%。颐莲品牌继续保持增长，1—9月实现销售 收入7.86亿元，同比增长19.50%；瑷尔博士品牌主动求变，成功举办第六届微生态健康大会，1—9月实 现销售收入6.46亿元；珂谧品牌继续保持高速增长，1—9月实现销售收入7719万元，第二季度环比增长 82%，第三季度环比增长138%。 有关券商表示，福瑞达美妆业务聚焦主力品牌迭代与渠道优化，叠加高性价比定位，具备持续增长潜 力。从行业层面看，国货崛起与功能性护肤热潮形成共振，公司"玻尿酸+胶原蛋白"双技术引擎布局， 精准契合市场需求，而抖音自播GMV飙升210%、私域积累380万铁粉等渠道优势，进一步放大了技术 转化效率。(齐和宁) 值得注意的是，近日，珂谧正式获得尚谱咨询授予的"全球穿膜透皮胶原护肤品首创者"认证，这是全球 唯一通过"技术定义+功效实证"双核验认可。这场以"穿膜胶原"为核心的创新，不仅让中国美妆技术站 上全球抗衰竞争的制高点，更重新定义了行业对"有效护肤"的认知——从"看得见的宣传"到"可验证的 功效"，中国企业正在用自主研发改写全球美妆科技的规则。 10月27日晚，福瑞达（6002 ...

10月28日，福瑞达（600223）发布三季报，前三季度实现营业收入25.97亿元，同比减少7.34%；净利润 1.42亿元，同比减少17.19%，业绩呈现短期压力。 福瑞达表示，交易有利于公司进一步优化资源配置，收缩非主营业务，集中精力做大做强医药、化妆品 两大主业，符合公司的经营发展规划和战略布局，有利于公司未来长远可持续发展。截至上半年末，公 司主要业务涵盖化妆品、医药、原料及添加剂等业务板块，另外，还涉及物业管理等领域。 据了解，今年前三季度，中国美妆行业呈现"总量承压、结构优化"的双重特征。业内人士认为，当前行 业整体面临增速换挡压力，头部企业呈现明显分化，行业竞争已从规模扩张转向质量竞争。 2025年前三季度，美妆企业面临双重考验，一方面，原料、研发与营销成本持续上升，头部品牌为抢占 线上流量加大投放，销售费用率居高不下，挤压利润空间；另一方面，监管趋严与环保压力增强，对产 品安全性、可持续性的要求提升。 券商相关研报认为，在消费升级驱动下，化妆品行业结构性机会凸显。高端化妆品市场持续扩容，消费 者对高品质、高品牌价值产品的支付意愿增强，天然成分、科技赋能类产品溢价能力突出。 与此同时，数字化转型 ...

Core Viewpoint - The company Furuida plans to transfer 100% equity of its wholly-owned subsidiary Shandong Lushang Yinzou Commercial Management Co., Ltd. to its affiliate Lushang Furuida Health Investment Co., Ltd. for 88.4028 million yuan, aiming to optimize resource allocation and focus on its core businesses in pharmaceuticals and cosmetics [1][2]. Group 1: Transaction Details - The transaction constitutes a related party transaction as both parties are controlled by the same parent company, Shandong Provincial Commercial Group Co., Ltd. [1] - The transfer is part of Furuida's ongoing "slimming down" strategy, which includes divesting from non-core business lines [1]. Group 2: Financial Implications - The transaction is expected to improve Furuida's financial statements and cash flow, as the company reported a significant decline in operating cash flow by 86.26% year-on-year to 18.6774 million yuan for Q2 2025 [2]. - The subsidiary, Yinzou Commercial Management, has faced cumulative losses of approximately 1.5 million yuan for 2024 and the first half of 2025, heavily relying on internal real estate projects [1][2]. Group 3: Business Performance - Furuida's cosmetics segment is a key revenue driver, with a reported revenue of 1.79 billion yuan and a net profit of 108 million yuan for the first half of 2025 [2]. - The company's brands, including Yaili and Aier Bo, have shown strong growth, with Yaili achieving a revenue increase of 23.78% to 554 million yuan in the same period [2].

Core Viewpoint - The cosmetics industry is facing a dilemma where companies must balance between investing in traffic for exposure and managing high costs that erode profits. A shift towards research and cultural foundations rather than solely focusing on GMV growth is essential for sustainable development [1][3]. Group 1: Industry Trends - The current trend in the cosmetics industry indicates that relying solely on traffic for sales is becoming increasingly costly, leading to a need for companies to enhance content quality to attract users [6][7]. - The importance of storytelling and emotional connection with consumers is emphasized, as brands that focus on cultural narratives tend to perform better in terms of sales [4][5]. Group 2: Company Insights - Founded in 1998, the company initially specialized in hyaluronic acid production and has since expanded its business to include skincare, makeup, fragrance, and hair care, reporting approximately 939 million yuan in revenue and 69.7 million yuan in net profit for the first half of the year [2]. - The company has identified a significant difference in performance between its brands, with one brand focusing on technology and another on cultural storytelling, highlighting the effectiveness of the latter in driving sales [4][5]. Group 3: Marketing Strategy - The company is adapting its marketing strategy to focus on content creation rather than just selling products, aiming to engage users and reduce reliance on expensive traffic [6][7]. - A multi-channel approach is being adopted to avoid dependency on a single platform, ensuring that investments in one platform can drive conversions across others [7]. Group 4: Technological Advancements - The company is exploring synthetic biology to lower production costs and improve the efficiency of raw material extraction, which is seen as a necessary trend in the cosmetics industry [8]. - The company is committed to continuous investment in its core product, hyaluronic acid, while also developing new growth areas such as skin microbiome and recombinant collagen [9]. Group 5: Future Plans - The company has launched a medical beauty brand, aiming to integrate cosmetic logic with medical applications, and plans to expand into hospitals and medical aesthetics channels [9][10]. - The company is in the process of applying for "medical device" certification, leveraging its existing pharmaceutical background to enhance its product offerings in the medical field [10].

Core Insights - The event highlighted the high-quality development of brands in Shandong, emphasizing innovation as a key driver for growth and the integration of manufacturing processes and product connections [1] Company Summaries - **Furida**: Focuses on creating skincare products tailored for Chinese consumers, having developed the first domestic hyaluronic acid essence and a series of micro-ecological skincare products. The company holds over 170 patents and has achieved a sales scale of 1 billion yuan within five years [2] - **Hisense**: After ten years of development, Hisense has successfully created the RGB-Mini LED technology, with a key component being the "Xin Chip H7," which offers three times the light control precision of traditional LCDs. This innovation has positioned Hisense as a leader in display technology [3] - **Huaguang Guoci**: Innovates in high-end ceramics, developing various advanced materials and techniques, including lead-free glazes and antibacterial glazes, while promoting traditional Chinese culture through brand initiatives [4] - **Luhua**: Invests heavily in R&D to produce high-oleic peanuts, achieving over 75% oleic acid content. The company’s unique 5S physical pressing process enhances nutritional retention and flavor, contributing to the agricultural sector's growth [4] Industry Trends - The "chain development" model in Shandong is fostering growth not only for individual companies but also for the entire industry chain, with Hisense leading investments in 25 companies in 2024 and 28 in 2025 [5] - Furida is establishing a multi-brand group operation and a dual beauty ecosystem, with a projected annual output value of 4 billion yuan from its new innovation park [5] - Luhua's approach extends from edible oils to agricultural products, creating a full industry chain that enhances both economic and ecological benefits [6] - The collective efforts of these companies illustrate Shandong's commitment to high-quality development through technological strength, brand enhancement, and ecological synergy, with an increasing number of Shandong brands gaining international recognition [6]

Core Viewpoint - Furuida, a leading hyaluronic acid manufacturer in China, is expanding its product offerings beyond hyaluronic acid, focusing on innovative ingredients like royal jelly acid for skincare [1][2]. Group 1: Company Overview - Furuida is recognized as the pioneer in the industrial preparation of hyaluronic acid in China, with a strong emphasis on quality and innovation [1]. - The company has developed a new high-purity royal jelly acid through a 20-year collaboration with Professor Wang Ruiming's team from Qilu University of Technology [2]. Group 2: Product Development - The first cosmetic raw material derived from royal jelly acid was approved for use in China last year, allowing Furuida to launch its high-end product line, "Yale Doctor," featuring this ingredient [1]. - The "Yale Doctor" series, specifically the "Jingyan Jinzhi" line, is set to be launched by the end of July this year [1]. Group 3: Business Strategy - Furuida is implementing a dual beauty ecosystem model that integrates lifestyle and medical beauty, focusing on multiple brand development [2]. - The company is enhancing its manufacturing processes with five key upgrades: intelligent, green, high-end, transparent, and flexible, ensuring rigorous quality control with over 200 indicators [2]. Group 4: Future Plans - Furuida is investing in the "Northern Beauty Valley" strategy, planning to build the Furuida Smart Beauty Innovation Park with a production capacity aimed at generating 4 billion yuan annually [2]. - The company is also establishing the first recombinant collagen production line in the province, projected to yield 1 billion yuan annually [2].

Core Insights - The company experienced a 19.73% year-on-year decline in net profit for 2024 due to the impact of divesting its real estate business, but net profit increased by 6.15% when excluding this effect [3] - The asset-liability ratio decreased to 20.20% as the proceeds from the real estate divestiture were used to repay financial institution loans [3] - The company increased its R&D investment by 20.05% in 2024, marking the fifth consecutive year of rising R&D expenditures [3] Group 1: Business Performance - The cosmetics segment saw a revenue increase of 2.46% year-on-year, while the pharmaceutical segment experienced a decline of 1.41%, and the raw materials and additives segment fell by 2.43% [4] - Key brands in the cosmetics sector, such as Yilian and Aier Doctor, contributed significantly to revenue growth, with Yilian solidifying its high-moisture brand positioning and Aier Doctor maintaining its leading position in domestic micro-ecological skincare [4] - The pharmaceutical business stabilized in the second half of the year after adjustments to sales organization, channels, and models, focusing on innovative marketing strategies and product positioning [4] Group 2: Strategic Focus - The raw materials and additives segment is accelerating its shift towards high-end products, expanding customized services for food-grade and cosmetic-grade products [5] - The company is building technical barriers with hyaluronic acid and strengthening its leading position with natamycin to create a product moat [5]