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 Viewpoint - The third China International Supply Chain Promotion Expo showcases the innovative achievements of Furuida, a subsidiary of Lushang Group, focusing on the integration of traditional Chinese medicine and synthetic biology in the beauty and health industry [1] Group 1: Product Innovation - Furuida presented a full-chain innovation from traditional Chinese medicine extraction to end products, highlighting the "green journey" of ingredients like Centella Asiatica to anti-aging serums [3] - The company integrates traditional Chinese medicine with artificial intelligence for precise control in the production of sensitive skin series products, exemplifying a new paradigm of "green intelligent manufacturing" [3] - The MatrixColla-1 product utilizes a precise ratio of type III recombinant collagen, elastin, and fibronectin to simulate the extracellular matrix structure of the dermis, providing comprehensive anti-aging benefits [4] Group 2: Sustainable Practices - Furuida's green supply chain initiatives include biodegradable packaging that reduces degradation time by 60%, with traditional PE bottles taking 450 years to decompose compared to 180 days for plant-based packaging [5] - The company’s raw materials, such as dihydroxyphenethyl alcohol and sodium hyaluronate, are certified by EU ECOCERT, and their bio-fermentation process reduces emissions by 35% compared to traditional chemical methods [5] Group 3: Research and Development Ecosystem - The innovation ecosystem of Lushang Group combines research institutes, corporate R&D centers, and industrial bases, enhancing the transformation of scientific research into products [7] - Furuida has led or participated in the formulation of over 80 national and industry standards and holds 434 valid patents, including 189 invention patents [7] - The company aims to continue promoting sustainable "Chinese solutions" in the global market, leveraging modernization of traditional Chinese medicine and synthetic biology [7]

齐鲁晚报·齐鲁壹点记者 张頔 7月16日，第三届中国国际供应链促进博览会（以下简称"链博会"）在北京开幕。为期5天的链博会上，首次参展的鲁商集团将展示"鲁商一盘货"的创新实践 和"产品共研、渠道共融、生态共建、金融共赋"的新型供应链模式，不仅将与更多国内外的商业伙伴交流供应链创新管理经验，还将在链博会上链接上下游 合作方。 山东省创新研究院在本次链博会展出的产品均为围绕自有品牌"鲁商舌尖"、银座品牌"银座优选"、鲁商科技品牌"礼尚乘"自主研发的自营产品。其中，"礼 尚乘"有机口粮茶是由"鲁商舌尖"、"礼尚乘"联合云南农垦集团共同推出云南有机口粮茶，采取产地直采、源头直发的形式，品类涵盖了生普、熟普、白 茶、滇红等多种品类，在快节奏的都市生活中，为消费者打造了一个高品质茶空间。 古佳酒庄（Chateau de Cugat）贝努瓦梅耶酒业公司成立于2003年2月12日，2011年由山东省商业集团有限公司收购运营，系省属国企自有产业。古佳酒庄位 于法国西南部的世界葡萄酒中心---波尔多产区，是法国A.O.C法定产区级酒庄，直接掌控优质葡萄园资源，实现从葡萄种植、生产酿造、灌装的全流程监 控。鲁商集团与山东港口物流合 ...

Core Insights - The article highlights the impressive display of Furuida, a subsidiary of Lushang Group, at the third Chain Expo, showcasing its innovations in the beauty and health sectors, particularly in traditional Chinese medicine modernization and synthetic biology breakthroughs [1][10] - Furuida's achievements reflect Lushang Group's strategic focus on technological innovation and collaboration with research institutions like the Shandong Academy of Pharmaceutical Sciences [1][9] Product Matrix: Breakthroughs from Raw Materials to End Solutions - Furuida's exhibition presented a comprehensive range of products, integrating traditional Chinese medicine with modern technology, particularly addressing sensitive skin issues through advanced extraction techniques [5] - The company has made significant advancements in synthetic biology, particularly with its royal jelly acid series, which targets aging skin by utilizing engineered bacteria for efficient production [5] Green and Sustainable Practices - Furuida emphasizes sustainability throughout its supply chain, producing raw materials that meet international certification standards and utilizing biodegradable packaging that reduces degradation time by over 60% compared to traditional plastics [6] End Products and Light Medical Aesthetic Solutions - The company offers a wide array of products, including the Yilian hyaluronic acid series and the Ai'er Doctor micro-ecological skincare line, which have gained popularity and recognition for their innovative approaches to skin health [7] R&D Core: From Laboratory to Market - Furuida has established a robust R&D system that spans basic research to industrial application, particularly excelling in the field of hyaluronic acid with patented technologies that enhance its market competitiveness [8] Lushang Innovation Ecosystem: From Single Point Breakthroughs to Systemic Empowerment - Furuida's innovations are part of Lushang Group's broader strategy to integrate research and development with industry, supported by the Shandong Academy of Pharmaceutical Sciences, which has made significant contributions to the company's technological advancements [9] Conclusion: Advancing China's Global Influence in Manufacturing - Furuida's success at the Chain Expo and its global supply chain strategies illustrate the upgrading path of China's beauty and health industry, driven by technological innovation and sustainable practices [10]

Core Viewpoint - The controversy surrounding Juzhibio's flagship product, Kefu Mei, has raised significant concerns about the authenticity of its collagen claims, leading to a crisis of trust among investors and consumers [1][3][6]. Company Summary - Juzhibio, known as a leader in recombinant collagen, has faced allegations of product falsification, particularly regarding its Kefu Mei product, which reportedly contains only 0.0177% collagen, below the regulatory threshold of 0.1% [3][4]. - The company has stated that all its products are compliant with regulatory standards and have undergone rigorous quality checks [4][6]. - Following the controversy, Juzhibio's stock price fell by 4.04% to HKD 73.6, with a total market capitalization of HKD 788.19 billion as of May 26 [2]. Industry Summary - The demand for aesthetic products, including hyaluronic acid and collagen, has been rising, with major players like Juzhibio and Jinbo Bio seeing growth despite market challenges [2][9]. - The recombinant collagen market in China is projected to grow significantly, reaching CNY 585.7 billion by 2025, with a compound annual growth rate of 44.93% [10][12]. - The lack of standardized testing methods for collagen products has led to discrepancies in product claims and consumer trust issues, highlighting the need for regulatory frameworks in the industry [5][8][12].

Core Viewpoint - Furuida has established itself as a leader in the hyaluronic acid industry in China, breaking foreign monopolies and achieving significant success across various sectors including pharmaceuticals, cosmetics, and food, with over 70% of global hyaluronic acid raw materials sourced from China [1][2][3]. Group 1: Hyaluronic Acid Industry - Furuida pioneered the industrial-scale production of hyaluronic acid through microbial fermentation, reducing costs by 90% compared to traditional animal extraction methods [2]. - The company has developed a complete industrial chain around hyaluronic acid, including raw materials, pharmaceuticals, cosmetics, functional foods, and medical devices, supported by multiple national and provincial research platforms [3][4]. - Furuida's innovative products, such as various patented hyaluronic acid formulations, have made it a dominant player in the cosmetics and medical aesthetics sectors, with a notable market presence in China [4]. Group 2: Collagen and Future Growth - Furuida is expanding into the recombinant collagen market, launching its first medical aesthetics brand, Kemi, and investing significantly in production capabilities [5][6]. - The company emphasizes the complementary relationship between hyaluronic acid and collagen, positioning the combination as a solution for long-lasting anti-aging needs [6][7]. - Furuida has rapidly advanced its recombinant collagen technology, achieving medical-grade certifications and developing multiple collagen products, with ongoing research into high-value medical devices [7][8]. Group 3: Innovation and Market Position - Furuida's growth story exemplifies how technological innovation can reshape industry dynamics, transitioning from a focus on hyaluronic acid to establishing a foothold in the recombinant collagen sector [8]. - The company aims to leverage its technological advancements and ecosystem approach to navigate the global health and beauty market, setting a precedent for other Chinese enterprises [8].

Market Performance - The Shanghai Composite Index and Shenzhen Component Index experienced declines of 0.30% and 0.69% respectively on May 5, 2025, while the ChiNext Index and STAR Market 50 fell by 0.87% and 1.96% respectively [1] - Among 33 A-share companies in Zibo, 30 saw an increase, 1 remained flat, and 2 declined during the same period [1] Notable Stock Movements - Weiming Pharmaceutical (002581) achieved a remarkable 23.29% increase over five days, leading the gains [1] - Yahua Electronics (301337) and Jincheng Pharmaceutical (300233) also saw significant increases of 17.30% and 11.31% respectively [1] - On May 7, PEEK material concept stocks surged, with Zhongxin Fluorine Materials (002915) hitting the daily limit for the sixth time in nine days, and Kaisheng New Materials (301069) rising by 2.29% with a trading volume of 4.02 billion yuan [1] Company Announcements - Kehui Co., Ltd. announced a share repurchase plan with a budget between 9 million and 16 million yuan, with a maximum repurchase price of 17 yuan per share, aimed at employee stock ownership plans [1] Financial Results - Furuida (600223) reported a revenue of 526 million yuan in its cosmetics segment for Q1 2025, with a gross margin of 61.06% [3] - Qichang Tenda (002408) achieved total revenue of 5.618 billion yuan in Q1 2025, a year-on-year increase of 2.53%, but saw a significant drop in net profit by 83.18% to 5.4007 million yuan [3] - Xinhua Medical (600587) reported a total revenue of 2.308 billion yuan, down 8.74% year-on-year, with a net profit decline of 23.97% to 160 million yuan [3] - Bohui Paper (600966) reported a total revenue of 4.564 billion yuan, a 3.77% increase year-on-year, but a net profit decline of 46.91% to 53.3737 million yuan [3] Market Capitalization - In terms of market capitalization, Yingke Medical (300677) led with 14.708 billion yuan, followed closely by Shandong Pharmaceutical Glass (600529) at 14.626 billion yuan, and Qichang Tenda (002408) at 12.963 billion yuan [4]

Group 1 - The core viewpoint of the news is that the company is focusing on innovation and brand development in the cosmetics sector, achieving significant revenue growth and maintaining a strong market position [1][2][4] - In Q1 2025, the cosmetics segment generated revenue of 526 million yuan with a gross margin of 61.06%, driven by key brands such as Yilian and Aier Doctor, which achieved revenues of 250 million yuan and 236 million yuan respectively [1] - The company launched 47 new products and obtained 12 new patents in the cosmetics segment during the reporting period, emphasizing a research-driven approach and technological innovation [1][2] Group 2 - The company is committed to a dual-brand strategy focusing on Yilian and Aier Doctor while optimizing the operations of other brands, transitioning from a single beauty business to a "beauty + medical beauty" model [3] - The company plans to enhance its core competitiveness through continuous R&D investment, with a projected R&D expenditure of 199 million yuan in 2024 and approximately 42 million yuan in Q1 2025 [2] - The company is advancing its product lines and brand strategies, including the introduction of innovative products and technologies, such as the membrane collagen technology launched by the Kemi brand [4]

Financial Performance - In Q1 2025, the company reported revenue of 880 million yuan, a year-on-year decline of 1.6%, primarily due to the divestment of its real estate business [1] - The net profit attributable to shareholders was 50.712 million yuan, down 14.1% year-on-year, influenced by reduced income, decreased profits from associated companies, and increased R&D expenses [1] - The non-recurring net profit was 46.990 million yuan, a year-on-year decrease of 9.7% [1] Profitability Metrics - The gross margin improved to 51.3%, an increase of 0.5 percentage points year-on-year [1] - The net profit margin was 7.2%, down 1.0 percentage point year-on-year [1] - The selling expense ratio decreased to 35.5%, down 0.8 percentage points year-on-year, while the management expense ratio increased to 4.7%, up 0.6 percentage points year-on-year [1] Cosmetics Segment - The cosmetics segment generated revenue of 530 million yuan, a year-on-year decline of 2.6%, with a gross margin of 61.1% [2] - The Yilian brand achieved revenue of 250 million yuan, a year-on-year increase of 25%, while the Ai'er Doctor brand saw revenue decline by 18.4% to 240 million yuan [2] - The segment focused on R&D and technological innovation, with 12 new patents authorized and 47 new products launched [2] Pharmaceutical and Raw Materials Segment - The pharmaceutical business achieved revenue of 110 million yuan, remaining stable year-on-year, with a gross margin of 54.8% [3] - The raw materials and derivatives segment generated revenue of 90 million yuan, a year-on-year increase of 2.4%, with a gross margin of 29.7% [3] - The company launched 8 new health food products and received international patent authorization for sodium hyaluronate quaternary ammonium salt [3] Future Outlook - The company maintains its profit forecast, expecting net profits attributable to shareholders to be 330 million, 370 million, and 420 million yuan for 2025-2027, corresponding to PE ratios of 23, 20, and 18 times [3] - The company anticipates significant growth signals in 2025, driven by consumer spending and the expansion of its skincare and sub-brands [3]

上 市 公 司 美容护理 2025 年 05 月 05 日 福瑞达 (600223) ——25Q1 符合预期，颐莲享受性价比消费崛起红利 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 本研究报告仅通过邮件提供给 中庚基金 使用。1 投资要点： 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 7.41 | | 一年内最高/最低（元） | 9.39/5.74 | | 市净率 | 1.8 | | 股息率%（分红/股价） | 2.02 | | 流通 A 股市值（百万元） | 7,533 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："股息率"以最近一年已公布分红计算 | | | 基础 ...