证券研究报告 | 公司点评 gszqdatemark 2026 03 27 年 月 日 公司业绩阶段性承压，多项业务调整稳步推进。公司 2025 年前三季度实 现营业收入 25.97 亿元（yoy-7.34%），实现归母净利润 1.42 亿元（yoy- 17.19%），毛利率同比-0.38pcts 至 51.47%。 化妆品板块中颐莲及珂谧表现良好，瑷尔博士仍处于调整期。2025 年前 三季度化妆品板块营业收入 15.69 亿元，同比下降 8.17%，毛利率为 61.24%。其中，颐莲品牌继续保持增长，前三季度实现收入 7.86 亿元， 同比增长 19.50%，其中喷雾品线实现销售收入 6.64 亿元，同比增长 28%； 瑷尔博士品牌前三季度实现收入 6.46 亿元，第三季度同比降幅有所收窄， 品牌变革稳步推进；珂谧品牌前三季度实现收入 7719 万元，第二季度环 比增长 82%，第三季度环比增长 138%，保持高速增长态势，线上渠道完 成从抖音单渠道到全渠道布局，构建"自播+达播"矩阵，线下渠道纵深 发展，战略推进与线下机构的深度绑定与赋能。其中，珂谧与新华网联合 打造的 2 场专场活动 GMV 突破 30 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a revenue of 2.597 billion yuan for the first three quarters of 2025, a year-on-year decline of 7.3%, and a net profit attributable to shareholders of 142 million yuan, down 17.2% year-on-year. In the third quarter alone, revenue was 810 million yuan, a decline of 7.97% year-on-year, with a net profit of 34 million yuan, down 23.1% year-on-year [2][4]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company's revenue from cosmetics, pharmaceuticals, and raw materials was 1.57 billion yuan, 310 million yuan, and 280 million yuan respectively, with year-on-year changes of -8.2%, -17.5%, and +11.2%. Specifically, the cosmetics segment, led by the brand Yilian, achieved a revenue of 790 million yuan, a growth of 19.5% year-on-year, with the core spray product line seeing a sales increase of 28%. The brand Aier Bo Shi underwent brand adjustments, generating 650 million yuan in revenue, with a narrowing decline in Q3. The brand Kemi accelerated its growth, with revenues of 77.19 million yuan in Q1-Q3, showing sequential growth of 82% and 138% from Q2 to Q3 [10]. Profitability - The company's gross profit margin declined, with the net profit margin decreasing slightly by 0.8 percentage points to 4.2% in Q3 2025. This decline was primarily due to a 2.3 percentage point drop in gross margin attributed to adjustments in the cosmetics business, and an overall increase in sales, management, R&D, and financial expense ratios totaling an increase of 0.9 percentage points [10]. Investment Recommendations - The company is focusing on its core brands in the cosmetics sector, with Yilian showing strong growth. The brand Aier Bo Shi has completed its brand upgrade and product launch, with a narrowing decline. The brand Kemi is also accelerating its growth. The product and brand matrix is gradually improving, which is expected to help restore profitability in the future. The projected EPS for 2025-2027 is 0.24, 0.29, and 0.34 yuan per share respectively [10].

Core Viewpoint - The company reported its third-quarter financial results for 2025, highlighting a decline in revenue in certain segments while showing growth in others, particularly in the cosmetics sector. The overall financial health remains stable with significant developments in product offerings and market expansion efforts [19]. Financial Performance - For the first nine months of 2025, the company achieved a revenue of 2.597 billion yuan and a net profit attributable to the parent company of 142 million yuan [7]. - The total assets as of September 30, 2025, were 5.831 billion yuan, with net assets attributable to the parent company amounting to 4.187 billion yuan [7]. Segment Performance Cosmetics Segment - The cosmetics segment generated a revenue of 1.569 billion yuan for the first nine months of 2025, representing a year-on-year decline of 8.17%, with a gross margin of 61.24% [7]. - The Yilian brand saw a revenue increase of 19.50%, totaling 786 million yuan, with the spray product line achieving a revenue of 664 million yuan, up 28% [7]. - The Kemi brand experienced significant growth, with a revenue of 77.19 million yuan, showing a quarter-on-quarter increase of 138% in the third quarter [7]. Pharmaceutical Segment - The pharmaceutical segment reported a revenue of 305 million yuan, down 17.46% year-on-year, with a gross margin of 52.27% [8]. - The company developed over 200 new clients across hospital and OTC channels, with 70 new medical institutions added [8]. Raw Materials and Additives Segment - The raw materials and additives segment achieved a revenue of 276 million yuan, reflecting an increase of 11.19% year-on-year, with a gross margin of 40.26% [8]. - The sales volume of pharmaceutical-grade raw materials increased by 107.75% year-on-year [8]. Price Changes Product Prices - The average selling price of skincare products increased by 5.29% year-on-year due to a higher sales proportion of premium products [19]. Raw Material Prices - The average procurement price of packaging materials rose by 6.94% year-on-year, while the price of moisturizing agents decreased by 21.20% year-on-year [20][21]. - The average procurement price of active ingredients decreased by 1.45% year-on-year, while emulsifiers saw a price drop of 3.70% year-on-year [23][26]. Upcoming Events - The company will hold a performance briefing on November 3, 2025, to discuss the third-quarter results and address investor inquiries [12][14].

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]