证 券 研 究 报 告 福瑞达（600223）2025 年中报点评 推荐（维持） 研发密集创新，静待新品新变化 目标价：10.11 元 事项： 业绩一览：25H1 公司收入同比-7.05%、归母净利润同比-15.16%，业绩阶段 性承压。1）25H1：收入 17.90 亿元（-7.05%），归母净利润 1.08 亿元（-15.16%）， 扣非归母净利润 1.05 亿元（-6.25%）；毛利率 52.3%（同比+0.5pp），净利率 7.5%（同比-0.6pp），销售/管理/研发费用率分别为 36.0%/4.8%/4.4%（同比- 0.4pp/+0.7pp/+1pp）。2）25Q2：收入 9.13 亿元（-11.7%），归母净利润 0.57 亿元（-16.1%）；毛利率 53.4%（同比+0.6pp），净利率 7.8%（同比-0.2pp）， 销售/管理/研发费用率分别为 36.5%/4.9%/4.1%（同比持平/+0.9pp/+0.9pp）。 评论： 风险提示：市场竞争加剧、新品推广不及预期、品牌调整不及预期等风险。 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 1.79 billion yuan for H1 2025, a year-on-year decline of 7.05%, and a net profit attributable to shareholders of 110 million yuan, down 15.2% year-on-year [2][4] - In Q2 alone, the company achieved a revenue of 910 million yuan, a decrease of 11.7% year-on-year, with a net profit of 57.25 million yuan, down 16.1% year-on-year [2][4] - The cosmetics business, particularly the Yilian brand, showed steady growth, while the Aier Doctor brand is undergoing a phase of adjustment [10] Summary by Sections Financial Performance - For H1 2025, the cosmetics, pharmaceutical, and raw materials segments generated revenues of 1.09 billion, 210 million, and 180 million yuan respectively, with year-on-year changes of -7.7%, -13.9%, and +4.2% [10] - The Yilian brand achieved a revenue of 550 million yuan, a growth of 23.8% year-on-year, while the Aier Doctor brand saw a revenue decline of 30% to 450 million yuan [10] - The overall gross profit margin slightly improved, with a net profit margin of 6%, down 0.6 percentage points year-on-year [10] Business Segments - The Yilian brand's growth was supported by the announcement of a global spokesperson, leading to a 43% increase in the spray product line [10] - The Aier Doctor brand is in a brand adjustment phase, with new product launches expected to drive future growth [10] - The raw materials business showed stability, with sales of hyaluronic acid reaching 120 million yuan, a year-on-year increase of 23.4% [10] Future Outlook - The company is expected to focus on its main brands, with the Yilian brand showing strong momentum and the Aier Doctor brand undergoing necessary adjustments [10] - The company anticipates improvements in profitability due to optimized channel structures and enhanced gross margins in the raw materials segment [10] - EPS forecasts for 2025-2027 are projected at 0.24, 0.29, and 0.34 yuan per share respectively [10]

Core Insights - The company reported a challenging mid-term performance for 2025, with revenue of 1.79 billion yuan, a year-on-year decline of 7.05%, and a net profit of 108 million yuan, down 15.16% [1] - The cosmetics segment, particularly the core brand Aier Doctor, has become a significant drag on performance, with Aier Doctor's revenue dropping 29.97% year-on-year in the first half of 2025 [2][3] - The company faces intense competition from both traditional and emerging beauty brands, making it crucial to overcome transitional pains and rebuild growth momentum [1][8] Revenue and Profit Decline - The decline in revenue and net profit is primarily attributed to the downturn in the company's main business segments, particularly the cosmetics sector, which accounts for over 60% of total revenue [2] - The cosmetics business generated 1.094 billion yuan in the first half of 2025, a decrease of 7.73%, with Aier Doctor's performance being the most detrimental, contributing to the overall decline [2][3] - Despite the strong performance of the Yilian brand, which saw a revenue increase of 23.78% to 554 million yuan, it was insufficient to offset Aier Doctor's rapid decline [2] Challenges Faced by Aier Doctor - Aier Doctor's growth has been hindered by several factors, including product iteration challenges, strict pricing controls, reduced online traffic, and the loss of OEM clients due to poor management [2][3] - The brand's revenue had already shown signs of decline in 2024, with a slight decrease of 3.48% to 1.301 billion yuan, indicating ongoing struggles [3] Performance of Other Segments - The pharmaceutical segment experienced a revenue decline of 13.87% to 207 million yuan, impacted by price reductions from expanded procurement and lack of significant results from new product launches [4] - In contrast, the raw materials and additives segment performed well, achieving revenue of 179 million yuan, a year-on-year increase of 4.15%, driven by a 287.3% surge in sales of medical-grade hyaluronic acid [4][5] Offline Channel Expansion and New Business Ventures - The company's efforts to expand offline channels have not met expectations, with revenue from offline sales decreasing compared to the previous year, despite increased investment [6][9] - The company aims to continue expanding offline channels, targeting partnerships with retailers like Yonghui Supermarket and Miniso [9] - The new collagen medical beauty segment, represented by the brand Kemi, has yet to achieve significant scale, with reported sales of over 14 million yuan for collagen products in the first half of 2025 [9] Overall Strategic Outlook - The company is facing deep-rooted issues, including over-reliance on a single brand, challenges in diversifying channels, and slow growth in new business areas [9] - The future performance of Aier Doctor, breakthroughs in offline channel expansion, and the growth of the collagen segment will be critical for the company's overall performance [9]

Core Viewpoint - The company's performance is under short-term pressure due to strategic adjustments, with a decline in revenue and net profit in the first half of 2025 compared to the previous year [1] Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 1.79 billion yuan, down 7.05% year-on-year, and a net profit attributable to shareholders of 108 million yuan, down 15.16% year-on-year [1] - In Q2 2025, the company reported revenue of 914 million yuan, a decrease of 11.72% year-on-year, and a net profit of 57 million yuan, down 16.07% year-on-year [1] Group 2: Cosmetics Segment - The cosmetics segment generated revenue of 568 million yuan in Q2 2025, down 11.5% year-on-year, with a gross margin of 62.85%, an increase of 2.2 percentage points year-on-year [1] - The Yilian brand achieved revenue of 304 million yuan in Q2, up 23.08% year-on-year, benefiting from successful marketing activities [1] - The Ai'er Doctor brand reported revenue of 215 million yuan in Q2, down 38.75% year-on-year, currently undergoing a strategic adjustment [1] - The new brand Kemi performed well, with sales of collagen products exceeding 14 million yuan in the first half of the year [1] Group 3: Pharmaceutical Segment - The pharmaceutical segment's revenue in Q2 2025 was 99 million yuan, down 24.4% year-on-year, with a gross margin of 48.53%, a decrease of 1.3 percentage points year-on-year [2] Group 4: Raw Materials and Additives Segment - The raw materials and additives segment achieved revenue of 93 million yuan in Q2 2025, up 5.3% year-on-year, with a gross margin of 42.22%, down 6.2 percentage points year-on-year [3] - The growth in this segment was driven by product structure optimization, while the decline in gross margin was due to intensified industry competition [3] - The hyaluronic acid raw material business generated revenue of 116 million yuan in the first half of the year, up 23.4% year-on-year, with high-margin pharmaceutical-grade hyaluronic acid sales increasing significantly [3] Group 5: Overall Financial Metrics - In Q2 2025, the company's gross margin and net profit margin were 53.35% and 7.80%, respectively, with a year-on-year increase of 0.60 percentage points and a decrease of 0.24 percentage points [3] - The overall expense ratio increased due to revenue pressure, with sales, management, and R&D expense ratios rising year-on-year [3] - The company's operational capability and cash flow remained stable [3]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][19][25] Core Views - The company's performance is under short-term pressure due to strategic adjustments, but there are expectations for new product performance in the second half of the year [3][19] - The cosmetics segment showed a revenue decline in Q2 2025, but the brand Yilian performed well, benefiting from successful marketing campaigns [1][7] - The pharmaceutical segment faced revenue decline due to expanded procurement scope and price drops, while the raw materials segment showed growth driven by product structure optimization [2][8] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 1.79 billion yuan, down 7.05% year-on-year, and a net profit of 108 million yuan, down 15.16% year-on-year [1][7] - Q2 2025 revenue was 914 million yuan, down 11.72% year-on-year, with a net profit of 57 million yuan, down 16.07% year-on-year [1][7] - The cosmetics segment in Q2 2025 generated revenue of 568 million yuan, down 11.5% year-on-year, with a gross margin of 62.85%, up 2.2 percentage points [1][7] Segment Performance - The cosmetics segment's Yilian brand saw Q2 revenue of 304 million yuan, up 23.08% year-on-year, while the brand Aier Doctor experienced a revenue decline of 38.75% [1][7] - The pharmaceutical segment's Q2 revenue was 99 million yuan, down 24.4% year-on-year, with a gross margin of 48.53% [2][8] - The raw materials and additives segment achieved Q2 revenue of 93 million yuan, up 5.3% year-on-year, with a gross margin of 42.22% [2][8] Future Outlook - The company anticipates that new product launches will help Aier Doctor return to a growth trajectory in the second half of the year [3][19] - The high-margin pharmaceutical-grade hyaluronic acid segment is expected to contribute positively to the raw materials segment's profitability [3][19] - The net profit forecasts for 2025-2027 have been adjusted to 251 million, 294 million, and 332 million yuan, respectively, with corresponding PE ratios of 35, 29, and 26 [3][19]

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]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported Q1 2025 earnings that met market expectations, with total revenue of 876 million yuan, a year-on-year decline of 1.6%, primarily due to the divestment of its real estate business. The net profit attributable to shareholders was 50.71 million yuan, down 14.1% year-on-year, influenced by reduced revenue, decreased profits from associates, and increased R&D expenses [7][10] - The gross margin improved to 51.3%, up 0.5 percentage points year-on-year, while the net profit margin was 7.2%, down 1.0 percentage points. The sales expense ratio decreased to 35.5%, down 0.8 percentage points year-on-year [7][12] - The cosmetics segment showed resilience, with revenue of 530 million yuan, a year-on-year decline of 2.6%, and a gross margin of 61.1%. The Yilian brand achieved revenue of 250 million yuan, a 25% increase year-on-year, while the Aierbos brand saw a revenue decline of 18.4% [7] - The pharmaceutical and raw materials segments remained stable, with pharmaceutical revenue at 110 million yuan, maintaining year-on-year levels, and a gross margin of 54.8%. The raw materials segment achieved revenue of 90 million yuan, a 2.4% increase year-on-year [7] - The company aims to leverage its R&D advantages to build a comprehensive health industry chain across cosmetics, raw materials, and pharmaceuticals. The report maintains profit forecasts for 2025-2027, expecting net profits of 330 million, 370 million, and 420 million yuan, corresponding to P/E ratios of 23, 20, and 18 times [7] Financial Data and Profit Forecast - Total revenue for 2025 is projected at 4,009 million yuan, with a year-on-year growth rate of 0.7%. The net profit attributable to shareholders is expected to be 329 million yuan, reflecting a growth rate of 35.1% [6] - The gross margin is anticipated to improve to 57.8% in 2025, with a return on equity (ROE) of 7.5% [6]

Core Insights - The company is facing a deep crisis during its transformation period, with financial results showing a decline in revenue and net profit, indicating a struggle with dual weak business segments and cash flow issues [1] - The cosmetics segment, which accounts for over 60% of revenue, is experiencing significant challenges, with reliance on a single product leading to an imbalanced brand portfolio [2] - The strategic transition towards a dual business model of pharmaceuticals and cosmetics is hindered by slow innovation and cash flow deterioration, raising concerns about the company's market competitiveness [3] - To overcome its challenges, the company needs to strengthen its core competencies, innovate in product development, and optimize capital efficiency [4] Financial Performance - Revenue for Q1 2025 was 876 million yuan, a year-on-year decline of 1.63% [1] - Net profit attributable to shareholders was 51 million yuan, down 14.10% year-on-year [1] Cosmetics Business Challenges - The cosmetics segment's over-reliance on a single bestselling product has led to a structural imbalance, with other brands experiencing significant revenue declines [2] - High sales expenses have not translated into sustainable growth, resulting in increased accounts receivable and inventory issues [2] - Online sales growth is lagging behind industry averages, while offline channels are suffering from reduced foot traffic [2] Strategic Transition Issues - The pharmaceutical segment's revenue has slightly decreased, and new product trials have shown limited success [3] - The company's claims of integrating AI and data into its operations remain largely conceptual, with significant challenges in product line management and innovation [3] - Cash flow issues are exacerbated by rising accounts receivable and shortened accounts payable cycles, indicating weakened bargaining power [3] Recommendations for Improvement - The company must solidify its technological barriers in the cosmetics sector and innovate active ingredients to reduce reliance on bestsellers [4] - Accelerating the research and development of pharmaceutical products and genuinely integrating AI into product development processes is crucial [4] - Improving capital efficiency and focusing on strategic initiatives rather than blind expansion is necessary to regain market share [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [2][7] Core Insights - The company reported a revenue of 880 million yuan in Q1 2025, a year-on-year decrease of 1.6%, with a net profit attributable to shareholders of 51 million yuan, down 14.1% year-on-year [5][6] - The growth of the brand "Yilian" remains strong, with a revenue of 250 million yuan in Q1 2025, an increase of 25% year-on-year, while "Aier Doctor" saw a revenue decline of 19.7% to 240 million yuan [6] - The company focuses on major product development, with significant sales growth in key products such as Yilian spray and "Pongrun" lotion, which increased by 69% and 65% year-on-year, respectively [6] - The gross profit margin improved by 0.5 percentage points to 51.3%, driven by better margins in raw materials and additives [6] Financial Summary - The company expects net profits attributable to shareholders to be 290 million yuan, 330 million yuan, and 370 million yuan for the years 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 26x, 23x, and 21x [7][10] - Projected revenue for 2025 is 4.32 billion yuan, with a growth rate of 8.5% [10][11] - The company maintains a healthy cash position and is awaiting a turning point for "Aier Doctor" [7]

Group 1: Financial Performance - In Q1 2025, the company achieved operating revenue of 876 million yuan and a net profit attributable to the parent company of 51 million yuan [1] - As of March 31, 2025, total assets amounted to 6.044 billion yuan, with net assets attributable to the parent company at 4.156 billion yuan [1] Group 2: Cosmetics Business - The cosmetics segment generated operating revenue of 526 million yuan in Q1, with a gross margin of 61.06% [1] - The Yilian brand experienced significant growth, with Q1 revenue of 250 million yuan, representing a 25% year-on-year increase [1] - The Yilian spray product line announced a new spokesperson, Zhang Linghe, leading to a 69% increase in sales [1] - The focus on the "Pongrun" cream as a core product resulted in a 65% year-on-year increase in sales for the Pongrun water and milk products [1] - The Aier Doctor brand accelerated its brand adjustment, achieving Q1 revenue of 236 million yuan [1] - The Aier Doctor brand launched new products, including a "probiotic special gift box" and a new cleansing product [1] - The Kemi brand focused on "collagen anti-aging" and implemented a strategy centered on collagen products, ranking first in popularity on Douyin for collagen essence [1] Group 3: Pharmaceutical Business - The pharmaceutical segment maintained stable performance with operating revenue of 108 million yuan and a gross margin of 54.80% [2] - The company continued to advance drug research and development, launching two functional beverages during the reporting period [2] - Organizational changes were made to adapt to market policy changes, including the establishment of a KA sales department and a digital marketing department [2] - The company developed 200 new clients in hospital and OTC channels [2] Group 4: Raw Materials and Additives - The raw materials and additives segment achieved operating revenue of 86 million yuan with a gross margin of 39.54% [2] - The raw materials segment focused on technological innovation, obtaining two new authorized invention patents [2] - The company established a national-level postdoctoral research workstation and progressed with domestic and international pharmaceutical-grade project applications [2] - The sales of hyaluronic acid raw materials increased by 32% year-on-year, with an 11 percentage point increase in gross margin [2]