近日，福瑞达交出了一份承压的2025中期成绩单：上半年营收17.9亿元同比降7.05%，归母净利润1.08亿元同比降15.16%。 曾经撑起转型半边天的化妆品板块成为业绩拖累，其中核心品牌之一的瑷尔博士2025上半年营收同比骤降 29.97%，业务调整带来的阵痛还在持 续；寄予厚望的线下渠道拓展未达预期，营收占比不升反降；新押注的胶原蛋白医美赛道，旗下珂谧品牌尚未形成规模效应…… 不仅如此，在外部福瑞达还要面临传统美妆品牌与新兴品牌的激烈竞争，内外压力交织下如何突破转型阵痛期、重构增长动能，成为福瑞达亟待解 决的核心课题。 营收净利双降，瑷尔博士成最大拖累 从2025年福瑞达中报披露的数据来看，公司营收和净利润的双降主要来自于公司主要业务板块业务的下滑。 其中，除物业管理业务外的三大核心业务板块呈现明显分化，而化妆品板块的颓势直接主导了上市公司业绩走向。作为占总营收超60%的业绩"压舱 石"，化妆品业务上半年收入10.94亿元，同比减少7.73%，其中贡献最大的瑷尔博士品牌同比下滑29.97%，成为拖累业绩的核心因素。 尽管同板块内颐莲品牌表现亮眼，上半年营收5.54亿元同比增长23.78%，反超瑷尔博士，喷 ...

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]

证券研究报告 | 2025年08月24日 福瑞达（600223.SH） 优于大市 战略调整致业绩短期承压，期待下半年新品表现 业绩受战略调整短期承压。公司 2025 年上半年实现营业收入 17.90 亿元 /yoy-7.05%；归母净利润 1.08 亿元/yoy-15.16%。单 Q2 实现营业收入 9.14 亿元/yoy-11.72%，实现归母净利润 0.57 亿元/yoy-16.07%。 化妆品板块 2025Q2 化妆品业务实现营收 5.68 亿/yoy-11.5%，毛利率 62.85%/yoy+2.2pct，其中颐莲品牌 Q2 实现 3.04/yoy+23.08%，受益于官宣 全球代言人张凌赫、举办夏日喷雾节等成功营销活动，上半年喷雾品线销售 额达 4.82 亿/yoy+43%，保持强劲增长势头；瑷尔博士 Q2 实现 2.15 亿 /yoy-38.75%，目前仍处于战略调整期，为维护价格体系严控渠道发货，业 绩短期承压，但品牌于 7 月推出王浆酸精研金致系列，有望带动下半年业绩 修复。此外，新锐品牌珂谧表现突出，胶原次抛上半年销售额超过 1400 万。 药品板块 2025Q2 实现营收 0.99 亿/y ...

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]