Workflow
透明质酸原料
icon
Search documents
福瑞达(600223):25Q2业绩承压,预计25H2在新品带动下提速
2025 年 08 月 25 日 福瑞达 (600223) —— 25Q2 业绩承压,预计 25H2 在新品带动下提速 报告原因:有业绩公布需要点评 增持(下调) | 市场数据: | 2025 年 08 月 22 日 | | --- | --- | | 收盘价(元) | 8.52 | | 一年内最高/最低(元) | 9.42/5.74 | | 市净率 | 2.1 | | 股息率%(分红/股价) | 1.29 | | 流通 A 股市值(百万元) | 8,661 | | 上证指数/深证成指 | 3,825.76/12,166.06 | | 注:"股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产(元) | 4.08 | | 资产负债率% | 19.34 | | 总股本/流通 A 股(百万) | 1,017/1,017 | | 流通 B 股/H 股(百万) | -/- | 一年内股价与大盘对比走势: 上 市 公 司 美容护理 08-22 09-22 10-22 11-22 12-22 01-22 02-22 03-22 04 ...
福瑞达(600223):战略调整致业绩短期承压 期待下半年新品表现
Xin Lang Cai Jing· 2025-08-25 00:31
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]
福瑞达(600223):战略调整致业绩短期承压,期待下半年新品表现
Guoxin Securities· 2025-08-24 13:34
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 ...
福瑞达股价微跌0.58% 化妆品业务营收下滑7.73%
Jin Rong Jie· 2025-08-22 17:06
福瑞达股价报8.52元,较前一交易日下跌0.05元,跌幅0.58%。盘中最高触及8.56元,最低下探8.41元, 成交额1.87亿元。 资金方面,福瑞达当日主力资金净流出3633.86万元,近五日累计净流出3269.35万元。 风险提示:行业竞争加剧,品牌迭代不及预期,政策影响存不确定性。 福瑞达主营业务涵盖化妆品、医药及透明质酸原料业务。旗下拥有瑷尔博士、颐莲等品牌,其中化妆品 板块营收占比超60%,但上半年该业务营收同比下滑7.73%,主要因核心品牌瑷尔博士收入减少 29.97%。医药板块受集采影响营收下降13.87%,而透明质酸原料业务则实现287.3%的增长。 消息面上,公司半年报显示营收17.9亿元,同比下降7.05%;归母净利润1.08亿元,同比减少15.16%。 财报提及线上流量红利减退及产品迭代对化妆品业务造成压力,同时医药板块受政策影响承压。 ...
福瑞达:2025年上半年颐莲品牌收入5.54亿元,同比增长23.78%
Core Insights - The company reported a revenue of 1.79 billion yuan in the first half of 2025, with a net profit of 108 million yuan, and total assets of 6.037 billion yuan as of June 30, 2025 [1][2] Group 1: Cosmetics Business - The cosmetics segment generated a revenue of 1.094 billion yuan in the first half of 2025, with the Yilian brand achieving 554 million yuan, reflecting a year-on-year growth of 23.78% [2] - The Yilian brand launched a global spokesperson, Zhang Linghe, and held a summer spray festival, with spray product line sales reaching 482 million yuan, an increase of 43% [2] - The Aier Doctor brand reported a revenue of 451 million yuan, with new products like the 287 mask and 287 lotion, generating nearly 10 million yuan in sales within two months of launch [2] Group 2: Pharmaceutical Business - The pharmaceutical segment achieved a revenue of 207 million yuan, expanding its client base by over 200 hospitals and OTC customers [2] - Key products include children's flu medication and a popular pain relief product recognized at the Wuzhen Health Conference [2] - The company is actively developing food-medicine integration standards and collaborating with major clients to enhance raw material supply [2] Group 3: Raw Materials and Additives - The raw materials and additives segment reported a revenue of 179 million yuan, with hyaluronic acid sales reaching 116 million yuan, a year-on-year increase of 23.4% [3] - Medical-grade hyaluronic acid sales surged by 287.3%, totaling 16.08 million yuan [3] - The overall gross margin for the hyaluronic acid business improved to 47.1%, up by 8.5 percentage points [3] Group 4: Innovation and R&D - The company launched over 80 new products in the cosmetics sector, including the Aier Doctor 287 mask and Yilian purple essence water [3] - The company introduced a pioneering transdermal collagen technology, enhancing skin penetration by 27.5 times [3] - The company has made significant progress in medical device registrations and drug development, including obtaining production licenses for various products [3]
净利润下降70.59%!华熙生物最新2024年财报
思宇MedTech· 2025-07-02 09:44
Core Viewpoint - The company is undergoing a strategic upgrade focusing on glycoscience and cell biology, leveraging its advantages in synthetic biology for health solutions [6] Financial Performance - Total revenue for 2024 is approximately 5.37 billion, a decrease of 11.61% compared to 2023 [2] - Net profit attributable to shareholders is about 174 million, down 70.59% from the previous year [2] - Net profit after deducting non-recurring gains and losses is approximately 107 million, a decline of 78.13% year-on-year [2] - Operating cash flow for the year is around 564 million, a decrease of 19.32% from 2023 [2] - The company's net assets at the end of 2024 are approximately 6.81 billion, a decrease of 1.93% compared to the end of 2023 [2] Profit Distribution - The company plans to distribute a cash dividend of 0.11 yuan per 10 shares (including tax) [3] R&D Investment - Total R&D investment is approximately 466 million, representing an increase of 1.33 percentage points in relation to total revenue [4] Business Operations - Revenue from raw materials is approximately 1.24 billion, showing a year-on-year growth of 9.47% [5] - Medical terminal business revenue is about 1.44 billion, an increase of 32.03% [11] - Revenue from skin science innovation transformation business is approximately 2.57 billion, down 31.62% year-on-year [11] - Basic earnings per share are 0.36 yuan, a decrease of 70.73% compared to the previous year [5] Strategic Focus - The company is focusing on management transformation, including business process restructuring, organizational and talent changes, and performance system reforms [6] - The company aims to continue technological innovation and optimize its business structure to enhance operational efficiency and achieve high-quality development [6] Market Position - The company is a leading player in the global hyaluronic acid market, with significant presence in Europe, Japan, and the Americas [13] - The company is transitioning from rapid growth to high-quality development, increasing investments in synthetic biology and regenerative medicine [13]
福瑞达(600223):2025年一季报点评:颐莲增势良好,药品及原料业务企稳
Changjiang Securities· 2025-05-21 14:42
Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company reported a revenue of 876 million yuan in Q1 2025, a year-on-year decline of 1.63%. The net profit attributable to the parent company was 51 million yuan, down 14.1% year-on-year, while the net profit after deducting non-recurring items was 47 million yuan, a decrease of 9.67% year-on-year [2][6] Revenue Breakdown - In the cosmetics segment, the company experienced a slight revenue decline of 3.3% year-on-year, with a gross margin decrease of 1.1 percentage points. The "Yilian" brand showed strong growth of 24.5%, while "Aier Doctor" saw a decline of 19.7%. The sales of the "Yilian" brand's spray line increased by 69% year-on-year, and the second-tier product "Pengrun Water Emulsion" saw a 65% increase in sales. The pharmaceutical business revenue slightly decreased by 0.9%, with gross margins remaining stable. The raw materials business revenue grew by 2.4%, with gross margins improving by 9.8 percentage points [12][12] Profitability Analysis - The decline in net profit attributable to the parent company was primarily due to increased management and R&D expenses. The net profit margin decreased by 0.8 percentage points, despite a slight overall improvement in gross margin by 0.5 percentage points. The sales, management, and R&D expense ratios changed by -0.77, +0.59, and +1.08 percentage points year-on-year, respectively [12][12] Future Outlook - The company is expected to focus on its main brands in the cosmetics business, with "Yilian" showing good momentum and "Aier Doctor" undergoing adjustments. The company anticipates better growth as the product matrix improves and channel structures optimize. The pharmaceutical business is expected to accelerate channel expansion, and the raw materials segment is seeing significant gross margin optimization. The projected EPS for 2025-2027 is 0.27, 0.31, and 0.35 yuan per share, respectively [12][12]
医美年报|上游业绩分化严重:玻尿酸三巨头遇业绩滑铁卢、华熙生物再垫底 重组胶原蛋白市场竞争升温
Xin Lang Zheng Quan· 2025-05-16 07:58
Core Viewpoint - The medical beauty industry is experiencing a significant performance divergence among listed companies, driven by a shift from hyaluronic acid to collagen products, indicating a potential restructuring of industry value logic [1][3]. Group 1: Performance Analysis - In 2024, the performance of upstream medical beauty companies showed significant divergence, with companies like Juzi Biological and Jinbo Biological leading with high growth rates, while major hyaluronic acid players like Aimeike, Huaxi Biological, and Haohai Biological faced pressure [2][3]. - Aimeike's revenue growth slowed to 5.45%, the lowest since its listing, while Huaxi Biological's revenue declined by 11.61% and net profit dropped by 70.59% [3][5]. - Juzi Biological achieved revenue of 5.539 billion, a year-on-year increase of 57.2%, and a net profit of 2.062 billion, up 42.4% [5][7]. Group 2: Market Trends - The market for recombinant collagen products in China is projected to grow from 18.5 billion in 2022 to 108.3 billion by 2027, with a compound annual growth rate of 42.4% [7]. - Companies are increasingly entering the collagen market, including Aimeike and Huaxi Biological, which are exploring new opportunities in this segment [7][8]. - Huaxi Biological is developing proprietary recombinant human collagen products that have entered clinical trials, indicating a strategic shift towards innovative product development [7].