证券日报网讯敷尔佳9月23日发布公告，在公司回答调研者提问时表示，目前公司重组三型人源化胶原 蛋白冻干纤维临床试验的三轮注射已全部完成，项目处于数据清理与总结报告筹备阶段，进展顺利，符 合公司预期。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the news is that Huirjia has made significant progress in optimizing sales channels and product pricing, with a notable revenue increase in Q2 2023 [1] - Huirjia's revenue in Q2 2023 increased by 86.68% quarter-on-quarter, aligning with expectations [1] - Sales growth on platforms like Douyin and Tmall during the 618 shopping festival was optimistic and met expectations [1] - The growth rate on the JD platform was impressive in the first half of the year, achieved through deeper cooperation and a richer product variety [1] - Overall online advertising trends remained stable without significant changes, while Douyin's advertising share has slightly tightened, mainly during promotional periods [1] - The offline expense ratio was low, primarily consisting of sales personnel salaries and offline activity material costs [1] - The revenue share of non-adhesive products has steadily increased, indicating a richer product line [1] - The R&D team is in a growth phase and will continue to improve and expand [1] - The third round of injections for the restructured humanized collagen freeze-dried fiber project has been completed, and data cleaning and report preparation are underway [1] - Specific dividend arrangements will need to be monitored through the company's temporary announcements [1] Group 2 - Shanghai Hosheng Asset Management Co., Ltd. was established in 2011 and became one of the first private fund managers registered with the Asset Management Association of China in 2014 [2] - The company is a leading institution in credit bond research and investment in China, with employees possessing strong educational backgrounds and extensive experience in the domestic capital market [2] - Hosheng Asset has precise industry and company analysis capabilities, keen credit risk identification skills, and a comprehensive risk management system [2] - The company aims to create excess returns for clients through dynamic portfolio optimization, adhering to the philosophy of value investment and research-driven value creation [2]

Group 1: Sales Performance - In the first half of 2025, the company's sales channel optimization and product pricing restructuring achieved significant progress, with a 86.68% increase in revenue from Q1 to Q2 [1] - The 6.18 sales event showed optimistic growth on platforms like Douyin and Tmall, aligning with expectations [2] - The JD platform experienced remarkable growth in the first half of 2025 due to enhanced cooperation and new promotional strategies [2] Group 2: Online and Offline Strategies - The overall trend of online advertising efficiency remained stable without significant changes [2] - The offline sales model primarily relies on distributors, with distributor revenue accounting for over 99%, resulting in minimal sales expenses [2] - The proportion of non-adhesive products in revenue has steadily increased, supported by the establishment of the Shanghai R&D center [2] Group 3: Research and Development - The R&D team is still in a growth phase, with plans for further expansion in both expertise and team size [2] - The project on human-derived collagen freeze-dried fibers has completed three rounds of injections and is currently in the data cleaning phase [3] Group 4: Future Considerations - The company has not disclosed specific plans for mid-term dividends, advising stakeholders to monitor future announcements [3]