证券日报网讯2月11日，福瑞达（600223）在互动平台回答投资者提问时表示，公司收到地产业务剥离 价款后，根据公司战略规划，科学安排资金使用。 ...

（文章来源：每日经济新闻） 福瑞达（600223.SH）2月11日在投资者互动平台表示，目前公司重组人源化三型胶原蛋白三类医疗器械 申请生物学检验正在进行中。 每经AI快讯，有投资者在投资者互动平台提问：公司重组人源化三型胶原蛋白三类医疗器械进度如 何？ ...

华源证券研报指出，福瑞达剥离地产业务后轻装上阵，化妆品板块业绩稳健增长。"产品+研发+渠 道"构筑核心竞争优势。整体而言，公司积极推进合成生物新材料及终端医药、美妆应用创新，持续加 大研发投入以夯实主业竞争力，为公司业务长期稳健发展奠定坚实基础。选取同为国货龙头的珀莱雅、 上海家化及医美化妆品龙头华熙生物作为可比公司，根据wind一致预期，可比公司2026年PE均值为28 倍，考虑到公司剥离房地产业务后轻装上阵，原料和医药业务稳健发展，叠加化妆品业务层面公司积极 优化产品组合及全渠道深化布局，认为中长期公司业绩乐观可期，首次覆盖，给予"买入"评级。 ...

联系人 王悦 wangyue03@huayuanstock.com 市场表现： 证券研究报告 美容护理 | 化妆品 非金融|首次覆盖报告 hyzqdatemark 2026 年 02 月 03 日 丁一 SAC：S1350524040003 dingyi@huayuanstock.com | 基本数据 | 2026 | 年 | 02 | 月 | 日 | | | | 02 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 7.36 | | | | | | | | 年 最 最 低 | | | | 9.42/6.70 | | 一 | / | 内 | | 高 | | （元） | | | | | | | | | | | | 总市值（百万元） | | | | 7,481.95 | | | | | | | | 流通市值（百万元） | | | | 7,481.95 | | | | | | | | 总股本（百万股） | | | | 1,016.57 | | | | | | | | 资产负债率（%） | ...

Summary of Key Points from the Conference Call Records Industry Overview - The records focus on the cosmetics industry in China, specifically analyzing the Gross Merchandise Value (GMV) of various brands in January 2026 through data from the Douyin platform. Key Companies and Their Performance 1. 上美股份 (Shangmei Group) - Total GMV for 韩束 (Hansu) and its sub-brands in January was approximately 6.6 billion CNY, representing a 9% increase year-over-year [1] - 韩束 brand GMV was about 5.3 billion CNY, showing a decline of 3% [1] - NewPage brand GMV reached approximately 0.7 billion CNY, marking a significant increase of 120% [1] - 极方 (Jifang) achieved a GMV of 0.1 billion CNY, with rapid growth year-over-year [1] - 聚光白 (Juguangbai) also recorded a GMV of 0.1 billion CNY, indicating high growth [1] - 安敏优 (Anminyou) had a GMV of 0.3 billion CNY, with a remarkable year-over-year growth of 267% [1] 2. 珀莱雅 (Proya) - The three major brands under Proya had a combined GMV of 3.5 billion CNY in January, reflecting a 2% increase [1] - The main brand, 珀莱雅, generated a GMV of approximately 2.8 billion CNY, down by 2% [1] - 彩棠 (Caitang) brand GMV was 0.3 billion CNY, showing a decline of 12% [1] - OR洗护 (OR Hair Care) brand GMV reached 0.3 billion CNY, with a substantial increase of 148% [1] 3. 若羽臣 (Ruoyuchen) - The combined GMV for the brands 绽家 (Zhanjia), 斐萃 (Feicui), and Nuibay was 1.7 billion CNY [2] - 绽家 brand GMV was 0.7 billion CNY, increasing by 88% [2] - 斐萃 brand GMV was 0.8 billion CNY, showing a remarkable growth of 345% [2] 4. 丸美股份 (Marubi) - The total GMV for its two main brands was 2.6 billion CNY, reflecting a 1% increase [2] - 主品牌丸美 (Marubi) had a GMV of approximately 1.8 billion CNY, up by 5% [2] - 恋火 (Lianhuo) brand GMV was 0.8 billion CNY, down by 7% [2] 5. 毛戈平 (Mao Geping) - The brand achieved a GMV of approximately 2.9 billion CNY, with an increase of 78% [2] 6. 林清轩 (Lin Qingxuan) - The brand's GMV was 2.6 billion CNY, reflecting a significant increase of 145% [2] 7. 薇诺娜 (Winona) - The brand recorded a GMV of 1.0 billion CNY, with a growth of 156% [2] 8. 润本 (Runben) - The brand's GMV was approximately 0.4 billion CNY, showing a slight decline of 1% [2] 9. 福瑞达 (Furuida) - The two major brands under Furuida had a combined GMV of about 0.8 billion CNY, increasing by 12% [2] 10. 水羊股份 (Shuiyang) - The four major brands achieved a GMV of approximately 0.7 billion CNY, doubling year-over-year [2] 11. 上海家化 (Shanghai Jahwa) - The three skincare brands under Shanghai Jahwa had a combined GMV of about 0.9 billion CNY, reflecting a significant increase of 252% [2] 12. 植物医生 (Plant Doctor) - The brand's GMV in December was 0.1 billion CNY, showing a decline of 5% [2] 13. 拉芳 (Lafang) - The brand achieved a GMV of approximately 0.1 billion CNY, with an increase of 135% [2] Additional Insights - The data indicates a mixed performance across various brands, with some experiencing significant growth while others faced declines. - The overall trend suggests a competitive landscape in the cosmetics industry, with emerging brands showing strong growth potential, particularly in the Douyin channel. This analysis highlights the dynamic nature of the cosmetics market in China, emphasizing the importance of monitoring GMV trends for investment opportunities and risk assessment.

事实上，在生物合成王浆酸领域，福瑞达不仅技术上实现了从0到1的突破，更打通了产业化路径，推动"山东好品"走向世界。 这一切的背后，是福瑞达多年来对成分创新的不懈坚持。正如鲁商集团总经理助理、福瑞达党委书记张岱州所言："成分创新是 国货实现弯道超车的关键。我们从透明质酸走向王浆酸，不仅是对中国成分的认知重塑，更是对'中国式抗衰'科技路径的坚定探 索。" 近日，山东省科学技术厅发布最新一批"山东好成果"名单，鲁商福瑞达医药股份有限公司（以下简称"福瑞达"）联合高校专家 团队研发的"生物合成王浆酸关键技术及产业化应用"项目榜上有名。彰显了这家具有"妆药同源"鲜明特色的山东国企，在合成 生物学领域的硬核科研实力。 20年攻坚撬动"液体黄金"产业化大门 这则低调的备案信息背后，昭示着振奋人心的突破：这不仅是中国首个获批用于化妆品的合成生物王浆酸原料，还宣告了全球 范围内首次实现该成分的规模化、绿色化生产，意味着王浆酸这种珍贵的生物活性物质，不再是传统的消耗性提取，而是高 效、可持续的"生物智造"。 王浆酸，具有"液体黄金"与"长寿因子"的美誉，是仅存在于蜂王浆中的稀有成分，含量仅为1.4—2.4%。科学研究表明，其在抗 ...

Core Insights - The report provides an analysis of the hair medical industry in China, highlighting key players, market share, and competitive dynamics. Group 1: Industry Overview - The main listed companies in the hair medical industry include Yonghe Medical, Xianju Pharmaceutical, ST Meigu, Yisheng Pharmaceutical, Zhendong Pharmaceutical, International Medical, Kanghui Pharmaceutical, Kangyuan Pharmaceutical, Kang Enbei, and Furuida [1]. - The competitive landscape shows that companies with registered capital exceeding 1.5 billion yuan are in the leading position, while those with capital between 500 million to 1.5 billion yuan are in the first tier, and companies with less than 500 million yuan are in the second tier [1]. Group 2: Regional Distribution - Representative enterprises in the hair medical industry are mainly distributed across provinces such as Shaanxi, Zhejiang, Jilin, Liaoning, Shandong, and Jiangsu, with a notable concentration in Shaanxi and Zhejiang [4]. Group 3: Market Dynamics - As of November 21, 2025, leading hair transplant chains like Yonghe Hair Transplant, Dama Micro-needle (Kefa Source), and Bilian Sheng have over 30 stores each [7]. - The market for Minoxidil, a common hair growth medication, is highly concentrated, with the top three brands holding over 97% market share in online pharmacies as of 2024 [10][14]. Group 4: Competitive Analysis - The hair transplant sector has many institutions with low concentration, leading to intense competition, while the market for Minoxidil is dominated by a few key players [12][16]. - The threat of new entrants is moderate due to certain industry barriers, while substitutes like wigs and hair tattoos pose a threat due to their lower cost and quicker application [16].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300955 | 嘉亨家化 | 41.47 | 6.88% | 7.39万 | 3.03亿 | | 002094 | 青岛金王 | 8.24 | 3.00% | 56.99万 | 4.67亿 | | 300886 | 华业香料 | 28.45 | 0.28% | ● 1.75万 | 4908.73万 | | 300132 | 青松股份 | 8.74 | 0.23% | 18.35万 | 1.59亿 | | 300849 | 锦盛新材 | 18.82 | -0.42% | 3.14万 | 5833.82万 | | 300740 | 水羊股份 | 23.52 | -0.84% | 8.71万 | 2.04亿 | | 300957 | 贝泰妮 | 42.67 | -0.88% | 5.30万 | 2.25亿 | | 603605 | 班菜雅 | 72.50 | -1.05% | 4.33万 | 3.13亿 | | 300856 | 科思股份 | 13.8 ...

Core Viewpoint - The OTC channel presents significant opportunities for beauty brands, offering professional endorsements, precise targeting of skincare needs, and immediate product experiences, but it also poses challenges due to strict professional requirements and a talent shortage in the industry [1][2][3]. Group 1: Market Entry and Growth - By 2025, over six domestic cosmetic companies are expected to enter the OTC channel, marking it as the "Year of Domestic Beauty OTC Layout" [2]. - Leading domestic beauty brand Proya (603605.SH) announced its entry into the OTC channel in January 2026, joining a growing list of companies [2]. - Brands like Winona and Kefu Beauty have been early entrants into the OTC channel, with Winona's sales nearing 1 billion yuan in 2023, capturing over 60% of the market share in this channel [5]. Group 2: Strategic Developments - In April 2025, Furuida Bio announced plans to accelerate its OTC channel development, aiming to cover 10,000 drugstore chains and launch 100 "cosmetic and medicinal" SKUs [5]. - Companies are increasingly focusing on integrating with the professional environment of pharmacies rather than merely distributing products [5]. - Proya is preparing multiple products for the OTC channel, emphasizing the importance of medical device products as a foundation for entry [6]. Group 3: Market Potential and Challenges - The OTC channel has approximately double the growth potential, with Winona targeting to cover 250,000 pharmacies [8]. - As of December 2024, there are about 705,000 licensed drug retail enterprises in China, with Winona covering over 110,000, representing about one-seventh of the total retail pharmacy stores [9]. - The demand for beauty products in pharmacies is rising due to pressures on traditional pharmacy profits and the need for transformation [9]. Group 4: Profitability and Talent Shortage - Medical device products have a significantly higher gross margin, averaging 77%-83%, compared to regular cosmetic products [9]. - The beauty industry faces a talent shortage in the pharmacy channel, as many brands rely on pharmacists who must understand both pharmaceuticals and cosmetics [10]. - Companies like Betaini are addressing this by training pharmacy staff to enhance customer trust and provide professional consultations [10][11].

Core Insights - The article highlights the innovative integration of "industrial tourism" and "live streaming education" by Furuida, positioning it as a model for digital transformation in the beauty industry [1][5] Group 1: Industrial Tourism Development - Furuida has transformed traditional manufacturing sites into interactive and educational tourist attractions, breaking the stereotype of factories being inaccessible [2] - The company has developed a diverse experience system tailored to different customer groups, including families, students, and investors, enhancing the appeal of its facilities [2] - In the summer of 2025, Furuida's World Beauty Technology Museum received over 150 groups and nearly 5,000 visitors, showcasing its success in attracting a wide audience [2] Group 2: Live Streaming and Digital Transformation - Furuida has extended its service chain by combining industrial tourism with digital transformation needs, offering practical training for entrepreneurs in live streaming [3] - The company emphasizes the importance of product quality as the foundation for growth in live streaming, sharing insights on effective content creation and marketing strategies [3] - Participants in the training program reported gaining a clear path for traditional enterprises to transition into the digital space through comprehensive live streaming strategies [3] Group 3: Future Layout and Technological Empowerment - Furuida aims to solidify its position as "China's first beauty technology hub" by enhancing the visitor experience and deepening collaborations with educational institutions [4] - The company is actively developing an "online virtual factory" and integrating emotional recognition technology to provide personalized recommendations, merging technology with consumer experience [4] - Furuida plans to optimize its marketing loop by combining product traceability, brand communication, and experiential sales, thereby enhancing its brand and product strength [4] Group 4: Industry Impact and Future Prospects - Industry experts note that Furuida's cross-industry innovation is breaking down barriers between industrial production, cultural tourism, and enterprise services, creating a multifaceted ecosystem [5] - The ongoing implementation of Furuida's strategies is expected to further unlock its value in industrial integration, contributing to high-quality development in the beauty and manufacturing sectors [5]