Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative price increase of over 15% compared to the market in the next six months [4]. Core Insights - The company's core business remains stable, with a notable improvement in gross margin. In 2024, the company achieved revenue of 3.983 billion yuan, a year-on-year decrease of 13.02%, primarily due to the impact of the real estate business divestiture. Excluding real estate, core business revenue remained flat. The net profit attributable to shareholders was 244 million yuan, down 19.73% year-on-year, while the net profit excluding non-recurring items was 215 million yuan, up 54.54% year-on-year [1][2]. Summary by Sections Financial Performance - In Q4, the company recorded revenue of 1.180 billion yuan, a slight decline of 0.33% year-on-year, with a net profit of 72 million yuan, an increase of 10.72% year-on-year [1]. - The gross margin improved by 6.19 percentage points to 52.68% in 2024, mainly due to the divestiture of low-margin real estate business and optimization of the cosmetics and raw materials business structure. The net profit margin decreased by 0.56 percentage points to 7.44% [2]. Business Segments - The cosmetics segment generated revenue of 2.475 billion yuan in 2024, a year-on-year increase of 2.46%, with a gross margin of 62.57%. The "Yilian" brand achieved revenue of 963 million yuan, up 12.36% year-on-year, while "Aier Doctor" reported revenue of 1.301 billion yuan, down 3.48% year-on-year [3]. - The pharmaceutical segment's revenue was 512 million yuan, a decrease of 1.41% year-on-year, with a gross margin of 52.32%. The company is expanding its distribution channels and launching new functional food products [3]. Profit Forecast - The company forecasts revenues of 4.389 billion yuan in 2025, 4.710 billion yuan in 2026, and 5.056 billion yuan in 2027, with corresponding growth rates of 10.20%, 7.32%, and 7.34% respectively. The net profit attributable to shareholders is expected to be 283 million yuan in 2025, 317 million yuan in 2026, and 360 million yuan in 2027 [4][10].

转自：大众报业·齐鲁壹点 活动当日，善颜品牌联合老年大学举办主题沙龙，特邀资深培训师李维娜与品牌培训顾问田霞联袂主讲。李维娜从胶原蛋白流失、弹性 纤维断裂等机理切入，结合影像化呈现解析衰老科学；田霞则通过现场演示家居提拉手法与善颜明星产品试用，让参与者直观感受"分肤 定制"的精准抗衰科技。活动不仅传递了"抗衰不分年龄"的理念，更以"优雅老去亦能焕发新生"的品牌温度，引发共鸣。 此次合作是福瑞达集团与新华书店集团"文化+科技"战略的起点。未来，双方计划以山东书城为样板，拓展至省内多地书店场景，并探索 AI肤质诊断等数字化交互，打造季节限定主题快闪体验。此外，双方还将联合推出系列文化沙龙、美妆研学工坊，深化"智美山东"品牌 内涵，为山东经济高质量发展注入新动能。 从一本好书到一瓶科技护肤臻品，从文化地标到创新消费场景，福瑞达集团与新华书店的跨界实践，不仅重构了美妆与文化的连接方 式，更以国企担当为产业升级提供了鲜活样本。这场关于美的探索，正以书香为笔，科技为墨，绘就齐鲁大地"智美共生"的未来画卷。 福瑞达集团与山东新华书店集团于2024年12月签署战略合作协议，以"文化链接、科技协同"为框架，致力于探索新零售融合 ...

中国国际金融股份有限公司 关于 鲁商福瑞达医药股份有限公司 重大资产出售暨关联交易 之 2024年度持续督导意见暨持续督导总结报告 独立财务顾问 声明与承诺 中国国际金融股份有限公司接受鲁商福瑞达医药股份有限公司委托，担任鲁商福瑞 达医药股份有限公司重大资产出售暨关联交易之独立财务顾问。本独立财务顾问按照证 券行业公认的业务标准、道德规范和诚实信用、勤勉尽责精神，遵循客观、公正的原则， 出具本持续督导意见。 1、本持续督导意见所依据的文件和材料由本次交易各方提供，提供方对所提供文件 及资料的真实性、准确性和完整性负责，并保证该等信息不存在虚假记载、误导性陈述 或者重大遗漏。本独立财务顾问不承担由此引起的任何风险责任。 2、本独立财务顾问已按照规定履行持续督导义务，有充分理由确信所发表的专业意 见与上市公司披露的文件内容不存在实质性差异，确信上市公司信息披露文件真实、准 确、完整。 3、本持续督导意见不构成对上市公司的任何投资建议，投资者根据本持续督导意见 所做出的任何投资决策而产生的相应风险，本独立财务顾问不承担任何责任。 4、本独立财务顾问未委托和授权任何其它机构和个人提供未在本持续督导意见中列 载的信息和 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6][18]. Core Insights - The company achieved a revenue of 3.983 billion yuan in 2024, a year-on-year decrease of 13.02%, but a 6% growth when excluding the impact of the real estate business. The net profit attributable to the parent company was 244 million yuan, down 19.73% year-on-year, while the non-recurring net profit increased by 54.54% to 215 million yuan [1][5]. - The gross margin for 2024 was 52.68%, up 6.19 percentage points year-on-year, while the sales expense ratio increased significantly to 44.77%, up 3.71 percentage points [2]. - The cosmetics segment showed steady growth, with revenue of 2.475 billion yuan, a year-on-year increase of 2.46%, accounting for 62.76% of total revenue. The gross margin for this segment was 62.57% [3][4]. Financial Performance - In Q4 2024, the company reported revenue of 1.180 billion yuan, a slight decrease of 0.33% year-on-year, with a net profit of 72 million yuan, an increase of 10.72% year-on-year. The non-recurring net profit for Q4 was 64 million yuan, up 104.37% [1][2]. - The company plans to distribute a cash dividend of 0.6 yuan per 10 shares, totaling 60.99 million yuan [1]. - The projected revenues for 2025-2027 are 4.281 billion yuan, 4.672 billion yuan, and 5.060 billion yuan, respectively, with net profits expected to be 291 million yuan, 322 million yuan, and 365 million yuan [5][12]. Brand Strategy and Market Position - The company employs a multi-brand strategy with a focus on the "5+N" brand development model, which has led to rapid growth in its cosmetics segment. Collaborations with cultural IPs have boosted sales significantly [4]. - The company is expanding its product offerings in the health sector, including the launch of new health-oriented products and the establishment of a supply chain service platform [5].

点评： 24 年剔除地产业务影响归母净利润同比增长6%24 年公司实现营业收入39.83 亿元，同比下降 13.02%，实现归母净利润2.44 亿元，同比下降19.73%，实现扣非归母净利润 2.15 亿元，同比增长 54.54%。剔除地产业务影响收入基本持平，归母净利润同比增长6.15%。 盈利能力方面，2024 年公司毛利率为52.68%，同比上升6.19pct，净利率为7.44%，同比下降 0.56pct。费用率方面，24 年公司销售费用率为36.73%，同比提升5.14pct；管理费用率为4.59%，同比下 降0.28pct；研发费用率为 4.19%，同比上升0.84pct。 化妆品板块表现稳健，医药和原料板块调整期略有下滑分业务来看，化妆品板块2024 年实现营业 收入24.75 亿元，同比上升2.46%，毛利率62.57%，同比增加0.44pct。其中，颐莲品牌实现营业收入9.63 亿元，同比上升12.36%，喷雾1.0 销售同比增长13%，喷雾2.0 销售同比增长35%，顺利完成迭代；嘭润 品线实施"亿元面霜"计划，嘭润霜销售同比增长18%。瑷尔博士实现营业收入13.01 亿元，同比下降 3.4 ...

公司报告 | 年报点评报告 福瑞达发布 2024 年年报： 2024 年公司实现营收 39.83 亿元，yoy-13.02%；归母净利润 2.44 亿元， yoy-19.73%，剔除地产业务影响后增速为 6%；扣非归母净利润 2.15 亿元， yoy+54.54%。2024Q4 实现营收 11.80 亿元，yoy-0.33%，归母净利润 0.72 亿元，yoy+10.72%；扣非归母净利润 0.64 亿元，yoy+104.37%。公司预计 按每 10 股派发现金股利 0.6 元（含税），合计派发现金股利 60.99 百万元。 毛利率稳中有升，销售费用率受业务调整影响显著提升： 2024 年毛利率 52.68%，同比+6.19pct；销售费用率 44.77%，同比+3.71pct； 管理费用率 4.59%，同比-0.28pct；研发费用率 4.19%，同比+0.84pcts；净 利率 7.44%，同比-0.56pct。2024Q4 毛利率 54.65%，同比+9.87pct；销售费 用率 37.33%，同比+7.04pcts；管理费用率 5.4%，同比-0.15pct；研发费用 率 5.34%，同比+0.87p ...

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Insights - The company reported a 6% year-on-year growth in net profit attributable to the parent company after excluding the impact of the real estate business, despite a 13.02% decline in total revenue to 3.983 billion yuan [2] - The cosmetics segment showed resilience with a revenue increase of 2.46% to 2.475 billion yuan, while the pharmaceutical and raw materials segments experienced slight declines [3] - The company is focusing on the health sector after divesting its real estate business, leveraging strong R&D capabilities to drive quality growth in its cosmetics business [4] Financial Performance Summary - In 2024, the company achieved total revenue of 3.983 billion yuan, a decrease of 13.02% year-on-year, and a net profit of 244 million yuan, down 19.73% year-on-year [2] - The adjusted net profit, excluding the real estate business, showed a growth of 6.15% [2] - The gross margin for 2024 was 52.68%, an increase of 6.19 percentage points year-on-year, while the net margin was 7.44%, a decrease of 0.56 percentage points [2] - The cosmetics segment's revenue was 2.475 billion yuan, with a gross margin of 62.57% [3] - The company forecasts EPS of 0.29, 0.34, and 0.39 yuan for 2025, 2026, and 2027 respectively, with corresponding PE ratios of 26, 22, and 19 [4]

Investment Rating - The report maintains a "Buy" rating for the company [4][6]. Core Views - The company reported a 6% year-on-year growth in net profit attributable to the parent company after excluding the impact of the real estate business, despite a 13.02% decline in total revenue to 3.983 billion yuan [2][3]. - The cosmetics segment showed resilience with a revenue increase of 2.46% to 2.475 billion yuan, while the pharmaceutical and raw materials segments experienced slight declines [3]. - The company is focusing on the health sector after divesting its real estate business, leveraging strong R&D capabilities to drive quality growth in its cosmetics business [4]. Financial Summary - In 2024, the company achieved a gross margin of 52.68%, up 6.19 percentage points year-on-year, while the net profit margin was 7.44%, down 0.56 percentage points [2]. - The company’s revenue for 2025 is projected to be 4.304 billion yuan, with a year-on-year growth of 8.07%, and net profit is expected to reach 297.33 million yuan, reflecting a 22.09% increase [4][10]. - The earnings per share (EPS) forecast for 2025 is 0.29 yuan, with corresponding price-to-earnings (P/E) ratios of 26, 22, and 19 for the years 2025, 2026, and 2027 respectively [4][10].

Core Viewpoint - The company reported a decline in overall revenue and net profit for 2024, but showed significant growth in its core cosmetic brand, Yilian, particularly in Q4, indicating a positive trend in product performance and market recovery [1][2]. Financial Performance - For the full year 2024, the company achieved revenue of 3.983 billion yuan, down 13.0%, and a net profit of 244 million yuan, down 19.7%. However, the net profit excluding non-recurring items increased by 54.5% to 215 million yuan [1]. - In Q4 2024, revenue was 1.180 billion yuan, a slight decrease of 0.3%, while net profit rose by 10.7% to 72 million yuan, and net profit excluding non-recurring items surged by 104.4% to 64 million yuan [2]. Cosmetic Business Performance - The cosmetic segment showed signs of recovery in Q4, with revenue increasing by 0.7% year-on-year. For the full year, cosmetic business revenue reached 2.475 billion yuan, up 2.5% [2]. - Yilian's revenue for 2024 was 963 million yuan, a 12.4% increase, with Q4 revenue of 305 million yuan, up 24% year-on-year. The brand's product iterations, such as the spray products, performed well, with sales growth of 13% and 35% respectively [2]. - The company expanded its offline presence, with over 500 stores for Yilian and Aier Bo Shi, contributing nearly 300 million yuan in sales for the year [2]. Drug and Raw Material Revenue - The pharmaceutical segment generated 512 million yuan in revenue, a decline of 1.4%. The company established an integrated production and sales system focused on academic and brand marketing [3]. - Revenue from raw materials and additives was 343 million yuan, down 2.4%. The company successfully passed GMP compliance checks for sodium hyaluronate and obtained EU certification for its raw materials [3]. Profitability and Cost Management - Q4 gross margin improved significantly to 54.65%, up 9.9 percentage points, driven by business structure optimization. The gross margin for cosmetics was 63.1%, while pharmaceuticals stood at 57% [4]. - The company's net profit margin for Q4 was 6.13%, reflecting a stable performance [5]. Future Outlook - The company is expected to continue benefiting from the ongoing upgrades and adjustments in its business model, with Yilian showing strong growth potential. Projections for net profit in 2025 and 2026 are 310 million yuan and 340 million yuan, respectively, with corresponding PE ratios of 24x and 22x [5].

| 日期 | 2025/3/25 | | --- | --- | | 当前股价(元) | 7.61 | | 一年最高最低(元) | 9.39/5.74 | | 总市值(亿元) | 77.36 | | 流通市值(亿元) | 77.36 | | 总股本(亿股) | 10.17 | | 流通股本(亿股) | 10.17 | | 近 3 个月换手率(%) | 119.9 | 股价走势图 -48% -32% -16% 0% 16% 32% 2024-03 2024-07 2024-11 福瑞达 沪深300 数据来源：聚源 相关研究报告 《2024Q3 归母净利润同比-7.8%，化 妆品业务表现稳健—公司信息更新报 告》-2024.10.29 《剔除地产业务影响，2024H1 公司经 营情况稳健—公司信息更新报告》 -2024.8.24 美容护理/化妆品 福瑞达（600223.SH） 2025 年 03 月 26 日 投资评级：买入（维持） 《扣非归母净利润高增，聚焦大健康 高质量发展可期—公司信息更新报 告》-2024.4.30 剔除地产业绩表现稳健，期待化妆品业务稳中有升 ——公司信息更新报告 | 黄泽鹏（分析师） ...