坚持"技术驱动、妆械协同"，深化双产品矩阵的协同效应化妆品领域，2024 年陆续推出"敷尔佳酵能舒 安水"、"敷尔佳乳糖酸控油敛肤面膜及精华液"、"敷尔佳葡萄籽溯颜弹嫩乳液面膜"等多款功效护肤新 品，完成"苦参碱水杨酸盐""乙酰姜黄酮"及"β-烟酰胺单核苷酸"三款新原料备案，为后续产品配方升级 与新品上市奠定基础。医疗器械领域，Ⅱ类医疗器械产品共有4 个项目有序开展，Ⅲ类医疗器械产品重 组Ⅲ型人源化胶原蛋白冻干纤维已进入临床试验中期的设计确认阶段。 事件 公司发布2024 年年报与2025 年一季报：2024 年营收20.17 亿元（同比+4.3%），归母净利润6.61 亿元 （同比-11.8%），扣非归母净利润6.04 亿元（同比-17.0%）；2025Q1 营收3.01 亿元（同比-26.4%）， 归母净利润0.91亿元（同比-39.8%），扣非归母净利润0.53 亿元（同比-62.8%）。 主动调整渠道结构与费用投入力度加大，业绩增长波动2024 年营收增长稳健、净利润下滑主要系销售 推广投入力度加大影响。 2025Q1 公司主动开展销售渠道优化与产品价格梳理工作，同时费用端持续加大宣传推广与电商渠道费 ...

Group 1 - The article lacks substantial content related to companies or industries, making it difficult to extract key points [1][3][4][5][6][8][9][10]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6][17]. Core Views - The company is experiencing temporary pressure on performance due to increased marketing expenditures, with a projected revenue of 2.017 billion yuan for 2024, representing a year-on-year growth of 4.32%, while the net profit attributable to the parent company is expected to decline by 11.77% to 661 million yuan [1]. - The company is focusing on a dual-line development strategy in medical devices and cosmetics, aiming to enrich its product matrix for growth, with revenue forecasts for 2025-2027 at 2.354 billion, 2.618 billion, and 2.940 billion yuan respectively [5]. Financial Performance Summary - For 2024, the company reported a gross margin of 81.73%, a decrease of 0.50 percentage points year-on-year, and a net profit margin of 32.78%, down by 5.98 percentage points [2]. - The sales expense ratio increased significantly to 37.1% in 2024, up by 9.56 percentage points, primarily due to increased online marketing costs [2]. - In Q1 2025, the company reported a revenue of 301 million yuan, a year-on-year decline of 26.39%, with a net profit of 91 million yuan, down 39.77% [1]. Product Performance Summary - The cosmetics segment showed strong performance with a revenue of 1.164 billion yuan in 2024, a year-on-year increase of 7.49%, accounting for 57.72% of total revenue [3]. - The medical device segment generated 853 million yuan in revenue, a slight increase of 0.27%, representing 42.28% of total revenue [3]. - The company has established a solid product matrix with six products generating over 100 million yuan in sales each, including various medical and cosmetic products [4]. Research and Development Summary - The company increased its R&D investment to 34.82 million yuan in 2024, a growth of 6.04% year-on-year, and has launched a new R&D center in Shanghai [5]. - The company has received approval for two invention patents and registered 13 new cosmetic products in the year [5].

哈尔滨敷尔佳科技股份有限公司 审计报告 德皓审字[2025]00001032 号 北 京 德 皓 国 际 会 计 师 事 务 所 (特殊普通合伙 ) BeijingDehaoInternationalCertifiedPublicAccountants(LimitedLiabilityPartnership) 哈尔滨敷尔佳科技股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-6 | | 二、 | 已审财务报表 | | | | 合并资产负债表 | 1-2 | | | 合并利润表 | 3 | | | 合并现金流量表 | 4 | | | 合并股东权益变动表 | 5-6 | | | 母公司资产负债表 | 7-8 | | | 母公司利润表 | 9 | | | 母公司现金流量表 | 10 | | | 母公司股东权益变动表 | 11-12 | | | 财务报表附注 | 1-67 | 审 计 报 告 德皓审字[2025]00001032号 哈尔滨敷尔佳科技股份有限公司全体 ...

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 37.44 [8][9]. Core Views - The company achieved a revenue of RMB 2.017 billion in 2024, representing a year-over-year increase of 4.32%, while the net profit attributable to the parent company was RMB 661 million, down 11.77% year-over-year [1]. - In Q1 2025, the company reported a revenue of RMB 301 million, a decrease of 26.39% year-over-year, and a net profit of RMB 91 million, down 39.77% year-over-year, due to channel optimization and price adjustments impacting short-term growth [1]. - The company is expected to regain growth potential after completing channel adjustments and is advised to monitor high-frequency data and new product performance [1]. Revenue and Profitability - The company’s medical device and cosmetics segments are projected to achieve revenues of RMB 853 million and RMB 1.164 billion in 2024, both reflecting a growth of 4.32% year-over-year [2]. - The gross margin for 2024 is reported at 81.73%, a decline of 0.5 percentage points year-over-year, while the net margin is at 32.78%, down 5.98 percentage points year-over-year [4]. Sales and Marketing Strategy - The company employs a multi-channel sales strategy, combining online and offline sales, with online channel revenue reaching RMB 1.108 billion in 2024, accounting for 54.96% of total revenue, an increase of 7.59 percentage points year-over-year [3]. - Online direct sales generated RMB 1.002 billion, up 26.76% year-over-year, while offline distribution revenue was RMB 908 million, down 10.10% year-over-year [3]. Financial Forecast and Valuation - The earnings per share (EPS) forecast for 2025-2027 is RMB 1.56, RMB 1.71, and RMB 1.87, respectively, reflecting a downward revision from previous estimates [5]. - The report assigns a price-to-earnings (PE) ratio of 24 times for 2025, with a target price of RMB 37.44, down from a previous value of RMB 40 [5].

Core Viewpoint - The financial performance of Fulejia in Q1 2025 shows a significant decline in both revenue and net profit, raising concerns about the recovery pace of the cosmetics industry and the company's strategic adjustments [1]. Financial Performance - The company reported a revenue of 301.07 million yuan in Q1 2025, a decrease of 26.39% compared to 409.02 million yuan in the same period last year [2]. - The net profit attributable to shareholders was 91.38 million yuan, reflecting a year-on-year decline of 39.77% from 151.73 million yuan [2]. - The net cash flow from operating activities was negative at -66.16 million yuan, compared to a positive 127.78 million yuan in the previous year [2]. - Basic and diluted earnings per share were both 0.23 yuan, down from 0.38 yuan year-on-year [2]. - The weighted average return on equity decreased to 1.60% from 2.67% [2]. - Total assets at the end of the reporting period were 5.96 billion yuan, down from 6.08 billion yuan at the end of the previous year [2]. Market Challenges - The decline in performance is attributed to two main factors: weak overall demand in the domestic cosmetics market and intensified competition leading to price wars and marketing battles between domestic and foreign brands [1][3]. - The core business of medical dressings, which previously held an advantage in the medical aesthetics market, is experiencing slowed growth due to stricter regulations and heightened competition [3]. - The functional skincare segment is also underperforming due to insufficient R&D investment and slow product iteration, failing to meet market demand changes [3]. Strategic Initiatives - In response to the challenges, the company plans to increase R&D investment and aims to launch over 10 innovative products within the year, focusing on anti-aging and sensitive skin repair segments [3]. - The company intends to accelerate the penetration of offline channels by collaborating with chain pharmacies and medical aesthetic institutions to expand the coverage of "medical-research co-creation" products [3]. - Fulejia is exploring overseas opportunities, planning to pilot cross-border e-commerce in Southeast Asian markets [3]. Industry Insights - The performance fluctuations of Fulejia reflect structural adjustments within the domestic cosmetics industry, where consumer demands for product safety and efficacy are rising [3]. - Brands that rely solely on marketing will face greater challenges, while companies with R&D barriers, supply chain advantages, and flexible channels are expected to thrive in the competitive landscape [3].

Company Overview - Fulejia is a company engaged in the research, production, and sales of professional skin care products, with a strong market recognition and brand influence [5] - The company offers a diverse range of products, including medical devices and functional skin care products, covering various forms such as masks, serums, and lotions [5][6] - Fulejia has established a multi-channel sales strategy, combining online platforms like Tmall and Douyin with offline channels such as medical institutions and retail pharmacies [5][6] Financial Performance - In the reporting period, the company achieved operating revenue of 2,016,975,873.58 yuan, representing a year-on-year increase of 4.32% [6] - The net profit attributable to shareholders was 661,129,436.27 yuan, a decrease of 11.77% year-on-year, primarily due to increased sales promotion expenses [6] Business Model - The company employs a "sales-driven production" model to ensure supply-demand balance and cost efficiency [7] - Fulejia utilizes a combination of self-production, entrusted processing, and OEM production to meet market demands [8] - The sales strategy includes direct sales, distribution, and consignment through both online and offline channels [9] Industry Trends - The skin care product manufacturing industry is evolving, with increasing consumer demand for high-quality products [14] - The market for professional skin care products is expected to grow, with projections indicating a market size of 518.5 billion yuan by 2026 [14] Key Performance Drivers - Fulejia focuses on product innovation and marketing strategies to maintain competitiveness in the skin care market [15] - The company has launched various new products to meet diverse consumer needs, including whitening and anti-wrinkle masks [16] - Continuous investment in research and development is aimed at enhancing product supply capabilities and production efficiency [18][19] Research and Development - The company has established a collaborative R&D model, integrating internal and external resources to respond quickly to industry changes [19] - Fulejia has received multiple patents and is actively expanding its product line in medical devices [20]

证券代码：301371 证券简称：敷尔佳 公告编号：2025-012 哈尔滨敷尔佳科技股份有限公司 关于续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 哈尔滨敷尔佳科技股份有限公司（以下简称"公司"）于 2025 年 4 月 22 日召 开第二届董事会第十三次会议、第二届监事会第九次会议，审议通过了《关于续聘 会计师事务所的议案》，同意续聘北京德皓国际会计师事务所（特殊普通合伙）（原 北京大华国际会计师事务所（特殊普通合伙），以下简称"北京德皓国际"）为公 司 2025 年度审计机构，为公司提供财务审计与内部控制审计。本议案尚需提交公司 年度股东会审议。具体情况公告如下： 一、拟续聘会计师事务所的基本情况 （一）机构信息 1、基本信息 名称：北京德皓国际会计师事务所（特殊普通合伙） 成立日期：2008 年 12 月 8 日 组织形式：特殊普通合伙 注册地址：北京市西城区阜成门外大街 31 号 5 层 519A 首席合伙人：杨雄 截至 2024 年 12 月 31 日，北京德皓国际合伙人 66 名，注册会计师 300 名，签 署过证券服务 ...

证券代码：301371 证券简称：敷尔佳 公告编号：2025-011 哈尔滨敷尔佳科技股份有限公司 2024 年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管 指引第 2 号——创业板上市公司规范运作》等有关规定，哈尔滨敷尔佳科技股份 有限公司（以下简称"公司"）现将公司 2024 年度募集资金实际存放与使用情况 专项说明如下： 一、募集资金基本情况 经中国证券监督管理委员会证监许可[2023]1157 号文核准，并经深圳证券 交易所同意，公司由主承销商中信证券股份有限公司于 2023 年 7 月 20 日向社会 公众公开发行普通股（A 股）股票 4,008.00 万股，每股面值 1 元，每股发行价人 民币 55.68 元。截至 2023 年 7 月 26 日止，公司共募集资金 2,231,654,400.00 元，扣除发行费用 159,889,838.58 元，募集资金净额 2, ...

哈尔滨敷尔佳科技股份有限公司 2024年度监事会工作报告 哈尔滨敷尔佳科技股份有限公司（以下简称"公司"）监事会严格按照《公 司法》《证券法》等法律法规和中国证监会、深圳证券交易所相关文件的规定， 以及《公司章程》《监事会议事规则》等制度的要求，认真履行监事会职责，独 立行使监事会职权。2024 年度，公司召开监事会会议 9 次，监事会成员列席了 公司 2024 年度召开的董事会会议和股东大会会议，对公司依法依规运作、财务 情况、募集资金使用情况、重大事项决策情况、内部控制情况等方面进行了有效 监督，在促进公司规范运作、维护公司利益、保护股东合法权益等工作中，积极 发挥作用。现将 2024 年度监事会工作情况报告如下： 一、2024 年度监事会会议情况 （一）第一届监事会第二十三次会议 公司于 2024 年 4 月 24 日召开第一届监事会第二十三次会议，审议通过《关 于公司监事会换届选举暨提名第二届监事会非职工代表监事候选人的议案》《关 于公司 2023 年年度报告及其摘要的议案》《关于公司 2024 年第一季度报告的议 案》《关于公司 2023 年度监事会工作报告的议案》《关于公司 2023 年度财务决 ...