Group 1 - The company, Fulejia (301371), stated that the overall price difference across all channels is currently manageable [1] - Fluctuations between mainstream channels remain within a reasonable range [1] - During promotional periods, the company will balance sales and pricing through methods such as discounts and additional gifts [1]

Core Viewpoint - The company Fuhua (301371) is progressing in its R&D projects, with specific timelines and developments for its medical devices and injectable products outlined for 2025 [1] R&D Progress - The company has a Class III medical device, "Recombinant Type III Humanized Collagen Dressing," which has entered the clinical stage for 2025 [1] - For injectable products, the clinical trials for the "Recombinant Type III Humanized Collagen Lyophilized Fiber" project have been completed, and the company is preparing the clinical trial summary report [1] - The "Recombinant Type III Humanized Collagen Gel" project is still in the R&D phase, with plans to initiate clinical trials this year [1] - Further updates on other R&D projects will be available in the annual report scheduled for release in April [1]

Core Viewpoint - The company Fulejia (301371) plans to launch a total of 18 new products in November and December 2025, which includes both new and upgraded products [1] Product Launch Plans - In the upcoming product launch, there will be 9 medical products and 9 cosmetic products [1] - The specific details of the products can be found on the company's official flagship stores on major e-commerce platforms [1] - For the year 2026, the company has plans for new launches in both medical and cosmetic categories, with specifics to be determined based on actual launch situations [1]

Core Viewpoint - The company is currently finalizing its financials and will disclose specific data in its annual report on April 23. The sales data for the first three quarters of 2025 indicates significant impact from the optimization of offline sales channels, which the company is actively adjusting to ensure long-term healthy development of its offline business [1] Group 1 - The company is transitioning its offline sales model from traditional distribution to a value-driven sales approach to create better conditions for long-term growth [1] - The optimization of offline sales channels is showing noticeable effects, although it may take time for sales data to reflect this change [1] - The company believes that as the channel model transforms and the offline market stabilizes, both distributors and sales terminals will improve, leading to healthy growth in the company's offline business [1]

Core Viewpoint - The company, Fulejia (301371), is adjusting its product structure to align with market trends, enhance business development, and improve its product matrix [1] Group 1: Product Structure Adjustment - The adjustment in product structure is aimed at responding to consumer market trends and enhancing the company's business development [1] - The company is focused on improving its product matrix through this adjustment [1] Group 2: Gross Margin Fluctuations - The fluctuations in gross margin are primarily influenced by intensified industry competition leading to changes in the promotional environment [1] - The natural decline in the proportion of high-margin products during the product structure transition and the incomplete scale effect of newly expanded categories are contributing factors [1] Group 3: Future Optimization Strategies - The company plans to optimize and improve its production methods, product pricing, and supply chain management [1] - Short-term fluctuations in gross margin are considered a normal adjustment process by the company [1]

Core Viewpoint - The company has achieved preliminary success in optimizing its offline channels, focusing on sales channel and retail terminal improvements, with financial feedback showing some lag [2] Group 1: Channel Optimization - The company is enhancing cooperation with service-oriented distributors through a dual approach of "strong regulation + strong optimization" to strengthen market control [2] - The focus is on meticulous management of inventory levels at both distributors and retail terminals to avoid excess stock risks, alongside comprehensive and ongoing dynamic regulation of the pricing system across all channels to maintain price order stability [2] - The strategy includes careful selection of strategic partners among distributors and retail terminals, transitioning the channel model from traditional distribution to value-driven sales [2] Group 2: Short-term Impact and Future Development - The short-term impact of the offline adjustments on performance is manageable, serving as a foundational project for the company's future high-quality development [2]

Core Viewpoint - The company is currently facing profit pressure due to high online sales expenses and adjustments in offline sales channels, which have led to a decrease in both revenue and profit [2] Group 1: Profit Pressure Factors - High online sales expenses are impacting the online net profit margin, a challenge faced by many in the current online marketing environment [2] - Adjustments in offline sales channels have resulted in a simultaneous decline in offline revenue and profit [2] Group 2: Strategies for Improvement - The company is focusing on the recovery and growth of offline business by implementing stricter requirements for distributors and the offline market [2] - The company is gradually increasing the entry barriers for distributors, aiming to partner with those who can support long-term development and operate healthily [2] - Continuous development of quality distributors is part of the strategy to expand the offline business scale, with confidence in achieving short-term recovery and long-term improvement through strict market control and orderly sales channels [2]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 920123 | 芭薇股份 | 15.37 | -0.26% | 1.43万 | 2187.90万 | | 300132 | 青松股份 | 6.49 | 0.00% | 16.97万 | 1.44亿 | | 603605 | | 68.86 | 0.12% | 2.85万 | 1.97亿 | | 002094 | 青岛金王 | 7.57 | 0.13% | - 30.91万 | 2.33亿 | | 600315 | 上海家化 | 23.16 | 0.22% | 5.84万 | 1.35亿 | | 600223 | 福瑞达 | 7.40 | 0.27% | 7.61万 | 5629.06万 | | 300955 | 嘉亨家化 | 39.23 | 0.41% | 7.38万 | 2.93亿 | | 300957 | 贝泰妮 | 40.45 | 0.52% | 4.16万 | 1.68亿 | | 300856 | 科思股份 | + 13.75 | 0.6 ...

每经头条（nbdtoutiao）——培训5天就考证！滑雪教练速成班乱象调查：零基础也可报名，学时还 能"注水" 每经AI快讯，敷尔佳发布公告称，2026年1月8日10：00-11：00，敷尔佳接受广发证券股份有限公司等 投资者调研，公司董事长张立国等人参与接待，并回答了投资者提出的问题。 （记者 王瀚黎） ...

Product Launch and Development - In November and December 2025, the company launched a total of 18 new products, with 9 in medical devices and 9 in cosmetics [1] - The company has a clinical-stage medical device, "Recombinant Type III Humanized Collagen Dressing," and is preparing for clinical trials for other collagen-based products [2] Financial Performance and Sales Strategy - The company is currently finalizing its financial results for 2025, with sales data impacted by adjustments in offline sales channels [2] - The transition from traditional distribution to value-driven sales models is expected to improve long-term health in offline business [2] Margin and Cost Management - The company is experiencing pressure on profit margins due to high online sales costs and adjustments in offline sales channels [4] - The fluctuation in gross margin is attributed to increased competition and changes in product mix, with plans for optimization in production, pricing, and supply chain management [2] Channel Optimization and Inventory Management - The company is optimizing its offline channels, focusing on better inventory management and strategic partnerships with service-oriented distributors [4] - Current adjustments in offline channels are expected to have manageable impacts on performance, laying the groundwork for future growth [4] Future Plans and Incentives - The company expresses a strong intention to implement an equity incentive plan as the management team evolves [4]