Yesterday, Harbin Fuerjia Technology Co., Ltd. (Fuerjia) released its performance report for the third quarter of 2024. The financial report shows that Fuerjia’s revenue for the first nine months of 2024 was 1.466 billion yuan ($205.7 million), a year-on-year increase of 9.47%; the net profit attributable to shareholders of the listed company was 514 million yuan ($72.12 million), a decline of 4.2% compared to the previous year.
In Q3 2024, the revenue was 526 million yuan ($73.8 million), representing a year-on-year increase of 11.88%; the net profit attributable to shareholders was 173 million yuan ($24.28 million), down 5.16% year-on-year.
As consumer demand changes, Fuerjia has shifted to focus on medical dressing products and expanded into functional skincare products, covering various forms such as water, serums, lotions, sprays, and freeze-dried powders, while developing products with moisturizing, soothing, repairing, and acne-fighting effects, gradually forming a dual development path in medical devices and cosmetics.
From the perspective of revenue distribution by product category, the income from cosmetics has been steadily increasing both in absolute terms and as a percentage of total revenue. Specifically, from 2018 to 2022, the percentage dropped from 89.92% to 48.95%. Revenue from medical devices saw a significant rise after 2019, but has remained relatively stable with minor fluctuations in the following years.
Regarding Fuerjia’s investment in research and development, since 2019, R&D expenses have consistently risen from over 600,000 yuan ($84,191.4) to 32.83 million yuan ($4.6 million) in 2023. In the first nine months of 2024, R&D expenses amounted to 31.35 million yuan ($4.4 million), an increase of 100.8%. This year, Fuerjia has indeed continued to invest heavily in R&D. According to the financial report, as of June 30 this year, Fuerjia had a total of 39 R&D personnel, an increase of 44.44% compared to the beginning of the period.
