Lushang Freda Pharmaceutical (鲁商福瑞达医药) said revenue from its cosmetics segment rose 17.51 percent year on year to RMB 1.84 billion in January–September 2026, with gross margin up 5.96 percentage points to 67.20 percent. Its Kemi (珂谧) brand grew 243.49 percent, while Dr.Alva (瑷尔博士) fell 10.74 percent, according to its third-quarter report dated 27 October.
Kemi revenue more than tripled to RMB 265 million
Yilian (颐莲) made RMB 915 million in the first nine months, up 16.35 percent. Dr.Alva brought in RMB 577 million, down 10.74 percent, and Kemi RMB 265 million, up 243.49 percent.
The company said Kemi built on its lead collagen product, and its single-use collagen ampoules (胶原次抛) achieved a sales breakthrough on Douyin, Kuaishou and other platforms.
Unit: %
Brand revenue, year-on-year change, Jan-Sep 2026 · Source: Lushang Freda, 27 October 2026
View as table
| Item | Value |
|---|---|
| Kemi | 243.49% |
| Yilian | 16.35% |
| Dr.Alva | -10.74% |
Yilian relied on its spray range and a new mask
Yilian’s spray series kept its core business steady, the company said, while a new high-margin hydrating essence mask drove sales growth. Yilian also led the drafting of a group standard on using sodium hyaluronate and its derivatives in cosmetics.
Dr.Alva added a 287 face cream to its 287 series and launched its first anti-ageing essence oil in a royal jelly acid range. The brand also held its seventh skin microecology conference.
Cosmetics made up two-thirds of group revenue
Group revenue rose 6.84 percent to RMB 2.77 billion, so cosmetics accounted for 66.4 percent on a simple calculation. Pharmaceutical revenue fell 24.03 percent to RMB 232 million, which the company linked to lower sales of its main product, Shipeite (施沛特) injection, after volume-based procurement was extended.
Raw materials and additives revenue rose 2.46 percent to RMB 283 million, with pharmaceutical-grade raw material sales up 9.37 percent.
Unit: %
Segment revenue, year-on-year change, Jan-Sep 2026 · Source: Lushang Freda, 27 October 2026
View as table
| Item | Value |
|---|---|
| Cosmetics | 17.51% |
| Raw materials and additives | 2.46% |
| Pharmaceuticals | -24.03% |
| Segment | Revenue (RMB million) | Change | Gross margin | Margin change (pts) |
|---|---|---|---|---|
| Cosmetics | 1,843 | 17.51% | 67.20% | +5.96 |
| Raw materials and additives | 283 | 2.46% | 42.85% | +2.59 |
| Pharmaceuticals | 232 | -24.03% | 45.41% | -6.86 |
Selling expenses rose faster than revenue
Selling expenses rose to RMB 1.17 billion from RMB 945 million, an increase of 23.82 percent on a simple calculation. They equalled 42.2 percent of revenue, against 36.4 percent a year earlier.
Net profit attributable to shareholders fell 21.66 percent to RMB 111 million for the nine months. In the third quarter alone, revenue rose 7.17 percent to RMB 865 million and net profit fell 13.40 percent to RMB 29 million.
Coming up · We may follow up with third-quarter reports from other Chinese beauty groups as they are released.
