Core Viewpoint - The company has successfully launched a new product, the recombinant protein-based oral repair toothpaste, which has shown strong sales performance since its introduction [1][2]. Group 1: Product Performance - The new recombinant protein-based oral repair toothpaste integrates patented ingredients, achieving a dual repair function for gums [1]. - Sales on the Douyin platform have reached between 25 million to 50 million [1]. Group 2: Financial Performance - In Q3 2025, the company reported revenue of 386 million, a year-on-year increase of 10.49%, and a net profit attributable to shareholders of 51 million, up 11.4% [2]. - The gross margin for Q3 2025 was 45.9%, reflecting an 8 percentage point decrease, attributed to a reduction in high-margin product sales [2]. - The sales expense ratio was 25.5%, down 8 percentage points, indicating effective management of online advertising expenditures [2]. Group 3: Investment Outlook - The company is expected to maintain stable growth, with the new toothpaste potentially replicating the success of previous high-performance products [3]. - Forecasted net profits for 2025 and 2026 are 190 million and 240 million, respectively, with corresponding price-to-earnings ratios of 34x and 27x [3].
登康口腔(001328)：线上优化投放下业绩稳健增长 关注新品放量＆新规划落地