Group 1 - The company has completed the acquisition of a controlling stake in REGEN, with the domestic product "Zhen Ai Su Fei" already launched for sale, and attention is on the sales ramp-up during the transition period [1] - The company has received approval for Minoxidil topical solution, and it is expected that 2026 will see a concentrated launch of new pipelines such as botulinum toxin, with a focus on the progress of these new products in the domestic market [1] - The company has completed its first cosmetic raw material filing, with the core ingredient "Glycyrrhetinic Acid A" sourced from the Chinese herb licorice, which can be used as a skin protectant and moisturizer in cosmetics [1] Group 2 - The traditional product segment is under short-term pressure due to low market sentiment and intensified competition, with Q3 revenue expected to continue its downward trend [2] - For the first three quarters of 2025, revenue was 1.865 billion, down 21.49%, and net profit attributable to the parent company was 1.093 billion, down 31.05% [2] - In Q3 2025, revenue was 566 million, down 21.27%, and net profit attributable to the parent company was 304 million, down 34.61% [2] Group 3 - The company’s performance remains under pressure due to low industry sentiment and increased competition, with a focus on the sales ramp-up of "Zhen Ai Su Fei" during the transition period [3] - The new REGEN factory in South Korea has successfully commenced production, expected to release incremental capacity this year and expand into markets in the Middle East and Southeast Asia [3] - The company is anticipated to experience a concentrated launch of new pipelines in 2026, with attention on the progress of these new products and their market release rhythm [3]