Core Insights - The company achieved significant growth during the 2025 "Double Eleven" shopping festival, showcasing a multi-dimensional breakthrough and impressive performance [1][2] Financial Performance - In Q3 2025, the company reported a net profit attributable to shareholders of 25.22 million yuan, a substantial year-on-year increase of 136.55%, indicating a strong recovery in profitability [4] - The sales gross margin improved to 74.33%, and operating cash flow reached 442 million yuan, with a year-on-year increase exceeding 67 times [4] Brand Performance - The core brand Winona performed exceptionally well during "Double Eleven," ranking in the top 5 of the full beauty industry on Vipshop, top 2 in domestic goods on JD.com, and top 1 in skincare on Douyin [5] - Winona Baby maintained a position in the top 10 of the Tmall baby care rankings, while Aikeman achieved significant growth, ranking second in the Tmall domestic new brand sales list [5] - The new investment brand Yujian topped multiple lists in the shower oil category during Tmall's pre-sale period, marking a key step in the company's offline channel expansion with its first experience store opening in Shanghai [5] R&D and Innovation - The company increased R&D investment, with expenses reaching 171 million yuan in the first three quarters, leveraging Yunnan's unique plant resources to complete 17 new raw material registrations [6] - Winona has developed a complete product matrix covering sensitive skin needs, including five core products, and is advancing towards a "medical evidence-driven 2.0" era in the industry [6] Strategic Development - The company successfully transitioned from a single-brand focus to a multi-brand collaborative development strategy, achieving clear differentiation and strong growth momentum across its brands [6] - The brand ecosystem is evolving to cover various consumer groups and price ranges, from mass market to high-end, and from functional skincare to daily makeup [6] Global Expansion - The company's globalization strategy is accelerating, with Winona entering the Thai market in May 2024 and expanding into Australia, Singapore, and Malaysia [8][10] - The company has shifted from "product output" to "brand output," showcasing its research capabilities and innovative concepts at international events, gaining recognition from global authorities [10]

Core Insights - The 20th China Dermatology Association (CDA) conference was held in Chongqing, showcasing the advancements in sensitive skin care, with Winona being a prominent participant for the 17th consecutive time [1] - Winona has established itself as a leader in the sensitive skin care market, adhering to the NUTE principle to guide the scientific development of effective skin care products [2][4] Group 1: NUTE Principle and Market Position - The NUTE principle focuses on clinical needs, unique mechanisms, technological empowerment, and credible evidence, addressing the challenges in the rapidly growing effective skin care market [2][4] - Winona has been the top seller in the sensitive skin care market in China for five consecutive years (2020-2024), indicating its strong market presence and authority [6] Group 2: Product Development and Clinical Research - Winona's second-generation special cream targets the core issue of sensitive skin, which is skin barrier damage, utilizing unique active ingredients like Portulaca oleracea extract and Silybum marianum oil [3] - Over the past decade, Winona has conducted more than 56 clinical studies involving 5,590 participants across 61 hospitals, validating the efficacy and safety of its products [3][4] Group 3: PLUS Solutions and Comprehensive Product Matrix - Winona has introduced the sensitive skin PLUS solution, which includes five core products addressing various needs such as repair, post-medical care, sun protection, whitening, and anti-aging [6][7] - The lightening serum has shown significant clinical efficacy in reducing melasma, supported by level I evidence published in the Journal of Cosmetic Dermatology [7] Group 4: Innovations in Treatment for Specific Conditions - Winona has developed the first domestic external antioxidant gel for vitiligo, which combines phototherapy with specific antioxidants to mitigate oxidative damage [8] - The company has been actively involved in establishing clinical guidelines and standards, enhancing the scientific understanding of sensitive skin care within the industry [9] Group 5: Academic Contributions and Industry Standards - Winona's "Red Book 3.0" compiles over 300 authoritative documents, reflecting the evolution of its research system and the growth of the effective skin care academic framework in China [9] - The company continues to push for a scientifically rigorous approach to effective skin care, contributing to the establishment of a comprehensive skin health ecosystem [9]