Group 1: Offline Channel Strategy - The company plans to optimize and adjust offline sales channels to improve quality and management capabilities [2] - The transition of distributors from traditional distribution to value-driven sales is a key focus for creating better growth conditions in the offline market [2] - The company aims to expand its offline sales team to lay a talent foundation for long-term business development [2] Group 2: Expansion of Offline Business - The offline business is currently being expanded through two main methods: increasing the number of distributors and direct expansion by the company's sales team targeting large chain terminals [3] - In 2026, the company intends to increase the number of offline partners while ensuring quality [3] Group 3: New Product Development - The company has a robust reserve of new products for 2026, including medical devices and functional skincare products, covering both patch and non-patch forms [3] - Efforts will be made to align the speed and categories of new product launches between online and offline channels [3] Group 4: Performance Guidance - The company does not provide public guidance on offline performance for 2026 but expects a positive start following the optimization and team expansion in 2025 [3]

Group 1: Business Operations and Strategy - In 2025, the company optimized its offline sales channels and improved its management team, leading to enhanced operational capabilities and a solid foundation for 2026 [1] - The sales channels were shifted from traditional distribution to value-driven sales, resulting in a streamlined number of distributors and improved profitability [1] - The offline sales team is divided into three groups: CS and KA channels, professional channels, and OTC channels [1] Group 2: Financial Performance and Projections - Financial data for 2025 is still under audit, with specific figures to be disclosed in the annual report on April 23, 2026 [2] - The offline profit margin is higher than online, with improved profitability due to sales channel optimization [3] - The sales team has grown to over 200 members, reflecting ongoing recruitment efforts [4] Group 3: Product Development and Innovation - The company plans to continue its dual focus on medical devices and functional skincare products, with new product launches expected in various forms including dressings, masks, and creams [5] - Progress is being made on a recombinant type III humanized collagen freeze-dried fiber, which has completed clinical trials and is preparing for submission [6] Group 4: Corporate Governance and Future Plans - The company is considering mergers and acquisitions to enhance R&D capabilities and product offerings, with future updates to be disclosed as per regulatory requirements [7] - The dividend plan for this year has not yet been determined, with an announcement expected on April 23, 2026 [8] - There are ongoing considerations for stock incentive plans, with no current confirmation on implementation [9] - No share reductions have occurred from executives whose restrictions were lifted in February 2025 [9]

Group 1: Company Changes and Management - In 2025, the company optimized offline sales channels and improved the management team by hiring high-end talent, enhancing overall management capabilities [1] - The management team now effectively complements the existing team, leading to improved performance [1] Group 2: Product Structure - The company's product structure is divided into two main categories: medical devices and cosmetics, with various forms including dressings, masks, lotions, creams, serums, and sprays [1] - The products cover a wide range of functions such as whitening, acne treatment, anti-wrinkle, and repair, showcasing a rich variety of formulations and comprehensive efficacy [1] Group 3: New Product Plans - The company has plans for new products in both medical devices and cosmetics for 2026, with a focus on various forms including dressings, masks, and serums [1] - The actual launch situation will be confirmed later, and stakeholders are encouraged to stay updated [1] Group 4: Sales Channels and Market Strategy - Both online and offline channels are considered main battlegrounds for the company, with significant efforts made in offline channel optimization in 2025 [2] - The company is well-prepared for offline business in 2026, aiming for improved performance in this area [2] Group 5: Product Launch and Certification - The company had a successful product launch in 2025 and is optimistic about new products in 2026, with plans for effective promotion and marketing [2] - The timeline for certification of three types of injection products depends on regulatory approval, and updates will be disclosed accordingly [2] Group 6: Shareholder Information - The chairman currently has no plans to reduce shareholding, and any future changes will be disclosed in compliance with regulatory requirements [2] - The dividend plan for this year has not yet been determined, with an announcement expected on April 23, 2026 [2]

Group 1: Channel Optimization and Sales Outlook - The company's offline channel optimization is progressing as expected, focusing on "strong regulation + strong optimization" to enhance market control and balance inventory levels to avoid excess stock risks [2] - The sales outlook for 2026 will be assessed after the release of periodic reports, with the company committed to maintaining strong offline sales efforts [3] Group 2: New Product Planning - The company has a well-prepared new product plan for 2026, covering various product forms including dressings, masks, lotions, creams, and serums, with actual launches to be confirmed later [3] Group 3: Non-Patch Product Revenue Trends - Since the establishment of the Shanghai R&D center, the company has increased its focus on non-patch products, leading to a rising revenue share from these products [3] Group 4: OTC Channel Development - The current coverage of the OTC channel is relatively low, indicating significant expansion potential; the company plans to increase personnel in this area to improve pharmacy coverage [3] Group 5: Sales Performance and Promotions - Sales during the 38 Festival are meeting expectations, with a focus on daily sales complemented by promotional activities to enhance overall performance [3] Group 6: Product Development Progress - Clinical trials for the recombinant type III humanized collagen freeze-dried fibers have been completed, with submission materials being prepared; other products are at various stages of clinical trials [3] Group 7: Shareholder and Acquisition Plans - The chairman has no current plans to reduce his shareholding, and while the company is monitoring potential acquisition targets, there are no suitable candidates at this time [3] Group 8: Dividend Considerations - The dividend proposal for the fiscal year 2025 has not yet been determined, and stakeholders are encouraged to stay updated [4]

Group 1: Sales and Market Strategy - The company's offline channel optimization is progressing as expected, focusing on "strong regulation + strong optimization" to enhance market control and balance inventory levels to avoid excess stock risks [2] - The sales outlook for 2026 will be assessed after the release of periodic reports, with the company committed to maintaining offline sales efforts [3] - The company has increased personnel in the OTC channel to improve pharmacy coverage, indicating significant growth potential in this area [3] Group 2: Product Development and Innovation - The company has a well-prepared product plan for 2026, including various new product forms such as dressings, masks, lotions, creams, and serums [3] - Since the establishment of the Shanghai R&D center, the revenue share of non-patch products has been increasing due to ongoing R&D efforts [3] - Progress on three types of medical devices includes completion of clinical trials for recombinant type III humanized collagen freeze-dried fibers and initiation of clinical trials for other products [3] Group 3: Financial and Corporate Governance - The chairman has no plans to reduce his shareholding in the company, ensuring stability in corporate governance [3] - The dividend plan for the fiscal year 2025 has not yet been determined, pending further developments [4] - The company is monitoring potential acquisition projects but currently has no suitable targets [3]

Core Viewpoint - The company,潮宏基, engaged in discussions with investors regarding various aspects of its business, including store openings, overseas store expansion, product structure changes, new product planning, e-commerce operations, and women's bag business developments [1] Group 1: Store Operations - The company provided updates on its store opening situation, indicating ongoing expansion efforts [1] - There is a focus on overseas store layout, suggesting a strategy to enhance international presence [1] Group 2: Product and E-commerce Strategy - The company discussed changes in product structure, which may reflect a response to market trends and consumer preferences [1] - New product planning was highlighted, indicating a commitment to innovation and meeting customer demands [1] - E-commerce business developments were addressed, showcasing the company's efforts to strengthen its online sales channels [1] Group 3: Women's Bag Business - The company emphasized its women's bag business, which may represent a significant segment of its product offerings [1]