Core Insights - Furuida Pharmaceutical Co., Ltd. reported a revenue of 2.597 billion yuan and a net profit of 142 million yuan for the first three quarters of 2025, indicating overall performance pressure but signs of recovery in its cosmetics segment [1] Group 1: Cosmetics Business Performance - The cosmetics segment generated revenue of 1.569 billion yuan, a year-on-year decline of 8.17%, but maintained a high gross margin of 61.24%, reflecting strong profitability [1] - The Yilian brand achieved sales of 786 million yuan from January to September, a year-on-year increase of 19.50%, with its core spray product line generating 664 million yuan, up 28%, serving as a key growth driver [1] - The Aier Doctor brand showed signs of recovery with sales of 646 million yuan in the first three quarters, and the decline in the third quarter significantly narrowed [1] Group 2: Brand Development and Market Positioning - Yilian successfully held its first brand culture communication conference, enhancing brand influence and market recognition [1] - Aier Doctor hosted the sixth Microecological Health Conference, reinforcing its research image in the skin microecology field, laying the groundwork for future market recovery [1] Group 3: Emerging Brands and R&D Initiatives - The Koying brand demonstrated high growth potential with sales of 77.19 million yuan in the first three quarters, with sequential growth rates of 82% and 138% in the second and third quarters, respectively [2] - The company continues to invest in R&D, launching the industry's first ideal skin data platform based on ideal skin microbiome research and AI models [2] - The company led the establishment of a group standard for collagen penetration and degradation detection, which has been officially implemented [2] Group 4: Medical Device and Raw Material Performance - The medical device registration progressed with the sodium hyaluronate repair solution receiving product registration, and three Class II medical device certificates obtained in the first three quarters, supporting future expansion in functional skincare and medical aesthetics [2] - The raw materials and additives segment performed steadily, achieving revenue of 276 million yuan, a year-on-year increase of 11.19%, with a gross margin rising to 40.26% [2] - The pharmaceutical segment reported revenue of 305 million yuan, a year-on-year decline of 17.46%, with the company responding by increasing academic promotion and developing new food-medicine homologous products [2]