Core Insights - The company reported a revenue of 7.098 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 1.89% [1] - The net profit attributable to shareholders reached 1.026 billion yuan, with a year-on-year increase of 2.65% [1] - The gross profit margin improved to 73.69%, up 3.62 percentage points from 70.07% in the same period of 2024, while the net profit margin was 14.86% [1][7] Brand Performance - The flagship brand, Proya, has maintained a strong market position, leading the Tmall beauty category during the Double Eleven shopping festival [4] - Multiple brands under the company, including Off&Relax and others, are experiencing rapid growth and complementing each other in market coverage [2] Research and Development - The R&D expense ratio was stable at 2.00%, with R&D investment amounting to 142 million yuan, supporting the synergy between R&D and profitability [7] - The company has established a diverse R&D system, focusing on technological innovation, including a partnership with Sichuan University to research mitochondrial anti-aging [7] Strategic Outlook - The company has demonstrated resilience and strategic clarity through consistent revenue growth, improved profitability, and ongoing commitment to R&D and multi-brand strategies [8] - Future prospects include enhanced R&D innovation, digital capabilities, and accelerated globalization, positioning the company to continue leading the domestic beauty industry [8]