Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company continues to maintain over 30% revenue growth, with a significant increase in expenses leading to a temporary adjustment in performance [1] - The company focuses on skin science and biological research for the development, design, production, and sales of various cosmetics, aiming to meet diverse consumer needs through differentiated brand positioning [4] - The company emphasizes a long-term strategy driven by technology, aiming to build a world-class competitive beauty enterprise [9] Financial Summary - Revenue for 2023 is projected at 2,226 million yuan, with a year-on-year growth rate of 28.5%. By 2027, revenue is expected to reach 5,726 million yuan, with a growth rate of 20.8% [1] - Net profit attributable to the parent company is forecasted to be 259 million yuan in 2023, growing to 636 million yuan by 2027, with a growth rate of 20.9% [1] - The company's overall gross margin is stable at 74.60%, with sales expenses increasing by 39.31% due to rising online traffic costs and ongoing brand building efforts [2] Brand and Market Positioning - The Marubi brand continues to solidify its position in eye care, while the PL brand focuses on high-quality, minimalist makeup, enhancing brand value [3] - The company is committed to internal development, enhancing R&D, product innovation, and digital empowerment to improve operational efficiency [3] Stock Information - As of September 2, 2025, the closing price is 39.53 yuan, with a total market capitalization of 15,851.53 million yuan [5]