Core Insights - The company reported a total revenue of 10.805 billion RMB for the first nine months of 2025, representing a year-on-year growth of 12.3%, with all three core business segments showing growth and maintaining robust profitability and cash flow [1] - The Chinese market contributed 71.0% of total revenue, growing by 20.6% year-on-year, while the expansion markets showed a notable growth of 19.0%, particularly in nine Asian markets with a growth rate of 64.4% [1] - The nutritional supplements segment continues to be the main driver of revenue growth, accounting for 64.5% of total revenue, with vitamins, herbal and mineral supplements, and pet supplements achieving year-on-year growth of 6.0% and 14.2% respectively [1] Group Performance - The company aims to provide nutritional health products and services for the entire family, maintaining a leading position in core markets while experiencing strong growth in expansion markets [2] - The Adult Nutrition and Care (ANC) segment grew by 6.0%, driven by double-digit growth in both the Chinese and expansion markets [2] - The Baby Nutrition and Care (BNC) segment saw a significant growth of 24.0%, with sales of infant formula in mainland China increasing by 35.2% [2] - The Pet Nutrition and Care (PNC) segment grew by 8.2%, with Zesty Paws maintaining its leading position in the North American market with a growth of 12.4% [2] Business Segment Analysis ANC Segment - The ANC segment generated revenue of 5.24 billion RMB, reflecting a year-on-year growth of 6.0%, with Swisse achieving a 15.7% growth in the Chinese market [3] - The online cross-border e-commerce channel sales grew by 23.1%, and Douyin channel sales surged by 77.7% [3] - Swisse continues to implement its "Swisse Mega Brand" strategy, launching high-end products to meet diverse consumer health needs [3] BNC Segment - The BNC segment generated revenue of 3.97 billion RMB, with a strong year-on-year growth of 24.0% [7] - The company strengthened its e-commerce and offline channels, achieving a market share of 16.4% in the ultra-premium infant formula segment, a historical high [7] - The company launched various marketing activities to connect with consumers and enhance channel stickiness [9][10] PNC Segment - The PNC segment generated revenue of 1.59 billion RMB, with an 8.2% year-on-year growth [12] - The growth is attributed to the increasing pet population and the trend towards premium pet nutrition products [12] - Solid Gold is focusing on brand youthfulness and emotional connection with consumers, launching campaigns to promote its "scientific pet care" philosophy [12] Future Outlook - The company plans to continue investing in scientific innovation and advancing its "whole family nutrition health" strategy to meet diverse consumer needs [18] - The ANC segment is expected to maintain growth momentum, with a focus on product innovation and online channel expansion [18] - The BNC segment will leverage successful e-commerce and offline strategies to sustain sales growth [18] - The PNC segment is projected to continue its growth trajectory, with a focus on high-end pet food and nutrition products [19]