Core Insights - The company achieved a cumulative revenue of 4.961 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 10.83% [1] - In Q3 2025, the revenue reached 1.483 billion yuan, showing a significant year-on-year increase of 28.29% [1] - The growth was primarily driven by strong performance in the beauty segment and effective expansion of online channels [1] Revenue Breakdown - The beauty segment was the standout performer, with Q3 2025 revenue of 354 million yuan, a substantial year-on-year increase of 272.25% [1] - The personal care segment maintained a solid foundation, generating 606 million yuan in Q3 2025, up 13.83% year-on-year [1] - The innovation segment achieved a year-on-year growth of 4.50%, while the overseas segment saw a slight decline of 2.58% [1] - Online revenue in the domestic market grew by 1.7 times year-on-year, with online sales accounting for over 50% for the first time in Q3 2025 [1] Profitability and Cost Management - The gross margin for the first three quarters of 2025 was 62.81%, an increase of 3.39 percentage points year-on-year [2] - The increase in gross margin was attributed to a higher proportion of high-margin beauty products and a decrease in some raw material costs [2] - The net profit margin for the first three quarters of 2025 was 8.17%, reflecting a year-on-year increase of 4.54 percentage points [2] Strategic Outlook - In the short term, the company plans to deepen promotional efforts around core brands and key products, with increased brand investment in Q4 2025 to support growth targets for 2026 [2] - Long-term goals include focusing on core brands and online channels, aiming to position key categories at the forefront of niche markets through enhanced product strategies and increased investment in high-end and functional R&D [2] - The company expects EPS for 2025, 2026, and 2027 to be 0.62, 0.69, and 0.76 yuan, respectively, maintaining a "buy" rating [2]