Core Viewpoint - Runben Co., Ltd. reported a net profit attributable to the parent company of 266 million yuan for Q1-Q3 2025, representing a year-on-year growth of 1.98%. However, the net profit for Q3 was 79 million yuan, showing a decline of 2.89% year-on-year [1] Financial Performance - The company achieved steady revenue growth in Q3, but increased sales expenses put pressure on profitability [1] - The rapid growth in the mosquito repellent category was influenced by the outbreak of Chikungunya fever, while the average price in the baby care category saw a significant increase [1] Product Strategy - The company continues to upgrade and launch multiple new SKUs, gradually expanding its target audience from infants to teenagers, which is expected to contribute to incremental growth [1] - The company adheres to an integrated strategy of "big brand, small category," driving growth through two main tracks: mosquito repellent and personal care [1] Investment Rating - The company maintains an "overweight" rating [1]