Group 1 - The industry investment rating is positive, highlighting the growth potential of domestic beauty brands in a nearly trillion-yuan market [1][6]. - The core viewpoint emphasizes the robust growth of the domestic beauty market, with a projected market size of 934.6 billion yuan in 2024 and a domestic brand market share reaching 50%, up from 45% in 2019 [6][8]. - The report indicates that the company has been deeply engaged in the beauty industry for over 20 years, with steady growth and a strong online presence, particularly on platforms like Douyin [1][22]. Group 2 - The company has a comprehensive product line and channel coverage, with significant growth in its Douyin sales, achieving a GMV of 1.8 billion yuan in the first nine months of 2025, a 40% year-on-year increase [29][53]. - The main brand, Chando, generated revenue of 4.4 billion yuan in 2024, accounting for over 90% of the company's total revenue, with a diverse product line exceeding 300 SKUs [36][41]. - The company has implemented a digital "one inventory" system to enhance multi-channel inventory management, connecting warehouses, distributors, and retail points for efficient logistics [55][58]. Group 3 - The financial performance shows steady revenue growth, with projected revenues of 4.6 billion yuan in 2024 and 2.4 billion yuan in the first half of 2025, reflecting a year-on-year increase of 4% and 6% respectively [29][31]. - The gross margin has been improving, reaching 70.1% in the first half of 2025, benefiting from the growth of online direct sales and product structure optimization [33][47]. - The company has a strong focus on R&D, with six major platforms dedicated to developing proprietary raw materials, contributing to over 75% of total revenue [60][62].