Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Insights - The company reported a revenue of 2.45 billion yuan for Q1-Q3 2025, representing a year-on-year growth of 25.5%. The net profit attributable to shareholders was 240 million yuan, up 2.13% year-on-year. In Q3 alone, revenue reached 690 million yuan, a 14.3% increase year-on-year, while net profit attributable to shareholders was 69.48 million yuan, growing by 11.6% year-on-year. However, the non-recurring net profit saw a decline of 20% year-on-year [2][4]. Summary by Sections Revenue Performance - For Q3 2025, the company achieved revenue of 1.5 billion yuan from eye care products, 3.1 billion yuan from skincare, 0.7 billion yuan from cleansing products, and 1.5 billion yuan from beauty products, with year-on-year growth rates of 20%, 42%, 23%, and -27% respectively. The main brand is expected to maintain good growth, while the beauty category is under pressure [9]. Profitability Analysis - In the first three quarters of 2025, the net profit margin decreased by 2.3 percentage points to 10%. This was attributed to a slight increase in gross margin by 0.3 percentage points to 74.9%, while sales, management, and R&D expense ratios increased by a total of 3.1 percentage points [9]. Investment Recommendations - The company is expected to continue its large product strategy, with the main brands, Marubi and Lianhuo, maintaining growth momentum. New products such as the "Little Gold Needle" cream and mask are being introduced, indicating significant growth potential. The forecasted EPS for 2025-2027 is 0.95, 1.12, and 1.29 yuan per share respectively, with a "Buy" rating maintained [9].