Sales Goals and Performance - The company has set internal sales targets for 2026, which will not be disclosed externally, and is optimistic about achieving good performance based on refined operations in 2025 [2] - The sales ratio of online to offline channels has improved from 80:20 in the 2025 semi-annual report, with further details to be revealed in the 2025 annual report [2][3] - The company reported good performance during the 3.8 promotional event, aligning with expectations, and aims to enhance sales through active participation in platform activities [3] Product Development and Innovation - The company has a robust pipeline of new products for 2026, including various forms such as dressings, masks, lotions, creams, and serums, with specifics to be confirmed based on actual launches [3] - The R&D team has expanded significantly compared to early 2025, with improvements in the educational background of its members [3] Profitability and Business Strategy - The company plans to strengthen its offline business in 2026, which has a higher net profit margin compared to online sales, and is confident in achieving better overall profitability [3] - The company is considering stock incentive plans but has not set a specific timeline for implementation, with future updates to be disclosed in accordance with regulatory requirements [3] Dividend and Financial Planning - The dividend plan for the current year has not yet been determined, and stakeholders are advised to monitor announcements scheduled for April 23, 2026 [3] General Information - The investor relations activity did not involve any major information that needs to be disclosed [3]

Group 1: Channel Optimization and Sales Outlook - The company's offline channel optimization is progressing as expected, focusing on "strong regulation + strong optimization" to enhance market control and balance inventory levels to avoid excess stock risks [2] - The sales outlook for 2026 will be assessed after the release of periodic reports, with the company committed to maintaining strong offline sales efforts [3] Group 2: New Product Planning - The company has a well-prepared new product plan for 2026, covering various product forms including dressings, masks, lotions, creams, and serums, with actual launches to be confirmed later [3] Group 3: Non-Patch Product Revenue Trends - Since the establishment of the Shanghai R&D center, the company has increased its focus on non-patch products, leading to a rising revenue share from these products [3] Group 4: OTC Channel Development - The current coverage of the OTC channel is relatively low, indicating significant expansion potential; the company plans to increase personnel in this area to improve pharmacy coverage [3] Group 5: Sales Performance and Promotions - Sales during the 38 Festival are meeting expectations, with a focus on daily sales complemented by promotional activities to enhance overall performance [3] Group 6: Product Development Progress - Clinical trials for the recombinant type III humanized collagen freeze-dried fibers have been completed, with submission materials being prepared; other products are at various stages of clinical trials [3] Group 7: Shareholder and Acquisition Plans - The chairman has no current plans to reduce his shareholding, and while the company is monitoring potential acquisition targets, there are no suitable candidates at this time [3] Group 8: Dividend Considerations - The dividend proposal for the fiscal year 2025 has not yet been determined, and stakeholders are encouraged to stay updated [4]

Group 1: Sales and Market Strategy - The company's offline channel optimization is progressing as expected, focusing on "strong regulation + strong optimization" to enhance market control and balance inventory levels to avoid excess stock risks [2] - The sales outlook for 2026 will be assessed after the release of periodic reports, with the company committed to maintaining offline sales efforts [3] - The company has increased personnel in the OTC channel to improve pharmacy coverage, indicating significant growth potential in this area [3] Group 2: Product Development and Innovation - The company has a well-prepared product plan for 2026, including various new product forms such as dressings, masks, lotions, creams, and serums [3] - Since the establishment of the Shanghai R&D center, the revenue share of non-patch products has been increasing due to ongoing R&D efforts [3] - Progress on three types of medical devices includes completion of clinical trials for recombinant type III humanized collagen freeze-dried fibers and initiation of clinical trials for other products [3] Group 3: Financial and Corporate Governance - The chairman has no plans to reduce his shareholding in the company, ensuring stability in corporate governance [3] - The dividend plan for the fiscal year 2025 has not yet been determined, pending further developments [4] - The company is monitoring potential acquisition projects but currently has no suitable targets [3]

Group 1 - The company, Fuhua, plans to register 48 cosmetic products by 2025, covering various forms such as water, lotion, cream, and essence [2][5] - Detailed product registration information can be found on the National Medical Products Administration website [2][5]