Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 1.228 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 16.7%, with a net profit attributable to shareholders of 136 million yuan, up 15.2% [4] - The company is strategically reducing marketing expenses to ensure stable profitability, with a gross margin of 50.5% for the first three quarters, an increase of 1.2 percentage points year-on-year [8] - The company is focusing on high-end toothpaste products and electric toothbrushes, leveraging a multi-channel growth strategy to enhance market presence [8] Financial Forecast - Total revenue is projected to grow from 1.375 billion yuan in 2023 to 2.542 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 16% [6] - Net profit is expected to increase from 141 million yuan in 2023 to 286 million yuan in 2027, reflecting a CAGR of 27.81% [6] - The company's price-to-earnings (P/E) ratio is forecasted to decrease from 47.51 in 2023 to 23.47 in 2027, indicating improving valuation metrics [6] Investment Highlights - The company is a leading domestic brand in the oral care market, particularly in the sensitive toothpaste segment, with a strong offline market share [8] - The company is actively expanding its online channels and developing high-end products, which are expected to enhance its product structure over time [8] - Due to intensified online competition, the company has strategically reduced its marketing expenditures, which has impacted revenue growth but is aimed at stabilizing overall profit levels [8]