Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company has shown significant revenue growth, with a reported revenue of 3.409 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 11.96%. The net profit attributable to the parent company reached 136 million yuan, up 44.01% year-on-year [1] - The company is successfully transitioning into a high-end beauty group, enhancing its brand operation capabilities and expanding its product matrix [3] - The company is increasing its R&D investments, having applied for 18 patents in the first half of the year, and is collaborating with Celless to accelerate its global expansion [4] Financial Performance - For Q3 2025, the company reported a revenue of 909 million yuan, a year-on-year increase of 20.92%, and a net profit of 13 million yuan, which is a remarkable increase of 210% year-on-year [1] - The gross margin for Q1-Q3 2025 was 66.00%, up 2.91 percentage points year-on-year, while the net profit margin was 3.99%, an increase of 0.89 percentage points [2] - The company expects revenues to grow to 4.861 billion yuan in 2025, with net profits projected at 197.44 million yuan [4] Brand Development - The company has completed the high-end and global transformation of its proprietary brand system, with new product launches and enhanced brand positioning in the market [3] - The EDB product matrix has been upgraded, and new luxury products have been introduced, including a new top-tier series and limited edition gift boxes [3] R&D and Global Expansion - The company is committed to R&D, having filed multiple patents and established a research laboratory in Osaka with Celless to strengthen its technological competitiveness [4] - The company is enhancing its global presence through strategic partnerships and product innovations [4]