Core Viewpoint - The company has shown strong growth in new orders for its energy source equipment, particularly in the Asia-Pacific region, leading to double-digit year-on-year revenue growth in the third quarter of 2025 [1][2]. Group 1: Energy Source Equipment - The demand for energy source equipment in the Asia-Pacific market is robust, with new orders in Q3 showing double-digit growth [1]. - The company's energy source equipment revenue faced challenges in the first half of the year due to high interest rates and weak consumer demand in North America, but there has been a noticeable recovery in Q3 [2]. - The flagship energy source device, Alma Harmony, has received a strong market response since its global launch in March 2025, contributing to increased order volumes [2]. Group 2: Injection Fillers - The injection filler business experienced a significant growth of 218% in the first half of the year, demonstrating strong product capability and effective channel management [3]. - The company plans to enhance the promotion of Profhilo in Thailand and expand the sales of Revanesse in the UK, German-speaking regions, Australia, and New Zealand [3]. - The long-acting botulinum toxin product, DaxibotulinumtoxinA (达希斐), is set to be launched in China following approval in September 2024, which is expected to inject new growth momentum into the injection filler business [3][4]. Group 3: Market Potential - The penetration rate of botulinum toxin in China is currently below the global average, indicating significant growth potential as consumer awareness increases [3]. - The market structure differences between China and other countries highlight the potential for increased usage of botulinum toxin in the Chinese market, which is currently underdeveloped compared to hyaluronic acid [3]. - The company’s DaxibotulinumtoxinA product has shown rapid revenue growth since its approval in the U.S., with a 32% increase in revenue for the first three quarters of 2024, primarily driven by repeat purchases [4]. Group 4: Financial Projections - The company expects revenue to reach $382 million, $442 million, and $510 million for the years 2025, 2026, and 2027, respectively, with net profits projected at $29 million, $36 million, and $45 million [4]. - The earnings per share (EPS) are forecasted to be $0.06, $0.08, and $0.10 for the same years, indicating a favorable growth trajectory [4].

Investment Rating - The report assigns a rating of "Buy" to the company [4]. Core Insights - The company has demonstrated strong growth in new orders for Q3 2025, primarily driven by performance in the Chinese, Korean, and Thai markets. The flagship multi-functional device, Alma Harmony, has shown robust growth, contributing to a double-digit year-on-year increase in unaudited revenue for the quarter [1][2]. - The injection filling business has seen a remarkable growth of 218% in the first half of 2025, showcasing strong product capability and channel layout. The long-acting botulinum toxin, DaxibotulinumtoxinA (DAXXIFY), is progressing smoothly towards its expected launch in China [3][19]. - The penetration rate of botulinum toxin in the Chinese market remains below the global average, indicating significant growth potential. The company is well-positioned to capitalize on this opportunity with its DAXXIFY product, which has already seen rapid revenue growth in the U.S. market [4][29]. Summary by Sections Energy Source Equipment - The demand for energy source equipment in the Asia-Pacific market is strong, with new orders showing double-digit growth in Q3. The company’s energy source equipment business has rebounded significantly in Q3 2025 after facing challenges earlier in the year due to high interest rates and geopolitical tensions affecting North America [2][13]. - The flagship device, Alma Harmony, launched globally in March 2025, has received a strong market response, further boosting order volumes. The Soprano series laser devices have also performed well, particularly after the successful launch of "Titan Lift" in China [2][13]. Injection Filling - The injection filling business, particularly the hyaluronic acid products, has shown strong growth, with the company planning to enhance the promotion of Profhilo in Thailand and expand Revanesse sales in the UK, German-speaking regions, Australia, and New Zealand [3][19]. - The anticipated approval and launch of DAXXIFY in September 2024 is expected to inject new growth momentum into the injection filling business [3][19]. Botulinum Toxin - The Chinese botulinum toxin market is projected to grow steadily, with an expected market size of 14.3 billion yuan by 2025, reflecting a CAGR of 26% from 2019 to 2025. The current penetration rate of botulinum toxin in China is significantly lower than the global average, indicating ample room for growth [20][25]. - The company’s DAXXIFY product, which utilizes proprietary peptide exchange technology, is expected to achieve rapid market penetration in China due to its long-lasting effects and high safety profile [29][25]. Financial Forecast and Investment Recommendations - The company is projected to achieve revenues of $382 million, $442 million, and $510 million for 2025, 2026, and 2027, respectively, with corresponding net profits of $29 million, $36 million, and $45 million. The earnings per share (EPS) are expected to be $0.06, $0.08, and $0.10 for the same years [8][36]. - The report emphasizes that the energy source equipment business is expected to stabilize and recover, while the injection filling business is likely to see significant contributions from the upcoming DAXXIFY launch [8][35].