By-health(SZ:300146)2025-10-29 17:08Group 1: Financial Performance - In Q3 2025, the company achieved revenue and profit growth year-on-year, primarily due to continuous optimization in product and operations, with a significant contribution from a low base effect [1] - The company expects a need for rapid revenue growth in Q4 2025 to narrow the overall revenue decline for the year, as the first three quarters saw a double-digit year-on-year revenue decrease [2] - Approximately 20% of this year's revenue was contributed by new products launched within the last year, focusing on consumer needs and optimizing formulations and dosages [7] Group 2: Strategic Initiatives - The company plans to adopt a "re-entrepreneurship" mindset in 2026, focusing on product innovation and global market expansion while ensuring long-term brand investment [3] - The pharmacy channel, despite experiencing structural adjustments, remains a key strategic channel for the company, which aims to enhance product strength and operational capabilities [4] - The company recognizes Douyin as the leading sales platform in the VDS industry and plans to increase efforts in this channel to achieve growth above the industry average [5] Group 3: Cost Management - The company anticipates that the sales expense ratio will remain high in the short term due to long-term brand building and changes in business structure, with an increasing proportion of revenue from online channels [6] - Management expense ratio has increased due to asset amortization, but there is potential for optimization through enhanced operational capabilities [6] Group 4: Inventory Management - The company monitors distributor inventory closely, setting warning levels to prevent excessive stockpiling, indicating a proactive approach to inventory management [8]