Revenue and net profit doubled in 2025, FOREST CABIN (02657) handed in a "technological answer sheet" to break through against the trend.

In the year 2025, when the traffic dividend in the beauty industry has peaked and growth has generally slowed down, "The first stock of high-end domestic skincare" FOREST CABIN (02657) has confirmed its high growth potential with a report card of doubling growth. On March 24th, FOREST CABIN released its first annual performance report since going public. According to the annual report, in 2025, the company achieved operating income of 2.45 billion yuan, an increase of 102.5% year-on-year; gross profit of 2.09 billion yuan, an increase of 101.4% year-on-year; adjusted net profit of 401 million yuan, an increase of 100.1% year-on-year; and net profit of 360 million yuan, an increase of 92.9% year-on-year. In addition to doubling both revenue and profit, FOREST CABIN's profitability level is also impressive: with a gross profit margin of 82%, it ranks at the forefront of the industry, fully demonstrating the company's outstanding value creation capability. Of course, from a deeper perspective, FOREST CABIN's ability to deliver such a strong growth report is not incidental but a result of its long-term strategic approach - while the industry is obsessed with traffic competition, it chooses to focus on research and development, building a strong moat with hardcore technology. Behind the doubling growth is the inevitable realization of FOREST CABIN's continuous deep cultivation from raw material innovation to cellular-level anti-wrinkle technology. On one hand, using patents and raw material innovation as a spear, it builds a "hardcore moat" for the entire industry chain. In 2025, FOREST CABIN continues to focus on patented technology and raw material innovation, creating a full-chain technology barrier from "seed to bottle," laying a solid foundation for doubling performance growth. By the end of 2025, the company had accumulated 87 patents, with 46 of them being invention patents, covering core areas such as raw material extraction, efficacy mechanisms, and formula processes, forming a technology moat that is difficult to replicate. At the same time, leveraging Chinese high-mountain tea, the company completed the full chain new raw material filing for "flower, leaf, seed," obtained approval for independent raw materials such as Kluver yeast fermentation filtrate, camellia flower/leaf extracts, achieving core material independent controllability. More groundbreaking is the successful development of camellia flower-derived PDRN material, comparable to animal-derived PDRN, with advantages of safety, low sensitivity, and easy absorption due to its small molecular weight, expected to be launched in 2026, opening a new high-end repair track for plant-derived materials. With FOREST CABIN building an unreplicable brand moat in the technology field, its products are also continuously increasing, bringing a steady growth vitality to the company. During the reporting period, the "Camellia Flower Anti-Wrinkle Repair Essence Oil" accumulated sales exceeded 55 million bottles, ranking first in national facial oil retail sales for 12 consecutive years; the "Camellia Flower Anti-Wrinkle Peptide Micellar Essence Water" achieved revenue of 2.04 billion yuan in the first six months; and the "Camellia Flower Black Gold Time Peptide Anti-Wrinkle Brightening Essence Cream" achieved revenue of 1.29 billion yuan in its first year, quickly entering the best-selling ranks. With a strong brand strategy, FOREST CABIN's user base and repurchase rate data are also impressive - as of the end of 2025, the company has over 6.1 million active customers, with an annual repurchase rate of 34.2%, showing a steady increase in the scale and stickiness of high-value user groups. On the other hand, by continuing to increase investment in research and development, using real money to build a technological base. In 2025, FOREST CABIN continued to increase its research and development investment, with research and development expenses reaching 46.8 million yuan, an increase of 53.9% year-on-year, and the research and development team expanding to 139 people, with over 55% holding a master's degree or above. Such a high level of education and investment in hardcore configuration undoubtedly helps the company build a core competitive advantage driven by research and development. Furthermore, the company also deepened industry-academic research cooperation, such as increasing cooperation with well-known research institutions such as Shanghai Jiao Tong University, establishing joint laboratories, breaking through core technological bottlenecks, supporting high-end positioning with technological strength. At the same time, cooperating with Chenshan Botanical Garden and other industries, nurturing new varieties of camellia flowers, enhancing active ingredients from raw materials, and improving product efficacy. In addition, during the period, FOREST CABIN also published the "Chinese Cellular-Level Anti-Wrinkle Skincare Blue Book" to strengthen professional authority. To date, through long-term anchoring of research and development, continuous investment, FOREST CABIN has formed a diversified product matrix centered around the core flagship product camellia flower essence oil, extending to multiple segmented markets. During the reporting period, the brand provided a total of 246 SKUs, covering mainstream skincare categories such as essence oil, face cream, essence water, essence liquid, face mask, and sunscreen, precisely meeting diversified needs such as anti-wrinkle, tightening, and repair. For the future, FOREST CABIN also stated that it will continue to anchor its positioning as a high-tech beauty company, deepen its high-end, multi-brand, and globalization strategies, continue to deepen the "1+4+N" flagship product matrix based on raw materials and research and development advantages, drive innovation with technology, strengthen its foundation with quality, and continuously expand its brand boundaries. In conclusion, it is not difficult to see that FOREST CABIN's doubling revenue and profit are due to its strong product competitiveness. The foundation of product power lies in unique raw material barriers and independent patented technology. And the source of all this is the long-term commitment to research and development and technological deepening. Under this strategic layout, the long-term value of FOREST CABIN can be clearly anticipated - that hardcore technology will eventually realize as deterministic value across cycles.