Forest Cabin posts 2025 net profit of RMB360.37 million, revenue doubles; announces board reshuffle and dividend proposal

Shanghai Forest Cabin Cosmetics Group Co., Ltd. (“Forest Cabin”) reported 2025 revenue of RMB2.45 billion, a 102.5% year-on-year surge, driven by strong online sales and continued expansion of its flagship Camellia product line.

Net profit jumped 92.9% to RMB360.37 million, while adjusted profit (excluding listing and share-based expenses) reached RMB400.75 million, up 100.1%. Gross profit rose to RMB2.01 billion with the gross margin holding at 82.0% (2024: 82.5%).

Channel mix shifted further online: online revenue climbed to RMB1.72 billion, accounting for 70.4% of the total versus 59.1% a year earlier. Douyin led online direct sales at RMB957.30 million (61% of online direct sales), while offline revenue advanced to RMB724.52 million on the back of a store network that grew to 580 locations.

By category, Essence Oil remained the core driver, generating RMB1.02 billion, followed by Lotion & Toner at RMB395.26 million and Face Cream at RMB360.05 million. The newly launched Camellia Anti-Wrinkle Peptide Dewy Essence Toner contributed RMB204.20 million in its first six months.

Operating expenses rose in line with topline growth. Selling and distribution costs doubled to RMB1.40 billion, mainly due to a 148.7% jump in marketing spend to RMB907.80 million and higher personnel expenses. R&D investment increased 53.8% to RMB46.80 million, supporting ingredient innovation and new product filings.

The balance sheet strengthened post-IPO. Cash and cash equivalents stood at RMB1.54 billion (2024: RMB440.32 million); the current ratio improved to 3.5 (2024: 1.9); gearing fell to 3.4%. Inventory reached RMB304.73 million, reflecting build-up for anticipated sales.

The board proposes a final dividend of RMB0.95 per share, totalling approximately RMB134.67 million, subject to shareholder approval at the 2025 AGM.

Governance updates include the resignations of Non-executive Director Jing Aimei and Executive Director Gao Hongqi, effective upon election of successors. The board has nominated Deputy General Manager Sun Fuchun as an Executive Director. In addition, amendments to the Articles of Association—mainly removing shareholder approval of annual budget and final accounts—will be submitted for voting at the AGM.

Forest Cabin reiterated its “premiumisation, multi-brand and globalisation” strategy, with a core “1+4+N” product matrix and an omni-channel focus aimed at sustaining high-quality growth.