In 2025, as the cosmetics industry faced peaking traffic dividends and widespread growth deceleration, FOREST CABIN (02657), known as the first listed high-end domestic skincare brand, demonstrated robust growth momentum by delivering a performance report marked by doubling figures. On March 24, the company released its first annual results since going public. According to the report, FOREST CABIN achieved an operating revenue of 2.45 billion yuan in 2025, a year-on-year increase of 102.5%. Gross profit reached 2.009 billion yuan, up 101.4% from the previous year. The adjusted net profit was 401 million yuan, growing by 100.1%, while the net profit stood at 360 million yuan, an increase of 92.9%.
Beyond the doubling of both revenue and profit, FOREST CABIN's profitability was equally impressive. The gross margin reached 82%, firmly placing it at the forefront of the industry and fully showcasing the company's exceptional value creation capabilities.
From a deeper perspective, FOREST CABIN's delivery of such strong growth was not accidental but rather the inevitable outcome of its long-term strategic focus. While the industry was preoccupied with competing for traffic, the company chose to root itself in scientific research, building a formidable competitive moat through technological strength. The doubling growth is the direct result of FOREST CABIN's persistent dedication, spanning from raw material innovation to cellular-level anti-wrinkle technology.
On one hand, the company has used patented technology and raw material innovation as its spear to construct a robust, end-to-end industrial chain barrier. In 2025, FOREST CABIN continued its innovation in patents and raw materials, establishing a comprehensive "seed-to-bottle" technological barrier that laid the foundation for its doubled performance. By the end of 2025, the company had accumulated 87 patents, 46 of which are invention patents, covering core areas such as raw material extraction, efficacy mechanisms, and formulation processes, creating a technology moat that is difficult to replicate.
Simultaneously, leveraging the Chinese high-mountain red camellia, the company completed the registration of new raw materials across the entire "flower, leaf, and seed" chain. Self-developed ingredients such as Kluyveromyces marxianus ferment filtrate and camellia flower/leaf extract were approved, achieving self-sufficiency and control over core raw materials. More breakthrough was the successful development of a camellia-derived PDRN raw material, comparable to animal-derived PDRN but offering advantages in safety, low sensitivity, and smaller molecular weight for easier absorption. Expected to launch in 2026, this innovation opens a new segment for plant-derived high-end repair products.
As FOREST CABIN built this hard-to-replicate brand moat in technology, its products continued to gain significant market traction, providing sustained growth momentum. During the reporting period, the cumulative sales of its "Camellia Anti-Wrinkle Repair Oil" surpassed 55 million bottles, maintaining its position as the top-selling facial oil by retail sales in China for 12 consecutive years. The "Camellia Anti-Wrinkle Peptide Micro-Bead Essence Water," launched just six months prior, generated revenue of 204 million yuan. The "Camellia Black Gold Time Peptide Anti-Wrinkle Radiance Cream" achieved revenue of 129 million yuan in its first year, quickly entering the ranks of bestsellers.
Underpinned by strong brand resilience, FOREST CABIN's user base and repurchase rates also showed impressive performance. By the end of 2025, the company had over 6.1 million active customers, with an annual repurchase rate of 34.2%, indicating steady growth in the scale and loyalty of its high-value customer segment.
On the other hand, the company consistently increased its investment in research and development, solidifying its technological foundation with substantial financial commitment. In 2025, FOREST CABIN's R&D expenditure reached 46.8 million yuan, a 53.9% year-on-year increase. The R&D team expanded to 139 members, with over 55% holding master's degrees or higher. This high-caliber, high-investment configuration has undoubtedly helped the company build a core competency driven by R&D.
Furthermore, the company enhanced its industry-academia collaborations, deepening partnerships with renowned institutions like Shanghai Jiao Tong University to establish joint laboratories and break through core technological bottlenecks, using technical prowess to support its high-end positioning. Concurrently, collaborations with entities like the Chenshan Botanical Garden focused on cultivating new camellia varieties, enhancing active ingredients at the source to improve product efficacy. Additionally, during the period, FOREST CABIN released the "Blue Book on Cellular-Level Anti-Wrinkle Skincare in China," reinforcing its professional authority.
To date, through long-term commitment to R&D and continuous investment, FOREST CABIN has formed a diversified product matrix centered around its core flagship Camellia Oil, extending into multiple sub-markets. During the reporting period, the brand offered 246 SKUs, covering mainstream skincare categories such as facial oils, creams, essence waters, serums, masks, and sunscreens, precisely meeting diverse needs like anti-wrinkle, firming, and repair.
Looking ahead, FOREST CABIN stated it will continue to anchor itself as a high-tech cosmetics enterprise, deepening its strategies of premiumization, multi-brand development, and globalization. Leveraging its advantages in raw materials and R&D, the company plans to further develop its "1+4+N" flagship product matrix, driving innovation through technology and solidifying its foundation with quality, thereby continuously expanding the brand's boundaries.
In summary, it is evident that FOREST CABIN's doubling of revenue and profit stems from its superior product competitiveness. The foundation of this product strength lies in its unique raw material barriers and proprietary patented technologies. The origin of all this is the company's long-term, steadfast investment in R&D and technological cultivation. Under this strategic framework, FOREST CABIN's long-term value appears clear and promising—its core technological strength is ultimately translating into definitive value capable of enduring market cycles.
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