Shanghai Forest Cabin Cosmetics Group Co., Ltd. (Forest Cabin) reported robust interim results for the six months ended 30 June 2026, underpinned by strong online momentum and continued product innovation in its camellia-based skincare lines.

Financial Highlights • Revenue climbed 42.6% year-on-year (YoY) to RMB1.50 billion, driven by new product launches and higher sales from both online and offline channels. • Gross profit rose 41.4% to RMB1.22 billion; gross margin held at 81.6% versus 82.4% a year earlier. • Profit for the period reached RMB255.88 million, up 40.7% YoY; adjusted profit (excluding listing expenses, share-based payments and forex losses) advanced 42.1% to RMB285.42 million. • R&D spending almost doubled to RMB34.00 million, representing the company’s emphasis on camellia-focused innovation. • Operating cash inflow totalled RMB224.24 million; cash and cash equivalents stood at RMB1.22 billion with zero bank borrowings at period-end, leaving the gearing ratio at 0.0%.

Operational Performance • Online direct sales surged 50.1% to RMB925.69 million, now comprising 61.8% of total revenue, led by a 72.5% jump on Douyin. • Offline store network expanded to 638 locations (410 self-operated), contributing RMB340.94 million in sales. • Essence oils remained the largest category (RMB514.98 million, 34.3% of revenue), while lotion & toner sales quadrupled to RMB354.78 million following the success of the “Little Gold Pearl” essence toner.

Dividend and Capital Return • The Board recommended an interim dividend of RMB1.32 per share, payable on or before 17 November 2026 to shareholders on record 29 September 2026. Based on the current share count (net of treasury shares), the payment amounts to roughly RMB184.62 million. • Forest Cabin intends to adopt a three-year dividend plan (2026-2028) committing to distribute no less than 50% of annual net profit in cash dividends, pending shareholder approval.

Strategic Initiatives • Management reiterated a “premiumisation–multi-brand–globalisation” roadmap, targeting continued leadership in anti-wrinkle and whitening segments, accelerated sub-brand incubation, and selective overseas expansion starting with a flagship store in Hong Kong and a push into Southeast Asia. • The company proposed a 2026 H Share incentive scheme to retain talent and align employee interests with long-term value creation. • Store optimisation, deeper e-commerce integration and sustained R&D investment remain priorities to support high-end positioning and category diversification.

Shareholder Meeting An extraordinary general meeting on 18 September 2026 will seek approval for the three-year dividend plan and the new H Share incentive scheme.

Outlook Management expects the omni-channel strategy, rising R&D intensity and enhanced brand equity to underpin further growth while the new dividend framework signals commitment to shareholder returns.