• Revenue rose 30.00% year-on-year to RMB 5.05 billion, driven by a 31.3% jump in product sales to RMB 4.90 billion. Online channels contributed 50.5% of product revenue, up from 47.8% in 2024. • Net profit climbed 36.80% to RMB 1.21 billion; gross margin stayed high at 84.20%. Adjusted net profit (excluding listing and share-based expenses) reached RMB 1.21 billion. • Final dividend of RMB 1.00 per share (totaling RMB 490.19 million) proposed; dividend payout for 2025 equals 40.64% of net profit. • Total assets expanded to RMB 5.53 billion (up 23.66%), while total liabilities declined 11.03% to RMB 0.86 billion, lowering the gearing ratio to 15.60%. • Cash and cash equivalents stood at RMB 2.44 billion; net operating cash inflow reached RMB 1.20 billion, up 23.80%. • Product mix: colour cosmetics RMB 3.00 billion (+30.00%); skincare RMB 1.87 billion (+31.10%); fragrance RMB 33.84 million (first-year contribution). Average selling price across all categories increased to RMB 215 per unit. • Channel footprint: 445 counters in 131 Chinese cities plus debut Hong Kong counter; offline direct sales revenue gained 24.30% to RMB 2.18 billion. • R&D and supply chain: first in-house production base in Hangzhou to launch mid-2026 with 15.4 million-unit annual capacity; Hangzhou R&D centre slated to open by end-2026. • Make-up artistry education: ten schools enrolled 6,591 students in 2025; Guangzhou campus opened in October. • ESG highlights: Scope 1+2 carbon intensity cut target of 5% over five years; 2025 hazardous waste 476 kg and non-hazardous waste 448.16 tonnes disclosed; staff turnover rate 17.14%. • Post-period event: completion of H-share full circulation on 12 March 2026, enlarging issued share capital to 490.19 million shares, all H shares.