Shanghai-based skincare group Forest Cabin reported interim results for the six months ended 30 June 2026, highlighting strong topline and earnings growth alongside a maiden interim dividend.

Financial performance • Revenue rose 42.6% year on year to RMB1.50 billion, driven by solid demand across both online and offline channels. • Gross profit increased 41.4% to RMB1.22 billion; gross margin softened slightly to 81.6% versus 82.4% a year earlier. • Profit for the period advanced 40.7% to RMB255.88 million, while adjusted profit (excluding listing-related items, share-based payments and FX losses) climbed 42.1% to RMB285.42 million. • Selling and distribution expenses expanded 38.8% to RMB805.82 million, reflecting intensified marketing activity; R&D spend jumped 88.8% to RMB34.04 million.

Balance-sheet highlights • Cash and cash equivalents stood at RMB1.22 billion, supplemented by RMB378.56 million in time deposits. • The Group was debt-free at period-end, lowering the gearing ratio to 0.0% from 9.7% at end-2025. • Current ratio improved to 4.8, with inventories rising 18.2% to RMB360.06 million.

Dividend and capital management • The Board declared an interim dividend of RMB1.32 per share, amounting to approximately RMB184.62 million, payable on or before 17 November 2026 to shareholders on record as of 29 September 2026. • Following period-end, the Company repurchased 1.90 million H shares for about HK$94.90 million, which will be held as treasury shares.

Operational developments • Online sales contributed 70.2% of revenue, led by Douyin and Tmall. Offline store count reached 638 nationwide, with directly operated outlets representing 64% of the network. • Flagship Camellia Anti-Wrinkle Repairing Essence Oil surpassed 70 million cumulative bottles sold, reinforcing the brand’s market-leading position in China’s facial essence oil segment. • The Company advanced its “oil-based skincare” and “oil-based whitening” product families, launched new SKUs, and filed two proprietary camellia ingredients during the half. • R&D headcount grew to 151, and the Group secured 18 new patents, taking its total patent portfolio to 103.

Use of IPO proceeds As of 30 June 2026, Forest Cabin had deployed HK$376.46 million (32.4%) of the HK$1.16 billion net IPO proceeds, mainly into channel expansion and branding. The remaining HK$786.56 million is earmarked for ongoing initiatives including supply-chain upgrades, product innovation and multi-brand development.

Outlook Management reiterated a strategy centred on premium positioning, multi-brand incubation and measured overseas expansion, supported by strong liquidity and zero gearing.