Research Express | Ful Derma Receives Visits from Taikang Asset Management and 1 Other Institution, Detailing Offline Channel Optimization and New Product Plans

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Basic Research Overview

Activity Summary

Key Research Highlights

Offline Channels: Dual-Drive of Optimization and Value Transformation

Regarding the long-term planning of offline channels favored by institutions, the company stated that the offline market is an important part of business development. Currently, efforts are being made in two areas: improving the quality and management of offline channels, and promoting distributors to shift from traditional distribution to value-driven sales, creating conditions for offline growth. Meanwhile, the company continues to expand its offline sales team to lay a talent foundation for long-term business expansion, expecting better performance in offline operations.

In terms of expansion methods, the company mainly advances offline business through two paths: first, expanding distributors to further cover offline retail terminals; second, directly connecting a larger retail terminal with the offline sales team. The company emphasized that, while ensuring channel quality, it will continue to increase the number of offline partners.

New Product Planning: Dual Focus on Medical Devices and Functional Skincare

Regarding the 2026 new product plan, the company revealed that it has sufficient new product reserves for the year, covering medical device products and functional skincare products, including patch and non-patch forms, with a comprehensive efficacy matrix. Specific product launches will be based on actual releases by the company, and investors are advised to stay tuned.

On the differences between online and offline product launches, the company stated that offline launches have historically been slower than online. In 2026, efforts will be made to shorten the gap, and new categories will be further aligned to achieve synchronized product updates across all channels.

Offline Performance: Expect a Good Start in 2026

Regarding this year’s offline performance expectations, the company pointed out that after channel optimization, adjustment, and team expansion in 2025, 2026 will be a critical starting point for offline business development. The company holds a positive outlook for offline performance. However, it did not disclose specific performance guidance, only stating that the offline sales team will actively implement according to internal sales plans.

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The announcement indicates that this investor relations activity does not involve any major information that needs to be disclosed.

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Editor: Xiao Lang Kuai Bao