On March 24, Forest Cabin—dubbed China’s “first high-end domestic skincare stock”—released its first annual results since listing in Hong Kong.
According to the financial report, Forest Cabin recorded revenue of RMB 2.45 billion($355 million) in 2025, a surge of 102.5% year-on-year. Net profit reached RMB 360 million($52.2 million), up 92.9%, while gross profit exceeded RMB 2 billion ($289.9 million) for the first time, totaling RMB 2.009 billion($291.3 million), representing a 101.4% increase.
The annual report shows that facial oil remains the company’s largest revenue contributor. In 2025, sales of facial oils reached RMB 1.024 billion($148.5 million), accounting for 41.8% of total revenue. As of last year, its Camellia Anti-Wrinkle Repair Facial Oil has sold over 55 million bottles cumulatively since its launch in 2014, ranking No.1 in national facial oil sales for 12 consecutive years.
Revenue from other categories—including face creams, lotions and toners, serums, and masks—stood at RMB 360 million($52.2 million), RMB 395 million ($57.3 million), RMB 226 million ($32.8 million), and RMB 197 million ($28.6 million), respectively, contributing 14.7%, 16.1%, 9.2%, and 8.1% of total revenue.
In terms of channels, as of 2025, Forest Cabin’s online presence covered platforms such as Tmall, Douyin, WeChat, and JD.com. That year, its total online direct sales reached RMB 1.57 billion ($227.6 million). Among them, Douyin was the largest online channel, generating RMB 957 million ($138.7 million) in revenue. Tmall, WeChat, and JD.com contributed RMB 236 million ($34.2 million), RMB 194 million ($28.1 million), and RMB 21 million ($3 million), respectively.
Offline, by the end of 2025, Forest Cabin’s offline revenue reached RMB 576 million ($83.5 million), up nearly 30% year-on-year. The company operated 580 stores nationwide, an increase of 74 stores compared to 2024. Of these, 390 were directly operated, accounting for approximately 67.24%.
In terms of store distribution, more than 95% of Forest Cabin’s stores are located in high-end commercial shopping malls. The company operates 189 stores in “new first-tier” cities and 146 in third-tier cities. In 2025, revenue from these two city tiers reached RMB 207 million ($30 million) and RMB 148 million ($21.5 million), accounting for 35.9% and 25.6% of total revenue, respectively.
Forest Cabin is also accelerating its expansion into lower-tier markets to tap into new growth potential. The report shows that in 2025, the number of stores in third-, fourth-tier and below cities increased to 236, with revenue from these markets accounting for 37.4% of total offline sales.
However, behind the strong growth, the company still faces pressures from intensifying market competition, rising channel costs, and challenges in global expansion. According to the report, to boost brand visibility and strengthen marketing and channel development, Forest Cabin’s marketing expenses surged from RMB 365 million ($52.9 million) in 2024 to RMB 908 million ($131.6 million) in 2025, representing a 148.7% increase.
Meanwhile, the company’s R&D investment remains relatively limited. From 2023 to 2025, Forest Cabin’s R&D spending totaled RMB 19.75 million ($2.86 million), RMB 30.4 million ($4.4 million), and RMB 46.77 million ($6.8 million), respectively. Although the absolute amount increased year by year, it accounted for less than 3% of revenue in each period. In 2025, the R&D expense ratio stood at only 1.91%, still significantly lower than that of leading domestic beauty companies.
