股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海上美化妝品股份有限公司 (於中華人民共和國註冊成立的股份有限公司) 呈交日期: 2026年2月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02145 | 說明 | 普通股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 206,354,542 | RMB | | 1 RMB | | 206,354,542 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 206,354,542 | RMB | | 1 RMB | | 206,354,542 | | 2. ...

责任编辑：栎树 | 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 09992 | 泡泡玛特 | 4.81% | 248.600 | 3335.08亿 | 32.45% | | 00325 | 布鲁可 | 3.84% | 72.950 | 181.31亿 | 8.96% | | 01318 | 毛戈平 | 3.83% | 89.350 | 437.98 Z | 9.36% | | 01364 | 古茗 | 3.58% | 29.500 | 701.56亿 | 19.05% | | 06181 | 老铺黄金 | 2.91% | 759.500 | 1342.37 Z | 22.90% | | 02145 | 上美股份 | 2.92% | 67.000 | 266.73亿 | -7.97% | | 02097 | 蜜雪集团 | 2.80% | 396.600 | 1505.57亿 | -3.22% | | 09896 | 名创优品 | 2.43% | 37.100 | 449.16亿 | 1.92% | ...

| 代码 | 名称 | 涨跌幅 √ | 最新价 | 总市值 | 年初至今涨跌 | | --- | --- | --- | --- | --- | --- | | 09992 | 泡泡玛特 | 4.81% | 248.600 | 3335.08亿 | 32.45% | | 00325 | 布鲁可 | 3.84% | 72.950 | 181.31亿 | 8.96% | | 01318 | 毛戈平 | 3.83% | 89.350 | 437.98 Z | 9.36% | | 01364 | 古著 | 3.58% | 29.500 | 701.56亿 | 19.05% | | 06181 | 老铺黄金 | 2.91% | 759.500 | 1342.37 亿 | 22.90% | | 02145 | 上美股份 | 2.92% | 67.000 | 266.73亿 | -7.97% | | 02097 | 蜜雪集团 | 2.80% | 396.600 | 1505.57亿 | -3.22% | | 09896 | 名创优品 | 2.43% | 37.100 | 449.16亿 | 1.92% | | 09985 ...

【申万化妆品】26年1月抖音渠道重点国货GMV同比——基于蝉妈妈数据分析 上美股份：韩束+众子品牌1月合计GMV约6.6亿(+9%)； 1韩束品牌1月GMV约5.3亿(-3%)； 2NewPage一页1月 GMV约0.7亿(+120%）； 3极方取得0.1亿GMV，同比高速增长。 4聚光白1月取得0.1亿GMV，同比高增。 5安敏优1 【申万化妆品】26年1月抖音渠道重点国货GMV同比——基于蝉妈妈数据分析 上美股份：韩束+众子品牌1月合计GMV约6.6亿(+9%)； 1韩束品牌1月GMV约5.3亿(-3%)； 2NewPage一页1月 GMV约0.7亿(+120%）； 3极方取得0.1亿GMV，同比高速增长。 4聚光白1月取得0.1亿GMV，同比高增。 5安敏优1月取得0.3亿GMV，同比增长267%。 珀莱雅公司:三大品牌1月GMV合计3.5亿元(+2%）； 1主品牌珀莱雅1月GMV约2.8亿元(-2%)； 2彩棠品牌1月GMV0.3亿元(-12%）； 3OR洗护1月GMV0.3亿(+148%）。 丸美股份:两大品牌1月合计GMV2.6亿(+1%）。 1主品牌丸美1月GMV约1.8亿元(+5%）； 2恋火 ...

| 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 比亚迪股份(01211) | 18.96 亿元 | 32.00% | 11.04% | | 美团-W(03690) | 14.39 亿元 | 27.80% | 10.96% | | 小米集团-W(01810) | 9.65 亿元 | 15.05% | -4.74% | | 百度集团-SW(09888) | 9.52 亿元 | 35.41% | 9.84% | | 阿里巴巴-W(09988) | 9.25 亿元 | 5.61% | -7.36% | | 中国平安(02318) | 7.77 亿元 | 18.34% | -8.82% | | 腾讯控股(00700) | 7.68 亿元 | 4.61% | -4.56% | | 小鹏汽车-W(09868) | 7.58 亿元 | 26.66% | 3.02% | | 紫金矿业(02899) | 7.46 亿元 | 10.37% | -7.51% | | 友邦保险(01299) | 6.03 亿元 | 18.73% | -3.00% | 智通财经APP获 ...

成功实现从"单核驱动"向"平台化集团"的战略蜕变。公司以主品牌韩束为核心基本盘，2025 年上半年 贡献了33.44 亿元收入，其增长动力已从依赖抖音渠道，转变为通过拓展男士护肤、高端洗护等新品 类，并强化在天猫、京东等平台的运营，实现全渠道渗透与多元化增长。同时，公司已验证其可复制的 品牌孵化能力。以"一页"品牌为代表的第二增长曲线迅速崛起，上半年收入同比激增146.5%至3.97 亿 元。此外，安敏优、极方等新锐品牌也呈现强劲成长势头，共同构筑起支撑公司长期发展的多品牌矩 阵。 多轮驱动迈向平台化，长期目标引领增长。公司基于"六六战略"提出2030年实现300 亿元销售额的清晰 蓝图，依托三大核心驱动力：一是科研成果落地，X 肽等技术矩阵扩容，结合转化医学基金与全球专家 资源，推出高附加值产品强化功效竞争力；二是品牌品类扩张，韩束拓展新品类、一页覆盖全年龄段， 同时孵化更多细分赛道品牌；三是深化全球化布局，落地东南亚工厂，以"本土化制造+运营"结合全球 资源输出技术与品牌。此外，AI 在生产营销的深度应用及人才梯队建设，将巩固运营效率优势，助力 2030 年长期收入目标达成。我们预计公司2025~2027 ...

记者 叶心冉 1月27日，韩束首次公布其用户规模突破1亿，并介绍了包括质控体系、韩束产品的成本和定位，以及未来发展规划。 对于市场关注的化妆品生产环节的产品质控，以及可能存在备案、送检配方与产品销售配方不一致的问题，韩束研发相关负责人介绍，韩束从原料引入到批 量生产，拥有一套严格的管控体系。在原料端，韩束内部对原料供应商实施严格资质审核，且对每一批次原料均要求供应商提供完整的技术指标报告，同时 其内部分析团队会对每一批次产品开展内测，验证原料指标一致性。 该负责人进一步称，原料入库后，其产品配方仅能从合规原料库中选取，从实验室配方研发到中试阶段，会完成稳定性追踪和安全性测试。产品罐装前，内 部会同步开展产品与包材的兼容性测试，避免活性物降解或溶出物污染，同时完成料体一致性测试；灌装后还会及时开展微生物污染检测。该负责人称，韩 束每一批产品都会生成专属可追溯批号，消费者可通过批号查询产品原料来源、生产时间等信息，全流程信息透明，从根本上杜绝了配方不一致的可能。 "重营销轻研发"曾是外界赋予包括韩束在内的多数国货品牌的标签。对于产品成本，韩束品牌负责人介绍，在智能制造与研发领域持续大规模投入之下，韩 束的整体产品 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return that exceeds the market benchmark by over 20% in the next 6-12 months [6]. Core Insights - The Chinese beauty industry is transitioning from "incremental expansion" to "stock game," with the market expected to reach a scale of 465.3 billion yuan by 2025, reflecting a 5.1% year-on-year growth, marking the maturity of the market [1][6]. - Domestic brands are gaining market share due to their understanding of local consumer needs and agile operations, shifting from market participants to leaders [1]. - The competition has evolved from traffic acquisition to a systematic comparison of brand strength, product technology, and sustainable innovation capabilities [1]. Summary by Relevant Sections Company Performance - The company has successfully transitioned from a "single-core drive" to a "platform group" strategy, with its main brand, Han Shu, contributing 3.344 billion yuan in revenue in the first half of 2025, driven by the expansion into men's skincare and high-end hair care [2]. - The second growth curve represented by the "Yi Ye" brand has seen a revenue surge of 146.5% year-on-year to 397 million yuan [2]. Long-term Growth Strategy - The company has set a clear goal to achieve 30 billion yuan in sales by 2030, supported by three core drivers: scientific research outcomes, brand category expansion, and deepening global layout [3]. - The application of AI in production and marketing, along with talent development, is expected to enhance operational efficiency and support the long-term revenue target [3]. Financial Projections - Revenue is projected to grow from 4.191 billion yuan in 2023 to 12.646 billion yuan in 2027, with a compound annual growth rate (CAGR) of 56.6% in 2024 and 27.4% in 2025 [4]. - Net profit is expected to increase from 461 million yuan in 2023 to 1.609 billion yuan in 2027, with a significant growth rate of 213.5% in 2024 [4]. - Earnings per share (EPS) are forecasted to rise from 1.16 yuan in 2023 to 4.04 yuan in 2027, reflecting strong profitability [4].

文｜C2CC新传媒 过去这一年，C2CC传媒X新妆与不少品牌创始人交流时，"太卷了""流量贵得离谱""货架电商掉量""利 润起不来"仍是大家口中不断重复的关键词。的确，那个靠融资烧钱、以买量换增长的时代，正在悄然 落幕。 然而，寒意之中亦有新机。2025年以来，一个明显的趋势正在浮现：头部美妆品牌纷纷调转船头，重新 发力线下——这片曾被一度冷落的战场，正成为2026年最具确定性的新"增量场"。 今年1月初，丸美在2026年经销商大会上，不仅交出过去一年深耕线下的成绩单，更明确将线下定为 2026年增长新方向，推出全链路赋能策略。 就在上周，珀莱雅与医药连锁一心堂达成合作，宣布正式入驻OTC渠道，这一开年大动作被行业视为其 线下战略由守转攻的关键信号。而上美股份老板吕义雄也曾在朋友圈表态，将大幅向线下倾斜资源。 三家头部企业几乎"默契"地一致行动，已然释放出强烈信号：在规模、增速与利润的多重压力下，线下 不仅是更现实的增长路径，更是它们擅长的、能真正做出利润的战场。 而随着这些从线下起家的品牌"重返主场"，对于正试图布局线下的新锐品牌而言，竞争格局已然改变 ——它们要面对的，不仅是渠道的深耕，更是来自"老玩家" ...

Summary of the Conference Call Transcript Company Overview - **Company**: Shanghai Shumei Cosmetics Co., Ltd. (上美股份) - **Stock Code**: 2145.HK - **Current Stock Price**: 74.80 HKD (as of January 21, 2026) - **Target Price**: 116.00 HKD (by December 2026) [2][12] Key Points and Arguments Financial Projections - **2026 Goals**: - Revenue and profit are expected to grow by 25% year-on-year, driven by: - Han Shu (韩束) sales growth of 20% - Yi Ye (一页) sales growth exceeding 50% - Emerging brands (e.g., An Min You) gradually increasing sales [1][4] - **Revenue Forecast**: - FY2026 revenue projected at 10,839 million HKD, with a growth rate of 25.5% [7][13] - FY2027 revenue projected at 12,911 million HKD, with a growth rate of 19.1% [7][13] Operational Recovery - Previous controversies are fading, with operational metrics (daily sales, return rates, traffic acquisition) returning to normal levels due to rapid responses from the company, including: - Live streaming from factories and R&D centers - Collaborations with official media - Long-term brand-building activities, such as advertisements featuring well-known actors [1][4] International Expansion - Mid-term goal to achieve sales of 3 billion HKD by 2030, with 2026 serving as a foundational year [1][4] Shareholder Returns - Dividend payout ratio is expected to maintain at approximately 38% in the first half of 2025 [1][4] Market Position and Trends - The company is expected to benefit from the rapid growth of the Chinese beauty industry and the "Guochao" (national trend) phenomenon, leveraging a successful multi-brand portfolio, robust R&D, comprehensive sales network, and increasing brand value [1][8] Emerging Brands Performance - **Han Shu**: Targeting a 20% sales increase in 2026, with Douyin (TikTok) as a major contributor [4] - **Yi Ye**: Aiming for over 50% sales growth in 2026, driven by an expanded customer base and product offerings [4] - **An Min You**: Projected sales of 400 million HKD in 2026, with stable daily sales and profit margins [4] - **Ji Fang**: Targeting sales of 100 to 200 million HKD in 2026 [4] Financial Metrics - **Earnings Per Share (EPS)**: - FY2026 adjusted EPS projected at 3.67 HKD, with a growth rate of 27.4% [7][13] - **Profit Margins**: - Gross margin expected to be 78.2% in FY2026 [7][13] - EBITDA margin projected at 14.5% [7][13] Risks and Catalysts - **Downside Risks**: - Potential decline in product quality, inflation, challenges in new brand incubation, and government regulations [14] - **Upside Catalysts**: - Successful incubation of new brands and better-than-expected growth of main brands [15] Conclusion - The company maintains a "Buy" rating with a target price of 116 HKD, reflecting a favorable outlook based on projected growth in the beauty sector and effective operational strategies [1][12]