行 业 及 产 业 美容护理 2025 年 09 月 07 日 相关研究 证 券 研 究 报 告 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 聂霜 A0230524120002 nieshuang@swsresearch.com 联系人 王立平 (8621)23297818× wanglp@swsresearch.com 换季护肤拉开板块消费旺季，上市公司交流会指引发展方向 研 究 / 行 业 点 看好 ——化妆品医美行业周报 20250907 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 评 - ⚫ 本周化妆品医美板块表现强于市场。2025 年 8 月 29 日至 2025 年 9 月 5 日期间，申 万美容护理指数下滑 0.8%，表现强于市场。其中，申万化妆品指数基本持平，强于申 万 A 指 1.4pct；申万个护用品指数下滑 1.8%，弱于申万 A 指数 0.3pct。 ⚫ 周观点：换季护肤拉开板块消 ...

研究员：施红梅/李雪君 机构：东方证券 8 月中公司正式推出彩妆品牌NAN beauty，为多品牌矩阵再添重彩。8 月中旬公司携手明星化妆师春楠 和前天猫美妆总经理携手推出中高端专业彩妆品牌Nanbeauty，"顶级彩妆师+顶级电商操盘手+美妆上市 公司"为新品牌从产品、渠道和供应链赋能等多个角度打下了良好基础。我们认为这样的商业模式充分 体现了公司对新品牌孵化的科学开放态度，也对新品牌的发展抱有积极期待。 近年公司多品牌多品类布局日益完善，我们看好其中长期增长动能。除了以上品牌外，公司目前还有不 少新品牌、新品类在孕育之中。我们认为公司做好多品牌的核心是良好的激励和管理机制——内部充分 授权和结果导向，对外开放的合作心态。这也是保障公司中长期可持续增长的核心逻辑。 盈利预测与投资建议 我们小幅调整公司盈利预测，预计公司2025-2027 年每股收益分别为2.78、3.55 和4.37 元（原测为 2.71、3.42 和4.19 元），参考可比公司，给予2025 年34 倍PE，目标价为103.21 港币（1 人民币=1.09 港 币），维持"买入"评级。 风险提示：行业竞争加剧，新品牌、新品类推广不及预期等 ...

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本公告之內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致之任何損失承擔任何責任。 Shanghai Chicmax Cosmetic Co., Ltd. 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） （股份代號：2145） 補充公告 收購使用權資產 有關租賃協議的 須予披露交易 茲提述上海上美化妝品股份有限公司（「本公司」，連同其不時的附屬公司統稱「本 集團」）日期為2025年8月28日之公告（「該公告」），內容有關本集團（作為租戶） 與上海天宇實宏企業發展有限公司（作為業主）訂立的租賃協議。除文義另有所指 外，本公告所用詞彙與該公告所界定者具有相同涵義。 本公司謹此提供有關上海天宇實宏最終實益擁有人的進一步資料。據董事作出一 切合理查詢後所深知、盡悉及確信，持有上海天宇實宏55.0%股權的上海諾卓企 業管理有限公司由(i)上海鎏凱企業管理有限公司擁有50%的權益，而上海鎏凱企 業管理有限公司由陳美香最終控制；及(ii)上海城開（集團）有限公司擁 ...

Core Viewpoint - The performance of various domestic beauty brands in the first half of the year shows a mixed picture, with some brands experiencing growth while others struggle with declining revenues and profits as the industry faces intensified competition and the end of the traffic dividend era [1][3][5]. Financial Performance - Up to now, several domestic beauty brands have reported their half-year results, with Proya, Shangmei, Mao Geping, and Shuiyang showing increases in both revenue and net profit [1]. - Shangmei's revenue reached 4.108 billion yuan, a year-on-year increase of 17.3%, with a net profit of 524 million yuan, up 30.65% [3]. - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3]. - Shuiyang's revenue was 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3]. - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and a net profit of 799 million yuan, up 13.8%, but growth rates have slowed compared to previous years [3][4]. - Conversely, Beitaini and Yixian E-commerce continue to face growth challenges, with Beitaini's revenue down 15.43% to 2.372 billion yuan and net profit down 49.01% to 247 million yuan [4][5]. Strategic Adjustments - Beitaini is focusing on strategic adjustments and operational optimization, emphasizing high-value products and quality growth, which has led to improved gross margins and cash flow despite short-term revenue impacts [4][5]. - Yixian E-commerce is pursuing a strategic transformation driven by innovation, aiming to enhance product competitiveness through collaborative innovation among multiple brands [4][5]. - Proya is adopting a multi-brand strategy, acquiring various brands to strengthen its market position, including cosmetic brands and medical supplies [5][6]. Market Trends - The domestic beauty industry is witnessing a shift from high marketing-driven growth to a focus on strategic brand positioning and international expansion as the traffic dividend diminishes [5][9]. - Brands are increasingly looking for overseas growth opportunities, with Proya planning to issue H-shares for international expansion and Beitaini establishing regional headquarters in Thailand [9][10]. - Water Sheep is also pursuing a high-end transformation by acquiring luxury brands to enhance its market presence [6][10]. Competitive Landscape - The beauty industry is facing intensified competition, with brands needing to adapt to changing consumer behaviors and market dynamics [5][9]. - The low-price competition strategy adopted by Shangmei has raised concerns about its long-term sustainability as consumer rationality increases [7][9]. - Experts suggest that domestic beauty brands must enhance their brand structure and user value to compete effectively on a global scale [10].

Core Viewpoint - The article discusses the recent developments in the domestic beauty market, highlighting the completion of a Series B funding round for HuazhiXiao, led by domestic beauty giant Proya, and the strategic shifts among the top ten domestic beauty companies as they seek new growth avenues amid a slowing market [3][4]. Group 1: Financial Performance of Top Domestic Beauty Companies - Proya, Shangmei, and Shanghai Jahwa ranked as the top three domestic beauty companies, with Proya achieving a revenue of 5.362 billion yuan in the first half of the year, surpassing half of last year's total revenue [5][6]. - Shangmei's revenue grew by 17.3% year-on-year to 4.108 billion yuan, with net profit increasing by 34.7% [5][6]. - The top ten domestic beauty companies saw eight achieve revenue growth, and seven companies reported positive net profit growth, indicating a robust overall performance [6][8]. Group 2: Strategic Shifts and Market Positioning - The top domestic beauty companies are rapidly building multi-brand matrices and advancing overseas strategies to adapt to the slowing domestic market [3][4]. - Proya's skincare segment remains dominant, while its hair care and color cosmetics categories have shown significant growth, with hair care growing by 131.25% and color cosmetics by 25.79% [11]. - Shangmei's main brand, Han Shu, generated 3.344 billion yuan in revenue, while its new brand, newpage, focusing on children's skincare, achieved a remarkable 146.5% growth [14][16]. Group 3: International Expansion and Investment Strategies - Proya aims to enter the top ten global cosmetics companies by 2035, targeting a revenue of at least 50 billion yuan, and is actively pursuing international market opportunities [22][23]. - The investment in HuazhiXiao is a strategic move for Proya to enhance its multi-brand strategy and recognize HuazhiXiao's global potential [23]. - Water Sheep Co. is also focusing on international expansion, with a goal to become a global luxury beauty brand management group, launching a "10+3" global strategy [26][28]. Group 4: Challenges and Future Outlook - The domestic beauty market is facing challenges such as slowing growth and increased competition, prompting companies to seek international opportunities to escape price wars [29]. - Companies that possess product originality, brand narrative capabilities, and cross-market operational efficiency are more likely to transition from "Chinese leaders" to "global players" [29].

Core Insights - Several domestic beauty brands have reported mixed results for the first half of the year, with some achieving revenue and net profit growth while others struggle with stagnation or losses [1][3][4] Group 1: Performance Overview - Up to mid-2025, companies like Proya, Shangmei, Mao Geping, and Shuiyang have shown revenue and net profit growth, while Betaini, Huaxi Biology, and Yixian E-commerce continue to face challenges [1][3] - Shangmei achieved revenue of 4.108 billion yuan, a 17.3% increase year-on-year, and a net profit of 524 million yuan, up 30.65% [3] - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3] - Shuiyang's revenue reached 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3] - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and net profit was 799 million yuan, up 13.8% [4] - Betaini's revenue fell to 2.372 billion yuan, down 15.43%, with a net profit decrease of 49.01% to 247 million yuan [4] - Yixian E-commerce reported revenue of 1.92 billion yuan, a 22.48% increase, but a net loss of 22.97 million yuan [4] - Huaxi Biology's revenue dropped 19.57% to 2.261 billion yuan, with a net profit decline of 35.38% to 221 million yuan [4] Group 2: Strategic Responses - Companies are adapting to the end of the traffic dividend era by focusing on multi-brand strategies and high-end product offerings [6][9] - Proya is pursuing a multi-brand strategy, acquiring various brands to strengthen its market position [7] - Shuiyang is focusing on high-end transformation, acquiring international brands to enhance its premium offerings [7] - Betaini is also working on a multi-brand approach, with significant growth in its high-end anti-aging brand [8] - Shangmei is leveraging price advantages in the budget market, but this has led to concerns about entering a price war [8] Group 3: International Expansion - Domestic beauty brands are increasingly looking for growth opportunities overseas [9][10] - Proya plans to issue H-shares for international expansion and has announced overseas acquisitions in various beauty segments [9] - Betaini is establishing regional headquarters in Thailand and expanding its product presence in local markets [9] - Yixian E-commerce has launched a global innovation R&D center and is expanding into Southeast Asia and North America [10] - Shuiyang is also pursuing a global strategy, focusing on brand and supply chain globalization [10]

上美股份 02145.HK 公司研究 | 动态跟踪 | 主品牌抖音龙头地位稳固 多品牌多品类布 | | --- | | 局日益完善 | 核心观点 盈利预测与投资建议 ⚫ 我们小幅调整公司盈利预测，预计公司 2025-2027 年每股收益分别为 2.78、3.55 和 4.37 元（原测为 2.71、3.42 和 4.19 元），参考可比公司，给予 2025 年 34 倍 PE， 目标价为 103.21 港币（1 人民币=1.09 港币），维持"买入"评级。 风险提示：行业竞争加剧，新品牌、新品类推广不及预期等 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 4,191 | 6,793 | 8,475 | 10,395 | 12,411 | | 同比增长 (%) | 56.6% | 62.1% | 24.8% | 22.7% | 19.4% | | 营业利润(百万元) | 414 | 695 | 1,090 | 1,467 | 1,820 | | 同比 ...

点评： 25H1 营收稳健增长，利润增速靓丽 机构：国元证券 研究员：李典/徐梓童 事件： 公司发布2025 年半年报。 主品牌韩束Q2 增长提速，第二品牌newpage 延续倍式增长分品牌来看，主力品牌韩束25H1 实现收入 33.44 亿元，同比增长14.3%，红蛮腰全渠道累计销售1500 万套，X 肽系列累计销售破2 亿，多品类策 略成效显著，洁面膏、洗发水等新品在抖音细分品类登顶。第二曲线newpage营收3.97 亿元，同比增长 146.5%，达成2024 年全年销售额，婴童安心霜等单品在天猫细分市场表现突出。一叶子实现收入0.89 亿元，同比下降29.0%，仍处于战略调整期；红色小象实现收入1.59 亿元，同比下降8.7%，战略调整初 见成效，跌幅收窄。分品类来看，公司在护肤品品类布局敏感肌护肤品牌安敏优，25H1 推出定位光白 抗衰的中高端护肤品牌聚光白，筹备推出高端抗衰护肤品牌TAZU；母婴方面，公司筹备推出已授权知 名IP 的同名母婴品牌面包超人及奥特曼；彩妆方面，25H1 公司与彩妆师共同创立的彩妆品牌NAN beauty 上市，并正筹备推出与知名化妆造型师共同创立的彩妆品牌单彩。 线上加 ...

尚美股份的发展历程可以分为哪些阶段？ 尚美股份的发展历程可以分为三个阶段。第一个阶段是 2002 年至 2022 年， 公司通过线下专卖店和 ToB 经销商模式达到了 30 亿体量。第二个阶段是 2023 年至 2024 年，公司进行了重大变革，通过抖音平台韩束品牌的大单品 实现了行业领先地位，营收复合增速接近 60%，归母净利润复合增速达到 130%。第三个阶段从去年（2024 年）下半年开始，公司进入了 3.0 品牌化经 营时代，围绕护肤、母婴、洗护、彩妆等六大板块展开多品牌运营布局。 上美股份 20250903 摘要 尚美股份估值已达 30 倍，高于历史平均 20 倍，主要源于市场对其未来 3-5 年多品牌发展战略的认可。 韩束品牌在抖音平台占比曾超 80%，但随着流量红利消退，公司战略性 收缩达播投入，转向直播间和商品卡商城，短期影响 GMV，但释放了利 润端压力，2025 年 3 月起 GMV 恢复增长。 尚美股份正积极拓展多元化品类，新品占比已达 30%-40%，并设立独 立事业部，同时拓展快手、天猫、京东等新兴及传统电商平台。 韩束品牌在抖音渠道 2025 年 5、6 月增速显著，虽 7、8 月 ...

中国 证券研究 2025 年 9 月 2 日 上美股份 增持 下半年将提速；维持"增持"评级 我们仍对公司下半年前景抱有信心，此前出炉的上半年业绩出色，营收/ 盈利同比增长 17%/31%，符合正面盈利预告（参见报告）。主要进展： 1）由于抖音业务改革（战略性转向自播）取得成效，"韩束"在抖音美 妆品类中保持主导地位（GMV 排名第一，是第二名的两倍以上）；进入 3 季度以来这种势头进一步加快，年初迄今销售额增长 25%以上，而上 半年增速为 14%，管理层的目标是 GMV 全年增长率超过 40%；2）2026 年基本目标：营收/盈利均增长 25%；3）第二增长曲线"一页"保持增 势（上半年销售额增长 147%至 3.97 亿元，超过 2024 年水平），而且复 购率上升（天猫/抖音为 54%/53%，同比增长 6/16 个百分点），单价较 高（天猫上为 130 元，而行业平均水平为 66 元）；4）将于 2026 年开始 海外扩张，首个目标在东南亚（如印尼）；5）中期每股股息为 0.5 元， 对应的派息率为 38%，而 2024 年为 76%，这是由于新增产能资本支出和 海外扩张投资所致，但分红政策保持 3 ...