我们维持公司25-27 年归母净利润为11.01/13.79/17.17 亿元，对应EPS为2.77/3.46/4.31 元。参考可比公司 iFind 一致预期26E PE 29x，考虑公司主品牌增势稳健，多品牌/多品类孵化及运营能力已初步验证，高 效灵活组织结构赋能增长，给予公司26E 32X PE，维持目标价为121.67 元。 3、组织高效灵活，线上能力持续巩固。1）公司坚持"顶流、顶配、顶级人才"战术，持续引入中高层品 牌主理人及更多基层员工，强化人才梯队建设，企业文化狼性、鼓励创新。我们认为公司该战术奠定公 司持续孵化差异化多品牌的底层基础。2）公司抖音自播体系已搭建上千人团队，涵盖主播/助播/投流 与内容产出等关键岗位，运营高度精细化、节点多，复制难度相对高，25 年至今自播比例近85%。同 时，公司已搭建高效灵活且激励充分的组织架构，我们认为结合公司主品牌韩束定位的"宽广性"及多品 牌矩阵的"多元化"，该架构有望提高持续捕捉行业结构性机遇的概率。3）公司为自有供应链，高智能 化、成本控制领先、规模效应明显。 4、海外布局稳步推进，有望基于本地化策略深化东南亚市场。海外工厂与合规筹备已基本就绪，计 ...

证券研究报告 上美股份 (2145 HK) 2026 年度投资峰会速递— 韩束维持快增，多品牌势能强劲 2025 年 11 月 06 日│中国香港 化妆品 11 月 5 日上美股份出席了我们组织的 2026 年度策略会，会上公司重点交流 了主品牌韩束的品类定位、结构变化及后续延展方向，newpage/聚光白/安 敏优/极方等多品牌孵化进展，出海规划等；并梳理了公司底层增长基础及 核心竞争优势，包括组织架构、企业文化、人才激励及供应链优势等。 核心亮点： 1、主品牌韩束维持较快增长。10 月韩束红白蛮腰套组产品 GMV 占比优化 至 50%以内，全年次抛品类 GMV 占比已近 15%，近期 PDRN 次抛等表现 突出，男士/个护/身体/彩妆等品类 GMV 占比合计约 20%，产品结构持续多 元化。后续拓展：1）套组：近期白蛮腰上新 377 升级产品系列，后续值得 期待；2）次抛：未来持续探索新成分添加；3）彩妆：10 月继续与李佳琦 合作，表现亮眼、明年有发展潜力；4）香水香氛：看好品类后续普及度， 产品拓展以家居香氛类为主，评香团队已组建完成，26 年新品有望落地。 2、newpage/聚光白/极方等势能强劲 ...

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: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： RMB 398,107,102 備註： 第 1 頁 共 11 頁 v 1.1.1 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: 2025年11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 | | | | | | | | | | | 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 | | ...

证券之星消息，11月4日南向资金增持19.87万股上美股份（02145.HK）。近5个交易日中，获南向资金 增持的有4天，累计净增持133.08万股。近20个交易日中，获南向资金增持的有10天，累计净增持140.05 万股。截至目前，南向资金持有上美股份（02145.HK）4338.87万股，占公司已发行普通股的21.02%。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 上海上美化妆品股份有限公司是一家主要从事化妆品生产及销售的中国公司。该公司主要销售"韩 束"、"一叶子"、"红色小象"及其他品牌产品。该公司产品用于护肤、母婴护理等。该公司通过线上和 线下渠道销售产品。该公司主要在国内市场开展业务。 | 交易日 | 持股总数(股) | 持股变动(股) | 变动幅度 | | --- | --- | --- | --- | | 2025-11-04 | 4338.87万 | 19.87万 | 0.46% | | 2025-11-03 | 4319.00万 | 14.88万 | 0.35% | | 2025-10-31 | 4304. ...

上海上美化妝品股份有限公司 公司章程 （2021年12月21日經公司2021年第一次臨時股東會通過， 2022年6月29日經公司2021年年度股東會修訂， 2022年12月7日經公司2022年度第三次臨時股東會修訂， 2023年10月16日經公司2023年度第一次臨時股東會修訂， 2024年9月30日經公司2024年度第一次臨時股東會修訂， 2025年5月6日經公司2024年年度股東會修訂， 2025年6月25日經公司2025年度第一次臨時股東會修訂， 2025年9月25日經公司2025年度第二次臨時股東會修訂） 1 | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 5 | | 第三章 | 股份 | 5 | | 第四章 | 股東和股東會 | 10 | | 第五章 | 董事會 | 33 | | 第六章 | 高級管理人員 | 43 | | 第七章 | 財務會計制度、利潤分配和審計 | 45 | | 第八章 | 通知和公告 | 48 | | 第九章 | 合併、分立、增資、減資、解散和清算 | 49 | | 第十章 | 修改章程 | 54 | | 第十一章 ...

香港交易及結算所有限公司及香港聯合交易所有限公司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。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 修訂公司章程 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.51(1)條作 出。茲提述上海上美化妝品股份有限公司（「本公司」）日期為2023年11月24日的 通函（「該通函」）及本公司日期為2025年9月30日的公告，內容有關（其中包括）根 據限制性股票單位激勵計劃授出限制性股票單位。除文義另有所指外，本公告所 用詞彙與該通函所界定者具有相同涵義。 根據限制性股票單位激勵計劃發行及配發35,223股H股完成（「完成發行」）後，本 公司的註冊資本及股份總數分別為人民幣398,107,102元及398,107,102股股份。為 反映本公司的註冊資本及股本結構的相關變動，根據本公司於2023年12月14日舉 行的臨時股東大會通過的決議案的授權，董事會授權人士於完成發行後對本公司 章程中有關本公司註冊資本及股份總 ...

Core Viewpoint - The cosmetics industry is undergoing a strategic transformation from basic moisturizing to efficacy-driven and scientific approaches, with peptides emerging as key active ingredients in anti-aging skincare products [3][4]. Market Size and Growth Trends - The global peptide cosmetics market is rapidly growing, with projections indicating a market size of $2.566 billion in 2024, expected to reach $5.716 billion by 2031, reflecting a compound annual growth rate (CAGR) of 12.3% during the forecast period [6][8]. - In 2024, over 55 million consumers are expected to use peptide skincare products, with 68% targeting wrinkle reduction and skin tightening [9]. Regional Market Performance - The Asia-Pacific region is the largest market for peptide cosmetics, accounting for 36% of global sales, with South Korea alone selling over 12.7 million units in 2023 [10][11]. - North America follows closely, representing 34% of global sales, with the U.S. having over 16.2 million active peptide skincare users [12][13]. - Europe contributes 28% of global sales, with Germany, the UK, and France leading the market [11][12]. Segment Market Performance - Serums are the largest segment, accounting for 38% of global sales, with over 480 peptide serums launched in 2023 [15]. - Moisturizing repair creams hold a 26% market share, while anti-aging creams account for 17% [15]. - Eye creams represent 11% of the segment, with 95 peptide SKUs recorded in 2023 [15]. Sales Channel Performance - Online sales dominate the market, accounting for 46% of total sales, with over 37 million peptide products sold through e-commerce platforms in 2023 [16]. - Specialty cosmetics stores contribute 27% to global sales, while supermarkets account for 18% [16]. Capital Flow and Investment Trends - In 2023, the global peptide cosmetics market attracted over $1.12 billion in funding, primarily directed towards R&D, clinical trials, and sustainable packaging [18][19]. - North America received over $360 million in investments, focusing on biotechnology-based peptide platforms [18]. Product Innovation - Over 110 new peptide products were launched globally between 2023 and 2024, showcasing a trend towards multi-peptide formulations and precision delivery systems [20]. - Brands are increasingly integrating AI for personalized skincare solutions, with over 145 brands utilizing AI skin diagnostic systems [20]. Competitive Landscape - The competitive landscape is shifting, with L'Oréal leading the market, followed by Estée Lauder and emerging brands like Han Shu [21][22]. - Han Shu's Red Waist 2.0 series achieved remarkable sales, emphasizing innovative raw material development and effective marketing strategies [22][25]. Raw Material Market Expansion - The peptide manufacturing market is projected to reach $2.574 billion by 2025, with a CAGR of 5.4% from 2025 to 2035 [26]. - There is a growing trend towards sustainable sourcing of peptides, with plant-based peptides gaining traction [26]. Challenges and Development - High costs and stability issues remain significant challenges, with 41% of brands reporting delays in product launches due to packaging and preservation difficulties [27]. - Regulatory fragmentation is also a concern, with only 27 countries having established guidelines for peptide ingredients [27]. Conclusion - The global peptide cosmetics market is in a phase of high growth and innovation, driven by technological advancements and evolving consumer demands, with a competitive landscape characterized by both established leaders and emerging players [29][31].

Group 1 - The core viewpoint of the article highlights the strong performance of domestic beauty brands during the Double Eleven shopping festival, with an increase in competitiveness [1] - The number of domestic brands entering the top 5 beauty and skincare rankings is expected to rise from 2 to 4 between 2023 and 2025, with Han Shu and Proya maintaining their positions at the top for three consecutive years, and Han Shu winning for two consecutive years [1] - On October 13, Han Shu announced Wang Jiaer as its global brand ambassador, which is expected to enhance the brand's international image and appeal [1] Group 2 - Shenwan Hongyuan recently noted that Wang Jiaer has a global fan base and emphasizes high-end brand endorsement, having previously collaborated with international brands like Armani, showcasing Han Shu's brand potential [1] - The Double Eleven promotional strategy is described as robust, focusing on profitability and core products, indicating a strategic shift towards enhancing brand value [1] - The company is benefiting from the rise of domestic products and the trend towards cost-effective consumption, while also expanding into mid-to-high-end markets and niche segments through channel upgrades and diversified product offerings [1]

Core Insights - The stock of Shangmei Co., Ltd. (02145) rose over 6% during trading, currently up 4.61% at HKD 92.95, with a trading volume of HKD 13.95 million [1] Industry Performance - Domestic brands have shown strong performance on the Douyin platform during the Double 11 shopping festival, with their competitiveness continuing to enhance [1] - The number of domestic brands entering the top 5 beauty and skincare rankings is expected to increase from 2 to 4 between 2023 and 2025 [1] - Brands such as Han Shu and Proya have maintained their positions in the top two for three consecutive years, with Han Shu winning the top spot for two years in a row [1] Brand Strategy - On October 13, Han Shu announced Wang Jiaer as its global brand ambassador, leveraging his global fan base and high-end image [1] - Wang Jiaer's previous collaborations with international brands like Armani highlight Han Shu's brand potential [1] - The Double 11 promotional strategy is focused on profitability and core products, indicating a robust approach to market competition [1] Company Strategy - According to Shenwan Hongyuan, the company's strategic implementation is showing continuous results, with increased investment in R&D while focusing on core sectors [1] - The company is upgrading its channel structure, diversifying product categories, and precisely positioning new brands to benefit from the rise of domestic products and the trend of cost-effective consumption [1] - The company is also tapping into growth opportunities in mid-to-high-end and niche markets [1]

Core Viewpoint - The domestic brand Up Beauty (上美股份) has shown strong performance during the Double 11 shopping festival on Douyin, with its stock price increasing by over 6% during trading, reflecting a growing competitive edge in the beauty and skincare market [1] Group 1: Company Performance - Up Beauty's stock price rose by 4.61% to HKD 92.95, with a trading volume of HKD 13.95 million [1] - The company has seen an increase in the number of domestic brands entering the top 5 beauty and skincare rankings on Douyin, from 2 to 4 brands between 2023 and 2025 [1] Group 2: Market Trends - The domestic brand Han Shu (韩束) has maintained its position as the top brand for three consecutive years, with a strong performance in the Double 11 sales event [1] - The brand has recently appointed international star Wang Jiaer as its global ambassador, which is expected to enhance its high-end image and international presence [1] Group 3: Strategic Insights - According to Shenwan Hongyuan, the collaboration with Wang Jiaer is expected to leverage his global fan base and previous associations with high-end brands like Armani, thereby boosting Han Shu's brand potential [1] - The company's strategy during the Double 11 event focuses on profitability and core products, with ongoing investments in research and development, channel upgrades, and diversification of product categories [1]