表格類別： 股票 狀態： 新提交 公司名稱： 上海上美化妝品股份有限公司 呈交日期： 2026年3月31日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 H | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02145 | 說明 | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | 已發行股份（不包括庫存股份）變動 | 庫存股份變動 | | | | 事件 | | 佔有關事件前的現有已發 已發行股份（不包括庫存股份）數 行股份（不包括庫存股 目 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下列日期開始時的結存(註1) | ...

（於中華人民共和國註冊成立的股份有限公司） 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。 Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司 （股份代號：2145） 第五輪授出限制性股票單位 本公告乃由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」）根據上市規則第17.06A、17.06B及17.06C條作出。茲提述本公司日 期為2023年11月23日、2023年11月24日、2024年6月28日、2024年9月30日、 2025年6月30日及2025年9月30日的公告以及本公司日期為2023年11月24日的通 函（「該通函」），內容有關限制性股票單位激勵計劃。除另有指明外，本公告所用 詞彙與該通函所界定者具有相同涵義。 於2026年3月31日，根據限制性股票單位激勵計劃向五名承授人授予合共25,519份 限制性股票單位，指25,519股相關股份（於本公告日期已發行股份總數 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% compared to the benchmark index [3]. Core Insights - The company reported a strong performance for the year ending December 31, 2025, with total revenue of 9.18 billion yuan, a year-on-year increase of 35.1%, and a net profit of 1.15 billion yuan, up 43.7% year-on-year. The gross margin improved from 75.2% in 2024 to 76.4% in 2025, driven by an increase in the proportion of online self-operated channels and mid-to-high-end brands [1]. - The company declared a final dividend of 0.75 yuan per share for the fiscal year 2025, resulting in a total dividend payout of 498 million yuan [1]. - The brand "韩束" achieved revenue of 7.36 billion yuan in 2025, reflecting a growth of 31.6%, with significant contributions from various product lines and a user base exceeding 100 million [2]. - The "Newpage" brand saw remarkable growth, with revenue reaching 880 million yuan, a staggering increase of 134.2% [2]. - The company anticipates net profits for 2026, 2027, and 2028 to be 1.375 billion yuan, 1.681 billion yuan, and 1.941 billion yuan, respectively, with corresponding price-to-earnings ratios of 14, 12, and 10 times [3]. Financial Summary - For the fiscal year 2025, the company achieved a revenue of 9.18 billion yuan, with a year-on-year growth rate of 35.1% [5]. - The projected revenues for the years 2026 to 2028 are 11.49 billion yuan, 13.91 billion yuan, and 16.05 billion yuan, respectively, with corresponding growth rates of 25.22%, 21.06%, and 15.39% [5]. - The net profit for 2025 was 1.10 billion yuan, with a year-on-year increase of 41.14%, and is expected to grow to 1.37 billion yuan in 2026 [5].

Group 1: Liquor Industry Analysis - The report indicates that the pressure on the liquor industry has passed, with leading companies clarifying their long-term strategies and shifting from passive to proactive tactics [17][20] - The report highlights that the overall performance of the liquor industry during the Spring Festival was better than expected, with key products from leading companies showing good performance [20] - The report anticipates that the price of Moutai will stabilize above 1500 yuan, confirming the expectation of a turning point in the industry cycle [20] Group 2: Luzhou Laojiao (000568) Analysis - Luzhou Laojiao is recognized for its comprehensive competitive advantages in team capability, management level, incentive mechanisms, brand strength, product structure, and channel capabilities, positioning it as a "hexagonal warrior" in the liquor sector [3][11] - The company is expected to see its performance bottom out in the short term, with stable pricing strategies in place, aiming to reduce channel inventory and improve financial statements [11][13] - By 2030, the revenue potential for Luzhou Laojiao is projected to reach 40 billion yuan, with significant contributions from its high-end products [13][14] Group 3: Crystal International (02232) Analysis - Crystal International is positioned as a diversified international garment manufacturer, deeply integrated with top global brand clients, enhancing profitability through vertical integration [3][12] - The company is expected to benefit from a significant increase in customer orders, particularly from major clients like Uniqlo, Nike, and Adidas, while also expanding into the outdoor and sportswear sectors [12][16] - The report projects a steady increase in net profit for Crystal International from 2.5 billion to 3.0 billion USD from 2026 to 2028, with a "buy" rating assigned [16] Group 4: Shijia Photon (688313) Analysis - Shijia Photon is a leading domestic manufacturer of optical chips and devices, benefiting from the AI-driven demand for AWG and MPO products, with revenue reaching 1.56 billion yuan in the first three quarters of 2025, a year-on-year increase of 114% [3][15] - The company is expected to capitalize on the growing demand for high-density connections in AI data centers, with plans to enhance its supply chain through strategic acquisitions [15][16] - The report assigns a "buy" rating to Shijia Photon, anticipating significant revenue growth from 2.13 billion to 4.09 billion yuan from 2025 to 2027 [15][16] Group 5: Food and Beverage Industry Insights - The report concludes that the food and beverage sector is showing structural improvements, with competition shifting from price to quality, and a gradual balance in supply and demand [20] - The report emphasizes the potential for recovery in consumer prices, particularly in the liquor and food sectors, as companies adapt to changing market conditions [20] - Key recommendations include focusing on cyclical food and beverage companies with growth potential, such as Anjuke Food and Haitian Flavoring [20]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [5]. Core Insights - The company achieved a revenue of 9.178 billion yuan in 2025, representing a year-on-year growth of 35.12%, with a net profit attributable to shareholders of 1.103 billion yuan, up 41.14% year-on-year [1]. - The company's main brand, Han Shu, continues to show strong growth, contributing 7.36 billion yuan in revenue, a 31.6% increase year-on-year, and accounting for 80.2% of total revenue [1]. - The online sales channel has seen rapid growth, with revenue reaching 8.618 billion yuan, a 40.1% increase year-on-year, while offline sales have declined by 14.3% [2]. - The gross profit margin for 2025 was 76.43%, an increase of 1.21 percentage points year-on-year, indicating stable profitability [3]. Financial Summary - The company forecasts revenues of 11.438 billion yuan, 13.795 billion yuan, and 16.274 billion yuan for 2026, 2027, and 2028, respectively, with net profits projected at 1.391 billion yuan, 1.699 billion yuan, and 2.063 billion yuan [4]. - The earnings per share (EPS) are expected to rise from 2.77 yuan in 2026 to 5.18 yuan in 2028, reflecting a strong growth trajectory [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 14.23 in 2026 to 9.60 in 2028, suggesting an attractive valuation as earnings grow [4].

Investment Rating - The report maintains a "Positive" outlook on the cosmetics and medical beauty industry, highlighting strong performance from key players despite a recent market downturn [2][4]. Core Insights - The cosmetics and medical beauty sector has underperformed the market recently, with the Shenwan Beauty Care Index declining by 2.4% from March 20 to March 27, 2026, compared to a 1.7% decline in the Shenwan A Index [4][5]. - Notable companies such as Maogeping, Shangmei, and Linqingxuan reported significant revenue and profit growth for 2025, with Maogeping's revenue exceeding 5 billion yuan, marking a 30% increase, and Shangmei's revenue growing by 35.1% [4][10]. - Linqingxuan achieved a remarkable revenue growth of 102.5%, doubling its revenue from 12.1 billion yuan in 2024 to 24.5 billion yuan in 2025 [16]. Summary by Sections Industry Performance - The cosmetics and medical beauty sector has shown weaker performance compared to the overall market, with specific indices reflecting declines [4][5]. - The Shenwan Cosmetics Index fell by 2.9%, while the Shenwan Personal Care Index increased by 0.5%, indicating mixed performance within the sector [4][5]. Company Highlights - **Maogeping**: Achieved a revenue of 5.05 billion yuan in 2025, a 30% increase, with a net profit of 1.204 billion yuan, up 36.7% [10][11]. - **Shangmei**: Reported a revenue of 9.178 billion yuan, a 35.1% increase, and a net profit of 1.154 billion yuan, up 43.7% [11][12]. - **Linqingxuan**: Revenue reached 2.45 billion yuan, a 102.5% increase, with a net profit of 360 million yuan, up 92.9% [16][17]. - **Shanghai Jahwa**: Revenue of 6.317 billion yuan, an 11.25% increase, and a net profit of 268 million yuan, marking a return to profitability [20][21]. Market Trends - The report notes a strong performance in the e-commerce sector, with significant growth in online sales for major brands [27][30]. - The overall retail sales of cosmetics in China showed a growth of 4.5% in the first two months of 2026, indicating a resilient consumer demand [30][31]. Strategic Recommendations - The report recommends focusing on companies with strong brand matrices and high growth in GMV, such as Maogeping and Shangmei, while also highlighting potential in the mother and baby segment [4][10]. - It suggests monitoring companies with strong R&D capabilities and product pipelines in the medical beauty sector, such as Aimeike and Langzi [4][10].

Summary of the Conference Call for Shangmei Co., Ltd. Company Overview - **Company**: Shangmei Co., Ltd. - **Industry**: Cosmetics and Skincare Key Financial Performance - **2025 Revenue**: Approximately 9.2 billion (up 44% YoY) with a net profit of about 1.15 billion [3] - **Core Brand Performance**: - **Hansu**: Revenue of approximately 7.36 billion (up 32% YoY), contributing 80% of total revenue [3] - **Yiyezi**: Revenue of approximately 880 million (up 134% YoY), contributing nearly 10% of total revenue [3] - **Anmiyou**: Revenue of approximately 200 million (up 63% YoY) [3] - **Online Revenue**: Approximately 8.6 billion (up 40% YoY), accounting for 93-94% of total revenue [2][3] Growth Drivers and Strategies - **Brand Expansion**: - Yiyezi is positioned as a second growth curve targeting the 8-18 age group with acne and skincare products [2] - Plans to launch new IP collaborations, including products with Hello Kitty and Ultraman [4] - **Global Strategy**: - Core team has entered Southeast Asia with plans to establish a factory, currently operating around 6,000 overseas retail points [2][5] - **Product Matrix Expansion**: - Yiyezi's product matrix is expanding with a focus on different age groups, including outdoor products for 6-12 years and acne solutions for 12-18 years [4] Marketing and Sales Strategies - **Hansu's Brand Upgrade**: - Transitioned from a broad product focus to a concentrated strategy on key products like BB cream and high-quality skincare [6] - Utilized a "short drama + self-broadcast + full-channel conversion" model for brand enhancement [2][7] - **User Growth on Douyin**: - Achieved user growth through targeted short dramas and collaborations with influencers, resulting in a tenfold increase in audience size [7] - **Competitive Positioning**: - Positioned the Hongman Waist set as a "big brand alternative" with competitive pricing against international brands [8] Financial Metrics and Projections - **Gross Margin Stability**: - Despite an increase in sales expense ratio from 47% to 58%, the gross margin remained stable at approximately 19% [9] - **Future Financial Outlook**: - Expected revenue growth of about 20% for 2026 and 2027, with net profits projected at 1.35 billion and 1.6 billion respectively [12] Multi-Brand Strategy - **Strategic Framework**: - Implemented a "2+2+2" strategy focusing on skincare, hair care, and maternal-infant sectors, aiming to develop six super brands [10] - **Brand Performance**: - Anmiyou and Yiyezi are gaining traction, with Anmiyou's online sales growing by 160% [10] - The high-end skincare brand TAZU is set to launch in 2026 [10] Additional Insights - **Market Adaptation**: - The company is adapting its marketing strategies to different platforms, with a focus on maintaining brand integrity on Tmall [9] - **Emerging Trends**: - The men's skincare line has shown significant growth, indicating a potential new revenue stream [9] This summary encapsulates the key points from the conference call, highlighting the financial performance, growth strategies, marketing approaches, and future outlook for Shangmei Co., Ltd.

Summary of the Conference Call for Shangmei Co., Ltd. Company Overview - Shangmei Co., Ltd. is a research-driven cosmetics brand management company with over 20 years of operational history. The company's vision is to become an influential global cosmetics company, focusing on a "single focus, multi-brand, globalization" strategy. [3][4] Financial Performance - In 2025, the company achieved a revenue of 9.178 billion (up 35.1%) and a net profit of 1.154 billion (up 43.7%). The gross margin increased to 76.43%, and the return on equity (ROE) reached 40.2%. [2][7] - The company maintained a revenue and profit growth guidance of 25% for 2026, despite facing a public relations crisis in early 2026. [18] Brand Performance - **Han Shu**: Revenue in 2025 reached 7.36 billion (up 31.6%). The brand aims to achieve sales of 10-20 billion by 2030. [2][9] - **New Page**: Experienced explosive growth of 134.2%, reaching 880 million in revenue. [2][9] - **Anmi You**: Revenue in 2025 was 198 million (up 62.7%), with expectations to grow to 3-5 billion in the coming years. [9][21] - **Red Elephant**: Sales decreased due to demographic changes and brand adjustments. [9] Market Strategy - The company is shifting its channel structure towards online sales, which accounted for 93.9% of total sales in 2025. [2][8] - The company plans to expand into Southeast Asia with a localized strategy, having built a factory in Indonesia and set to start sales in 2026. [2][6] Product Development and Innovation - R&D investment reached 225 million (up 24%), focusing on proprietary ingredients like KT-939 for skin whitening. [2][7] - The company has established an AI-driven factory in Shanghai, capable of producing 2 million bottles daily. [4] Brand Matrix and Future Goals - The company has structured its brands into three tiers to mitigate risks: - **First Tier**: Han Shu (10-20 billion target) - **Second Tier**: Brands like New Page and Anmi You (2-8 billion target) - **Third Tier**: Brands like Red Elephant and Codemint (0-2 billion target) [5] Challenges and Recovery - Following a public relations crisis, Han Shu's business has stabilized and returned to positive growth by March 2026. [11][18] - The company is focusing on a "Five Good Strategy" for 2026, emphasizing good branding, ingredients, products, pricing, and experiences. [11] Trends and Future Product Launches - The company observes trends towards high efficacy and emotional value in products, with plans to launch new brands like Hello Kitty and collaborations with medical professionals. [15][16] - The company aims to expand its product lines to cover a broader age range, targeting 0-18 years and beyond. [13][22] Conclusion - Shangmei Co., Ltd. is positioned for significant growth with a robust multi-brand strategy, strong financial performance, and a commitment to innovation and market expansion. The company is adapting to market challenges while maintaining a focus on long-term goals and brand development. [17][24]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a total revenue of 9.18 billion yuan in 2025, representing a year-on-year increase of 35% [7] - The net profit for 2025 was 1.15 billion yuan, with a year-on-year growth of 44%, falling within the upper range of the forecast [7] - The company's gross margin for 2025 was 76%, an increase of 1.2 percentage points year-on-year, indicating stable profitability [7] - Online self-operated sales grew significantly, with total online revenue reaching 8.62 billion yuan, a year-on-year increase of 40.1% [7] - The main brand, Han Shu, generated revenue of 7.36 billion yuan, a year-on-year increase of 31.6%, maintaining its leading position in the beauty market [7] - The multi-brand strategy is showing strong performance, with the new brand Newpage achieving revenue of 880 million yuan, a year-on-year increase of 134.2% [7] - The company has signed a cooperation agreement for a new whitening agent, which is expected to enhance its competitive edge in the market [7] - The profit forecasts for 2026 and 2027 have been slightly adjusted to 1.38 billion yuan and 1.72 billion yuan, respectively, with a new forecast for 2028 at 2.15 billion yuan [7] Financial Summary - Total revenue projections for 2024A, 2025A, 2026E, 2027E, and 2028E are 6.79 billion, 9.18 billion, 11.47 billion, 14.32 billion, and 17.68 billion yuan, respectively [1] - Net profit projections for the same years are 781.21 million, 1.10 billion, 1.38 billion, 1.72 billion, and 2.15 billion yuan, respectively [1] - The latest diluted EPS for 2025 is projected at 2.77 yuan per share, with a P/E ratio of 19.05 [1]

Investment Rating - The report assigns a rating of "Accumulate" for the company [5]. Core Insights - The company is expected to achieve revenue and net profit growth of 35% and 44% year-on-year in 2025, respectively, with accelerated growth in the second half of the year [1]. - The brands Han Shu and Yi Ye are projected to have revenue growth of 32% and 134% year-on-year, respectively, indicating a strong outlook for the company's multi-category and multi-brand expansion [1]. - The report highlights the significant recovery of the Han Shu brand, with sales on Douyin increasing by 37% year-on-year, and the introduction of new mid-to-high-end brands is expected to enhance the product matrix [9]. Financial Summary - Total revenue is projected to reach 9,178 million RMB in 2025, reflecting a year-on-year increase of 35.1% [3]. - Gross profit is expected to be 7,015 million RMB in 2025, with a gross margin of 76.4%, up 1.2 percentage points year-on-year [9]. - The net profit attributable to the parent company is forecasted at 1,103 million RMB for 2025, representing a 41.1% increase year-on-year [3]. - The company anticipates a sales expense ratio of 58.4% and a management expense ratio of 3.5% for 2025, with a net profit margin of 12.6%, up 0.8 percentage points year-on-year [9]. Brand Performance - Revenue from the Han Shu brand is expected to reach 736 million RMB in 2025, growing by 32% year-on-year, while Yi Ye is projected to achieve 88 million RMB, with a remarkable growth of 134% [9]. - The report notes that the Yi Ye brand's top product, Anxin Cream, has seen a sales increase of 96% year-on-year, maintaining its position as the category leader [9]. - The company is expanding its brand matrix with the introduction of new products, including a mid-to-high-end anti-hair loss hair care brand and a skincare brand developed in collaboration with Shanghai Ninth People's Hospital [9].