Core Viewpoint - The company reported strong financial performance for the first half of 2025, with revenue and net profit growth exceeding initial forecasts, indicating robust operational strength and market positioning [1]. Financial Performance - Revenue for 25H1 reached 4.108 billion yuan, representing a year-on-year increase of 17.3% [1]. - Net profit for 25H1 was 555.6 million yuan, reflecting a year-on-year growth of 34.7% [1]. - The board has proposed an interim dividend of 0.5 yuan per share [1]. Brand and Product Development - The brand 韩束 maintained its leading position in online beauty sales, achieving a 15.5% year-on-year increase in GMV on Douyin [2]. - New product launches, such as 韩束净颜清透洁面膏 and 韩束控油蓬松洗发水, ranked first in their respective categories on Douyin [2]. - The high-end maternal and infant brand newpage saw significant growth, with revenue of 397 million yuan, a year-on-year increase of 146.5% [2]. Multi-Brand Strategy - The company is expanding its multi-brand strategy to meet diverse consumer demands, with strong growth in sensitive skin care brand 安敏优 and the recent launch of the high-end anti-aging brand TAZU [3]. - The 防脱 brand 极方 achieved GMV of 10-25 million yuan since its launch in May [3]. - The company is also preparing to launch a new maternal and infant brand based on well-known IPs, such as 面包超人 and 奥特曼 [3]. Cost Management and R&D Investment - The company optimized its sales expense ratio, achieving a gross margin of 75.5%, a decrease of 1.0 percentage point year-on-year [3]. - The sales and distribution expense ratio was 56.9%, down 0.7 percentage points year-on-year, indicating improved efficiency in brand promotion and channel construction [3]. - R&D expenses accounted for 2.5% of revenue, reflecting a 0.3 percentage point increase year-on-year, with ongoing investments in innovation and patent applications [3]. Profit Forecast and Valuation - The company maintains its profit forecast, expecting net profits of 1.02 billion, 1.28 billion, and 1.56 billion yuan for 2025-2027, with corresponding EPS of 2.56, 3.22, and 3.92 yuan [3]. - The target price is set at 111.30 HKD, based on a 40x PE for 2025, reflecting confidence in the brand's performance and market strategy [3].

Core Viewpoint - The company, Up Beauty Co., has demonstrated strong financial performance in the first half of the year, with significant year-on-year growth in both revenue and net profit, reflecting its robust market position and operational efficiency [1][7]. Financial Performance - Up Beauty Co. achieved a revenue of 4.108 billion yuan, representing a year-on-year increase of 17.3%, and a net profit of 556 million yuan, up 34.7% year-on-year, indicating a strong growth trajectory [1]. - The gross profit reached 3.12 billion yuan, with a gross margin of 75.5%, which is an increase of 1.7 percentage points from the previous period, showcasing high profitability [1]. - The earnings per share were 1.32 yuan, a 30.7% increase year-on-year, with a mid-term dividend of 0.5 yuan per share, reflecting solid cash flow and a commitment to shareholder returns [7]. Market Position and Growth Strategy - The new consumption sector in the Hong Kong stock market has become a focal point for capital, with Up Beauty Co. positioned as a leading player benefiting from the rising trend of self-care consumption and emotional value in spending [1][2]. - The company employs a multi-brand strategy that enhances market coverage and product competitiveness, with its main brand, Han Shu, achieving a revenue of 3.344 billion yuan, a 14.3% increase year-on-year [8][9]. - The brand newpage has also shown remarkable growth, with a revenue of 397 million yuan, marking a 146.5% increase year-on-year, indicating strong market penetration [9]. Research and Development - Up Beauty Co. invested over 103 million yuan in R&D, a 31.7% increase year-on-year, which constitutes 2.5% of its revenue, and holds nearly 200 patents, enhancing its innovation capabilities [13]. - The establishment of the Han Shu Translational Medicine Fund aims to strengthen the integration of research and practical application, further supporting product innovation [13]. Future Growth Potential - The company is well-positioned to benefit from the ongoing transformation in the cosmetics industry, with domestic brands capturing 55% of the market share, indicating a shift towards local products [14][15]. - Up Beauty Co. plans to launch new brands, including high-end anti-aging and makeup lines, leveraging strong partnerships and its existing R&D capabilities to meet diverse consumer needs [18][21]. - The company is also expanding its global footprint, particularly in Southeast Asia, which presents new growth opportunities [22].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong performance with a 17.3% year-on-year increase in revenue and a 30.6% increase in net profit for the first half of 2025 [4][5] - The main brand, Han Shu, continues to perform well, leading the beauty brand rankings on Douyin and expanding its product line [7][8] - The multi-brand strategy is expected to drive new growth momentum, with several potential brands in the pipeline [8] Financial Performance - For the first half of 2025, the company achieved revenue of 4.11 billion RMB and a net profit of 520 million RMB, with an EPS of 1.32 RMB [4] - Revenue growth by brand: Han Shu increased by 14.3%, while New Page saw a significant increase of 146% [5] - Online sales grew by 20.1%, while offline sales decreased by 10.6% [5] Profitability and Cost Structure - The gross margin for the first half of 2025 decreased by 1 percentage point to 75.5% [6] - Operating cash flow increased significantly by 77.5% year-on-year to 390 million RMB [6] Future Projections - The company expects to achieve net profits of 1.16 billion RMB in 2025, with a growth rate of 48.4% [9] - The projected P/E ratios for 2025 and 2026 are 29 and 23, respectively [8][9] Brand Development - The company is expanding its brand portfolio, including new skincare and baby care brands, and is collaborating with well-known IPs for product launches [8]

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported impressive revenue and profit growth for 25H1, with revenue reaching 4.108 billion yuan, a year-on-year increase of 17.3%, and net profit of 556 million yuan, up 34.7%, both nearing the upper limit of previous forecasts [1] - The board has proposed an interim dividend of 0.5 yuan per share [1] - The company is expanding its product categories, with strong growth in mid-to-high-end brands and a well-structured business model across six major segments, indicating a high growth ceiling [1] Summary by Sections Revenue and Profit Performance - For 25H1, the company achieved revenue of 4.108 billion yuan, a year-on-year increase of 17.3%, and net profit of 556 million yuan, up 34.7% [1] - The revenue and net profit growth rates are close to the upper limits of the company's prior forecasts [1] Brand and Product Development - The brand "韩束" maintained its leading position in online beauty sales, with a 15.5% year-on-year increase in GMV on Douyin [2] - The new high-end mother and baby brand "newpage" saw revenue of 397 million yuan, a remarkable year-on-year growth of 146.5% [3] - The company is actively launching new products across various categories, including skincare and makeup, to meet diverse consumer demands [4] Financial Metrics and Forecasts - The company achieved a gross margin of 75.5%, with a slight year-on-year decrease of 1.0 percentage points [5] - The report maintains profit forecasts for 2025-2027, expecting net profits of 1.02 billion, 1.28 billion, and 1.56 billion yuan respectively, with corresponding EPS of 2.56, 3.22, and 3.92 yuan [6] - The target price is set at 111.30 HKD, based on a 40x PE for 2025 [6]

Core Viewpoint - The article highlights the strong performance and growth potential of the beauty company, Shiseido Holdings (上美股份), driven by a multi-brand strategy, innovative product development, and a comprehensive sales channel approach, amidst a rising trend of young consumers prioritizing experience and value in their purchasing decisions [1][2][11]. Financial Performance - In the first half of 2025, Shiseido Holdings reported total revenue of approximately 4.108 billion RMB, a year-on-year increase of 17.3% [2] - The net profit reached about 555.6 million RMB, reflecting a 34.7% increase compared to the previous year [2] - Gross profit was approximately 3.102 billion RMB, with a year-on-year growth of 15.8%, resulting in a gross margin of 75.5%, up 1.7 percentage points from the previous period [2] - Basic earnings per share for the first half of 2025 were 1.32 RMB, a 30.7% increase year-on-year [2] Multi-Brand Strategy - The company's strong performance is attributed to its deepening multi-brand strategy, with its main brand, Han Shu (韩束), achieving revenue of approximately 3.344 billion RMB, a 14.3% increase year-on-year [3] - Han Shu's star product, the Red Waist series, sold over 15 million units, establishing itself as a national skincare staple [3] - The new brand, Newpage (一页), showed remarkable growth with revenue of 397 million RMB, a 146.5% increase year-on-year, indicating its successful entry into the baby care market [5] Sales Channel Development - Shiseido Holdings has effectively implemented a comprehensive sales channel strategy, with Han Shu ranking first in monthly GMV on Douyin in the first half of 2025 [10] - The brand has also seen significant growth across various e-commerce platforms, including Tmall, Vipshop, Pinduoduo, and Kuaishou, creating a robust sales ecosystem [10] Research and Development - The company invested over 103 million RMB in R&D in the first half of 2025, a 31.7% increase year-on-year, resulting in nearly 200 patents and several publications in global core journals [11] - The establishment of the "Han Shu Translational Medicine Fund" signifies the company's commitment to integrating academic and medical resources to enhance product innovation [12] International Expansion - Shiseido Holdings is actively pursuing international growth, particularly in Southeast Asia, aiming to elevate its brand from a "Chinese brand" to a "global brand" [13] - The company's international strategy is expected to open new growth avenues and enhance its global market presence [13]

Core Insights - Shanghai Shangmei Cosmetics Co., Ltd. reported a revenue of 4.108 billion yuan for the first half of 2025, representing a year-on-year growth of 17.3% [1] - The company's gross profit reached 3.102 billion yuan, with a year-on-year increase of 15.8% [1] - Net profit for the period was 556 million yuan, showing a significant year-on-year growth of 34.7%, indicating improved profitability [1] - Basic earnings per share stood at 1.32 yuan [1] Revenue Drivers - The revenue increase was primarily driven by the steady advancement of the core business in cosmetics production and sales, with the main brand "Han Shu" making a significant contribution [1] - "Han Shu" brand achieved the highest monthly average GMV among beauty brands on Douyin, with several new products topping category rankings [1] - The brand "newpage" generated 397 million yuan in revenue during the first half of 2025, marking a substantial year-on-year increase of 146.5% [1] - The online sales of "newpage" for the first half of 2025 surpassed the total sales for the entire year of 2024 [1] R&D Investment - Research and development expenditure for the first half of 2025 reached 103 million yuan, reflecting a year-on-year growth of 31.7% [1] - The proportion of R&D investment relative to revenue increased from 2.2% in the first half of 2024 to 2.5% in the first half of 2025, indicating a further increase in investment intensity [1]

Core Viewpoint - The article highlights the strong performance and growth potential of the beauty company, Shiseido Holdings (上美股份), driven by a multi-brand strategy, innovative product development, and a comprehensive sales channel approach, amidst a rising trend of young consumers prioritizing experience and value in their purchasing decisions [1][2][12]. Financial Performance - In the first half of 2025, Shiseido Holdings reported total revenue of approximately 4.108 billion RMB, a year-on-year increase of 17.3% [2] - The net profit reached about 555.6 million RMB, up 34.7% compared to the previous year, with a gross profit of approximately 3.102 billion RMB, reflecting a 15.8% increase [2] - The gross margin improved to 75.5%, marking a 1.7 percentage point increase from the previous period, indicating high-quality core business development [2] Multi-Brand Strategy - The company's strong performance is attributed to its deepening multi-brand strategy, with its main brand, Han Shu (韩束), achieving revenue of approximately 3.344 billion RMB, a 14.3% increase year-on-year [3] - Han Shu's star product, the Red Waist series, sold over 15 million units, establishing itself as a national skincare staple, while the X Peptide Super Frequency series surpassed 200 million RMB in sales [3][5] - The brand has successfully expanded into various product categories, achieving top sales in body lotion, shampoo, masks, and facial cleansers, transitioning from a facial skincare brand to a comprehensive care expert [3][5] Emerging Brands - The emerging brand, Newpage (一页), demonstrated significant growth, with revenue of 397 million RMB, a remarkable 146.5% increase year-on-year, and online sales exceeding the total for 2024 [5][6] - Newpage's flagship product, the Baby Comfort Cream, sold 330,000 units during the 618 shopping festival, ranking first in the Tmall and Douyin categories for baby creams [6] Sales Channels - The company has established a robust omnichannel sales strategy, with Han Shu ranking first in GMV on Douyin in the first half of 2025, contributing to significant growth across various e-commerce platforms [11] - This comprehensive sales ecosystem reflects the company's deep understanding of consumer behavior and market trends, enhancing brand loyalty and driving high potential across its product lines [11] Research and Development - Shiseido Holdings invested over 103 million RMB in R&D in the first half of 2025, a 31.7% increase year-on-year, resulting in nearly 200 patents and publications in global core journals [12][13] - The establishment of the "Han Shu Translational Medicine Fund" signifies the company's commitment to integrating academic and medical resources to accelerate product innovation [13] International Expansion - The company is actively pursuing international growth, particularly in Southeast Asia, aiming to enhance its global brand presence and transition from a "Chinese brand" to a "global brand" [14] - This strategic move is expected to open new growth avenues and increase the company's international influence [14] Conclusion - The impressive performance of Shiseido Holdings in the first half of 2025 is a result of its deepened multi-brand strategy, enhanced product capabilities, and optimized channel efficiency, positioning it as a key player in the domestic beauty market [14]

其中，韩束品牌对集团收入的贡献为33.44亿元人民币，较2024年上半年(29.27亿元人民币)增长14.3%。 这主要归因于韩束品牌的整体升级、品类扩充以及各渠道的持续增长。 上美股份公布截至2025年6月30日止六个月的中期业绩。报告期内，公司实现收入41.08亿元人民币，同 比增长17.29%；股东应占溢利为5.24亿元人民币，同比增长30.65%；每股基本盈利为1.32元人民币。公 司拟派发中期股息每股0.5元人民币。 在2025年上半年，韩束在线上渠道保持美妆行业的领先地位，尤其在抖音平台，其总成交额(GMV)月均 排名美妆品牌第一，并荣获"抖音电商护肤品牌总榜H1"第一名。 ...

于2025年8月28日，董事会已获得公司提名委员会建议，决议提名周蔚女士为第二届董事会执行董事的 候选人。 上美股份(02145)公布，孙昊先生已获委任为董事会秘书，自2025年8月28日起生效，任期与本届董事会 相同。 此外，董事会近日收到非执行董事李寒穷女士基于个人规划考虑的辞职申请，辞任自公告之日起生效。 ...

此外，董事会近日收到非执行董事李寒穷女士基于个人规划考虑的辞职申请，辞任自公告之日起生效。 智通财经APP讯，上美股份(02145)公布，孙昊先生已获委任为董事会秘书，自2025年8月28日起生效， 任期与本届董事会相同。 于2025年8月28日，董事会已获得公司提名委员会建议，决议提名周蔚女士为第二届董事会执行董事的 候选人。 ...