Core Viewpoint - The company, Shangmei Co., Ltd. (02145.HK), announced the grant of a total of 51,130 restricted stock units to five grantees under its incentive plan, representing 0.01% of the total shares issued as of the announcement date [1] Summary by Category - **Company Announcement** - Shangmei Co., Ltd. will grant 51,130 restricted stock units to five individuals [1] - The total number of shares granted represents 0.01% of the company's total issued shares as of the announcement date [1]

Core Points - The company announced the adoption of a restricted stock unit incentive plan on December 14, 2023 [1] - The company plans to issue and allocate 35,200 H-shares by September 30, 2025 [1]

Core Viewpoint - The company, Shangmei Co., Ltd. (stock code: 02145), announced the grant of a total of 51,100 restricted stock units to five grantees under its restricted stock unit incentive plan, representing 0.01% of the total issued shares as of the announcement date [1] Summary by Category - **Company Announcement** - Shangmei Co., Ltd. will grant 51,100 restricted stock units to five individuals [1] - The granted units correspond to 51,100 shares, which is 0.01% of the total issued shares as of the announcement date [1]

| 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 | | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 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) | 2025年8月31日 | | 206,319,319 | | 0 | | | 206,319,319 | | 1). 就根據股份計劃授予參與人（發行人的董事除外）的股份獎勵或期權 | | | 35,223 | 0.01707 % | | RMB | 1 | | | 而發 ...

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. （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 第四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日及 2025年6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2025年9月30日，根據限制性股票單位激勵計劃向五名承授人授予合共51,130份 限制性股票單位，指51,130股相關股份（於本公告日期已發行股份總數的0.01%）。 授出限制性股票單位的詳情 1 上 ...

Core Viewpoint - The article highlights the significant advancements made by the Chinese beauty brand, Shangmei Co., in the field of peptide skincare technology, particularly through the launch of the "2025 Han Shu Peptide Research and Efficacy Skincare Application Yearbook" which showcases China's innovative capabilities on an international stage [3][5][23]. Group 1: Event Highlights - The "2025 Han Shu Peptide Research and Efficacy Skincare Application Yearbook" was a key highlight at the CAME conference, receiving high praise from industry leaders [5][6]. - The yearbook consolidates over 50 years of global peptide technology development and focuses on China's recent breakthroughs, particularly the环六肽-9 [15][22]. - Shangmei Co. was recognized for its research on环六肽-9, which was included in the "2025 Top Ten Technological Advances in the Chinese Cosmetics Industry" [8][11]. Group 2: Research and Development Achievements - The research on环六肽-9 involved a multidisciplinary approach, utilizing a trillion-level peptide entity library for screening and computational simulation, leading to the development of a proprietary liquid-phase cyclic synthesis technology [11][12]. - The yearbook serves as a practical guide for the application of peptide technology in cosmetics, showcasing the innovative paths and experiences of Chinese brands in this field [15][23]. - Shangmei Co. has established a strong association with the peptide concept, becoming a leading brand in the peptide skincare sector through extensive research and collaboration with domestic and international institutions [25][27]. Group 3: Global Recognition and Future Directions - The participation of Shangmei Co. in major international conferences like EADV and IFSCC marks a significant step for Chinese beauty brands in entering the global scientific community [12][18]. - The collaboration with Dr. Karl Lintner, a recognized expert in peptide technology, further validates Shangmei Co.'s innovative approach and commitment to advancing peptide research [19][20]. - The yearbook is seen as a declaration of China's shift from "manufacturing" to "intelligent manufacturing" in the beauty industry, emphasizing the brand's capability to compete on a global scale [23][28].

Core Insights - The report from CICC indicates that the 2025 National Day and Mid-Autumn Festival holiday will span 8 days, coupled with more flexible leave arrangements, which is expected to stimulate a more active consumption window [1] - The Ministry of Culture and Tourism has announced that over 480 million yuan in consumption subsidies will be distributed during the consumption month, which is anticipated to further enhance residents' willingness to spend and boost holiday consumption [1] Group 1: Consumer Trends - The extended holiday peak is expected to improve travel sentiment year-on-year [1] - The report emphasizes a long-term focus on self-consumption, recommending sectors such as trendy toys and e-cigarettes, with specific companies like Pop Mart, Blokus, and Smoore International highlighted [1] Group 2: Domestic Brands and Policy Impact - The report suggests a trend towards the rise of domestic brands, recommending beauty and personal care sectors, including companies like Mao Geping, Juzhibio, Shanghai Jahwa, and Shanghai Jahwa [1] - Attention is drawn to sectors benefiting from policy catalysts, particularly retail, supported by domestic demand policies and seasonal boosts [1]

Core Viewpoint - The 2025 CAME (China Aroma and Cosmetic Industry Annual Conference and Expo) held in Nanjing focused on "Technology, Brand, and Co-prosperity," showcasing over 500 brands and more than 1,000 new products, emphasizing the integration of government, industry, academia, research, and investment [2][5][38]. Group 1: Event Overview - The event featured high-quality, high-standard, and professional exhibitions, attracting leading beauty companies such as L'Oréal, Procter & Gamble, and Unilever, along with top raw material suppliers like BASF and DSM, creating an "all-star" lineup [5][10]. - CAME has evolved into a "core technology release conference" for domestic and international beauty brands and raw material companies, highlighting its significance in the industry [8][10]. Group 2: Technological Innovations - Numerous innovative technological achievements were showcased, with a strong emphasis on "Chinese-style innovation," including Proya's mitochondrial anti-aging technology and Shiseido's research on the hidden skincare benefits of fermented natto bacteria [10][11][17]. - Shanghai Jahwa introduced the industry's first non-invasive skin glycation quantification and imaging device, filling a gap in the cosmetic field [12]. Group 3: Industry Trends - The event highlighted a shift in the cosmetics industry from "scale expansion" to "value enhancement," with raw material innovation becoming a strategic pivot for this transformation [23][38]. - The demand for diverse consumer needs is pushing upstream supply chain companies to continuously innovate in technology research and scientific communication [23][26]. Group 4: Collaboration and Future Outlook - CAME serves as a bridge for collaboration among raw material suppliers, brands, distributors, and technology companies, accelerating technology transfer and commercial cooperation [34][37]. - The conference is viewed as a crucial opportunity for enhancing the global competitiveness of domestic brands, with a focus on high-quality innovation and development [38].

Core Insights - The global beauty industry is projected to exceed $677 billion by 2025, indicating strong growth, while the Chinese cosmetics market is undergoing significant structural changes, moving away from reliance on single blockbuster products or marketing gimmicks to a focus on genuine brand strength [1][2]. Market Performance - The Chinese cosmetics retail market is expected to maintain moderate growth in the first half of 2025, with retail sales reaching 2.291 billion yuan, a year-on-year increase of 2.9%, although this is below the overall retail growth rate of 5.0% [2][4]. - International beauty giants are facing pressure in the Chinese market, with L'Oréal leading with sales of 186.19 billion yuan, a 3% increase year-on-year, while Estée Lauder reported a 10.88% decline in net sales, marking its lowest sales in five years [4][6]. Domestic Brand Performance - Domestic brands are showing resilience, with the retail scale of the Chinese cosmetics market reaching 1.0738 trillion yuan in 2024, and domestic brands capturing 55.2% of the market share [6][8]. - The top ten domestic beauty companies reported a total revenue growth of 11.72% in the first half of 2025, with Proya, Shiseido, and Shanghai Jahwa leading the rankings [7][8]. Consumer Trends - The beauty market is witnessing a shift towards rational consumption, with consumers increasingly sensitive to price and favoring cost-effective products. The sales of beauty and skincare products reached 235.23 billion yuan in the first half of 2025, a 10.1% increase year-on-year [12][13]. - The anti-aging market is experiencing significant growth, with total sales reaching 65.49 billion yuan, a 30.3% increase year-on-year, and the demand for anti-aging products is expanding to younger demographics [13][14]. Brand Strategies - Brands are increasingly adopting multi-brand strategies to address diverse consumer needs, moving from a single product focus to a more comprehensive brand matrix [14][19]. - Investment in research and development is on the rise among leading domestic brands, with a focus on building technological barriers and enhancing product efficacy [15][16]. Marketing and Distribution - Douyin (TikTok) has solidified its position as a growth engine for the beauty industry, with daily views of beauty videos exceeding 2.5 billion, reflecting a shift towards more refined and systematic marketing strategies [17][18]. - The competition is evolving from a focus on single-channel strategies to an integrated approach that balances online and offline resources, emphasizing the importance of brand experience and customer loyalty [18][19].

Investment Rating - The report does not explicitly provide an investment rating for the beauty industry Core Insights - The beauty industry is experiencing a significant transformation driven by consumer preferences for high-quality, effective products and the integration of technology in skincare and cosmetics [4][6][10] Industry Trends - The high-end fragrance segment is witnessing robust growth, with the Chinese perfume market projected to reach 24.9 billion yuan by 2025 and exceed 33.9 billion yuan by 2028, reflecting a compound annual growth rate of 8% [4] - Domestic beauty brands are focusing on scientific innovation, market segmentation, and globalization to enhance competitiveness [6][7] - The integration of medical aesthetics and beauty is becoming a trend, with a projected annual growth rate of 10%-15% for the medical aesthetics market from 2024 to 2027 [10] - The beauty market is seeing a shift towards multi-brand strategies, with companies like Proya and Shiseido leading the way [6][11] Market Environment - Douyin e-commerce is revitalizing the perception of "Chinese good ingredients," enhancing consumer trust in domestic skincare products through educational campaigns [4] - The domestic beauty market grew by 3.1% in the first half of 2025, with significant performance disparities among companies [6] - The trend of "reverse export" to South Korea is emerging, as domestic brands seek to penetrate the Korean market through differentiated product offerings [6] Top Brand Dynamics - Proya leads the domestic beauty market with a revenue of 5.36 billion yuan, followed closely by other major players [11] - The report highlights the rise of makeup artist brands, with Unilever investing in Hung Vanngo Beauty, indicating a growing interest in professional makeup lines [13] - L'Oréal is accelerating its presence in the fragrance market with the launch of high-end perfumes, reflecting a strategic shift towards premium products [14] - The beauty industry is witnessing a surge in e-commerce, with platforms like JD.com reporting double-digit growth in beauty sales [18]