Core Viewpoint - CICC maintains the profit forecast for Shumei Co., Ltd. (02145) for 2025-2026, with the current stock price corresponding to a P/E of 31/25x for those years, and raises the target price by 5% to HKD 111, indicating a 14% upside potential [1] Company Status - CICC recently organized a non-deal roadshow (NDR) for Shumei Co., Ltd. The main brand, Han Shu, is successfully expanding its product categories and continuously broadening its customer base. Since mid-year, several small brand models have been successfully implemented and are rapidly gaining traction, validating the multi-brand group strategy. The company is expected to have strong long-term growth prospects due to its talent and organizational structure [2] Main Brand Expansion - Han Shu is leveraging its established supply chain and efficient online operations to succeed in the mass market with a strong price-performance ratio. The brand has a wide reach, and its product category expansion is progressing well. In Q3, the proportion of the Douyin Hongbai Mankui series decreased to over 60%, while the share of secondary products increased to about 15%. The combined share of men's, color cosmetics, hair care, and body care reached nearly 10%. In August, the monthly GMV for secondary products on Douyin exceeded RMB 200 million, accounting for 25% [3] Small Brand Performance - Several small brand models are showing impressive growth trends, with online GMV continuing to double in July and August. Specific brands include: - Anminyou: Significant acceleration since mid-year, with Douyin GMV reaching about RMB 20 million in August - Jifang: Monthly growth since May, with Douyin GMV nearing RMB 20 million in August - Juguangbai: Collaborated with top KOLs on Douyin, achieving over RMB 50 million in GMV and profitability in its first month - Nan Beauty: New products launched in early September - Bread Man: New products launched in early September [4] Organizational Support - The company emphasizes organizational drive and talent support, with a performance-oriented and flexible organizational structure. Brand divisions enjoy high decision-making autonomy, and the company continues to attract top talent and implement effective incentive mechanisms. This establishes a replicable brand incubation system, supporting the expansion of a multi-category and multi-brand matrix. The company is also actively pursuing overseas expansion, with supply chain development and team building in Southeast Asia progressing steadily. CICC is optimistic about Shumei's long-term growth as a multi-brand and multi-category platform company [5]

Group 1 - The core viewpoint is that CICC maintains its earnings forecast for Shangmei Co., Ltd. (02145) for 2025-2026, with the current stock price corresponding to a P/E of 31/25x for those years. The target price is raised by 5% to HKD 111, implying a 14% upside potential [1][2]. Group 2 - The company has successfully expanded its main brand, Han Shu, broadening its demographic reach. The brand's performance in Q3 shows a decrease in the proportion of its main product series to over 60%, while the share of secondary products has increased to about 15% [3]. - Multiple small brand models have shown promising growth, with online GMV doubling in July and August. Brands like An Min You and Ji Fang have seen significant increases in GMV, with An Min You reaching approximately 20 million yuan in August [4]. - The company emphasizes a performance-driven organizational structure and talent support, which are crucial for its transition to a multi-brand, multi-category platform. The company is also actively expanding into Southeast Asia [5].

Summary of Chicmax Conference Call Company Overview - **Company**: Chicmax - **Industry**: Cosmetics - **Market Position**: Ranked among the top ten domestic cosmetics companies in China and top 15 in the overall beauty and personal care market in 2024 with a market share of 1.4% and retail sales of Rmb7.7 billion [12][17] Key Points and Arguments - **Long-term Vision**: Chicmax aims to be the No.1 domestic cosmetics group and one of the top 10 global cosmetics groups, supported by a clear strategic roadmap focusing on cosmetics, multi-brand operations, and globalization [1][12] - **Multi-brand Portfolio**: The company operates a multi-brand portfolio covering six categories: mass skincare, maternity & childcare, toiletries, color cosmetics, functional skincare, and high-end skincare [1][12] - **Financial Performance**: - Adjusted EPS for 2026E increased from Rmb3.56 to Rmb3.67 [5] - Revenue growth expected at a CAGR of 23% from 2025 to 2027E, with earnings growth at 32% CAGR [13][18] - Operating margin projected to rise from 10.9% in 2024 to 14.1% in 2027E, driven by gross margin expansion from 75.2% to 78.4% [13][18] - **Brand Performance**: - KANS brand is the number one cosmetics brand on Douyin with over Rmb6.5 billion GMV in 2024 [12][17] - Newpage brand sales increased by 147% in 1H25 to Rmb397 million, exceeding 2024 levels [7] - **Sales Target**: Chicmax targets Rmb30 billion in sales by 2030, with specific targets for its brands: KANS (Rmb20 billion), growth brands (Rmb8 billion), and seed brands (Rmb2 billion) [7] Financial Estimates - **Revenue Projections**: - FY24A: Rmb6,793 million - FY25E: Rmb8,638 million - FY26E: Rmb10,839 million - FY27E: Rmb12,673 million [11] - **Adjusted Net Income**: - FY25E: Rmb1,148 million - FY26E: Rmb1,462 million - FY27E: Rmb1,778 million [11] - **Valuation**: DCF-based price target of HK$114 implies a P/E of 30x for 2026E and 24x for 2027E [14][19] Risks and Catalysts - **Downside Risks**: Include product quality deterioration, inflation, challenges in new brand incubation, and government regulations [21] - **Upside Catalysts**: Success in new brand incubation and better-than-expected growth in core brands [21] Additional Insights - **Market Trends**: Chicmax is expected to benefit from the fast growth and local pride trend in China's cosmetics industry, leveraging its multi-brand portfolio and strong R&D capabilities [13][18] - **Corporate Structure**: The Brand BU Autonomy structure allows brand GMs full autonomy on operations, enhancing responsiveness to market dynamics and operational efficiency [7] This summary encapsulates the key insights from the conference call regarding Chicmax's strategic direction, financial performance, market positioning, and potential risks and opportunities in the cosmetics industry.

Core Viewpoint - Morgan Stanley reports that Shiseido's performance in the first half of the year is robust, with the company aiming to become the leading cosmetics group in China and one of the top ten globally [1] Group 1: Company Strategy - The company's strategy is clear, focusing on cosmetics and developing a multi-brand approach that encompasses six major categories while promoting globalization [1] - Morgan Stanley is optimistic about the company's long-term development and has raised its profit forecasts for 2025-2027 [1] Group 2: Market Outlook - The target price for Shiseido is set at 114 HKD, with a maintained "buy" rating [1] - The report suggests that Shiseido is likely to benefit from the growth of the Chinese cosmetics market and the trend towards local brands [1] - The company is expected to further expand its market share due to its multi-brand strategy, research and development capabilities, omnichannel approach, and brand value advantages [1]

该行将上美股份2025至2027年预测盈利上调1%至5%，预估较市场共识高出3%至8%。基于现金流折现 率作估值，给予新目标价为114港元，暗示2026至2027年预测市盈率分别为30倍及24倍，维持"增持"评 级。摩通预期，上美股份将承载中国化妆品行业的快速成长，及本土自豪趋势，进一步扩大市场份额， 凭借其成功的多品牌组合、稳健的研发、完善的全渠道布局及不断提升的品牌价值。 摩根大通发表研究报告指，上美股份今年上半年业绩稳健，对其长期愿景感到鼓舞，因其目标是成为国 内第一大化妆品集团，及全球十大化妆品集团之一。公司拥有清晰的战略路线图，包括专注单一领域 (化妆品)、多品牌(涵盖六大类别，包括大众护肤、母婴护理、盥洗用品、彩妆、功能性护肤及高端护 肤)及全球化；凭借其品牌业务单位自主结构及激励的人才团队，摩通对公司的长期愿景持乐观态度。 ...

智通财经APP获悉，摩根大通发布研报称，根据现金流量折现法(DCF)予上美股份(02145)最新目标价为 114港元，对应2026/27年30倍及24倍市盈率，维持"增持"评级。该行预计，集团将凭借多品牌组合、研 发实力、全渠道和不断提升的品牌价值，以及随着内地美妆行业快速增长，将进一步提升市场份额。 2025年上半年集团业绩稳健，该行对集团的长期愿景持乐观态度。该行将2025-27年盈利预测上调1- 5%，较市场普遍预期高出3-8%。 ...

摩根大通发布研报称，根据现金流量折现法(DCF)予上美股份(02145)最新目标价为114港元，对应 2026/27年30倍及24倍市盈率，维持"增持"评级。该行预计，集团将凭借多品牌组合、研发实力、全渠 道和不断提升的品牌价值，以及随着内地美妆行业快速增长，将进一步提升市场份额。2025年上半年集 团业绩稳健，该行对集团的长期愿景持乐观态度。该行将2025-27年盈利预测上调1-5%，较市场普遍预 期高出3-8%。 ...

北京商报讯（记者 张君花）9月11日，北京商报记者了解到，上美股份宣布全球多肽美容科技开创者 Karl Lintner博士正式出任上美股份科学委员会首席科学顾问。根据公开资料，Karl Lintner博士就读于奥 地利维也纳大学的生物化学专业，专注研究胜肽三十多年，是全球首位将肽专利技术引入化妆品应用领 域的科学家。上美股份表示，Karl Lintner博士的加入，将为上美全球多肽技术布局提供前瞻性指导，为 上美科研团队提供技术建议与解决方案，与此同时，Karl Lintner博士也将作为上美全球化科研生态的重 要推动者，帮助上美股份对接国际顶尖科研机构和学术组织，建立跨国研发合作平台，促进全球优质科 研资源的整合与共享。 ...

Core Insights - The appointment of Dr. Karl Lintner as the Chief Scientific Advisor of Up Beauty marks a significant step in the company's global research and development strategy, integrating global scientific expertise with local market insights [3][10]. Group 1: Dr. Karl Lintner's Background and Role - Dr. Lintner is recognized as a pioneer in peptide technology within the cosmetics industry, having a PhD in biochemistry from the University of Vienna and over ten years of experience in peptide research [4][5]. - His contributions include successfully introducing peptide patent technology into cosmetics, transforming the beauty technology landscape [5][11]. - Lintner's collaboration with Up Beauty aligns with the company's vision of building a global research framework, enhancing its international cooperation capabilities [5][9]. Group 2: Strategic Implications for Up Beauty - The partnership with Dr. Lintner is expected to enhance Up Beauty's global competitiveness in peptide technology, providing a platform for innovation and collaboration with top international research institutions [13][14]. - This collaboration signifies a shift in the Chinese beauty industry towards a more systematic approach to research and development, moving from passive technology acquisition to proactive collaboration [16][17]. - Up Beauty aims to establish a "Chinese Original Ingredient" certification system, enhancing its role in setting industry standards and increasing its global influence [18][19]. Group 3: Market Context and Future Outlook - The Chinese beauty market is experiencing a surge in demand for effective products, positioning Up Beauty as a leader in connecting technological advancements with consumer needs [9][10]. - The collaboration is anticipated to accelerate the development of innovative peptide-based products, setting a benchmark for domestic brands in the anti-aging segment [11][13]. - The integration of global scientific insights with local market understanding is expected to elevate China's position in the global beauty research landscape [19][20].

Core Insights - The appointment of Dr. Karl Lintner as the Chief Scientific Advisor marks a significant step in the global R&D strategy of the company, enhancing its capabilities in peptide research and development in the beauty industry [1][2][3] Group 1: Dr. Karl Lintner's Background and Role - Dr. Lintner is recognized as a pioneer in peptide technology within the cosmetics industry, having successfully introduced peptide patent technology into cosmetic applications, which transformed global beauty technology [2][3] - His role will include providing forward-looking planning for the company's global peptide technology layout, assisting in building international research cooperation platforms, and integrating global high-quality research resources [6][7] Group 2: Strategic Importance of the Appointment - The collaboration signifies a shift in the Chinese beauty industry towards systematic competitiveness, moving from passive technology acquisition to proactive collaboration with top international scientists [7][8] - The partnership aims to establish a "Chinese Original Ingredient" certification system, enhancing the company's ability to set industry standards and improve its global influence in beauty technology [8] Group 3: Market Context and Opportunities - The Chinese beauty market is experiencing a surge in demand for efficacy-driven products, which aligns with the company's multi-brand strategy and market foundation, positioning it as a strong platform for technological breakthroughs [3][4] - The long-term investment in peptide research by the company has allowed it to catch up with international competitors, establishing a significant presence in the anti-aging segment [5][6]