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 beauty technology [1][3][4] Group 1: Strategic Developments - The collaboration with Dr. Lintner signifies a new phase in the company's global R&D strategy, integrating global scientific wisdom with local market insights to boost the Chinese peptide research and beauty industry [3][10] - Dr. Lintner, a pioneer in peptide technology, brings over 20 years of experience and has been instrumental in introducing peptide patent technology into cosmetics, revolutionizing the beauty technology landscape [4][11] Group 2: Research and Development - The company has established a scientific committee to support international collaborations, aiming to create a cross-disciplinary and borderless research community, which aligns with Dr. Lintner's mission to realize scientific value [5][10] - The partnership will facilitate the establishment of a multinational R&D cooperation platform, enhancing the integration of top-tier global research resources and fostering collaborative innovation [13][16] Group 3: Market Positioning - The Chinese beauty market's dynamic nature and the company's leadership position provide a fertile ground for Dr. Lintner's expertise, allowing for the rapid iteration of technology in response to consumer demand for effective products [10][15] - The collaboration is expected to elevate the company's global standing in the cosmetics industry, enabling it to transform scientific breakthroughs into market-ready products that cater to local consumer needs [10][18] Group 4: Industry Impact - This partnership is poised to shift the Chinese beauty industry from passive technology adoption to proactive collaboration, enhancing the global competitiveness of domestic brands [15][16] - The initiative aims to establish a "Chinese Original Ingredient" certification system, promoting advancements in peptide technology and setting new industry standards, thereby increasing China's influence in global beauty technology [16][18]

香港交易及結算所有限公司及香港聯合交易所有限公司（「聯交所」）對本通告之內容概不負責，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通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. 1. 審議及批准通函附錄一所載的建議取消監事會及修訂公司章程。 2. 審議及批准通函附錄二所載的建議修訂股東會議事規則。 3. 審議及批准通函附錄三所載的建議修訂董事會議事規則。 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） （股份代號：2145） 2025年第二次臨時股東會通告 茲通告上海上美化妝品股份有限公司（「本公司」）謹訂於2025年9月25日（星期 四）下午二時正假座中國上海市普陀區中山北路3300號B座25樓會議室舉行2025年第二 次臨時股東會（「2025年第二次臨時股東會」），以審議及批准以下決議案。除文義另有 所指外，本通告所用詞彙與本公司日期為2025年9月9日的通函（「通函」）所界定者具相 同涵義： 普通決議案 – 1 – 1. 審議及批准建議派發截至2025年6月30日止 ...

Shanghai Chicmax Cosmetic Co., Ltd. 除另有指明外，本代表委任表格所用詞彙與本公司日期為2025年9月9日的通函（「通函」）所界定者具有相同涵義。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | | --- | --- | --- | --- | | 1. | 審議及批准建議派發截至2025年6月30日止六個月的中期股息每股人民 | | | | | 幣0.5元。 | | | | 2. | 審議及批准通函附錄四所載的建議修訂本公司企業治理制度。 | | | | 3. | 審議及批准委任本公司執行董事。 | | | | | 特別決議案 | （附註4） 贊成 | （附註4） 反對 | | 1. | 審議及批准通函附錄一所載的建議取消監事會及修訂本公司公司章程。 | | | | 2. | 審議及批准通函附錄二所載的建議修訂股東會議事規則。 | | | | 3. | 審議及批准通函附錄三所載的建議修訂董事會議事規則。 | | | 上海上美化妝品股份有限公司 日期： 簽署 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 適用於2025年9月25日（ ...

此乃要件 請即處理 閣下對本通函任何方面或應採取的行動如有任何疑問，應諮詢股票經紀或其他持牌證券交易商、銀行經 理、律師、專業會計師或其他專業顧問。 閣下如已售出或轉讓名下所有上海上美化妝品股份有限公司的股份，應立即將本通函連同隨附的代表委任 表格交予買主或承讓人、或經手買賣或轉讓的銀行、股票經紀或其他代理人，以便轉交買主或承讓人。 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通函的內容概不負責，對其準確性或完整性亦 不發表任何聲明，並明確表示，概不就因本通函全部或任何部分內容所產生或因依賴該等內容而引致的任 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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） I. 2025年中期建議利潤分配方案； II.建議委任執行董事； III.建議取消監事會及修訂公司章程、股東會議事規則、 董事會議事規則及其他相關治理制度； 及 2025年第二次臨時股東會通告 本公司謹訂於2025年9月25日（星期四）下午二時正假座中國上海市普陀區中山北路3300號B座25樓會議 室舉行20 ...

中期報告 Interim Report 2025 中期報告 Contents 目錄 | Corporate Information | 公司資料 | 2 | | --- | --- | --- | | Business Overview and Outlook | 業務回顧及展望 | 6 | | Financial Summary | 財務概要 | 20 | | Management Discussion and Analysis | 管理層討論與分析 | 21 | | Corporate Governance and Other Information | 企業管治及其他資料 | 30 | | Independent Review Report | 獨立審閱報告 | 51 | | Interim Condensed Consolidated Statement | 中期簡明綜合損益表 | 53 | | of Profit or Loss | | | | Interim Condensed Consolidated Statement | 中期簡明綜合全面收益表 | 54 | | of Comprehensi ...

Group 1 - The stock of Shangmei Co., Ltd. (02145.HK) increased by over 5%, specifically by 5.42%, reaching a price of 98.2 HKD [1] - The trading volume amounted to 63.942 million HKD [1]

Core Viewpoint - The stock of Shangmei Co., Ltd. (02145) has risen over 5%, currently up 5.42% at HKD 98.2, with a trading volume of HKD 63.942 million. This increase is attributed to strong performance in the beauty category on Douyin, particularly for domestic brands like Han Shu, which has maintained its top position in sales for several consecutive months [1]. Group 1: Company Performance - In August, the GMV of the beauty category on Douyin exceeded RMB 20 billion, showing a year-on-year increase of 19.56% and a month-on-month increase of 21.46% [1]. - Han Shu has achieved sales exceeding RMB 700 million in August and has consistently ranked as the top beauty brand on Douyin for the first eight months of this year [1]. - Minsheng Securities highlights that Han Shu's main brand is experiencing strong growth, while other brands like Newpage are also seeing high growth, indicating a robust multi-brand strategy [1].

Core Viewpoint - The stock of Up Beauty Holdings (02145) has increased by over 5%, currently trading at 98.2 HKD with a transaction volume of 63.94 million HKD, driven by strong performance in the beauty sector on Douyin [1] Group 1: Company Performance - In August, the GMV of the beauty category on Douyin exceeded 20 billion RMB, showing a year-on-year growth of 19.56% and a month-on-month increase of 21.46% [1] - The domestic brand Han Shu has maintained its leading position in the Douyin beauty market, achieving sales exceeding 700 million RMB [1] - Han Shu has consistently ranked as the top beauty brand on Douyin for the past two years, maintaining this position every month in the first eight months of this year [1] Group 2: Market Dynamics - Minsheng Securities highlights the strong growth of the main brand Han Shu, along with other brands like Newpage contributing to high growth [1] - The company is actively expanding its multi-category and multi-brand strategy to further strengthen its competitive edge in the market [1]

Investment Rating - The report maintains a "Buy" rating for the cosmetics and medical beauty sector, highlighting strong growth potential and investment opportunities in the industry [14][19]. Core Insights - The cosmetics and medical beauty sector has shown resilience, outperforming the market during the week of August 29 to September 5, 2025, with the Shenwan Beauty Care Index declining only 0.8% [3][4]. - The transition to autumn skincare marks the beginning of a consumption peak for the sector, with significant sales events such as the Autumn Beauty Consumption Festival and Double 11 approaching, creating new investment opportunities [9][10]. - Major companies in the sector are optimistic about their performance in the second half of 2025, as indicated by a recent conference involving over ten beauty care companies [9]. Summary by Sections Industry Performance - The Shenwan Cosmetics Index remained stable, outperforming the Shenwan A Index by 1.4 percentage points, while the Shenwan Personal Care Index fell by 1.8%, underperforming the Shenwan A Index by 0.3 percentage points [3][4]. Key Company Reviews - **Mao Geping (1318HK)**: Reported a revenue of 2.59 billion yuan for H1 2025, a year-on-year increase of 31%, with a net profit of 670 million yuan, up 36%. The color cosmetics segment saw a revenue of 1.42 billion yuan, while skincare generated 1.09 billion yuan, reflecting strong brand momentum [10][11]. - **Shangmei Co. (02145HK)**: Achieved a revenue of 4.108 billion yuan in H1 2025, a 17.3% increase, with a net profit of 556 million yuan, up 34.7%. The main brand, Han Shu, contributed significantly to growth, with a revenue of 3.344 billion yuan [16][17]. Investment Recommendations - Recommended companies include Shangmei Co., Porlaia, and Shanghai Jahwa, which have strong brand matrices and relatively low PE multiples. Other notable mentions are Marubi Biological and Mao Geping, which are positioned well to benefit from the rise of domestic beauty brands [10][19]. - The report suggests focusing on companies with strong R&D capabilities and product pipelines, particularly in the upstream medical beauty segment, with a recommendation for Aimeike [10][19]. Market Trends - The report notes a significant increase in online sales, with H1 2025 online revenue for Mao Geping reaching 1.297 billion yuan, a 39% year-on-year increase, marking a shift in consumer purchasing behavior towards online platforms [12][18]. - The overall cosmetics retail market showed a 4.5% growth in July 2025, indicating a robust recovery in consumer spending [23][26]. Strategic Developments - Porlaia's investment in Huazhi Xiao reflects a strategic move to enhance its multi-brand strategy and capitalize on the influence of Gen Z consumers [28]. - The report highlights the competitive landscape, noting that domestic brands are increasingly capturing market share, with a notable shift in consumer perception from "value for money" to "quality choice" [32].

Core Viewpoint - The main brand, Han Shu, is solidifying its leading position in the Douyin beauty sector and is experiencing rapid growth on other e-commerce platforms [1][2] Group 1: Brand Performance - Han Shu maintained the top position in Douyin beauty rankings for Chinese brands, achieving this for two consecutive years in 2023 and 2024, and has held this ranking every month in the first eight months of 2023 [1] - The brand's competitive strength is highlighted by proactive adjustments to its live broadcasting and self-broadcasting models amid increasing industry competition [1] - In addition to Douyin, Han Shu's GMV on platforms like Tmall, Vipshop, Pinduoduo, and Kuaishou grew by over 20% in the first half of the year, indicating effective multi-platform collaboration [1] Group 2: New Growth Drivers - The mid-to-high-end baby and child brand, Yi Ye, reported a 147% year-on-year revenue increase in the first half of the year, with its revenue share rising to 9.6%, establishing it as the company's second growth curve [2] - Yi Ye's expansion from baby skincare to a full range of efficacy skincare for ages 0-18 is expected to further enhance its growth potential, with a projected compound annual growth rate of around 60% over the next three years [2] - The launch of the new color cosmetics brand, NAN beauty, in mid-August, is expected to enrich the company's multi-brand matrix, supported by collaborations with top makeup artists and e-commerce experts [2] Group 3: Long-term Growth Potential - The company's multi-brand and multi-category strategy is becoming increasingly robust, with several new brands and product categories in development [2] - The success of the multi-brand approach is attributed to effective incentive and management mechanisms, including internal empowerment and a results-oriented culture, as well as an open attitude towards external collaborations [2] Group 4: Profit Forecast and Investment Recommendation - The company's earnings forecast has been slightly adjusted, with expected earnings per share for 2025-2027 at 2.78, 3.55, and 4.37 RMB respectively [2] - A target price of 103.21 HKD is set for 2025, based on a 34x PE ratio, maintaining a "buy" rating [2]