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 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 補充公告 收購使用權資產 有關租賃協議的 須予披露交易 茲提述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」）日期為2025年8月28日之公告（「該公告」），內容有關本集團（作為租戶） 與上海天宇實宏企業發展有限公司（作為業主）訂立的租賃協議。除文義另有所指 外，本公告所用詞彙與該公告所界定者具有相同涵義。 本公司謹此提供有關上海天宇實宏最終實益擁有人的進一步資料。據董事作出一 切合理查詢後所深知、盡悉及確信，持有上海天宇實宏55.0%股權的上海諾卓企 業管理有限公司由(i)上海鎏凱企業管理有限公司擁有50%的權益，而上海鎏凱企 業管理有限公司由陳美香最終控制；及(ii)上海城開（集團）有限公司擁 ...

Core Viewpoint - The performance of various domestic beauty brands in the first half of the year shows a mixed picture, with some brands experiencing growth while others struggle with declining revenues and profits as the industry faces intensified competition and the end of the traffic dividend era [1][3][5]. Financial Performance - Up to now, several domestic beauty brands have reported their half-year results, with Proya, Shangmei, Mao Geping, and Shuiyang showing increases in both revenue and net profit [1]. - Shangmei's revenue reached 4.108 billion yuan, a year-on-year increase of 17.3%, with a net profit of 524 million yuan, up 30.65% [3]. - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3]. - Shuiyang's revenue was 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3]. - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and a net profit of 799 million yuan, up 13.8%, but growth rates have slowed compared to previous years [3][4]. - Conversely, Beitaini and Yixian E-commerce continue to face growth challenges, with Beitaini's revenue down 15.43% to 2.372 billion yuan and net profit down 49.01% to 247 million yuan [4][5]. Strategic Adjustments - Beitaini is focusing on strategic adjustments and operational optimization, emphasizing high-value products and quality growth, which has led to improved gross margins and cash flow despite short-term revenue impacts [4][5]. - Yixian E-commerce is pursuing a strategic transformation driven by innovation, aiming to enhance product competitiveness through collaborative innovation among multiple brands [4][5]. - Proya is adopting a multi-brand strategy, acquiring various brands to strengthen its market position, including cosmetic brands and medical supplies [5][6]. Market Trends - The domestic beauty industry is witnessing a shift from high marketing-driven growth to a focus on strategic brand positioning and international expansion as the traffic dividend diminishes [5][9]. - Brands are increasingly looking for overseas growth opportunities, with Proya planning to issue H-shares for international expansion and Beitaini establishing regional headquarters in Thailand [9][10]. - Water Sheep is also pursuing a high-end transformation by acquiring luxury brands to enhance its market presence [6][10]. Competitive Landscape - The beauty industry is facing intensified competition, with brands needing to adapt to changing consumer behaviors and market dynamics [5][9]. - The low-price competition strategy adopted by Shangmei has raised concerns about its long-term sustainability as consumer rationality increases [7][9]. - Experts suggest that domestic beauty brands must enhance their brand structure and user value to compete effectively on a global scale [10].

Core Viewpoint - The article discusses the recent developments in the domestic beauty market, highlighting the completion of a Series B funding round for HuazhiXiao, led by domestic beauty giant Proya, and the strategic shifts among the top ten domestic beauty companies as they seek new growth avenues amid a slowing market [3][4]. Group 1: Financial Performance of Top Domestic Beauty Companies - Proya, Shangmei, and Shanghai Jahwa ranked as the top three domestic beauty companies, with Proya achieving a revenue of 5.362 billion yuan in the first half of the year, surpassing half of last year's total revenue [5][6]. - Shangmei's revenue grew by 17.3% year-on-year to 4.108 billion yuan, with net profit increasing by 34.7% [5][6]. - The top ten domestic beauty companies saw eight achieve revenue growth, and seven companies reported positive net profit growth, indicating a robust overall performance [6][8]. Group 2: Strategic Shifts and Market Positioning - The top domestic beauty companies are rapidly building multi-brand matrices and advancing overseas strategies to adapt to the slowing domestic market [3][4]. - Proya's skincare segment remains dominant, while its hair care and color cosmetics categories have shown significant growth, with hair care growing by 131.25% and color cosmetics by 25.79% [11]. - Shangmei's main brand, Han Shu, generated 3.344 billion yuan in revenue, while its new brand, newpage, focusing on children's skincare, achieved a remarkable 146.5% growth [14][16]. Group 3: International Expansion and Investment Strategies - Proya aims to enter the top ten global cosmetics companies by 2035, targeting a revenue of at least 50 billion yuan, and is actively pursuing international market opportunities [22][23]. - The investment in HuazhiXiao is a strategic move for Proya to enhance its multi-brand strategy and recognize HuazhiXiao's global potential [23]. - Water Sheep Co. is also focusing on international expansion, with a goal to become a global luxury beauty brand management group, launching a "10+3" global strategy [26][28]. Group 4: Challenges and Future Outlook - The domestic beauty market is facing challenges such as slowing growth and increased competition, prompting companies to seek international opportunities to escape price wars [29]. - Companies that possess product originality, brand narrative capabilities, and cross-market operational efficiency are more likely to transition from "Chinese leaders" to "global players" [29].

Core Insights - Several domestic beauty brands have reported mixed results for the first half of the year, with some achieving revenue and net profit growth while others struggle with stagnation or losses [1][3][4] Group 1: Performance Overview - Up to mid-2025, companies like Proya, Shangmei, Mao Geping, and Shuiyang have shown revenue and net profit growth, while Betaini, Huaxi Biology, and Yixian E-commerce continue to face challenges [1][3] - Shangmei achieved revenue of 4.108 billion yuan, a 17.3% increase year-on-year, and a net profit of 524 million yuan, up 30.65% [3] - Mao Geping reported revenue of 2.588 billion yuan, a 31.3% increase, and a net profit of 670 million yuan, up 36.1% [3] - Shuiyang's revenue reached 2.5 billion yuan, growing 9.02%, with a net profit of 123 million yuan, up 16.54% [3] - Proya's revenue was 5.362 billion yuan, a 7.21% increase, and net profit was 799 million yuan, up 13.8% [4] - Betaini's revenue fell to 2.372 billion yuan, down 15.43%, with a net profit decrease of 49.01% to 247 million yuan [4] - Yixian E-commerce reported revenue of 1.92 billion yuan, a 22.48% increase, but a net loss of 22.97 million yuan [4] - Huaxi Biology's revenue dropped 19.57% to 2.261 billion yuan, with a net profit decline of 35.38% to 221 million yuan [4] Group 2: Strategic Responses - Companies are adapting to the end of the traffic dividend era by focusing on multi-brand strategies and high-end product offerings [6][9] - Proya is pursuing a multi-brand strategy, acquiring various brands to strengthen its market position [7] - Shuiyang is focusing on high-end transformation, acquiring international brands to enhance its premium offerings [7] - Betaini is also working on a multi-brand approach, with significant growth in its high-end anti-aging brand [8] - Shangmei is leveraging price advantages in the budget market, but this has led to concerns about entering a price war [8] Group 3: International Expansion - Domestic beauty brands are increasingly looking for growth opportunities overseas [9][10] - Proya plans to issue H-shares for international expansion and has announced overseas acquisitions in various beauty segments [9] - Betaini is establishing regional headquarters in Thailand and expanding its product presence in local markets [9] - Yixian E-commerce has launched a global innovation R&D center and is expanding into Southeast Asia and North America [10] - Shuiyang is also pursuing a global strategy, focusing on brand and supply chain globalization [10]

Investment Rating - The report maintains a "Buy" rating for the company [5][10] Core Views - The main brand, Han Shu, has solidified its leading position in the Douyin beauty sector and is experiencing rapid growth on other e-commerce platforms, with a strong performance across multiple platforms [9] - The second growth curve has formed with the mid-to-high-end baby and child brand, Yi Ye, showing a significant revenue increase of 147% year-on-year, contributing to the company's growth [9] - The company launched a new high-end professional makeup brand, NAN beauty, which is expected to enhance its multi-brand strategy [9] - The company's multi-brand and multi-category layout is becoming increasingly mature, supported by effective management and incentive mechanisms [9] Financial Forecast and Investment Recommendations - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 2.78, 3.55, and 4.37 RMB respectively, with a target price of 103.21 HKD based on a 34x PE ratio for 2025 [4][10] - The company’s revenue is projected to grow significantly, with 2023 revenue at 4,191 million RMB and expected to reach 12,411 million RMB by 2027, reflecting a compound annual growth rate [4][10] - The gross margin is expected to remain stable around 75%, while the net profit margin is projected to improve from 11.0% in 2023 to 14.0% in 2027 [4][10]

Group 1 - The company reported a robust revenue growth of 17.29% year-on-year, achieving an operating income of 4.108 billion yuan in H1 2025 [1] - The net profit attributable to the parent company reached 524 million yuan, reflecting a significant increase of 30.65% year-on-year [1] - The gross margin for H1 2025 was 75.52%, a slight decrease of 0.99 percentage points, while the net profit margin improved by 1.74 percentage points to 13.52% [1] Group 2 - The main brand, Han Shu, generated revenue of 3.344 billion yuan in H1 2025, marking a 14.3% increase, with significant sales from the Hong Man Yao and X Peptide series [2] - The second brand, Newpage, saw a remarkable revenue growth of 146.5% year-on-year, reaching 397 million yuan, achieving its annual sales target for 2024 [2] - The company is actively enhancing its online sales strategy, with self-operated online channels generating 3.421 billion yuan in revenue, a 24.6% increase, and accounting for 83.3% of total revenue [2] Group 3 - The company is expected to achieve net profits of 1.025 billion yuan, 1.286 billion yuan, and 1.566 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 32, 26, and 21 [3]

Summary of Shangmei Group's Conference Call Company Overview - Shangmei Group's valuation has reached 30 times earnings, exceeding the historical average of 20 times, primarily due to market recognition of its multi-brand development strategy over the next 3-5 years [2][4][15] - The company has experienced significant growth phases since its listing, with a notable increase in valuation from 20 times to 30 times in 2025, driven by its long-term strategy [4][5] Key Points and Arguments Brand Performance - The Han Shu brand previously accounted for over 80% of sales on Douyin, but the company has strategically reduced its investment in direct broadcasting from 50% in 2024 to less than 20% in 2025, shifting focus to live streaming and product card malls [2][7][9] - Despite a short-term impact on GMV, this adjustment has alleviated pressure on profit margins, with GMV data recovering positively from March 2025 [7][9] - Han Shu's growth rate was significant in May and June 2025, maintaining over 50% growth even during the traditionally slower months of July and August [10] Future Growth Strategy - Shangmei Group aims to achieve sales of 20 billion yuan for the Han Shu brand by 2030, positioning it as the leading beauty brand in China through channel and product expansion [11] - The company is diversifying its product categories, with new products accounting for 30%-40% of total offerings, and establishing independent divisions for men's skincare and color cosmetics [8][12] Financial Projections - Expected revenue for 2025 is 8.6 billion yuan, with a net profit of 1.11 billion yuan, corresponding to a current valuation of 30 times earnings; projections for 2026 indicate revenue of 14.3 billion yuan at a valuation of approximately 23-24 times [3][15] - The company has shown strong performance in the first half of 2025, with full-year profit estimates between 1.1 billion and 1.15 billion yuan [15] Emerging Brands - The Yi Ye brand, positioned as a mid-to-high-end domestic product for mothers and infants, has rapidly grown, with a gross margin exceeding 80% and a net margin of over 15%, expected to reach a scale of over 1.5 billion yuan with a net margin of 25% [2][13] - New brands launched in 2025, such as AMU and Ji Fang, have shown promising early performance, contributing to the company's long-term growth strategy [14] Additional Important Insights - The company has made significant adjustments to its channel strategy, focusing on emerging platforms like Kuaishou and traditional e-commerce platforms like Tmall and JD, indicating a clear strategic direction despite reduced investment in direct broadcasting [9] - The upcoming Double Eleven shopping festival is a critical period for the Han Shu brand, where the company plans to leverage its marketing strategies to maximize market opportunities [16]

Summary of the Conference Call Transcript Company Overview - **Company**: Shangmei Co., Ltd. (上美股份) - **Industry**: Cosmetics and Personal Care - **Date of Report**: September 2, 2025 Key Points and Arguments 1. **Performance Outlook**: The company maintains a positive outlook for the second half of the year, with strong first-half results showing revenue and profit growth of 17% and 31% year-over-year, respectively, aligning with positive earnings forecasts [1][9][18]. 2. **Business Strategy**: The strategic shift towards self-broadcasting on Douyin has proven effective, with the "Han Shu" brand leading the beauty category on the platform, achieving a GMV ranking that is over twice that of the second place [1][4]. 3. **Sales Growth**: Year-to-date sales have increased by over 25%, with a target of exceeding 40% GMV growth for the year [1][4]. 4. **Future Goals**: The company aims for a 25% growth in both revenue and profit by 2026, with a mid-term goal of reaching 30 billion yuan in revenue by 2030 [1][4][18]. 5. **New Product Lines**: The second growth curve, represented by the "Yi Ye" brand, has seen a sales increase of 147% to 397 million yuan in the first half of 2025, surpassing 2024 levels [1][4]. 6. **International Expansion**: Plans for overseas expansion are set to begin in 2026, targeting Southeast Asia, including Indonesia [1][4]. 7. **Dividend Policy**: The interim dividend is set at 0.5 yuan per share, with a payout ratio of 38%, down from 76% in 2024 due to capital expenditures for new capacity and overseas investments, while maintaining a long-term payout ratio of 30-50% [1][4]. 8. **Market Position**: As of 2024, Shangmei is among the top ten domestic beauty brands in China, with a market share of 1.4% and retail sales of 7.7 billion yuan [9][18]. 9. **Financial Projections**: Revenue and profit are expected to grow at a compound annual growth rate (CAGR) of 22% and 30%, respectively, from 2025 to 2027, with operating profit margins projected to rise from 10.9% in 2024 to 14.0% in 2027 [9][18]. 10. **Valuation**: The target price is set at 109 HKD, corresponding to a 24x 12-month forward P/E ratio, based on a discounted cash flow analysis [1][9][19]. Additional Important Information - **Sales Efficiency**: The shift to self-broadcasting has led to improved advertising efficiency, with a decrease in sales expense ratio by 0.7 percentage points in the first half of 2025 [4]. - **Brand Performance**: The "Han Shu" brand accounted for 81.4% of total revenue in the first half of 2025, with significant contributions from online sales channels [16]. - **Financial Metrics**: The company reported a net profit of 556 million yuan in the first half of 2025, a 35% increase year-over-year [14]. - **Risks and Catalysts**: Key risks include product quality issues and inflation, while potential upside catalysts involve successful new brand launches and better-than-expected growth from the main brand [21][22]. This summary encapsulates the essential insights from the conference call, highlighting the company's strategic direction, financial performance, and market positioning within the cosmetics industry.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02145 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 206,319,319 | RMB | | 1 | RMB | | 206,319,319 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 206,319,319 | RMB | | 1 | RMB | | 206,3 ...

Core Insights - The company reported a 30.7% increase in net profit attributable to shareholders for H1 2025, reaching 524 million yuan, with total revenue of 4.108 billion yuan, reflecting a 16.0% year-on-year growth, aligning with market expectations [1][2] Revenue Breakdown - The main brand, Han Shu, generated revenue of 3.344 billion yuan, up 14.3%, maintaining its leading position in the beauty market, particularly on Douyin [2] - The emerging brand, Newpage, saw significant growth with revenue of 397 million yuan, a 146.5% increase, ranking second in the Tmall baby skincare category during the 618 shopping festival [2] - Other brands, such as Hongse Xiaoxiang and Yiyezi, reported revenues of 159 million yuan (down 8.7%) and 89 million yuan (down 29.0%), respectively [2] Channel Performance - Online and offline revenue reached 3.809 billion yuan (up 20.1%) and 269 million yuan (down 10.6%), respectively, indicating improved online self-operated capabilities [2] Profitability Metrics - The company's gross margin for H1 2025 was 75.5%, a slight decrease of 1.0 percentage points, while the expense ratios for sales, management, and R&D were 56.9%, 3.6%, and 2.5%, showing minor year-on-year changes [2] Strategic Developments - The company is focusing on a "focus + fission" strategy with six major business units (BUs) collaborating for growth, while Newpage has completed its product range for all age groups [2] - New products, including the X Peptide series and various skincare items, have shown rapid sales growth, contributing to secondary growth [2] - The company plans to launch new brands, including a baby care brand and a high-end anti-aging line, expanding its product portfolio [2]