Core Insights - Southbound funds increased their holdings in Shangmei Co., Ltd. by 198,700 shares on November 4, 2025, marking a 0.46% increase in total shares held [1][2] - Over the past five trading days, there have been four days of net increases in holdings, totaling 1,330,800 shares [1][2] - In the last twenty trading days, there were ten days of net increases, amounting to 1,400,500 shares [1][2] - As of now, southbound funds hold 43,388,700 shares of Shangmei Co., Ltd., which represents 21.02% of the company's total issued ordinary shares [1][2] Company Overview - Shangmei Co., Ltd. is primarily engaged in the production and sale of cosmetics in China [2] - The company markets brands such as "Han Shu," "Yi Ye Zi," and "Red Elephant," focusing on skincare and maternal and infant care products [2] - Products are sold through both online and offline channels, with a primary focus on the domestic market [2]

上海上美化妝品股份有限公司 公司章程 （2021年12月21日經公司2021年第一次臨時股東會通過， 2022年6月29日經公司2021年年度股東會修訂， 2022年12月7日經公司2022年度第三次臨時股東會修訂， 2023年10月16日經公司2023年度第一次臨時股東會修訂， 2024年9月30日經公司2024年度第一次臨時股東會修訂， 2025年5月6日經公司2024年年度股東會修訂， 2025年6月25日經公司2025年度第一次臨時股東會修訂， 2025年9月25日經公司2025年度第二次臨時股東會修訂） 1 | 第一章 | 總則 | 3 | | --- | --- | --- | | 第二章 | 經營宗旨和範圍 | 5 | | 第三章 | 股份 | 5 | | 第四章 | 股東和股東會 | 10 | | 第五章 | 董事會 | 33 | | 第六章 | 高級管理人員 | 43 | | 第七章 | 財務會計制度、利潤分配和審計 | 45 | | 第八章 | 通知和公告 | 48 | | 第九章 | 合併、分立、增資、減資、解散和清算 | 49 | | 第十章 | 修改章程 | 54 | | 第十一章 ...

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。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 修訂公司章程 本公告乃根據香港聯合交易所有限公司（「聯交所」）證券上市規則第13.51(1)條作 出。茲提述上海上美化妝品股份有限公司（「本公司」）日期為2023年11月24日的 通函（「該通函」）及本公司日期為2025年9月30日的公告，內容有關（其中包括）根 據限制性股票單位激勵計劃授出限制性股票單位。除文義另有所指外，本公告所 用詞彙與該通函所界定者具有相同涵義。 根據限制性股票單位激勵計劃發行及配發35,223股H股完成（「完成發行」）後，本 公司的註冊資本及股份總數分別為人民幣398,107,102元及398,107,102股股份。為 反映本公司的註冊資本及股本結構的相關變動，根據本公司於2023年12月14日舉 行的臨時股東大會通過的決議案的授權，董事會授權人士於完成發行後對本公司 章程中有關本公司註冊資本及股份總 ...

Core Viewpoint - The cosmetics industry is undergoing a strategic transformation from basic moisturizing to efficacy-driven and scientific approaches, with peptides emerging as key active ingredients in anti-aging skincare products [3][4]. Market Size and Growth Trends - The global peptide cosmetics market is rapidly growing, with projections indicating a market size of $2.566 billion in 2024, expected to reach $5.716 billion by 2031, reflecting a compound annual growth rate (CAGR) of 12.3% during the forecast period [6][8]. - In 2024, over 55 million consumers are expected to use peptide skincare products, with 68% targeting wrinkle reduction and skin tightening [9]. Regional Market Performance - The Asia-Pacific region is the largest market for peptide cosmetics, accounting for 36% of global sales, with South Korea alone selling over 12.7 million units in 2023 [10][11]. - North America follows closely, representing 34% of global sales, with the U.S. having over 16.2 million active peptide skincare users [12][13]. - Europe contributes 28% of global sales, with Germany, the UK, and France leading the market [11][12]. Segment Market Performance - Serums are the largest segment, accounting for 38% of global sales, with over 480 peptide serums launched in 2023 [15]. - Moisturizing repair creams hold a 26% market share, while anti-aging creams account for 17% [15]. - Eye creams represent 11% of the segment, with 95 peptide SKUs recorded in 2023 [15]. Sales Channel Performance - Online sales dominate the market, accounting for 46% of total sales, with over 37 million peptide products sold through e-commerce platforms in 2023 [16]. - Specialty cosmetics stores contribute 27% to global sales, while supermarkets account for 18% [16]. Capital Flow and Investment Trends - In 2023, the global peptide cosmetics market attracted over $1.12 billion in funding, primarily directed towards R&D, clinical trials, and sustainable packaging [18][19]. - North America received over $360 million in investments, focusing on biotechnology-based peptide platforms [18]. Product Innovation - Over 110 new peptide products were launched globally between 2023 and 2024, showcasing a trend towards multi-peptide formulations and precision delivery systems [20]. - Brands are increasingly integrating AI for personalized skincare solutions, with over 145 brands utilizing AI skin diagnostic systems [20]. Competitive Landscape - The competitive landscape is shifting, with L'Oréal leading the market, followed by Estée Lauder and emerging brands like Han Shu [21][22]. - Han Shu's Red Waist 2.0 series achieved remarkable sales, emphasizing innovative raw material development and effective marketing strategies [22][25]. Raw Material Market Expansion - The peptide manufacturing market is projected to reach $2.574 billion by 2025, with a CAGR of 5.4% from 2025 to 2035 [26]. - There is a growing trend towards sustainable sourcing of peptides, with plant-based peptides gaining traction [26]. Challenges and Development - High costs and stability issues remain significant challenges, with 41% of brands reporting delays in product launches due to packaging and preservation difficulties [27]. - Regulatory fragmentation is also a concern, with only 27 countries having established guidelines for peptide ingredients [27]. Conclusion - The global peptide cosmetics market is in a phase of high growth and innovation, driven by technological advancements and evolving consumer demands, with a competitive landscape characterized by both established leaders and emerging players [29][31].

Group 1 - The core viewpoint of the article highlights the strong performance of domestic beauty brands during the Double Eleven shopping festival, with an increase in competitiveness [1] - The number of domestic brands entering the top 5 beauty and skincare rankings is expected to rise from 2 to 4 between 2023 and 2025, with Han Shu and Proya maintaining their positions at the top for three consecutive years, and Han Shu winning for two consecutive years [1] - On October 13, Han Shu announced Wang Jiaer as its global brand ambassador, which is expected to enhance the brand's international image and appeal [1] Group 2 - Shenwan Hongyuan recently noted that Wang Jiaer has a global fan base and emphasizes high-end brand endorsement, having previously collaborated with international brands like Armani, showcasing Han Shu's brand potential [1] - The Double Eleven promotional strategy is described as robust, focusing on profitability and core products, indicating a strategic shift towards enhancing brand value [1] - The company is benefiting from the rise of domestic products and the trend towards cost-effective consumption, while also expanding into mid-to-high-end markets and niche segments through channel upgrades and diversified product offerings [1]

Core Insights - The stock of Shangmei Co., Ltd. (02145) rose over 6% during trading, currently up 4.61% at HKD 92.95, with a trading volume of HKD 13.95 million [1] Industry Performance - Domestic brands have shown strong performance on the Douyin platform during the Double 11 shopping festival, with their competitiveness continuing to enhance [1] - The number of domestic brands entering the top 5 beauty and skincare rankings is expected to increase from 2 to 4 between 2023 and 2025 [1] - Brands such as Han Shu and Proya have maintained their positions in the top two for three consecutive years, with Han Shu winning the top spot for two years in a row [1] Brand Strategy - On October 13, Han Shu announced Wang Jiaer as its global brand ambassador, leveraging his global fan base and high-end image [1] - Wang Jiaer's previous collaborations with international brands like Armani highlight Han Shu's brand potential [1] - The Double 11 promotional strategy is focused on profitability and core products, indicating a robust approach to market competition [1] Company Strategy - According to Shenwan Hongyuan, the company's strategic implementation is showing continuous results, with increased investment in R&D while focusing on core sectors [1] - The company is upgrading its channel structure, diversifying product categories, and precisely positioning new brands to benefit from the rise of domestic products and the trend of cost-effective consumption [1] - The company is also tapping into growth opportunities in mid-to-high-end and niche markets [1]

Core Viewpoint - The domestic brand Up Beauty (上美股份) has shown strong performance during the Double 11 shopping festival on Douyin, with its stock price increasing by over 6% during trading, reflecting a growing competitive edge in the beauty and skincare market [1] Group 1: Company Performance - Up Beauty's stock price rose by 4.61% to HKD 92.95, with a trading volume of HKD 13.95 million [1] - The company has seen an increase in the number of domestic brands entering the top 5 beauty and skincare rankings on Douyin, from 2 to 4 brands between 2023 and 2025 [1] Group 2: Market Trends - The domestic brand Han Shu (韩束) has maintained its position as the top brand for three consecutive years, with a strong performance in the Double 11 sales event [1] - The brand has recently appointed international star Wang Jiaer as its global ambassador, which is expected to enhance its high-end image and international presence [1] Group 3: Strategic Insights - According to Shenwan Hongyuan, the collaboration with Wang Jiaer is expected to leverage his global fan base and previous associations with high-end brands like Armani, thereby boosting Han Shu's brand potential [1] - The company's strategy during the Double 11 event focuses on profitability and core products, with ongoing investments in research and development, channel upgrades, and diversification of product categories [1]

Core Viewpoint - The company is experiencing increased growth certainty, allowing for a valuation premium, driven by better-than-expected performance growth, particularly in its main brand, Han Shu, which has successfully identified new revenue sources and adjusted operational strategies [1][2]. Group 1: Company Performance - Han Shu achieved revenue of 3.34 billion yuan in the first half of 2025, representing a year-on-year growth of 14% [1]. - The company has shifted its operational strategy, reducing the proportion of live streaming sales, resulting in a decrease in sales expense ratio by 0.7 percentage points year-on-year in the first half of 2025 [1]. - The company has seen explosive revenue growth in 2023 and 2024, with year-on-year increases of 144% and 81%, respectively [2]. Group 2: Brand Strategy - The "All in" strategy on Douyin has allowed Han Shu to break through and achieve significant sales growth, leveraging historical experience and rapid decision-making by the founder [2]. - The company is adopting a "top-tier resources" approach to create new brands, ensuring they have attention and differentiation from the outset, as demonstrated by the successful new brand "newpage," which generated 400 million yuan in revenue in the first half of 2025, a year-on-year increase of 146% [3]. - The company is expanding its brand portfolio with multiple new brands across different categories, which is expected to further validate its operational capabilities and enhance long-term growth certainty [3]. Group 3: Financial Projections - The company has adjusted its profit forecasts, expecting net profits of 1.07 billion, 1.33 billion, and 1.59 billion yuan for 2025 to 2027, representing year-on-year growth rates of 37.2%, 24.0%, and 20.0%, respectively [3]. - The price-to-earnings ratio (PE) is projected to be 33, 26, and 22 times for 2025, 2026, and 2027, respectively, based on the closing price on October 17, 2025 [3].

Core Viewpoint - Southbound funds have reduced their holdings in Shangmei Cosmetics Co., Ltd. (02145.HK), indicating a trend of net selling over recent trading days [1] Group 1: Shareholding Changes - On October 22, southbound funds reduced their holdings by 12,100 shares, marking a decrease of 0.03% [2] - Over the past five trading days, there have been four days of net selling, totaling a reduction of 742,100 shares [1][2] - In the last 20 trading days, there were 12 days of net selling, with a cumulative reduction of 1,188,800 shares [1] Group 2: Current Holdings - As of now, southbound funds hold 41,123,600 shares of Shangmei Cosmetics, which represents 19.92% of the company's total issued ordinary shares [1][2] Group 3: Company Overview - Shangmei Cosmetics Co., Ltd. primarily engages in the production and sale of cosmetics, with key brands including "Han Shu," "Yi Ye Zi," and "Red Elephant" [2] - The company's products are utilized for skincare and maternal and infant care, sold through both online and offline channels [2] - The company mainly operates in the domestic market [2]

Investment Rating - The report upgrades the investment rating to "Buy" for the company [5] Core Views - The company is transitioning towards a multi-brand beauty group, with a focus on operational efficiency and data-driven strategies to enhance growth certainty [14][15] - The main brand, Han Shu, has shown significant revenue growth through effective channel strategies, particularly on Douyin, and is expected to continue this trend [5][15] - The company has successfully launched new brands and product lines, contributing to its revenue and market presence [5][14] Summary by Sections 1. Transition to a Multi-Brand Beauty Group - The company is evolving into a multi-brand beauty group, with Han Shu as its main brand, achieving revenue of 41.1 billion RMB in 25H1, a year-on-year increase of 17.3% [14] - The net profit for the same period was 5.6 billion RMB, reflecting a year-on-year growth of 34.7% [14] 2. Channel Strategy - The company has leveraged its historical experience to capitalize on sales and marketing opportunities, particularly through Douyin, which has become a key growth driver [24][31] - The transition from B2B to B2C has led to a significant increase in online self-operated channels, with Douyin's contribution to revenue rising sharply [19][22] 3. Product Development - The company has focused on developing high-quality products with competitive pricing, exemplified by the success of the "Red Waist" series, which has become a best-seller [52][54] - The introduction of the "X Peptide" series has also shown promising sales, with total sales exceeding 200 million RMB [61] 4. Operational Efficiency - The company's operational strategies have shifted towards a platform model, emphasizing top-tier resources and talent to enhance brand development [5][14] - The focus on data-driven decision-making has improved the company's ability to respond to market trends and consumer preferences [31][32]