Core Viewpoint - The Chinese cosmetics industry is projected to reach a market size of 1.1 trillion yuan, with domestic brands surpassing international brands in market share and consumer preference [1][2]. Group 1: High-Quality Development and New Productive Forces - The domestic cosmetics market retail sales are expected to reach 470 billion yuan by 2025, indicating a significant growth trajectory for the industry [2]. - New productive forces are essential for the high-quality development of the cosmetics industry, transitioning from traditional manufacturing to intelligent and lean production [4]. - New productive forces enhance production efficiency and product consistency through automation and intelligent equipment, addressing quality control challenges [4]. Group 2: Intelligent Manufacturing Practices of Domestic Brands - The past decade has seen a shift in the cosmetics manufacturing industry from experience-driven to data-driven processes, evolving through three stages: semi-automated, automated, and now data-driven intelligent stages [6]. - Leading brands like Han Shu and Pechoin have made significant investments in intelligent manufacturing, achieving production capacity increases and improved quality control [8][10]. - Domestic brands have made historical advancements in intelligent manufacturing, with automation rates rising from approximately 40% to levels comparable to international brands [10]. Group 3: R&D Innovation and Cost Management - R&D expenditure rates vary across different categories, with skincare products averaging 1.5%-5% and medical beauty products at 2%-5%, reflecting a focus on compliance and clinical data [21][23]. - Domestic brands like Han Shu and Pechoin have R&D personnel ratios comparable to international leaders, indicating strong R&D capabilities [24]. - The production cost rates for various product categories range from 15% to 30%, with domestic brands leveraging self-researched technologies and integrated supply chains to maintain competitive pricing [27][28]. Group 4: International Competitiveness of Domestic Brands - Domestic brands have achieved significant breakthroughs in the cosmetics sector, enhancing core competitiveness through new productive forces [31]. - Intelligent manufacturing has enabled micro-level quality control, establishing trust in product quality [33]. - The integration of AI and 5G technologies in manufacturing processes positions domestic brands at the forefront of global standards, driving high-quality development in the industry [33].

| 108.358 | | 上美股份[02145] 2025-12-31 12:00 | | | | | 5PMA = 10PMA = 20PMA = 30PMA = | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 101.306 | | | | | | | | | | 94.254 | | | | | | | | | | 87.202 | | | | | | | | | | 80.150 | | | | | | | | | | 73.098 | | | | | | | | | | 66.046 | | | | | | | | | | 58.994 | | | | | | | | | | 51.942 | | | | | | | | | | 990万 | 成交单:1173116 | | | | | | | | | 742万 | | | | | | | | | | 495万 | | | | | | | | | | 247万 | | | | | | | | | | | 10-09 | 10-21 | 11-03 | 11-13 | 000 ...

Investment Rating - The report maintains a "Positive" investment rating for the beauty and personal care industry, specifically focusing on PDRN applications [6]. Core Insights - The report highlights that PDRN (Polydeoxyribonucleotide) is expected to unleash stronger commercial potential due to increasing registrations and search metrics. The extraction of PDRN is transitioning from animal sources to microbial fermentation and synthetic biology, laying a solid foundation for accelerated applications in the medical beauty and skincare sectors [3][4]. - The report emphasizes that domestic beauty companies are likely to redefine the value boundaries of PDRN, with leading firms accelerating their strategies in this competitive landscape [3][4]. Summary by Sections PDRN Overview - PDRN, derived from salmon and other sources, has a high similarity to human DNA (98%) and is known for its skin repair and cell regeneration properties. Its historical development spans from the 15th century to its current applications in medical aesthetics and cosmetics [8][13][19]. Market Growth Potential - The PDRN market is projected to grow significantly, with estimates indicating an increase from USD 0.72 billion in 2024 to USD 8.55 billion by 2031, reflecting a CAGR of 43%. The demand for anti-aging products is a core driver of this growth [8][30]. Competitive Landscape - Domestic companies are actively entering the PDRN medical and skincare sectors, with significant advancements in extraction technologies. Companies like Huaxi Biological and Lepu Medical are leading the charge in developing PDRN-based products [8][30][34]. Key Mechanisms and Benefits - PDRN operates through two main mechanisms: acting as an agonist for the adenosine A2A receptor to suppress inflammation and providing nucleotides for DNA synthesis, thus promoting cell regeneration and tissue repair [34][36]. - The primary benefits of PDRN include skin repair, anti-inflammatory effects, and anti-aging properties, making it suitable for various cosmetic and medical applications [34][39].

于上述股份增持前，罗女士曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资金购入合 共47.23万股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至12月29日，其本月总购 股金额约为6632万港元。 本文源自：财华网 【财华社讯】上美股份(02145.HK)公布，执行董事罗燕于2025年12月29日，在公开市场以平均价每股约 75.4608港元购入合共36.36万股公司H股，总代价约为2744万港元。紧随上述购买后，罗燕于合共286.72 万股股份中拥有权益，相当于公司已发行股本总额1.39%。 ...

上美股份(02145)发布公告,本公司董事会获本公司执行董事罗燕女士告知，罗女士于2025年12月29日在 公开市场以平均价每股约75.4608港元购入合共36.36万股本公司H股，总代价约为2744万港元。紧随上 述购买后，罗女士于合共286.72万股股份中拥有权益，相当于本公告日期本公司已发行股本总额的 1.39%。于上述股份增持前，罗女士曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资 金购入合共47.23万股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至本公告日期， 其本月总购股金额约为6632万港元，显示出其对本公司未来发展的强大信心。 ...

格隆汇12月29日丨 上美股份(02145.HK)公告，公司董事会获公司执行董事罗燕告知，罗燕于2025年12 月29日在公开市场以平均价每股约75.4608港元购入合共363,600股公司H股，总代价约为2744万港元。 紧随上述购买后，罗燕于合共2,867,200股股份中拥有权益，相当于本公告日期公司已发行股本总额 1.39%。于上述股份增持前，罗曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资金购 入合共472,300股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至本公告日期，其本 月总购股金额约为66.32百万港元，显示出其对公司未来发展的强大信心。 ...

Core Viewpoint - The announcement highlights the significant share purchases made by the company's executive director, indicating strong confidence in the company's future development [1] Group 1: Share Purchases - Executive director Ms. Luo Yan purchased a total of 363,600 shares of the company's H-shares at an average price of approximately HKD 75.4608 per share, amounting to a total cost of about HKD 27.44 million [1] - Following this purchase, Ms. Luo holds a total of 2.8672 million shares, representing 1.39% of the company's total issued share capital as of the announcement date [1] - Prior to this transaction, Ms. Luo had also acquired a total of 472,300 shares between December 12 and December 19, 2025, at a total cost of approximately HKD 38.90 million [1] Group 2: Total Investment - Including the recent purchase, Ms. Luo's total investment in shares for the month amounts to approximately HKD 66.32 million, reflecting her strong confidence in the company's future prospects [1]

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） 自願公告 董事增持本公司股份 本公告乃由上海上美化妝品股份有限公司（「本公司」，連同其附屬公司統稱「本集 團」）自願作出。 本公司董事會（「董事會」）獲本公司執行董事羅燕女士（「羅女士」）告知，羅女士 於2025年12月29日在公開市場以平均價每股約75.4608港元購入合共363,600股 本公司H股（「股份」），總代價約為27.44百萬港元。緊隨上述購買後，羅女士於 合共2,867,200股股份中擁有權益，相當於本公告日期本公司已發行股本總額之 1.39%。於上述股份增持前，羅女士曾分別於2025年12月12日、16日、17日、18 日及19日使用其個人資金購入合共472,300股股份，總代價約為38.90百萬港元。 連同上述交易中購入的股份，截至本公告日期，其本月總購股金額約為66.32百萬 港元，顯示出其對本公司未來發展的強大信心。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 香港交易及結算所有限公司及香港聯合交 ...

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry, indicating a positive outlook for growth opportunities in the sector [3]. Core Insights - The report emphasizes that innovation in ingredients, particularly new materials like PDRN (Polydeoxyribonucleotide) and ECM (Extracellular Matrix), is a significant driver for growth in the beauty and medical aesthetics industry. Companies that successfully integrate these new components into their product lines are expected to enhance their growth potential and market competitiveness [5][14]. Summary by Sections 1. PDRN: A New Ingredient Driving Growth - PDRN has been validated in overseas markets for over a decade and is recognized for its effectiveness in promoting tissue regeneration and anti-inflammatory properties. The introduction of PDRN products in the medical aesthetics sector has shown a compound annual growth rate (CAGR) of 30% from 2014 to 2024 for companies like PharmaResearch, which has established a strong market presence with its Rejuran product line [5][18][32]. - The domestic market for PDRN is expected to grow significantly, with a projected revenue of approximately 330 million RMB from Q4 2024 to Q3 2025, indicating robust demand for PDRN products in China [5][20]. - The report highlights that the increasing awareness and education around PDRN among consumers, coupled with regulatory clarity and rapid supply chain development, will further drive demand in the medical aesthetics sector [5][68]. 2. ECM: Potential in Regenerative Fields - ECM is gaining attention as a promising ingredient in both medical aesthetics and cosmetics, with applications in serious medical fields already established. The report notes that the market for ECM products is still developing, with several companies beginning to explore its potential in aesthetic applications [5][24][28]. - The report suggests that the introduction of ECM products could fill existing gaps in the market, particularly in the medical aesthetics sector, where consumer education and awareness are crucial for adoption [5][24]. 3. Investment Opportunities - The report recommends focusing on companies with established pipelines for new materials, particularly in the medical aesthetics sector, such as Lepu Medical and Marubi Biotechnology, which are expected to lead in the approval and commercialization of PDRN products [5][6]. - In the cosmetics sector, brands that are quick to adopt PDRN and other innovative ingredients are likely to gain a competitive edge, with several major brands already launching PDRN-infused products in 2025 [5][6].

临近年底，EGF再次"撩动"美妆行业的神经。 2 0 2 5年1 2月2 5日，央视《经济半小时》栏目发布视频《美妆背后的"消费陷阱"》指出，在多 个美妆品牌的产品中测出违禁添加物EGF。其中"韩束丰盈紧致精华面膜"和"韩束嫩白透亮面 膜"两款产品中分别检出0 . 0 7 p g / g和3 . 2 1 p g / g的表皮生长因子EGF。 | K·J科检检测 | KJ科检检测 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 保育模号;KJ202507157165922566-1 | 第2頁井3 高 | 夜含编号:KJ202507157165922566-2 | 第1页典】 张 | 测试结果: | 测试结果: | | | | | | | | 样品名称 | 测试结果 | 测试项目 | 单位 | 网试方法 | 样品名称 | 测试项目 | 图试结果 | 单位 | 复试方法 | KANS 酶束非盈 | KANS 韩東嫩白 | | 表皮生长则子(EGF) | 吸皮生长图子( ...