Group 1 - The core issue revolves around the controversy regarding Han Shu's face masks containing the banned ingredient Epidermal Growth Factor (EGF), leading to a significant trust crisis for the brand and its parent company, Up Beauty Co. [2][3] - Han Shu's response included presenting testing reports claiming no EGF was added, but discrepancies in test results from different third-party organizations raise questions about the legitimacy of the findings [4][9] - The investigation highlighted that the cosmetic industry may have "AB formula" practices, where different formulations are used for testing and actual production, contributing to the confusion [4][10] Group 2 - The pricing strategy of Han Shu has come under scrutiny, with reports indicating that a product priced at 399 yuan may only cost around 26 yuan to produce, raising concerns about inflated pricing and marketing over substance [10][12] - Han Shu's heavy reliance on marketing, with significant sales expenses amounting to 23.37 billion yuan in the first half of 2025, contrasts sharply with its low research and development expenditure of only 1.03 billion yuan [11][12] - Up Beauty Co. is heavily dependent on Han Shu, which accounted for 81.4% of the company's total revenue in the first half of 2025, indicating a lack of diversification in its brand portfolio [12][13] Group 3 - The company has attempted to revitalize its other brands, such as One Leaf, but faces challenges due to market saturation and lack of unique competitive advantages [13][14] - The ongoing controversy and reliance on a single brand may hinder Up Beauty Co.'s long-term stability and growth, especially in a highly competitive beauty market [14]

Core Insights - The beauty industry is undergoing a significant transformation as consumers prioritize product ingredients and efficacy over marketing narratives and brand stories [1][2] - The competition among companies is shifting from traditional marketing to a focus on scientific validation and technical authority, particularly regarding core ingredients [1][3] Group 1: Industry Dynamics - The battle for defining the "ingredient king" is exemplified by the prolonged conflict between Huaxi Biological and Juzhi Biological over recombinant collagen, highlighting the industry's shift towards scientific discourse [1][2] - Companies are increasingly engaged in disputes over intellectual property and scientific narratives, as seen in the conflict between medical company Aierfu and skincare brand Zhanmeiya, which revolves around the storytelling of scientific advancements [3] Group 2: Market Competition - The competition for established, cash-generating scientific products is illustrated by the dispute between Shuiyang Co. and Ruoyu Chen over the agency rights for the Spanish brand "Mestique," which has shown remarkable growth in the Chinese market [5][6] - The financial performance of companies varies significantly, with some experiencing revenue growth alongside increased R&D spending, while others face declining revenues despite high R&D investments [6][7] Group 3: Consumer Behavior - A significant shift in consumer preferences is noted, with 58.8% of consumers prioritizing product ingredients in their purchasing decisions, indicating a growing demand for transparency and efficacy [15][21] - The rise of the "ingredient party" has led to increased scrutiny of product claims, pushing companies to provide credible testing reports and validate their ingredients [15][21] Group 4: Future Trends - The beauty industry's future is marked by a "scientific arms race," with brands striving to establish their authority in scientific research and ingredient validation [8][16] - Companies are exploring unique natural ingredients and integrating skincare with makeup, reflecting a trend towards holistic beauty solutions [20][21]

Group 1 - The top three companies with the highest short positions are Vanke Enterprises (02202), Dongfang Electric (01072), and COSCO Shipping Holdings (01919), with short ratios of 18.81%, 18.09%, and 16.45% respectively [1][2] - The companies with the largest increase in short positions are Lens Technology (06613), Shangmei Co., Ltd. (02145), and Youran Dairy (09858), with increases of 2.38%, 0.97%, and 0.64% respectively [1][2] - The companies with the largest decrease in short positions are Sanhua Intelligent Control (02050), SenseTime-W (00020), and Ganfeng Lithium (01772), with decreases of -1.93%, -1.22%, and -1.06% respectively [1][2] Group 2 - The top ten companies with the highest short ratios include Hengrui Medicine (01276) at 15.21%, ZTE Corporation (00763) at 14.26%, and Ping An Insurance (02318) at 14.10% [2] - The companies with the most significant increase in short ratios also include China Merchants Bank (03968) at 7.77% and Laopu Gold (06181) at 4.27% [2] - The companies with the most significant decrease in short ratios also include Zhongchuang Zhiling (00564) at 4.15% and Weichai Power (02338) at 4.93% [2]

Core Viewpoint - The recent departure of key personnel and the suspension of live broadcasts for the brand Han Shu under the company Shangmei Co., Ltd. have raised concerns about the future development of its makeup brand NAN beauty, particularly in light of previous controversies regarding illegal ingredient additions [1][2][3]. Group 1: Personnel Changes - The partner of NAN beauty, Gu Mai, has announced his departure, which creates uncertainty regarding the brand's future development [1]. - Gu Mai was a core figure in the development of Shangmei's makeup business, having joined the company in May 2025 [1]. - Industry experts have differing opinions on the impact of Gu Mai's departure, with some suggesting it may not significantly affect NAN beauty's trajectory due to its early-stage development [1][2]. Group 2: Brand Performance and Issues - The official live broadcast for Han Shu on Douyin has been suspended since January 5, 2025, after maintaining a daily broadcast record for nearly a year [2]. - The suspension is speculated to be linked to a controversy involving illegal ingredient additions in Han Shu's face masks, specifically the detection of EGF [2]. - Despite official clarifications stating that no EGF was added to their products, consumer sentiment remains affected, impacting brand perception and sales [3]. Group 3: Financial Performance - In the first half of 2025, Shangmei Co., Ltd. reported a revenue of 4.108 billion yuan, a year-on-year increase of 17.3%, with Han Shu contributing 3.344 billion yuan, accounting for 81.4% of total revenue [3]. - The company's founder has outlined a ten-year strategic plan aiming for a revenue target of 30 billion yuan by 2030, focusing on a multi-brand strategy within the cosmetics sector [3][4]. Group 4: Strategic Challenges - The company faces strategic challenges in overcoming the current "stalemate" following the EGF incident, which has already led to stock price declines and product withdrawals [4]. - Experts suggest that effective measures are needed to restore brand image and performance, such as enhancing user engagement and communication [4].

Core Insights - The departure of Gu Mai, a key figure in the makeup business of Shangmei Co., raises concerns about the future development of the NAN beauty brand, despite the company's assurance that operations remain stable [1][2][3] - The NAN beauty brand represents Shangmei's strategic expansion from skincare to makeup, and Gu Mai's management experience was seen as crucial for its growth [2][4] - Concurrently, the main brand, Han Shu, is facing issues related to product safety, which may impact overall brand reputation and financial performance [5][6][7] Group 1: Departure of Gu Mai - Gu Mai's departure is attributed to personal career development, and he will continue to collaborate with the company in other forms [1] - Gu Mai has extensive experience in the beauty industry, having held significant positions at major companies like LVMH and Alibaba [1] - The impact of Gu Mai's exit on NAN beauty's future remains uncertain, although the company claims that the brand's operations are normal and stable [2][3] Group 2: Challenges Facing Han Shu - Han Shu's official live streaming channel on Douyin has been inactive since January 5, raising concerns about the brand's market presence [5][6] - The brand is under scrutiny due to allegations of illegal ingredient additions in its products, which could damage consumer trust and sales [6][7] - Han Shu contributes significantly to Shangmei's revenue, accounting for 81.4% of total revenue in the first half of 2025, with reported earnings of 33.44 billion yuan [6][9] Group 3: Strategic Implications - The recent challenges, including Gu Mai's departure and Han Shu's product issues, pose risks to Shangmei's ten-year strategic plan aimed at achieving 30 billion yuan in revenue by 2030 [8][10] - The company has shown strong financial growth in recent years, but the current situation may hinder its transition from a single-brand reliance to a multi-brand strategy [10][11] - Analysts suggest that acquiring a well-established makeup brand could better align with Shangmei's current development model [11]

Core Viewpoint - The recent departure of Gu Mai from Shangmei Co., Ltd. (02145.HK) raises questions about the company's future strategies in the cosmetics sector, particularly regarding the NAN beauty brand, which is still in its early stages of development [1][11][13]. Group 1: Departure of Gu Mai - Gu Mai, who joined Shangmei Co. in the first half of 2025 as a brand partner for NAN beauty, has left the company less than a year after his appointment, citing personal career development as the reason [1][2]. - Prior to joining Shangmei, Gu Mai held significant positions in major companies such as Mars, Unilever, Estée Lauder, and LVMH, and was known for his role in bringing international high-end beauty brands to Tmall [2][10]. Group 2: NAN Beauty Brand Development - NAN beauty, positioned as a mid-to-high-end cosmetics brand, was first mentioned in Shangmei's 2024 annual report, indicating the company's strategic expansion into the cosmetics sector [4][10]. - The brand aims to leverage the unique combination of a professional makeup artist's IP and the growing demand in the cosmetics market, which is currently seen as a blue ocean with limited competition [5][11]. Group 3: Market Context and Comparisons - The market for cosmetics in China is competitive, with brands like Mao Geping and Proya's Caitang already establishing a presence. Mao Geping's cosmetic products generated revenue of 1.422 billion RMB in the first half of 2025, accounting for 55% of the company's total revenue [5][6]. - Proya's Caitang brand, which also focuses on professional makeup artistry, contributed 705 million RMB in revenue during the same period, increasing its share of Proya's total revenue from 8.99% to 13.17% [6][9]. Group 4: Current Status of NAN Beauty - As of January 7, 2026, NAN beauty's initial product line, launched in August 2025, includes five foundation products, but the brand is still in the incubation phase with limited market penetration [12]. - The brand's Tmall flagship store has garnered a modest following, with 2,484 fans, and its top-selling products include sample sets priced at 49.9 RMB and 59.9 RMB, with sales exceeding 10,000 and 6,000 units respectively [12].

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12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: 2026年1月7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 | | | 206,354,542 | RMB | | 1 | RMB | | 206,354,542 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 206,354,542 | RMB | | 1 | RMB | | 206, ...

Core Viewpoint - The departure of Gu Mai, a key partner at NAN Beauty, raises concerns about the brand's future development and the overall performance of the company, especially in a competitive beauty market [1][5][10]. Company Developments - Gu Mai has left NAN Beauty after approximately 8 months, citing a shift in personal career focus while still planning to collaborate with the company in other forms [1][5]. - NAN Beauty, co-founded by Up Beauty and makeup artist Chun Nan, is the company's first makeup brand and is seen as a significant expansion in its multi-category strategy [5][10]. Industry Context - Gu Mai has a notable reputation in the cosmetics and e-commerce sectors, having held senior positions at major international companies such as LVMH and Alibaba, where he significantly expanded the beauty brand portfolio on Tmall [3][4]. - The beauty industry is currently experiencing intense competition, making it challenging for new brands like NAN Beauty to establish a strong market presence [10]. Sales Performance - NAN Beauty's initial product launch on Douyin saw some sales, with the best-selling product being a sample set priced between 49.9 to 59.9 yuan, selling 2,301 units [6][10]. - Despite the initial sales, NAN Beauty has not yet contributed to Up Beauty's financial reports, indicating that the brand is still in its early development stage [6][10]. Financial Implications - Up Beauty's main brand, Han Shu, contributed approximately 81.4% of the company's revenue in the first half of the year, amounting to 3.344 billion yuan, with a year-on-year growth of 14.3% [12]. - The company aims to significantly develop other brands by 2026, with a target pre-tax sales of 4.36 billion yuan for brands other than Han Shu, indicating a reliance on diversifying its brand portfolio for future growth [12].

界面时尚从上美股份方面获悉，2025年中旬加入上美股份、担任该集团旗下新彩妆品牌NAN beauty品 牌合伙人的原天猫美妆总经理古迈，已于近期离职，距其上任尚不足一年。 上美股份回应称，因个人职业发展方向调整，古迈决定将更多精力投入其他领域，已辞去其在NAN beauty品牌的相关职务。该公司同时表示，目前，NAN beauty的品牌运营一切正常，品牌中心团队保持 稳定，古迈未来或仍以其他形式与品牌保持联系。（智通财经 周芳颖） ...

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].