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].

| 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]