Core Insights - The Double Eleven shopping festival shows a robust double-digit growth, with impressive performance in instant retail and a trend towards integrated service across platforms [1][2] - The beauty category maintains steady growth across multiple platforms, with Tmall's high-end international brand rankings recovering and Douyin's leading domestic brands performing well [3] Group 1: Double Eleven Performance - The overall GMV for Double Eleven in 2025 is projected to reach 1,695 billion, representing a 14% increase from 2024, with instant retail showing significant growth [2] - Tmall achieved its best growth in four years, significantly driven by the 88VIP program, while JD.com set new transaction records [2] Group 2: Beauty Category Insights - The skincare and makeup categories are expected to grow between 5-15% across platforms, with domestic brands like Proya maintaining a strong position [3] - High-end international brands such as Estée Lauder and SK-II have seen improvements in their rankings, benefiting from high-value user contributions [3] Group 3: Brand Performance - Brands like Ruoyuchen and Shangmei have shown remarkable performance during Double Eleven, with Ruoyuchen's total GMV increasing by 80% year-on-year [4] - The brand management and e-commerce operations of Kangwang and Aveeno have also seen significant growth, with some brands achieving over 200% year-on-year increases [4]

Core Viewpoint - The consumer sector is showing signs of recovery, driven by favorable policies, rising CPI, and the imminent closure of Hainan Free Trade Port, leading to increased investment enthusiasm in the sector [2][4]. Group 1: Consumer Sector Analysis - The consumer sector is believed to be at the bottom, with fundamentals gradually improving, as indicated by the third-quarter reports [4]. - The "14th Five-Year Plan" emphasizes the importance of consumption, suggesting a positive outlook for the sector [4]. - Key investment opportunities include the restaurant chain sector, which is nearing the end of price wars, and companies like Anjiexin Foods and Lihai Foods are seeing improved net profit margins [4]. Group 2: Duty-Free Industry Insights - Hainan's duty-free sales data shows a significant recovery in Q3 2025, with a notable increase in average transaction value, and a stable outlook for Q4 [5]. - Continuous policy support, including a clear timeline for the island's closure and an expanded range of duty-free products, is expected to enhance the operational conditions for companies like China Duty Free Group and Hainan Development [5]. Group 3: Structural Upgrades in Consumption - The toy industry is evolving with IP incubation and category innovation, favoring leading companies with strong design and supply chain capabilities [6]. - The beauty industry is integrating medical, beauty, and health services, which is expected to enhance customer spending and repeat purchases [6]. - The consumer industry is transitioning from "functional supply" to "scenario value supply," indicating a structural upgrade in brand consumer goods [6]. Group 4: New Consumption Trends - Four new consumption themes are emerging: 1. Brand globalization 2.0, focusing on pricing power and emerging markets [7]. 2. Emotional value sectors like trendy toys and pet products are expected to benefit from rising GDP per capita [7]. 3. AI-driven consumption in service sectors is showing potential for profitability [7]. 4. Channel transformation emphasizing user experience and operational efficiency, particularly in instant retail and cost-effective dining [7]. Group 5: High-Growth Opportunities in Emotional Consumption - The gold and jewelry sector is undergoing significant changes, with rising gold prices and a shift towards emotional consumption, suggesting opportunities in high-end and trendy gold segments [8]. - Retail e-commerce is focusing on offline retail transformation and AI-enabled cross-border e-commerce leaders [8]. - The cosmetics sector is seeing growth in domestic brands that meet emotional value and safety ingredient innovation [8]. - The medical beauty sector remains resilient, with opportunities in differentiated products and mergers in downstream medical beauty institutions [8].

1. Report Industry Investment Rating - The industry rating is "Bullish" [1] 2. Core Views of the Report - The cosmetics industry continues to show differentiation, with brand demand being weak in the off - season, agents seeking change in difficult situations, and producers seizing supply - chain reconstruction opportunities. The medical aesthetics industry has new entrants with better - than - expected shipments, and new product catalysts are worth attention [3][4] 3. Summaries According to Relevant Catalogs 3.1 Cosmetics: Continued Differentiation 3.1.1 Brand Merchants - In 1 - 3Q25, beauty brand merchants' revenue was 28.4 billion yuan, a year - on - year decrease of 0.6%; personal care brand merchants' revenue was 5.7 billion yuan, a year - on - year increase of 12.4%. In 3Q25, beauty and personal care brand merchants' revenues were 8.05 billion and 1.805 billion yuan, a year - on - year decrease of 1.3% and an increase of 7.6% respectively. Beauty revenue weakened quarter - on - quarter, while personal care remained flat [18] - Beauty: Affected by the earlier Double Eleven promotion, consumer enthusiasm declined in September, and brands reduced live - streaming activities. In terms of single - quarter revenue growth, Shuiyang Co., Ltd. and Shanghai Jahwa increased by over 20%, Marubi Co., Ltd. had double - digit growth, Proya had low - double - digit decline, and Betaine and Freda had high - single - digit decline [18] - Personal care: Runben Co., Ltd.'s Q3 revenue increased by 17% year - on - year, with a slight increase in growth rate quarter - on - quarter. Baiya Co., Ltd.'s 3Q25 revenue improved, and Dengkang Oral Care had steady growth [18] - In 1 - 3Q25, beauty brand merchants' net profit after non - recurring items was 2.33 billion yuan, a year - on - year decrease of 15%; personal care brand merchants' was 604 million yuan, a year - on - year decrease of 3.4%. Some companies showed initial cost - control effects [24] 3.1.2 Agents - Agents are seeking change in difficult situations by exploring three paths: incubating self - owned brands (represented by Ruoyuchen), using AI to reduce costs and increase efficiency (represented by Yiwow), and expanding high - growth categories (such as Qingmu Technology expanding into trendy toy agency operations) [30] - Ruoyuchen's self - owned brands Feicui and Zhanjia continued to gain momentum. In Q3, self - owned brand revenue was 451 million yuan, a year - on - year increase of 344.5%, accounting for 55.1%. Zhanjia's Q3 revenue was 227 million yuan, a year - on - year increase of 119%, and 1 - 3Q revenue was 680 million yuan. Feicui's Q3 revenue was 203 million yuan, a quarter - on - quarter increase of over 98.8%, and 1 - 3Q revenue was 362 million yuan [30] 3.1.3 Producers - Demand continued to recover, and the revenue of the producer sector increased by 9%, 17%, and 30% year - on - year from Q1 to Q3, with the growth rate increasing quarter by quarter [33] - QingSong Co., Ltd. focused on optimizing customers and product structure, and its profit turned positive for four consecutive quarters from 2Q24 to 1Q25. Jieya Co., Ltd. had increasing orders from overseas big customers, and its Q3 performance growth accelerated. Jiaheng Home Co., Ltd. increased revenue but not profit, mainly due to the short - term impact of the Huzhou base's capacity ramp - up [33] 3.2 Medical Aesthetics: New Entrants with Better - than - Expected Shipments 3.2.1 Upstream Consumables - The growth rate of demand expansion slowed down, and supply - side competition intensified. In terms of the cumulative number of Class III medical device approvals, hyaluronic acid > regenerative (Sculptra/Poly - L - Lactic Acid) > botulinum toxin > recombinant collagen. Old products of hyaluronic acid and regenerative types faced growth pressure, and the growth rate of recombinant collagen Class III medical device products slowed down significantly quarter - on - quarter [38] - Hyaluronic acid: Aimeike's revenue growth rate from 24Q1 to 25Q3 was + 28.2%/+2.3%/+1.1%/ - 7%/ - 18%/ - 25%/ - 21% year - on - year, showing a quarterly decline since 24Q2 [38] - Collagen: Jinbo Biotech's revenue growth rate from 24Q1 to 25Q1 was + 76%/+100%/+92%/+73%/+63% year - on - year, and in 2Q25/3Q25, it was + 30%/+13% year - on - year. On October 23, the "Recombinant Type I α1 Subtype Collagen Freeze - Dried Fiber" Class III medical device certificate of Giant Biogene was approved by NMPA [38] - Leapmed Medical's medical aesthetics shipments were better than expected, with Q3 medical service and health management business revenue of 320 million yuan, a year - on - year increase of 28%, and the revenue of Sculptra and Hydrodermabrasion reaching 86.1367 million yuan [36] 3.2.2 Downstream - The new model of Xinoxygen Medical Clinics showed high - growth potential. The Q3 revenue guidance was 150 - 170 million yuan, a year - on - year increase of 231% - 275%, and a quarter - on - quarter increase of 4% - 18%. It plans to implement the "100 - City, 1000 - Store" plan in the long term [40] - Stores are expanding from first - tier cities to new first - tier and second - tier cities. As of November 6, it covered 42 stores in 10 cities. The promotion of self - owned brands was remarkable, and it cooperated with Xihong Miracle Sculptra 3.0, priced at 2999 yuan, which was officially launched on September 25 [43] 3.3 Investment Recommendations - Brands with upward potential and both growth and certainty: Recommend Maogeping (Oriental aesthetics, dual - wheel drive of makeup and skincare, and the second - curve of perfume is worth looking forward to) and Shangmei Co., Ltd. (with one cornerstone brand, five growth brands, and N seed businesses) [8][46] - Companies with new product pipelines and expected performance elasticity: Pay attention to Giant Biogene and Leapmed Medical [8][46] - Companies in strategic adjustment and expected to reach an inflection point: Recommend Shuiyang Co., Ltd. (the effect of high - end transformation is gradually emerging), and pay attention to Shanghai Jahwa, Betaine, and Freda [8][46]

Core Insights - The article discusses the recent performance and strategic developments of CCM, a company listed under the stock code 02145.HK, highlighting its market position and future outlook [1][2]. Company Overview - CCM has shown significant growth in its revenue, reporting an increase of 15% year-on-year, reaching a total of 1.5 billion in the last fiscal year [1]. - The company has expanded its product offerings, focusing on innovative solutions that cater to emerging market demands [1]. Financial Performance - The net profit margin improved to 20%, up from 17% in the previous year, indicating enhanced operational efficiency [1]. - Total assets have increased to 3 billion, reflecting a robust balance sheet and strong financial health [1]. Market Position - CCM has strengthened its competitive edge by investing in research and development, allocating 10% of its revenue towards innovation [1]. - The company has captured a larger market share, now holding 25% of the industry segment, up from 22% last year [1]. Future Outlook - Analysts predict continued growth for CCM, with expected revenue growth of 12% for the upcoming fiscal year, driven by new product launches and market expansion [1]. - The company is exploring strategic partnerships to enhance its distribution network and increase market penetration [1].

Core Insights - The company presented at the 2026 strategy meeting, focusing on the main brand Han Shu's category positioning, structural changes, and future expansion directions, along with updates on multiple brand incubations and overseas plans [1] Brand Performance - The main brand Han Shu continues to grow rapidly, with the GMV of the Hongbai Wan Yao product set optimized to below 50% in October, and the annual GMV proportion of secondary products nearing 15% [1] - The company is diversifying its product structure, with men's, personal care, body, and makeup categories accounting for approximately 20% of GMV [1] - Future expansions include new product series for the Hongbai Wan Yao set, continuous exploration of new ingredient additions for secondary products, and promising collaborations in the makeup category [1] Multi-Brand Development - New brands such as Newpage, Juguangbai, Anminyou, and Jifang show strong potential for growth, with Newpage achieving over 100 million GMV in October and aiming for 800-1,000 million for the full year [2] - Juguangbai reached around 30 million GMV in October and has achieved profitability, while Anminyou's GMV approached 40 million with significant profit margin improvements [2] - The company emphasizes maintaining profitability through refined operations and efficient investment flow [2] Organizational Efficiency - The company adopts a strategy of attracting top talent and building a strong organizational culture, which supports the incubation of differentiated multi-brands [3] - A robust self-broadcasting system has been established, with nearly 85% self-broadcasting ratio achieved in 2025, indicating high operational precision [3] - The company possesses a self-owned supply chain that is highly automated, cost-effective, and exhibits significant economies of scale [3] International Expansion - The company is steadily advancing its overseas strategy, with plans to enter the Indonesian market in 2026, leveraging local operations and the brand's competitive pricing and content marketing capabilities [3] - The new spokesperson Wang Jiaer is expected to enhance brand recognition in Southeast Asia [3] Financial Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 1.101 billion, 1.379 billion, and 1.717 billion respectively, with corresponding EPS of 2.77, 3.46, and 4.31 [4] - The company is assigned a target price of 121.67 yuan based on a 32x PE for 2026, reflecting the stable growth of the main brand and validated operational capabilities [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 121.67 [7]. Core Insights - The main brand, Han Shu, continues to grow rapidly, with the GMV of the Hongbai waist set products optimized to below 50% in October, and the annual GMV of the secondary products category nearing 15% [2]. - The company has a strong multi-brand potential, with significant growth expected from brands like Newpage, 聚光白, 安敏优, and 极方, contributing to overall revenue growth [3]. - The organization is efficient and flexible, with a robust online capability and a well-structured team that supports the continuous incubation of differentiated multi-brands [4]. - The overseas expansion is progressing steadily, with plans to enter the Indonesian market in 2026, leveraging local strategies and the brand's competitive advantages [4]. Summary by Sections Brand Performance - Han Shu maintains rapid growth, with a diversified product structure and significant contributions from various categories, including men's care and cosmetics [2]. - New product launches, such as the upgraded 白蛮腰 series, are anticipated to drive future growth [2]. Multi-Brand Development - Newpage achieved over HKD 100 million in GMV in October, with a target of HKD 800-1,000 million for 2025 [3]. - 聚光白 has shown profitability and potential in the whitening segment, while 安敏优 is experiencing accelerated growth post-adjustment [3]. Organizational Efficiency - The company emphasizes a strategy of attracting top talent and building a strong organizational culture, which supports its multi-brand strategy [4]. - The self-broadcasting system on platforms like Douyin has been established with a large team, achieving a self-broadcasting ratio of nearly 85% in 2025 [4]. Overseas Strategy - The company is preparing for its entry into the Southeast Asian market, particularly Indonesia, with a focus on localized operations and leveraging the brand's quality-price advantage [4]. Financial Forecast - The company forecasts net profits of RMB 1.101 billion, RMB 1.379 billion, and RMB 1.717 billion for 2025, 2026, and 2027 respectively, with corresponding EPS of RMB 2.77, RMB 3.46, and RMB 4.31 [5].

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10月31日 狀態: 新提交 致：香港交易及結算所有限公司 本月底法定/註冊股本總額： RMB 398,107,102 備註： 第 1 頁 共 11 頁 v 1.1.1 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11月5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 | | ...

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 ...