Investment Rating - The report maintains a "Positive" outlook on the hair care industry, highlighting its significant market potential and opportunities for differentiation [3][6]. Core Insights - The hair care industry is the second largest segment in the cosmetics market, following skincare, with substantial potential for domestic brand replacement. The demand for hair care products is evolving towards more personalized and segmented offerings, driven by consumers' increasing pursuit of quality in their daily lives [5][6]. - The market for hair care products in China is expected to grow steadily, with sales reaching 55.9 billion yuan in 2023, reflecting a year-on-year increase of 13.4%. Projections indicate that the market could exceed 70 billion yuan by 2026 [5][6]. - Domestic brands are well-positioned to capture market share due to their understanding of local consumer needs, especially in a market where international brands dominate but face challenges in adapting to rapid changes in consumer preferences [7][8]. Summary by Sections 1. Hair Care Market Overview - The hair care segment is characterized by a wide range of products, including cleansing and conditioning items, and is crucial in consumers' daily routines. The market is experiencing a shift towards more specialized and effective products [16][18]. - The competitive landscape is shifting, with domestic brands gaining traction as international leaders struggle to keep pace with evolving consumer demands [22][27]. 2. Hair Care Product Trends - The demand for functional and gentle hair care products is on the rise, with consumers increasingly seeking solutions for specific issues such as hair loss and scalp health. The market is seeing a trend towards herbal ingredients that appeal to health-conscious consumers [55][67]. - The hair care market is projected to maintain stable growth, with a market size of 55.9 billion yuan in 2023 and an expected increase to over 70 billion yuan by 2026 [63][67]. 3. Facial Cleansing Market Dynamics - The facial cleansing market is also experiencing steady growth, with a market size of 49.8 billion yuan in 2023, projected to reach 52.5 billion yuan by 2026. Multi-functional products that combine cleansing with other benefits are gaining popularity [5][6]. 4. Body Care Market Insights - The body care segment is witnessing a revival, with consumers increasingly valuing emotional well-being and seasonal product differentiation. The market is expected to reach 23.4 billion yuan by 2024, with a focus on efficacy and fragrance [5][6]. 5. Competitive Landscape and Opportunities - Numerous domestic beauty companies are expanding their product lines and adopting multi-brand strategies to capture market share in the hair care sector. Key players include Lafang, Shangmei, Shanghai Jahwa, and Proya, each with distinct strategies to enhance brand recognition and market presence [6][7][8].

Core Insights - The domestic beauty industry in China is entering a phase of deeper development, with market competition shifting from channel expansion to R&D innovation and precise positioning [1][2] - The performance of domestic beauty companies shows significant divergence, reflecting the competitive landscape and the impact of consumer awareness and purchasing power on functional skincare products [1][3] Company Performance - Shanghai Jahwa reported revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [2] - Marubi achieved revenue of 1.769 billion yuan, a 30.83% increase, with a net profit of 186 million yuan, growing by 5.21% [2] - Up Beauty Holdings expects revenue between 4.09 billion and 4.11 billion yuan, a growth of 16.8% to 17.3%, with net profit projected between 540 million and 560 million yuan, an increase of 30.9% to 35.8% [2] Market Trends - The functional skincare market in China is projected to reach approximately 48.743 billion yuan in 2024, with Betaini holding an 11.71% market share at 5.707 billion yuan [3] - The sensitive skin market is becoming a hot sector, with an expected consumer base nearing 100 million and a market size of around 45 billion yuan, reflecting a compound annual growth rate of 21.7% over the past three years [4] Innovation and Consumer Demand - There is a growing emphasis on "skin-specific care" rather than a one-size-fits-all approach, with brands focusing on personalized solutions for different skin types [5] - The sensitive skin market faces challenges in achieving effective and gentle whitening solutions, as traditional ingredients often irritate sensitive skin [5] - Brands that can address advanced needs such as whitening and anti-aging while ensuring scientific validation will be better positioned to capture market share in this expanding sector [5]

Core Viewpoint - The domestic beauty industry in China is entering a phase of deeper development, with a shift in competition from channel expansion to technological innovation and precise positioning [1] Group 1: Industry Performance - In the first half of 2025, domestic beauty companies showed significant performance differentiation, with overall strong results [2] - Shanghai Jahwa achieved revenue of 3.48 billion yuan, a year-on-year increase of 4.7%, and a net profit of 270 million yuan, up 11.7% [2] - Marubi Biotech reported revenue of 1.769 billion yuan, a 30.83% increase, and a net profit of 186 million yuan, up 5.21% [2] - Shiseido's revenue is expected to be between 4.09 billion and 4.11 billion yuan, with a year-on-year growth of 16.8% to 17.3%, and a net profit forecast of 540 million to 560 million yuan, up 30.9% to 35.8% [2] Group 2: Market Trends - The sensitive skin market is becoming a hot sector, with the consumer base expected to approach 100 million by 2024, and a market size of approximately 45 billion yuan, with a compound annual growth rate of 21.7% over the past three years [4] - The market for sensitive skin products is projected to exceed 200 billion yuan, indicating significant growth potential [4] - Companies are increasingly focusing on the needs of sensitive skin consumers, moving beyond basic repair to include multiple functions such as whitening and anti-aging [4][5] Group 3: Strategic Adjustments - Some companies, like Betaini, are still in a strategic adjustment phase, with a first-quarter revenue of 949 million yuan, down 13.51%, and a net profit decline of 83.97% [3] - Betaini's main brand, Winona, experienced a revenue decline of 5%, but remains a leader in the sensitive skin segment [3] - The competitive landscape is shifting towards brands that can effectively address the dual needs of efficacy and gentleness for sensitive skin consumers [5]

Key Points - As of August 22, 108 stocks reached their 52-week highs, with Yicheng Group (08365), Shanghai Xiaonan Guo (03666), and Cybernaut International Holdings (01020) leading the high rate at 32.77%, 31.11%, and 20.16% respectively [1] - The closing prices for the top three stocks were 1.580, 0.051, and 0.155 respectively, indicating significant upward movement in their stock prices [1] - Other notable stocks that reached new highs include VALA (02051) at 18.87% and CTR Holdings (01416) at 16.52% [1] 52-Week High Rankings - The top three stocks with the highest increase rates were Yicheng Group (08365) at 32.77%, Shanghai Xiaonan Guo (03666) at 31.11%, and Cybernaut International Holdings (01020) at 20.16% [1] - The closing prices for these stocks were significantly higher than their previous values, indicating strong market performance [1] - The overall trend shows a positive sentiment in the market with many stocks achieving new highs [1] Additional Stocks Reaching New Highs - VALA (02051) reached a high of 0.630, marking an 18.87% increase, while CTR Holdings (01416) closed at 0.134, a 16.52% increase [1] - Other stocks such as Huaxing Capital Holdings (01911) and Huahong Semiconductor (01347) also showed positive performance with increases of 9.11% and 8.85% respectively [1]

Core Viewpoint - The company aims to achieve a revenue target of 30 billion by 2030, but transitioning to high-end products is essential for success, as relying solely on low-priced skincare sets may not suffice [1] Group 1: New Brand Launch - The company has launched a new professional makeup brand, NAN beauty, in collaboration with renowned makeup artist Chun Nan, targeting young consumers aged 20-30 with mid-to-high-end positioning [1][3] - NAN beauty's initial product lineup includes items such as "CP Concealer Palette," "Beginner's Powder Cream," and "Smart Powder Cake," set to launch on September 9 on Douyin [3] Group 2: Market Trends and Competitors - The strategy of leveraging makeup artists' personal IPs to develop makeup brands is not unique, with successful examples like Mao Geping and Cai Tang, which have achieved significant revenue growth [4][5] - The company is following a trend where professional makeup artists enhance brand credibility and consumer connection, which is seen as an effective strategy for market expansion [5] Group 3: Financial Performance - The company reported a projected revenue of 40.9 to 41.1 billion for the first half of 2025, reflecting a year-on-year growth of 16.8% to 17.3%, with a significant net profit increase of 30.9% to 35.8% [6] - In 2024, the company achieved a total revenue of 70.44 billion, marking a 62.03% increase, with a net profit of 7.81 billion, up 69.42% [6][7] Group 4: Marketing Strategy - The company has adopted a low-price competition model, with its main skincare brand, Han Shu, generating over 80% of its revenue through aggressive marketing and promotional strategies [7][8] - Han Shu's sales on Douyin reached 67.49 billion in 2024, with a year-on-year growth exceeding 102%, indicating strong market presence [7] Group 5: High-End Market Strategy - The founder has set a goal of reaching 30 billion in revenue by 2030, acknowledging that low-priced products alone will not achieve this target, hence the focus on high-end product development [9] - The company plans to incubate 20 new brands between 2025 and 2027, with a focus on high-end offerings, including collaborations with scientists and celebrities [9][10] Group 6: Challenges in High-End Market - The company faces significant competition in the high-end beauty market from established brands like L'Oréal and Estée Lauder, making it challenging to establish a foothold [10][11] - The ability to tell compelling brand stories and create high-value cultural narratives will be crucial for the company's success in the high-end segment [11]

格隆汇8月18日丨上美股份(02145.HK)公布，公司将于2025年8月28日召开董事会会议，以（其中包括） 审议及通过集团截至2025年6月30日止六个月的中期业绩及其发布，以及审议派发中期股息的建议（如 有）。 ...

Shanghai Chicmax Cosmetic Co., Ltd. 上海上美化妝品股份有限公司 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份內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 上海上美化妝品股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會 會議將於二零二五年八月二十八日（星期四）舉行，藉以考慮及批准（其中包括）本 公司及其附屬公司截至二零二五年六月三十日止六個月的中期業績及其發佈，並 考慮建議派發中期股息（如有），以及處理其他事項。 承董事會命 上海上美化妝品股份有限公司 董事長、執行董事兼首席執行官 呂義雄先生 二零二五年八月十八日 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2145） 董事會會議通告 中國，上海 於本公告日期，董事會包括執行董事呂義雄先生、羅燕女士、馮一峰先生及宋洋 女士；非執行董事李寒窮女士及孫昊先生；獨立非執行董事梁浩新先生、羅妍女 士及李洋先生。 ...

Core Viewpoint - The launch of NAN beauty, a high-end makeup brand co-created by Shangmei Co. and renowned makeup artist Chun Nan, marks a significant expansion into the professional makeup sector for Shangmei, following its successful ventures in skincare, maternal and infant products, and hair care [1][2][10]. Group 1: Brand Launch and Product Offering - NAN beauty was officially unveiled at a brand launch event in Shanghai, featuring Chun Nan as the brand ambassador and partner, showcasing the initial product line including "Black Coffee Primer Essence," "CP Concealer Palette," "Beginner Powder Cream," "Stick Foundation," and "Smart Research Honey Powder Cake" [1][2]. - The first batch of NAN beauty products is set to be available for purchase on Douyin starting September 9, coinciding with Chun Nan's first live streaming event [2]. Group 2: Brand Positioning and Philosophy - NAN beauty is positioned as a mid-to-high-end professional makeup brand, representing Chun Nan's first makeup brand after 25 years in the industry, emphasizing a philosophy of showcasing natural beauty without excessive effort [4][7]. - The brand's design philosophy, "Deconstructing Modern Beauty with Eastern Wisdom," aims to meet consumer desires for natural and authentic makeup experiences, encapsulated in the concept of "Eastern Light and Transparent Aesthetics" [4]. Group 3: Product Innovation and Technology - NAN beauty's product line focuses on technology to restore the skin's natural beauty, utilizing micron-level powder to reflect natural light, breathable membrane technology for oil control and moisture retention, and light-reflecting particles for precise concealing [5]. Group 4: Strategic Team and Talent - The collaboration between Chun Nan and retail expert Gu Mai creates a "golden combination," combining top-tier aesthetic and product expertise with commercial success capabilities, enhancing NAN beauty's competitive edge [6][8]. - Chun Nan's extensive experience and influence in the industry, along with Gu Mai's background in e-commerce and brand management, provide NAN beauty with a unique positioning in the market [7][8]. Group 5: Strategic Goals and Market Position - The establishment of NAN beauty signifies Shangmei's strategic upgrade, entering the mid-to-high-end makeup market and supporting its goal of reaching 30 billion by 2030 and 100 billion by 2035 [10]. - NAN beauty is positioned as a key driver for achieving these ambitious targets, leveraging the current market dynamics where international brands are retracting, and domestic brands with professional makeup artist endorsements are emerging as strong contenders in the high-end market [10].

Core Viewpoint - NAN beauty, a new makeup brand under Shangmei Co., has officially launched, aiming to penetrate the competitive domestic beauty market and achieve a revenue target of 10 billion yuan [3][21]. Group 1: Brand Positioning and Strategy - NAN beauty's slogan "Effortless Beauty, Confident You" reflects its understanding of the current makeup market, which is crowded with both international brands and domestic newcomers [4]. - The brand differentiates itself by leveraging the expertise of top makeup artist Chun Nan and former Tmall beauty general manager Gu Mai, focusing on a "makeup artist IP brand" approach [4][10]. - The brand targets modern young consumers aged 20-30, who seek natural and transparent makeup looks and are willing to invest in self-expression [9]. Group 2: Product Innovation and Technology - NAN beauty's product logic is based on Chun Nan's 25 years of experience, emphasizing "breathable" makeup through three patented technology layers: Light Layer, Breathable Layer, and Shaping Layer [4][6]. - The brand's philosophy, "Oriental Light and Transparent Aesthetics," aims to enhance natural beauty rather than cover it up, making professional techniques accessible to the general public [6][12]. Group 3: Marketing and User Engagement - Each product is accompanied by Chun Nan's instructional videos, simplifying professional techniques for everyday users [7][12]. - The brand has initiated a project called "Chun Nan and 100 Girls," using real-life examples to reinforce its commitment to "effortless beauty" [7]. Group 4: Market Expectations and Growth Potential - The launch of NAN beauty is a strategic move for Shangmei Co. to expand its brand portfolio and penetrate the high-end makeup market [21][22]. - The company anticipates a revenue of 4.09 to 4.11 billion yuan for the first half of 2025, with a year-on-year growth of 16.8% to 17.3%, indicating strong market potential [24]. - NAN beauty's model offers a new approach for domestic brands to achieve high-end positioning by combining professional expertise with effective market strategies [24][25].

Macro Strategy - The report highlights that government bonds support the improvement of social financing, while an active stock market boosts M2 growth, downplaying the negative growth in monthly loans [1][16] - In July 2025, new social financing reached 1.16 trillion yuan, an increase of 389.3 billion yuan year-on-year, with government bond financing being a major contributor [16][17] - The M2 growth rate increased by 0.5 percentage points to 8.8% in July 2025, driven by an active stock market and improved fiscal spending [16][17] Fixed Income Analysis - The report discusses the comparative value of non-ETF component bonds in the sci-tech bond market, suggesting a shift towards these bonds for better liquidity and potential inclusion in ETF [1][18] - The analysis indicates that the credit spreads of non-ETF component bonds are generally higher than those of ETF component bonds, suggesting a larger selection of bonds with compression potential [1][19] - The report emphasizes the importance of monitoring the performance of sci-tech bonds in the context of market fluctuations and the potential for future inclusion in ETFs [1][19] Industry Insights - The "anti-involution" policy is compared to the supply-side reform, indicating a shift in focus towards new industries such as renewable energy, semiconductors, and high-end equipment [2][22] - The report notes that the current economic environment shows signs of structural and institutional overcapacity, particularly in emerging industries like photovoltaics and lithium batteries [2][22] - The analysis suggests that the "anti-involution" policy aims to enhance quality development rather than merely reducing capacity, with a focus on market-driven measures [2][22] Company Recommendations - Jinlang Technology is projected to benefit from increased demand in Europe and Asia, with a forecasted net profit growth of 68% in 2025 [8] - Upme Holdings is expected to achieve significant profit growth through its multi-brand strategy, with a projected net profit increase of 42.3% in 2025 [9] - Nasda is recognized as a leading domestic printer manufacturer, with a focus on enhancing competitiveness through R&D investments [10]