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 該等內容而引致的任何損失承擔任何責任。 Shanghai Chicmax Cosmetic Co., Ltd. 就KT-939與蘇州開拓簽訂戰略合作框架協議 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（「董事」）會（「董事會」）欣然宣佈，近日本公司與開拓藥業有限公司 （一家於香港聯合交易所有限公司上市的公司（股份代號：9939），「開拓藥業」） 的全資附屬公司蘇州開拓藥業股份有限公司（「蘇州開拓」）訂立化妝品領域附帶排 他條款的戰略合作框架協議（「框架協議」），內容有關美白祛斑功效性化妝品原料 KT-939的快速商業化。 根據框架協議，本公司與蘇州開拓就KT-939在中國作為一種化妝品新成分的註冊 與以KT-939為核心成分的化妝品產品註冊開展化妝品領域附帶排他條款的協同推 進，以及聯合開展功效性原料研發和定制，旨在基於KT-939打造具有行業影響力 的「地表最強國產美白劑產品」。 ...

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。 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 中國，上海 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） 董事會會議通告 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 會議將於二零二六年三月二十六日（星期四）舉行，以商討下列事項： 於本公告日期，董事會包括執行董事呂義雄先生、周蔚女士、羅燕女士、馮一峰 先生及宋洋女士；職工代表董事孫昊先生；以及獨立非執行董事梁浩新先生、 羅妍女士及李洋先生。 1. 考慮及批准本公司及其附屬公司截至二零二五年十二月三十一日止年度的業 績及其發佈； 2. 考慮派發末期股息（如有）； 3. 考慮獲得回購本公司H股股份的一般授權（如有需要）； 4. 考慮召開本公司應屆股東週年大會； 5. 考慮 ...

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 78.64 HKD, representing a potential upside of 34.9% from the current price of 58.3 HKD as of March 11, 2026 [5]. Core Insights - The company has demonstrated resilience with a positive earnings forecast, projecting revenues of approximately 9.1 billion to 9.2 billion RMB for 2025, reflecting a year-on-year growth of about 34.0% to 35.4%. Net profit is expected to be around 1.14 billion to 1.16 billion RMB, indicating a growth of approximately 41.9% to 44.4% [2]. - The growth in revenue and profit is attributed to the successful multi-brand and multi-category strategy, with significant contributions from the scientific anti-aging skincare brand Han Shu and the children's skincare brand Newpage [2]. - The company is positioned as a leader in the cosmetics industry, leveraging its multi-brand matrix and strong market presence to capitalize on the growing demand in the Chinese cosmetics market [16]. Company Overview - The company, Shangmei Co., Ltd., is a research-driven leader in the multi-brand cosmetics industry, founded in 2002. It operates major brands such as Han Shu, Yi Ye Zi, and Hong Se Xiao Xiang, and has developed additional growth lines like Newpage and Anminyou [1]. - The company has established two research centers and two supply chains globally, focusing on skincare, hair care, maternal and infant care, and makeup [1]. Financial Performance - For the first half of 2025, the company achieved record revenue of 4.108 billion RMB, a year-on-year increase of 17.3%. The net profit attributable to the parent company was 555.6 million RMB, up 34.7% year-on-year, with basic earnings per share of 1.32 RMB, reflecting a growth of 30.7% [2]. - The company has maintained a high dividend payout ratio, with a mid-term dividend of 0.5 RMB per share, totaling over 1.2 billion RMB in cumulative dividends since listing [2]. Market Position and Strategy - Han Shu, the company's flagship brand, has maintained its position as the top cosmetics brand on Douyin, achieving over 8 billion RMB in GMV and a growth rate exceeding 20% [11]. - The company has launched new brands such as "聚光白" (Juguangbai) and "面包超人" (Bread Man), targeting specific market segments and leveraging popular IPs to enhance consumer engagement and brand recognition [12][15]. - The strategic shift from reliance on a single brand to a multi-brand approach has proven successful, with expectations for continued growth through the replication of successful brand strategies [16]. Future Projections - Revenue projections for the company are estimated at 9.149 billion RMB for 2025, 11.437 billion RMB for 2026, and 13.724 billion RMB for 2027, with corresponding EPS estimates of 2.89 RMB, 3.46 RMB, and 4.14 RMB [17]. - The report anticipates a steady growth trajectory in the cosmetics retail market in China, with a CAGR of approximately 10.5% from 2015 to 2024, indicating a robust environment for the company's expansion [16].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to achieve a revenue of 9.0 to 9.1 billion yuan in 2025, representing a year-on-year growth of 34.0% to 35.4%. The net profit is projected to be between 1.14 billion and 1.16 billion yuan, reflecting a year-on-year increase of 41.9% to 44.4% [7] - The main brand, Han Shu, continues to lead the market, supported by successful product lines and expansion into high-growth categories such as men's skincare and hair care [7] - The company is effectively leveraging its multi-brand strategy, with sub-brands like Newpage showing significant growth potential, contributing to a second growth curve [7] Financial Projections - Total revenue projections for the company are as follows: - 2023: 4,191 million yuan - 2024: 6,793 million yuan (62.08% YoY growth) - 2025: 9,094 million yuan (33.88% YoY growth) - 2026: 11,167 million yuan (22.80% YoY growth) - 2027: 13,492 million yuan (20.82% YoY growth) [1] - Net profit projections are as follows: - 2023: 461.10 million yuan - 2024: 781.21 million yuan (69.42% YoY growth) - 2025: 1,110.51 million yuan (42.15% YoY growth) - 2026: 1,402.34 million yuan (26.28% YoY growth) - 2027: 1,752.63 million yuan (24.98% YoY growth) [1] - The latest diluted EPS estimates are: - 2023: 1.16 yuan - 2024: 1.96 yuan - 2025: 2.79 yuan - 2026: 3.52 yuan - 2027: 4.40 yuan [1] Market Data - The closing price of the stock is 57.60 HKD, with a market capitalization of approximately 10,469.21 million HKD [5] - The price-to-earnings (P/E) ratios for the years 2025 to 2027 are projected to be 18.17, 14.39, and 11.51 respectively [1]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company is expected to achieve a revenue of 90.0 to 91.0 billion yuan in 2025, representing a year-on-year growth of 34.0% to 35.4%. The net profit is projected to be between 11.4 to 11.6 billion yuan, reflecting a year-on-year increase of 41.9% to 44.4% [7] - The main brand, Han Shu, continues to lead the market, supported by successful product lines and expansion into high-growth categories such as men's skincare and hair care [7] - The company is effectively leveraging its multi-brand strategy, with sub-brands like Newpage showing significant growth potential, contributing to a second growth curve [7] - The financial forecasts for the company indicate a net profit of 11.1 billion yuan in 2025, 14.0 billion yuan in 2026, and 17.5 billion yuan in 2027, with corresponding P/E ratios of 18, 14, and 12 times [7] Financial Summary - Total revenue is projected to grow from 6,793 million yuan in 2024 to 9,094 million yuan in 2025, with a year-on-year growth rate of 33.88% [8] - The net profit is expected to increase from 781.21 million yuan in 2024 to 1,110.51 million yuan in 2025, marking a growth of 42.15% [8] - The company's cash flow from operating activities is forecasted to be 942.03 million yuan in 2025, indicating strong operational performance [8]

Macro and Strategy - The macro review highlights that China's CPI increased by 1.3% year-on-year in February 2026, while PPI decreased by 0.9% year-on-year, indicating persistent inflationary pressures [7][8] - The fixed income analysis discusses the characteristics of "fixed income+" funds, emphasizing the importance of asset allocation to mitigate risks and smooth net value fluctuations [8][9] Chemical Industry - The methionine market has seen significant price increases due to rising energy costs, with domestic solid methionine prices reaching 24,000 RMB/ton, a 25.33% increase from late February [9][10] - Global methionine demand is projected to grow from 1.023 million tons in 2014 to 1.7 million tons by 2024, with an average annual growth rate of 5.21% [10] - The production costs for methionine are expected to rise sharply due to increased prices of key raw materials such as natural gas and methanol, which have seen significant price hikes [11] Automotive Industry - The penetration rate of NOA (Navigation on Autopilot) in urban areas reached 23% in December 2025, with significant advancements in smart vehicle technology [14][15] - The market for L2 and above autonomous vehicles is expanding, with a penetration rate of 39.5% as of December 2025, reflecting a year-on-year increase of 23 percentage points [16] - Investment recommendations include companies like XPeng Motors and Jianghuai Automobile, focusing on both complete vehicles and key components for smart driving technology [16] Military Industry - The 2026 national defense budget is set at 1,909.561 billion RMB, reflecting a 7% year-on-year increase, marking the 11th consecutive year of stable growth [17] Renewable Energy and Power Equipment - The demand for energy storage is expected to grow significantly, with global storage capacity projected to reach 455 GWh in 2026, a 40% increase year-on-year [20] - The green fuel sector is identified as a key area for energy security and development, with government initiatives supporting the transition to renewable energy sources [18][19] - Companies involved in solid-state batteries and sodium batteries are highlighted as key players in the evolving energy landscape, with significant advancements in technology and production capabilities [19] Company-Specific Insights - Shangmei Co., Ltd. anticipates a net profit growth of 42-44% year-on-year, driven by multi-brand strategies and channel optimization [22] - The company expects revenue to reach 9.1-9.2 billion RMB in 2025, reflecting a growth of 34.0%-35.4% [22]

Investment Rating - The investment rating for the company is "Outperform the Market" [1][5] Core Views - The company is expected to achieve a revenue of 9.1 to 9.2 billion with a year-on-year growth of 34.0% to 35.4%, and a net profit of 1.14 to 1.16 billion, reflecting a year-on-year increase of 41.9% to 44.4% for 2025 [2][3] - The successful implementation of a multi-brand and multi-category strategy has allowed the main brand, Han Shu, to solidify its skincare foundation while expanding into makeup and men's products. The new baby skincare brand, Newpage, has also seen significant revenue growth, creating a second growth curve with high certainty [2][8] - The company's growth certainty and profit resilience are significantly better than the industry average, supported by continuous optimization of channel structure and breakthroughs in R&D [2][8] Financial Forecasts - The projected net profit for 2025-2027 is 1.107 billion, 1.388 billion, and 1.702 billion respectively, with corresponding P/E ratios of 20, 16, and 13 [2][8] - For the second half of 2025, revenue is expected to be between 4.99 to 5.09 billion, with a year-on-year growth of 51.7% to 54.8%, and a net profit of 580 to 600 million, reflecting a year-on-year increase of 49.5% to 54.6% [3][8] - The net profit margin for 2025 is estimated to be around 12.5% to 12.6%, an increase of approximately 0.7% to 0.8% compared to 2024 [3]

Major Events - Heng Rui Medicine (01276) has received the clinical trial approval notice for Adalimumab injection [1] - Anjoy Foods (02648) plans to increase capital by 120 million yuan to its subsidiary in Henan [1] - Xuan Zhu Bio-B (02575) has been included in the Hong Kong Stock Connect stock list [1] - Peijie Biopharma-B (02565) reports one-month clinical observation results from the first human trial of its next-generation GLP-1 (CR059) [1] - Changfeng Pharmaceutical (02652) has been included in the Hong Kong Stock Connect eligible securities list [1] - Binhai Investment (02886) has secured financing of up to 45 million USD and 173 million yuan in various currency term loans [1] - He Yu-B (02256) reports results from the global Phase III MANEUVER study of Beijiemai® published in The Lancet [1] Operating Performance - Yuexiu Property (00123) reported a cumulative contract sales amount of approximately 7.106 billion yuan in the first two months [1] - Mengniu Dairy (02319) expects annual profit attributable to shareholders to be approximately 1.4 billion to 1.6 billion yuan [1] - Dongfeng Motor Group (00489) reported cumulative automobile sales of 228,518 units in the first two months, a year-on-year increase of approximately 1.2% [1] - Shangmei Co. (02145) issued a profit warning, expecting a profit of approximately 1.14 billion to 1.16 billion yuan for 2025, a year-on-year increase of approximately 41.9% to 44.4% [1] - Longfor Group (00960) achieved a total contract sales amount of 4.45 billion yuan in the first two months [1] - ZTE Corporation (00763) reported a net profit attributable to shareholders of 5.618 billion yuan for 2025, a year-on-year decrease of 33.32% [1] - Huishang Bank (03698) issued a positive profit forecast, expecting a net profit of approximately 16.93 billion yuan for 2025, a year-on-year increase of approximately 6.3% [1] - Sun Hung Kai Properties (00086) issued a profit warning, expecting a consolidated profit attributable to shareholders of no less than 1.5 billion HKD for 2025 [1]

Investment Rating - The report maintains a "Buy" rating for the company [2][7] Core Insights - The company has exceeded expectations with strong revenue and profit growth, indicating continuous improvement in profitability quality [7] - The multi-brand strategy is yielding results, with the core brand Han Shu leading growth and new brands like NewPage emerging as significant contributors [7] - The company is focused on a "single focus, multi-brand, globalization" strategy, aiming for long-term growth and expansion into international markets [7] Financial Data and Profit Forecast - Revenue projections for 2023 to 2027 are as follows: - 2023: 4,191 million - 2024: 6,793 million - 2025E: 9,109 million - 2026E: 10,942 million - 2027E: 12,617 million - Year-on-year growth rates for revenue are projected at 57% for 2023, 62% for 2024, 34% for 2025, 20% for 2026, and 15% for 2027 [6][8] - Net profit attributable to shareholders is forecasted as follows: - 2023: 461 million - 2024: 781 million - 2025E: 1,154 million - 2026E: 1,452 million - 2027E: 1,738 million - The net profit growth rates are projected at 213% for 2023, 69% for 2024, 48% for 2025, 26% for 2026, and 20% for 2027 [6][8]

Investment Rating - The investment rating for the company is "Buy" [2][17]. Core Insights - The company is expected to achieve a revenue growth of 34%-35% year-on-year and a net profit growth of 42%-44% in 2025, driven by the expansion of multiple product categories and the growth of the Han Shu brand [3][10]. - The company forecasts a revenue of 9.16 billion RMB and a net profit of 1.1 billion RMB for 2025, with significant growth in the second half of the year [10][11]. - The Han Shu brand is projected to grow by over 30%, with strong performance in key channels like Douyin, while the Yi Ye brand is expected to see revenue more than double in 2025 [10][11]. Financial Summary - Total revenue is projected to increase from 6.79 billion RMB in 2024 to 9.16 billion RMB in 2025, reflecting a growth rate of 34.9% [5][11]. - The net profit is expected to rise from 781 million RMB in 2024 to 1.1 billion RMB in 2025, indicating a growth of 40.8% [5][11]. - The gross profit margin is anticipated to improve, with a net profit margin of 12.5%-12.6% for 2025, up by 0.7-0.8 percentage points year-on-year [10][11]. Market Data - The current stock price is 60.40 HKD, with a market capitalization of 24.046 billion HKD [2][7]. - The stock has traded within a range of 36.55 to 102.40 HKD over the past 52 weeks [7].