公司亮点 公司为我国美护行业领先企业，旗下拥有在护肤、婴童护理、洗护 等赛道的多品牌矩阵。公司以线上渠道为主，25H1 线上占比接近 93%，近两年主品牌韩束发力抖音渠道实现快速破圈，2024 年实现 收入 55.91 亿元，同比增长 80.90%，占比超 82%，25H1 营收同增 14.3%至 33.44 亿元。新品牌如一页快速破圈，23/24 全年/25H1 增 速分别为 498%/146%/147%。复盘公司发展的历程，我们认为公司 多品牌拓展方法论与运动龙头安踏体育有几个主要相似之处： 1)市场化主导。公司旗下品牌定位精准，可以快速发掘消费者痛 点，推出针对性产品的同时进行魄力营销，绑定顶流 IP，助力品 牌快速破圈。主品牌韩束成功后将这一方法论推广到其他品牌。 2)渠道精细化运营趋势。随着内容电商成为化妆品消费的核心场 景，公司以抖音为核心重构渠道战略，通过创新营销玩法与提升自 播比例等精细化运营，实现收入与利润的双高增长。 3)人才内部输血+合理引才。公司通过自主培养+外部引才双轨并 进的方式保障核心管理人才的稳健，同时通过人才妥善委任为旗 下各品牌的差异化发展提供坚实保障。 投资逻辑 我们充分 ...

Core Viewpoint - The implementation of the new national standard for electric bicycles, effective December 1, 2025, marks a significant regulatory shift aimed at enhancing safety and efficiency for approximately 380 million electric bicycle users in China, while also leading to increased production costs and market restructuring [3][4][19]. Regulatory Changes - The new standard limits the maximum speed of electric bicycles to 25 km/h and introduces stricter requirements for fire resistance and traceability of vehicles [3][4][6]. - Non-compliant "old standard" models will be banned from sale, pushing manufacturers to adapt quickly to the new regulations [4][19]. Impact on Users - Commuters and delivery personnel will need to adjust to the slower pace mandated by the new regulations, which may affect their efficiency [3][15]. - The new regulations are expected to increase production costs by approximately 600 to 900 yuan per unit, potentially raising the market price of many economical models previously priced under 3000 yuan [15][19]. Industry Dynamics - The transition to the new standard is anticipated to accelerate industry consolidation, as companies like Yadea, Aima, and Ninebot report significant revenue growth due to the dual stimulus of the new regulations and trade-in subsidies [14][19]. - The new regulations also include provisions for tracking and monitoring vehicles throughout their lifecycle, enhancing regulatory oversight [6][8]. Public Reaction - The introduction of the new standard has sparked widespread debate among users regarding the balance between safety and speed, with many expressing concerns about the practicality of the new speed limit [17][19]. - Discussions on social media highlight users' worries about battery safety and the overall impact of the regulations on their daily commuting experiences [17][19].

Group 1 - The potential for national income doubling is expected to open a "golden decade" for new consumption development, with a theoretical target of nearly doubling per capita GDP by 2035, from $13,300 in 2024 to approximately $20,000 [16][17][33] - The growth of the middle-income group is crucial for driving consumption, with a target of over 800 million middle-income individuals in the next 15 years, which will significantly influence the scale and quality of domestic consumption [42][49] - The report emphasizes the importance of promoting common prosperity to activate domestic consumption potential, highlighting that increasing the income of low-income groups can effectively convert new income into consumption [20][23][49] Group 2 - The beauty and personal care sector is expected to see growth driven by new materials in the medical beauty segment, with companies like Lepu Medical focusing on innovative materials that fill market gaps [4][5][15] - The beauty industry is entering a low-growth phase, where brand group operations and market share enhancement will be critical for sustainable growth, with companies like Mao Ge Ping and Shangmei Holdings being highlighted for their potential [4][5][15] - The pet care market is experiencing both consumption upgrades and intensified competition, with a focus on high-end, health-oriented products [4][5][15] Group 3 - The service consumption sector, particularly tourism and sports, is expected to benefit from policy encouragement, with companies like Sanxia Tourism and Lansi Co. being recommended for investment [4][5][15] - The report notes that the tourism sector is poised for growth due to increased interest in flexible vacations and the aging population, which is expected to drive demand for river cruises [4][5][15] - The sports service sector is highlighted as a core growth area, with event-driven economic activities expected to boost related industries [4][5][15] Group 4 - The IP and trendy toy market is entering a new phase with a surge in supply, and companies like Pop Mart are expected to maintain their leading positions through effective IP management [4][5][15] - The report indicates that the emergence of new designers and retail platforms is likely to sustain high demand for IP products, with a focus on companies that can effectively monetize potential IP [4][5][15] Group 5 - The gold and jewelry sector is facing short-term demand pressure due to tax reforms and seasonal fluctuations, with a focus on brands that can maintain pricing power amid these changes [5][15]

Core Viewpoint - The implementation of the new national standard for electric bicycles, effective December 1, 2025, marks a significant regulatory shift affecting approximately 380 million electric bicycle owners in China, emphasizing safety and efficiency over speed [5][8][25]. Regulatory Changes - The new standard limits the maximum speed of electric bicycles to 25 km/h and introduces stricter requirements for battery safety, including flame retardancy and traceability throughout the vehicle's lifecycle [9][8]. - Key components such as non-metal materials and electrical circuits must meet enhanced fire resistance standards, and the total mass of plastic used in the bicycle must not exceed 5.5% of the total vehicle weight [9][8]. - The standard allows for a transition period, with vehicles produced under the old standard permitted to be sold until August 31, 2025, and consumers will not be forced to discard non-compliant vehicles [9][10]. Market Impact - The new regulations are expected to lead to an increase in production costs by approximately 600-900 yuan per unit, which may result in higher retail prices for electric bicycles that were previously available for under 3000 yuan [21][19]. - The dual impact of the new standard and the "old-for-new" subsidy policy is anticipated to drive rapid growth in the electric bicycle industry, with companies like Yadea, Aima, and Ninebot reporting significant revenue increases [18][19]. User Behavior and Demand - Electric bicycles are a primary mode of transportation for many, with about half of users relying on them for commuting and shopping, valuing economic efficiency, convenience, and reliability [21][25]. - The new speed limit and safety features may affect the efficiency of delivery workers and commuters, who prioritize speed and endurance in their daily operations [21][25]. Public Reaction - The introduction of the new standard has sparked widespread discussion among users, focusing on technical performance, safety concerns regarding battery reliability, and the reasonableness of the 25 km/h speed limit [23][24]. - Despite mixed opinions, the overarching sentiment acknowledges the necessity of the new regulations as a transformative step towards a safer and more regulated electric bicycle market [26][27].

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: 2025年12月4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 | | 206,354,542 | 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11月30日 狀態: 新提交 | 2. 股份 ...

Core Viewpoint - The stock of Shangmei Co., Ltd. (02145) has risen over 6%, currently trading at 89.7 HKD, with a transaction volume of 41.05 million HKD, reflecting strong performance in the beauty sector during the recent Double Eleven shopping festival [1] Group 1: Industry Performance - The 2025 Double Eleven shopping festival saw e-commerce retail sales reach nearly 2.4 trillion CNY, marking a year-on-year growth of over 10% [1] - The beauty market during Double Eleven exhibited characteristics of "steady overall growth, with high growth concentrated in specific subcategories and core channels" [1] - Taobao and Tmall channels led the beauty market with a GMV share of 61.3% [1] Group 2: Company Performance - Shangmei Co., Ltd. reported significant growth in its Double Eleven performance, with its total sales across all channels increasing by 145% year-on-year [1] - Sales on Tmall increased by 52%, while sales on Douyin surged by 268% [1] - According to Dongfang Securities, Shangmei Co., Ltd. ranked first in the beauty brand category on Douyin across various metrics, indicating a strong brand presence and momentum [1]

Core Viewpoint - The article highlights the strong performance of Up Beauty Co., Ltd. during the 2025 Double Eleven shopping festival, showcasing significant growth in sales and market share within the beauty sector [1]. Company Performance - Up Beauty Co., Ltd. saw its stock price increase by 6.03%, reaching HKD 89.7, with a trading volume of HKD 41.05 million [1]. - The company reported a 145% year-on-year increase in total sales across all channels during the Double Eleven event, with specific growth rates of 52% on Tmall and 268% on Douyin [1]. Industry Insights - The overall e-commerce retail sales during the 2025 Double Eleven period reached approximately CNY 2.4 trillion, marking a year-on-year growth of over 10% [1]. - The beauty market during this event demonstrated a trend of "steady overall growth, with high growth concentrated in specific subcategories and core channels" [1]. - Tmall's channel dominated the beauty market with a GMV share of 61.3% [1]. - Key beauty brands, including Up Beauty Co., Ltd., experienced significant growth rates on Tmall, with increases of 65.5%, 86.2%, 13.0%, 21.1%, and 42.7% for various companies [1].

Core Viewpoint - The new consumption concept stocks in the Hong Kong market are experiencing a general rise, indicating positive market sentiment towards this sector [2] Group 1: Stock Performance - Pop Mart (09992.HK) increased by 7.82%, reaching HKD 220.6 [2] - Aosheng Holdings (02145.HK) rose by 4.55%, trading at HKD 88.45 [2] - Blucoco (00325.HK) saw a gain of 4.43%, priced at HKD 75.4 [2] - Miniso (09896.HK) climbed by 3.83%, with a share price of HKD 39.6 [2] - Mao Geping (01318.HK) increased by 3.25%, now at HKD 92.05 [2]

Overview - The consumption of toner in China is expanding beyond female consumers as male skincare awareness increases, leading to a new growth point in the market [1][9] - The sales revenue of toner in China reached 20.863 billion yuan in 2021, with a year-on-year growth of 2.98%, but is projected to decline to 17.865 billion yuan in 2024, a decrease of 3.25% [1][10] - High-end toners account for approximately 55.47% of the market, while mass-market toners make up about 44.53% [1][10] Industry Development - The toner industry in China has evolved from basic cleansing products to a mature category with diverse sub-segments, entering a phase of high-quality development characterized by multiple innovations [4] - The rise of "ingredient-focused" consumers has led to the popularity of natural plant extracts and additive-free formulations, while new technologies like micro-ecological skincare and nano-encapsulation enhance product efficacy [4] - Online channels such as e-commerce and live streaming have emerged, allowing both domestic and international brands to expand their reach, while offline stores upgrade consumer experiences through smart skin testing [4] Market Policies - The Chinese government has implemented a series of regulations to enhance the development of the cosmetics industry, including guidelines for production quality management and safety assessments, pushing the toner industry towards standardization and sustainability [6] Industry Chain - The upstream of the toner industry includes suppliers of raw materials like glycerin, hyaluronic acid, and packaging materials, while the midstream involves research and production, and the downstream encompasses various sales channels including e-commerce and retail [4][8] Consumer Insights - The core consumer group for toners in China is predominantly female, accounting for 87.6%, but the male consumer segment is growing, with increasing acceptance of refreshing and non-greasy products [8] - The age demographic shows that consumers aged 18-35 represent over 68.3% of the market, with younger consumers particularly influenced by online marketing and product safety [8] Competitive Landscape - The toner market in China is highly competitive, featuring both international brands like L'Oréal and Shiseido, and domestic players such as Proya and Beitaini, with the latter gaining market share through high cost-performance ratios [10][11] - Proya, for instance, focuses on technology-driven skincare targeting young professional women, while Beitaini offers a range of skincare and cosmetic products, achieving significant revenue growth [11][12] Future Trends - The toner market is expected to move towards more specialized products catering to specific skin types and conditions, with a focus on "no-additive" formulations and the use of gentle, natural ingredients [14] - Brands will increasingly emphasize ingredient transparency and safety, enhancing consumer trust through clear sourcing and testing information [14]

Core Insights - The Chinese fragrance market is experiencing significant growth, with a market size of 20.7 billion yuan in 2023, representing a year-on-year increase of 22.5%, and is expected to reach 51.5 billion yuan by 2029 [1] - The rise of the fragrance market is driven by the "olfactory economy," which enhances consumer personalization and stimulates consumption potential [1] - Various companies, including listed firms, are rapidly entering the fragrance sector, indicating strong market interest and potential profitability [1] Company Developments - Mao Geping Cosmetics Co., Ltd. launched two fragrance series, "Guoyun Ningxiang" and "Wendao Dongfang," achieving sales of over 35,000 units and generating revenue of 11.41 million yuan with a gross margin of 77.6% [1] - Shanghai Shangmei Cosmetics Co., Ltd. is also expanding its fragrance offerings, with its brand "Hanshu" set to release the "Hongyun" fragrance series by the end of this year [1] Market Trends - Cross-industry players are entering the fragrance market, such as Songmont collaborating with perfumer Yili and ERDOS partnering with fragrance brand Wenxian to launch new products [2] - The unique commercial value of fragrance products, including high added value and strong brand loyalty, is attracting companies to diversify their revenue streams [2] - Domestic fragrance brands are establishing a competitive edge by focusing on "Oriental aesthetics," differentiating themselves from foreign brands [2] Global Expansion - Domestic fragrance brands are accelerating their global presence, with Guansha opening its first store in Hong Kong and Melt Season launching a store at Tokyo Narita International Airport [3] - The focus on "Oriental aesthetics" allows domestic brands to showcase Chinese culture while competing with international brands [3] Challenges and Opportunities - Domestic fragrance brands face challenges in fragrance formulation and raw material sourcing, necessitating investment in high-end fragrance raw materials and supply chain development [3] - Enhancing brand visibility and market share can improve domestic brands' negotiating power with international suppliers, contributing to the stability and autonomy of their supply chains [3]