Financial Performance - Chicmax reported a revenue increase of 15% year-over-year, reaching RMB 1.2 billion for the first half of 2024[10]. - The company achieved a net profit margin of 20%, translating to a net profit of RMB 240 million[10]. - Future guidance estimates a revenue growth of 20% for the full year 2024, driven by new product launches and market expansion[10]. - KANS generated revenue of RMB 2,926.5 million in 1H2024, an increase of 184.7% compared to 1H2023, accounting for 83.6% of total revenue for the period[19]. - One Leaf's revenue in 1H2024 was RMB 125.1 million, a decrease of 38.6% from 1H2023, representing 3.5% of total revenue[22]. - Revenue from Baby Elephant in 1H2024 was RMB 174.1 million, a decrease of 7.9% compared to 1H2023, accounting for 5.0% of total revenue[28]. - Total revenue for 1H2024 was RMB 3,225.7 million, with three main brands contributing 92.1%, representing an increase of 127.1% year-on-year[28]. - Revenue for the first half of 2024 reached RMB 3,502,399, an increase of 120.5% compared to RMB 1,586,826 in the same period in 2023[192]. - Profit for the period reached RMB 412,425, a significant increase from RMB 100,938 in the same period last year, representing a growth of 309%[194]. Market Expansion and Product Development - Chicmax plans to launch three new skincare products in Q3 2024, targeting a 30% increase in market share[10]. - The company is expanding its market presence in Southeast Asia, with a projected investment of RMB 100 million over the next two years[10]. - Chicmax is investing in new technology for product development, aiming to reduce production costs by 10%[10]. - KANS launched a new single product, "Reviving Skin Essence," containing a self-developed ingredient, "TIRACLE PRO," in 1H2024[14]. - KANS is focused on consolidating its market position as a leading scientific anti-aging brand in China, aiming to meet increasing consumer demands through advanced technology[19]. - Newpage launched "Baby Cooling Cream" and "Baby Sunscreen Lotion" in 1H2024, focusing on sensitive skin solutions for babies[28]. Sales and Distribution Channels - Chicmax's e-commerce sales have increased by 40%, now accounting for 60% of total sales[10]. - KANS achieved a gross merchandise volume (GMV) of RMB3,444 million on Douyin in 1H2024, surpassing the full year GMV of RMB3,340 million for 2023, ranking first among beauty brands on the platform[6]. - The GMV of KANS's flagship store on Tmall increased by approximately 200% year-on-year, while the growth rate of JD's self-operated flagship store exceeded 400% as of June 30, 2024[12]. - KANS's online channel GMV growth rate reached 222.8% in 1H2024, ranking second among domestic cosmetics brands and first among top cosmetics brands[12]. - Online direct sales revenue rose by 179.0% from RMB983.8 million in 1H2023 to RMB2,745.2 million in 1H2024, primarily from platforms like Douyin and Tmall[78]. Research and Development - R&D expenses in 1H2024 were RMB78.3 million, up 43.9% from RMB54.4 million in 1H2023, representing 2.2% of revenue[34]. - The company plans to increase investments in R&D focusing on trendy core ingredients in skincare, including anti-aging technology and skin barrier repair[51]. - In 1H2024, the company applied for 24 new patents, including 8 invention patents, and was granted 11 patents[34]. Corporate Governance and Compliance - The Company has adopted the Model Code for securities transactions, confirming compliance by all Directors and Supervisors during 1H2024[91]. - The audit committee confirmed that the interim results are in compliance with applicable accounting standards and regulations[179]. - The Company will continue to review its corporate governance practices to maintain high standards[90]. Employee and Shareholder Engagement - The Company aims to improve its recruitment and training system to attract talents from prestigious universities and establish joint training projects with universities[46]. - The Employee Share Ownership Plan (ESOP) was established in 2016 to attract and retain talent, aligning the interests of shareholders, the company, and employees[146]. - The RSU Scheme was approved on December 14, 2023, to attract and retain talents critical to the long-term growth of the Group[156]. Financial Position and Assets - Total assets as of the reporting period were RMB3,466.974 million, while total liabilities were RMB1,341.437 million, resulting in total equity of RMB2,125.537 million[58]. - Cash and cash equivalents decreased to RMB 569,386 from RMB 697,689, a decline of 18.4%[197]. - The Group's liquidity position remains strong, with sufficient cash and bank balances to meet working capital requirements[84].

港股通 证券研究报告 上美股份 (2145 HK) 韩束 X 肽系列重磅发布，新增长极可期 投资评级(维持): 买入 目标价(港币): 59.93 研究员 樊俊豪 SAC No. S0570524050001 SFC No. BDO986 fanjunhao@htsc.com +(852) 3658 6000 研究员 孙丹阳 SAC No. S0570519010001 SFC No. BQQ696 sundanyang@htsc.com +(86) 21 2897 2038 华泰研究 动态点评 2024 年 9 月 01 日│中国香港 化妆品 韩束新品"超频 X 肽系列"重磅发布，产品矩阵再延伸，后续值得期待 24 年 8 月 30 日公司主品牌韩束推出全新 X 肽系列重磅新品 X 肽超频霜， 定位"涂抹美容仪"。X 肽是公司继环六肽-9 之后的又一重磅成分，通过模 拟光电射频原理将抗衰深入皮肤内部，实现深层抗老。灵魂成份+数据验证 +清晰卖点，X 肽系列具备成为强消费者认知的大单品的卖相。24M1-M7 韩 束淘系/抖音 GMV 分别为 36.1/5.0 亿，抖音权重更大、天猫增速快而体量 有限，以套盒销 ...

韩束品牌继续高增，一页品牌增长潜力开 始释放 核心观点 ⚫ 公司发布 24H1 中报，实现营业收入 35 亿，同比增长 120.7%，实现归母净利润 4 亿，同比增长 297%。 ⚫ 韩束继续高增，一页品牌有望打造第二成长曲线。分品牌来看，1）韩束：24H1 收 入同比增长 184.7%，韩束继续保持抖音渠道美妆行业领先地位，上半年 GMV 位居 美妆品牌第一，达到 34.4 亿，已超过去年全年 GMV。同时，韩束在其他电商平台 也取得了快速发展，截至 24H1，韩束天猫旗舰店 GMV 同比增长超过 200%，京东 自营旗舰店同比增长超 400%。2）一叶子：24H1 收入同比下滑 38.6%。3）红色小 象：24H1 收入同比下滑 7.9%，红色小象继续推动品牌转型，聚焦中大童学龄市 场。产品层面，推出更多儿童彩妆新品，受市场欢迎。4）一页：24H1 收入同比增 长 173.2%，24H1 一页在抖音、天猫、京东渠道 GMV 均实现三位数以上增长；线 下方面，一页合作超过 6,000 家母婴专卖店，并布局爱婴室等母婴渠道。 ⚫ 线上渠道引领增长。24H1 线上和线下渠道同比增长 146%和 12%。上半年线 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's net profit increased by 309%, slightly exceeding expectations, driven by multi-brand and multi-category growth, indicating strong future growth momentum [5][6] - The gross margin rose to 76.5%, benefiting from an increase in direct-to-consumer (DTC) sales, while the net profit margin increased to 11.8% [5] - The company has established a joint venture for the online operation of the "Yiyezi" brand, with projected related transactions of 1.1 billion, 4.9 billion, and 7.4 billion yuan for 2024, 2025, and 2026 respectively [5] Financial Performance - For the first half of 2024, the company reported revenue of 3.5 billion yuan, a year-on-year increase of 121%, and a net profit of 410 million yuan, a year-on-year increase of 309% [5] - The company plans to distribute a mid-year dividend of 0.75 yuan per share, totaling 299 million yuan, with a payout ratio of 74.5% [5] - Revenue forecasts for 2024, 2025, and 2026 are 7.336 billion, 9.104 billion, and 10.993 billion yuan, respectively, with year-on-year growth rates of 75%, 24%, and 21% [5][7] Brand Performance - By brand, "Hanshu" accounted for 84% of revenue, with a significant year-on-year increase of 185%, while "Yiyezi" saw a decline of 39% [5] - "Hongse Xiaoxiang" and "Yiye" also showed varied performance, with "Hongse Xiaoxiang" declining by 8% and "Yiye" undergoing a brand refresh targeting younger consumers [5] - The company is focusing on expanding its product lines, including children's makeup and skincare products, to capture a broader market [5] Valuation and Forecast - The company is projected to achieve net profits of 867 million, 1.134 billion, and 1.432 billion yuan for 2024, 2025, and 2026, with growth rates of 88%, 31%, and 26% respectively [6] - The current market capitalization is approximately 132 billion HKD, with corresponding P/E ratios of 14, 11, and 9 for the next three years [6]

[Table_Main] 证券研究报告 | 公司点评 上美股份(02145.HK) 2024 年 08 月 26 日 买入（维持） 所属行业：美容护理/化妆品 当前价格(港元)：33.25 证券分析师 易丁依 资格编号：S0120523070004 邮箱：yidy＠tebon.com.cn 市场表现 上美股份 恒生指数 -29% 0% 29% 57% 86% 114% 143% 171% 2023-08 2023-12 2024-04 | --- | --- | --- | --- | |------------------|--------|--------|--------| | 恒 生 指 数 对比 | 1M | 2M | 3M | | 绝对涨幅(%) | -11.45 | -23.30 | -29.75 | | 相对涨幅(%) | -15.02 | -20.75 | -24.39 | 资料来源：德邦研究所，聚源数据 相关研究 1.《上美股份：24H1 预告高增长，关 注 多 渠 道 & 产 品 & 品 牌 发 展 》 ， 2024.7.29 2.《上美股份：23 全年业绩超预期，抖 音延续高增长》，2 ...

Investment Rating - The investment rating for the company is "Buy" based on the strong performance and growth potential observed in the report [1]. Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2024, with revenue reaching 3.502 billion yuan, a year-on-year increase of 120.7%, and net profit of 412 million yuan, a year-on-year increase of 308.7% [1]. - The gross margin improved to 76.5%, up 7.5 percentage points year-on-year, primarily due to an increase in direct-to-consumer (DTC) sales [1]. - The core brand, Han Shu, continues to lead in performance, contributing significantly to revenue growth, with a revenue of 2.927 billion yuan, a year-on-year increase of 184.7% [1]. Financial Performance Summary - For the first half of 2024, the company achieved a revenue of 3.502 billion yuan and a net profit of 412 million yuan, with a gross margin of 76.5% [1]. - The company plans to distribute a cash dividend of 0.75 yuan per share, totaling 299 million yuan, which represents 72.33% of the net profit attributable to the parent company for the period [1]. - The revenue contribution from the three main brands (Han Shu, Yi Ye Zi, and Hong Se Xiao Xiang) was 3.226 billion yuan, accounting for 92.1% of total revenue [1]. Brand Performance - Han Shu's revenue for the first half of 2024 was 2.927 billion yuan, accounting for 83.6% of total revenue, with significant growth in online sales channels [1]. - Yi Ye Zi reported a revenue of 125 million yuan, a decrease of 38.6% year-on-year, as it undergoes a transformation to target younger consumers [1]. - New brand Newpage achieved a revenue of 161 million yuan, a year-on-year increase of 173.2%, with strong growth in both online and offline channels [1]. Channel Performance - Online channels were the main driver of growth, with online revenue reaching 3.171 billion yuan, a year-on-year increase of 146% [1]. - The company's self-operated online channels, particularly on platforms like Douyin, saw a revenue increase of 179% [1]. Profit Forecast - The company expects net profits for 2024, 2025, and 2026 to be 903 million yuan, 1.171 billion yuan, and 1.409 billion yuan, respectively, with year-on-year growth rates of 96%, 30%, and 20% [2][3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of HKD 55.77 [4] Core Views - The company's H1 2024 performance met expectations, driven by the strong performance of its main brand, Han Shu, on Douyin, which boosted overall channel momentum [4] - The company's gross margin continued to improve, reaching 76.5% in H1 2024, up 7.5 percentage points year-on-year and 2.5 percentage points compared to H2 2023 [4] - The company's revenue and net profit attributable to shareholders in H1 2024 were RMB 3.502 billion and RMB 401 million, respectively, representing year-on-year growth of 121% and 297% [4] - The company's net profit margin in H1 2024 was 11.8%, up 5.4 percentage points year-on-year, driven by the improvement in gross margin [4] Financial Performance - In H1 2024, the company's main brand, Han Shu, achieved revenue of RMB 2.927 billion, up 84% year-on-year, while its sub-brands, Yi Ye Zi and Red Elephant, reported revenues of RMB 125 million and RMB 174 million, down 39% and 8% year-on-year, respectively [4] - Han Shu's GMV on Douyin in H1 2024 reached RMB 3.44 billion, exceeding the full-year 2023 figure, with GMV growth rates on Tmall and JD flagship stores nearing 200% and over 400%, respectively [4] - The company's sales, management, and R&D expense ratios in H1 2024 were 57.6%, 3.2%, and 2.2%, respectively, with the sales expense ratio increasing by 4 percentage points year-on-year due to increased online advertising and brand promotion expenses [4] Strategic Development - The company is advancing its multi-brand and multi-category strategy, with plans to establish a joint venture, Shanghai Yi Ye Zi Cosmetics Co., Ltd., in collaboration with Hangzhou Mangkeng, to further develop the Yi Ye Zi brand [4] - The company has proposed six strategic focuses for 2024: organizational development, R&D, AI and digitalization, marketing, intelligent production, and common development, aiming to expand its brand and product portfolio across six major sectors [4] Market Data - The company's current share price is HKD 33.25, with a 52-week price range of HKD 20.05 to HKD 54.75 [5] - The company's current market capitalization is HKD 13.234 billion, with 398 million shares outstanding [5]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% [4]. Core Insights - The company reported a significant increase in performance for the first half of 2024, with revenue reaching 3.502 billion yuan, a year-on-year increase of 120.7%, and net profit of 412 million yuan, up 308.7% [4]. - The gross margin improved to 76.5%, primarily due to an increase in direct-to-consumer (DTC) sales, while the net profit margin rose to 11.78% [4]. - The company is benefiting from a favorable consumption environment and a trend towards domestic product substitution, with a strong multi-brand strategy and a focus on the hair care segment [5]. Summary by Category Financial Performance - For H1 2024, the company achieved a revenue of 3.502 billion yuan, with a net profit of 412 million yuan, reflecting substantial growth [4]. - The gross margin was reported at 76.5%, with a net profit margin of 11.78% [4]. - The company has a history of increasing dividends, with a total payout of 780 million yuan since its listing, and a dividend per share of 0.75 yuan for H1 2024, resulting in a payout ratio of 74.4% [4]. Brand Performance - The brand "韩束" generated revenue of 2.927 billion yuan, a year-on-year increase of 184.7%, accounting for 83.6% of total revenue [4]. - "一叶子" reported a decline in revenue to 125 million yuan, down 38.6%, as it undergoes a transformation [4]. - "红色小象" and "NewPage" showed mixed results, with "红色小象" at 174 million yuan (-7.9%) and "NewPage" at 161 million yuan (+173.2%) [4]. Channel Performance - Online sales surged by 145.62% to 3.172 billion yuan, making up 90.6% of total revenue, while offline sales increased by 12% to 300 million yuan [5]. - The company has successfully captured market trends, particularly in online beauty sales, and is expanding its offline presence [5]. Future Outlook - The company is projected to achieve net profits of 925 million yuan, 1.24 billion yuan, and 1.507 billion yuan for 2024, 2025, and 2026 respectively, with corresponding year-on-year growth rates of 101%, 34%, and 22% [6]. - The price-to-earnings (PE) ratios are expected to be 14, 10, and 9 for the next three years, indicating a favorable valuation [6].

证券研究报告 上美股份 (2145 HK) 港股通 韩束增长势头强劲，多品牌潜力可期 投资评级(维持): 买入 目标价(港币): 57.03 华泰研究 中报点评 2024 年 8 月 23 日│中国香港 化妆品 韩束增长势头强劲，大众护肤市场有望维持领先，更多品牌潜力释放可期 24H1 公司实现营收 35.02 亿/yoy120.7%，净利 4.12 亿元/yoy308.7%，业 绩增长强劲。主品牌韩束继续维持抖音渠道领先地位，天猫/京东等渠道亦 快速发展；明星产品红蛮腰系列 2.0 升级，白蛮腰系列亦开始放量，后续活 肤水等单品 SKU 亦有望持续完善，品牌在大众护肤市场有望继续领先、潜 力仍可期。newpage 维持快速发展势头，红色小象转型初见成效，一叶子 仍处调整期，安敏优等多品牌覆盖差异化细分市场。公司持续深耕大众市场 中护肤/母婴护理/洗护品类，六六战略有望支撑长期可持续发展。董事会已 决议派发中期股息每股 0.75 元。预计 24-26 年 EPS2.27/2.99/3.54 元（维 持），可比公司 Wind 一致盈利预测 PE 均值 22 倍，考虑主品牌韩束增势强 劲，给予公司 24 年 23 ...

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。 CHICMAX 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） 截至2024年6月30日止六個月中期業績公告 上海上美化妝品股份有限公司（「本公司」）董事（「董事」）會（「董事會」）公佈本 公司及其附屬公司（統稱「本集團」）截至2024年6月30日止六個月（「2024年上半 年」）的未經審核綜合中期業績，連同截至2023年6月30日止六個月（「2023年上半 年」）的比較數字。 表現摘要 | --- | --- | --- | --- | |----------|------------------------|--------------|-------| | | | | | | | 截至 6 月 30 | 日止六個月 | 變動 | | | 2024 年 人民幣百萬元 | 2023 年 ...