于上述股份增持前，罗女士曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资金购入合 共47.23万股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至12月29日，其本月总购 股金额约为6632万港元。 本文源自：财华网 【财华社讯】上美股份(02145.HK)公布，执行董事罗燕于2025年12月29日，在公开市场以平均价每股约 75.4608港元购入合共36.36万股公司H股，总代价约为2744万港元。紧随上述购买后，罗燕于合共286.72 万股股份中拥有权益，相当于公司已发行股本总额1.39%。 ...

上美股份(02145)发布公告,本公司董事会获本公司执行董事罗燕女士告知，罗女士于2025年12月29日在 公开市场以平均价每股约75.4608港元购入合共36.36万股本公司H股，总代价约为2744万港元。紧随上 述购买后，罗女士于合共286.72万股股份中拥有权益，相当于本公告日期本公司已发行股本总额的 1.39%。于上述股份增持前，罗女士曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资 金购入合共47.23万股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至本公告日期， 其本月总购股金额约为6632万港元，显示出其对本公司未来发展的强大信心。 ...

格隆汇12月29日丨 上美股份(02145.HK)公告，公司董事会获公司执行董事罗燕告知，罗燕于2025年12 月29日在公开市场以平均价每股约75.4608港元购入合共363,600股公司H股，总代价约为2744万港元。 紧随上述购买后，罗燕于合共2,867,200股股份中拥有权益，相当于本公告日期公司已发行股本总额 1.39%。于上述股份增持前，罗曾分别于2025年12月12日、16日、17日、18日及19日使用其个人资金购 入合共472,300股股份，总代价约为3890万港元。连同上述交易中购入的股份，截至本公告日期，其本 月总购股金额约为66.32百万港元，显示出其对公司未来发展的强大信心。 ...

Core Viewpoint - The announcement highlights the significant share purchases made by the company's executive director, indicating strong confidence in the company's future development [1] Group 1: Share Purchases - Executive director Ms. Luo Yan purchased a total of 363,600 shares of the company's H-shares at an average price of approximately HKD 75.4608 per share, amounting to a total cost of about HKD 27.44 million [1] - Following this purchase, Ms. Luo holds a total of 2.8672 million shares, representing 1.39% of the company's total issued share capital as of the announcement date [1] - Prior to this transaction, Ms. Luo had also acquired a total of 472,300 shares between December 12 and December 19, 2025, at a total cost of approximately HKD 38.90 million [1] Group 2: Total Investment - Including the recent purchase, Ms. Luo's total investment in shares for the month amounts to approximately HKD 66.32 million, reflecting her strong confidence in the company's future prospects [1]

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） 自願公告 董事增持本公司股份 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。 本公司董事會（「董事會」）獲本公司執行董事羅燕女士（「羅女士」）告知，羅女士 於2025年12月29日在公開市場以平均價每股約75.4608港元購入合共363,600股 本公司H股（「股份」），總代價約為27.44百萬港元。緊隨上述購買後，羅女士於 合共2,867,200股股份中擁有權益，相當於本公告日期本公司已發行股本總額之 1.39%。於上述股份增持前，羅女士曾分別於2025年12月12日、16日、17日、18 日及19日使用其個人資金購入合共472,300股股份，總代價約為38.90百萬港元。 連同上述交易中購入的股份，截至本公告日期，其本月總購股金額約為66.32百萬 港元，顯示出其對本公司未來發展的強大信心。 本公司股東及潛在投資者於買賣本公司證券時務請審慎行事。 承董事會命 香港交易及結算所有限公司及香港聯合交 ...

Investment Rating - The report maintains an "Outperform" rating for the beauty and personal care industry, indicating a positive outlook for growth opportunities in the sector [3]. Core Insights - The report emphasizes that innovation in ingredients, particularly new materials like PDRN (Polydeoxyribonucleotide) and ECM (Extracellular Matrix), is a significant driver for growth in the beauty and medical aesthetics industry. Companies that successfully integrate these new components into their product lines are expected to enhance their growth potential and market competitiveness [5][14]. Summary by Sections 1. PDRN: A New Ingredient Driving Growth - PDRN has been validated in overseas markets for over a decade and is recognized for its effectiveness in promoting tissue regeneration and anti-inflammatory properties. The introduction of PDRN products in the medical aesthetics sector has shown a compound annual growth rate (CAGR) of 30% from 2014 to 2024 for companies like PharmaResearch, which has established a strong market presence with its Rejuran product line [5][18][32]. - The domestic market for PDRN is expected to grow significantly, with a projected revenue of approximately 330 million RMB from Q4 2024 to Q3 2025, indicating robust demand for PDRN products in China [5][20]. - The report highlights that the increasing awareness and education around PDRN among consumers, coupled with regulatory clarity and rapid supply chain development, will further drive demand in the medical aesthetics sector [5][68]. 2. ECM: Potential in Regenerative Fields - ECM is gaining attention as a promising ingredient in both medical aesthetics and cosmetics, with applications in serious medical fields already established. The report notes that the market for ECM products is still developing, with several companies beginning to explore its potential in aesthetic applications [5][24][28]. - The report suggests that the introduction of ECM products could fill existing gaps in the market, particularly in the medical aesthetics sector, where consumer education and awareness are crucial for adoption [5][24]. 3. Investment Opportunities - The report recommends focusing on companies with established pipelines for new materials, particularly in the medical aesthetics sector, such as Lepu Medical and Marubi Biotechnology, which are expected to lead in the approval and commercialization of PDRN products [5][6]. - In the cosmetics sector, brands that are quick to adopt PDRN and other innovative ingredients are likely to gain a competitive edge, with several major brands already launching PDRN-infused products in 2025 [5][6].

Core Viewpoint - The beauty industry is currently facing scrutiny due to the detection of the banned substance EGF (Epidermal Growth Factor) in products from various brands, including KANS, which has sparked significant media attention and consumer concern [3][9]. Summary by Sections Detection of EGF - A report from CCTV's "Economic Half Hour" highlighted the presence of EGF in KANS products, specifically the "KANS Firming Essence Mask" and "KANS Brightening Mask," with detected levels of 0.07 pg/g and 3.21 pg/g respectively [3][4]. KANS Response - KANS responded by asserting that none of their products contain EGF and provided third-party testing results from SGS, confirming the absence of EGF in the mentioned products. They emphasized compliance with national regulations [5][8]. Understanding EGF - EGF is a naturally occurring substance in human tissues, known for promoting cell growth. However, its use in cosmetics is restricted in many countries due to potential risks associated with excessive use [8][9]. Previous Incidents - The EGF controversy is not isolated; earlier in 2025, a similar incident involved multiple brands being accused of EGF contamination, which was later disproven by regulatory testing [9][10]. Microbial Presence of EGF - The detected levels of EGF in KANS products are extremely low, raising questions about the likelihood of intentional addition. Experts argue that such minuscule amounts would not provide any therapeutic benefits and suggest that the presence of EGF is unlikely to be a deliberate act by KANS [10][12]. Testing Methodology Concerns - Experts suggest that the detection of EGF may stem from issues with the testing methods used, particularly the ELISA method, which lacks standardized protocols for cosmetic products. This could lead to inaccurate results [16][18]. Industry Implications - The beauty industry faces ongoing challenges related to detection standards and the impact of media-driven narratives on brand reputation. The lack of clear regulations and testing standards contributes to the potential for misinformation and public backlash [19][20].

近日，关于韩束部分面膜产品被指"非法添加"表皮生长因子（EGF）的情况引发关注。 12月25日，据央视《经济半小时》栏目，记者将市面上多款热门化妆品送往具有检验资质的第三方检测机构进行检测。结果显示，在韩束丰盈紧致精华面膜 中，检测出0.07pg/g的表皮生长因子；在另一款韩束嫩白透亮面膜中，这一数值更高，表皮生长因子达到3.21pg/g。 资料显示，韩束于2003年由上美股份推出，专注于满足各年龄段亚洲女性不断变化的护肤诉求。2024年，该品牌收入同比增长80.9%至55.91亿元，在上美股 份整体收入中的占比达82.3%。近日该品牌宣布，青年演员刘浩存担任其品牌全球代言人。 目前韩束官方旗舰店中，涉事的"丰盈紧致精华面膜"和"嫩白透亮面膜"均已无法搜索购买，客服回应称相关产品已下架，品牌已启动全面自查程序，正在核 查和追溯具体情况。韩束官方旗舰店显示，其拥有粉丝926万，店铺年销量超1000万件。 韩束丰盈紧致精华面膜检出0.07pg/g的表皮生长因子。 韩束嫩白透亮面膜检出3.21pg/g的表皮生长因子。 据悉，由于分子量较大，EGF在正常皮肤屏障条件下较难被吸收，一旦皮肤屏障功能不全，可能会引发其他潜 ...

Group 1 - Han Shu, a brand under Shangmei Co., reported an annual revenue of 5.591 billion yuan, with a year-on-year growth of 80.9% [4] - The brand's products, specifically the Han Shu Rich Tightening Essence Mask and the Han Shu Brightening Mask, were found to contain epidermal growth factor (EGF) at levels of 0.07 pg/g and 3.21 pg/g respectively, which violates quality standards [1][3] - EGF is primarily used in medical fields for treating burns and wounds, and its use in cosmetics is prohibited due to safety concerns related to skin absorption [2][3] Group 2 - As of the report, Han Shu's official flagship store has 9.26 million followers and annual sales exceeding 10 million units [3] - The products in question have been removed from the store, and customer service provided no further explanation regarding the detection of EGF [3]

Core Viewpoint - Up Beauty Co., Ltd. has achieved a year-to-date increase of over 150%, significantly outperforming its peers in the Hong Kong "new consumption" sector, indicating strong market confidence in the company's multi-brand and multi-category growth strategy [1][2]. Group 1: Multi-Brand Development - Up Beauty has successfully transitioned from a "single brand dependency" to a "multi-brand co-development" model, with its second-tier brands gaining momentum and contributing to overall growth [2]. - Han Shu, the leading brand, reported a revenue of 3.344 billion yuan in the first half of the year, marking a 14.3% year-on-year increase, and dominated multiple beauty rankings during the Double 11 shopping festival [2]. Group 2: Strong Performance of New Brands - The brand "Yi Ye" has emerged as a core growth driver, achieving a revenue of 397 million yuan in the first half of the year, a substantial increase of 146.5%, and a 145% year-on-year growth during Double 11 [3]. - Yi Ye's repurchase rate exceeds 50%, indicating strong customer loyalty and market presence, supported by successful product launches like the Baby Comfort Cream [3]. Group 3: Breakthroughs in New Brands - New brands such as An Min You and Ji Fang have shown remarkable growth, with An Min You's GMV reaching approximately 20 million yuan in August and a 208% year-on-year increase during Double 11 [4]. - Ji Fang's sales also surged, achieving a 302% increase in total sales during Double 11 compared to the previous month [5]. Group 4: Multi-Category Expansion - Up Beauty is strategically expanding into multiple categories, capturing diverse consumer demands and enhancing growth potential [6]. - Han Shu has made significant inroads into various segments, including men's skincare and high-end hair care, with sales exceeding 100 million yuan in ten subcategories [6]. Group 5: Multi-Channel Growth - The company has successfully diversified its sales channels, breaking previous concerns about reliance on a single platform, with strong performances across platforms like Douyin, Tmall, and JD during Double 11 [9][10]. - Han Shu achieved top rankings across multiple platforms, while other brands also experienced balanced growth, indicating a robust multi-channel strategy [9][10]. Group 6: Strengthening R&D Capabilities - Up Beauty is enhancing its core R&D capabilities by integrating top-tier scientific resources, including the appointment of Dr. Karl Lintner as Chief Scientific Advisor [11][12]. - The establishment of a joint laboratory with China Pharmaceutical University aims to accelerate the translation of research into market-ready products, enhancing the company's competitive edge in skincare innovation [13].