Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown impressive performance in H1 2025, with revenue reaching 4.108 billion RMB, a year-on-year increase of 17.3%, and a net profit of 556 million RMB, up 34.7% year-on-year [8] - The multi-brand strategy is effectively driving revenue growth, with the main brand, 韩束 (Han Shu), generating 3.344 billion RMB in revenue, a 14.3% increase, and maintaining a leading position in online beauty sales [8] - The company is implementing a "Six Six Strategy" to focus on six major segments, aiming for sustainable development and expanding its business boundaries [8] - The net profit margin has improved, with a net profit margin of 13.5% in H1 2025, an increase of 1.7 percentage points year-on-year [8] - Future earnings forecasts indicate a strong growth trajectory, with expected net profits of 1.024 billion RMB in 2025, representing a 31.1% year-on-year increase [9] Financial Summary - Revenue projections for 2025 are estimated at 8.679 billion RMB, with a growth rate of 27.8% [7] - The company’s gross margin is projected to be 76.8% in 2025, reflecting a slight increase from previous years [9] - The return on equity (ROE) is expected to be 31.8% in 2025, indicating strong profitability [7]

Core Viewpoint - The company reported strong revenue and profit growth for the first half of 2025, with a 17.3% increase in revenue and a 30.6% increase in net profit attributable to shareholders, indicating robust operational performance and market positioning [1][2]. Financial Performance - The company achieved a revenue of 4.11 billion RMB and a net profit of 520 million RMB in the first half of 2025, with an EPS of 1.32 RMB [1]. - The gross margin decreased by 1 percentage point to 75.5%, while the expense ratio remained stable at 63.2% [2]. - Inventory increased by 7.2% year-on-year to 680 million RMB, with inventory turnover days decreasing by 5 days to 249 days [2]. - Operating net cash flow grew significantly by 77.5% to 390 million RMB [2]. Brand and Product Development - The main brand, Han Shu, maintained its leading position on the Douyin platform, ranking first among beauty brands and expanding its product line with new offerings [3]. - The company is actively pursuing a multi-brand strategy, launching new brands in various categories, including skincare, maternal and infant care, and cosmetics [3]. - New brands such as An Min You for sensitive skin and a high-end anti-aging brand TAZU are in development, alongside collaborations with well-known IPs for maternal and infant products [3]. Market Strategy and Outlook - The company is expected to benefit from its multi-brand strategy, which is anticipated to inject new growth momentum and enhance operational efficiency and profit margins [4]. - Profit forecasts for 2025, 2026, and 2027 have been adjusted upward to 1.16 billion RMB, 1.47 billion RMB, and 1.83 billion RMB, respectively, reflecting confidence in the company's growth trajectory [4].

机构：华泰证券 研究员：樊俊豪/孙丹阳 上美股份发布25H1 业绩公告：25H1 收入41.08 亿元/yoy17.3%，净利润5.56 亿元/yoy34.7%（ 此前业绩 预告营收yoy16.8%-17.3% ， 净利润yoy30.9%-35.8%），营收及净利润同比增速均接近业绩预告上限。 董事会决议建议派付中期股息0.5 元/股。短中期，韩束持续拓展多品类，延续强势能；中高端婴童品牌 newpage/敏感肌护肤品牌安敏优/防脱品牌极方/中高端护肤品牌聚光白处强劲增长期；展望长期，公司 已搭建大众护肤、母婴&青少年护肤、洗护个护、彩妆、功效（医学）护肤、高端护肤六大板块，业务 边界有望不断延展，天花板较高。维持买入评级。 25H1 韩束维持线上美妆领先地位，品类持续开拓25H1 韩束在抖音平台调整渠道结构、收缩达播占比， 向高利润率自营渠道（自播+商品卡）倾斜，仍取得优秀增长：25H1 抖音GMVyoy+15.5%、每月GMV 均位居美妆品牌第一。多产品多品类策略有突破：新品韩束净颜清透洁面膏、韩束控油蓬松洗发水、韩 束焕白紧致身体精华液等分别在抖音清洁面膏、洗发水、身体乳等多个品类榜单排名第一。8 月2 ...

备受市场关注的美妆新消费龙头上美股份，交出一份强劲的业绩答卷。 上半年，上美股份实现营收41.08亿元，同比增长17.3%；净利润5.56亿元，同比增长34.7%，这两项指标均延续同比双位数的增长，盈利增速显著快于营 收。同时，其毛利润为31.2亿元，同比增长15.8%；毛利率提升至75.5%，环比增长1.7个百分点，整体反映较高的盈利能力。 同时，眼下随着中期业绩的逐步验证，新消费板块的价值底色更为鲜明。 纵观今年的财报季，消费领域的业绩表现明显分化，传统龙头业绩集体承压，新消费势力逆势强劲增长，进一步证实消费市场深层变革。期间港股新消费概 念整体也频频走强，再度出现集体活跃。据Wind数据，8月25日，万得（港股）中国新消费指数也刷新了年内最高点位。 在这样的背景下，上美股份亦演绎估值与业绩的双升。 今年以来，港股新消费板块成为资本市场上一道亮丽的风景线，引领市场行情，后市表现亦获各大机构的普遍看好。核心逻辑在于，随着悦己消费理念盛 行,"情绪价值"带来消费新空间，新消费板块也成为资金追逐稀缺高增长资产的优选。 来源：富途 站在当下，又该如何看待这家企业的价值潜力？不妨透过上美股份刚刚发布中期业绩，来进一 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown strong performance with a 17.3% year-on-year increase in revenue and a 30.6% increase in net profit for the first half of 2025 [4][5] - The main brand, Han Shu, continues to perform well, leading the beauty brand rankings on Douyin and expanding its product line [7][8] - The multi-brand strategy is expected to drive new growth momentum, with several potential brands in the pipeline [8] Financial Performance - For the first half of 2025, the company achieved revenue of 4.11 billion RMB and a net profit of 520 million RMB, with an EPS of 1.32 RMB [4] - Revenue growth by brand: Han Shu increased by 14.3%, while New Page saw a significant increase of 146% [5] - Online sales grew by 20.1%, while offline sales decreased by 10.6% [5] Profitability and Cost Structure - The gross margin for the first half of 2025 decreased by 1 percentage point to 75.5% [6] - Operating cash flow increased significantly by 77.5% year-on-year to 390 million RMB [6] Future Projections - The company expects to achieve net profits of 1.16 billion RMB in 2025, with a growth rate of 48.4% [9] - The projected P/E ratios for 2025 and 2026 are 29 and 23, respectively [8][9] Brand Development - The company is expanding its brand portfolio, including new skincare and baby care brands, and is collaborating with well-known IPs for product launches [8]

上美股份 (2145 HK) 证券研究报告 2025 年 8 月 29 日│中国香港 化妆品 上美股份发布 25H1 业绩公告：25H1 收入 41.08 亿元/yoy17.3%，净利润 5.56 亿元/yoy34.7%（此前业绩预告营收 yoy16.8%-17.3%，净利润 yoy30.9%-35.8%），营收及净利润同比增速均接近业绩预告上限。董事会 决议建议派付中期股息 0.5 元/股。短中期，韩束持续拓展多品类，延续强 势能；中高端婴童品牌 newpage/敏感肌护肤品牌安敏优/防脱品牌极方/中高 端护肤品牌聚光白处强劲增长期；展望长期，公司已搭建大众护肤、母婴& 青少年护肤、洗护个护、彩妆、功效（医学）护肤、高端护肤六大板块，业 务边界有望不断延展，天花板较高。维持买入评级。 25H1 韩束维持线上美妆领先地位，品类持续开拓 25H1 韩束在抖音平台调整渠道结构、收缩达播占比，向高利润率自营渠道 （自播+商品卡）倾斜，仍取得优秀增长：25H1 抖音 GMVyoy+15.5%、每 月 GMV 均位居美妆品牌第一。多产品多品类策略有突破：新品韩束净颜清 透洁面膏、韩束控油蓬松洗发水、韩束焕白紧致身体精华 ...

Core Viewpoint - The article highlights the strong performance and growth potential of the beauty company, Shiseido Holdings (上美股份), driven by a multi-brand strategy, innovative product development, and a comprehensive sales channel approach, amidst a rising trend of young consumers prioritizing experience and value in their purchasing decisions [1][2][11]. Financial Performance - In the first half of 2025, Shiseido Holdings reported total revenue of approximately 4.108 billion RMB, a year-on-year increase of 17.3% [2] - The net profit reached about 555.6 million RMB, reflecting a 34.7% increase compared to the previous year [2] - Gross profit was approximately 3.102 billion RMB, with a year-on-year growth of 15.8%, resulting in a gross margin of 75.5%, up 1.7 percentage points from the previous period [2] - Basic earnings per share for the first half of 2025 were 1.32 RMB, a 30.7% increase year-on-year [2] Multi-Brand Strategy - The company's strong performance is attributed to its deepening multi-brand strategy, with its main brand, Han Shu (韩束), achieving revenue of approximately 3.344 billion RMB, a 14.3% increase year-on-year [3] - Han Shu's star product, the Red Waist series, sold over 15 million units, establishing itself as a national skincare staple [3] - The new brand, Newpage (一页), showed remarkable growth with revenue of 397 million RMB, a 146.5% increase year-on-year, indicating its successful entry into the baby care market [5] Sales Channel Development - Shiseido Holdings has effectively implemented a comprehensive sales channel strategy, with Han Shu ranking first in monthly GMV on Douyin in the first half of 2025 [10] - The brand has also seen significant growth across various e-commerce platforms, including Tmall, Vipshop, Pinduoduo, and Kuaishou, creating a robust sales ecosystem [10] Research and Development - The company invested over 103 million RMB in R&D in the first half of 2025, a 31.7% increase year-on-year, resulting in nearly 200 patents and several publications in global core journals [11] - The establishment of the "Han Shu Translational Medicine Fund" signifies the company's commitment to integrating academic and medical resources to enhance product innovation [12] International Expansion - Shiseido Holdings is actively pursuing international growth, particularly in Southeast Asia, aiming to elevate its brand from a "Chinese brand" to a "global brand" [13] - The company's international strategy is expected to open new growth avenues and enhance its global market presence [13]

此外，公司品牌"newpage一页"上半年营收3.97亿元，同比大增146.5%。该品牌2025年上半年线上渠道 达成2024年全年销售额。 本报讯 （记者张文湘 见习记者占健宇）8月28日，上海上美化妆品股份有限公司（以下简称"上美股 份"）发布截至2025年6月30日止六个月的中期业绩公告。2025年上半年，公司实现营业收入41.08亿 元，同比增长17.3%；毛利润达31.02亿元，同比增长15.8%；净利润为5.56亿元，同比增长34.7%，盈利 能力稳步增强。基本每股盈利1.32元/股。 上美股份在公告中表示，收入提升主要得益于核心业务化妆品生产及销售的稳步推进，其中集团主力品 牌"韩束"贡献显著，相关收入增长成为拉动整体营收的关键动力。该品牌在抖音平台月均GMV（总成 交额）居美妆品牌第一，多款新品登顶品类榜单。 研发方面，2025年上半年，公司研发开支达1.03亿元，同比增长31.7%；研发投入占收入比重从2024年 上半年的2.2%提升至2.5%，投入力度进一步加大。 ...

Core Viewpoint - The article highlights the strong performance and growth potential of the beauty company, Shiseido Holdings (上美股份), driven by a multi-brand strategy, innovative product development, and a comprehensive sales channel approach, amidst a rising trend of young consumers prioritizing experience and value in their purchasing decisions [1][2][12]. Financial Performance - In the first half of 2025, Shiseido Holdings reported total revenue of approximately 4.108 billion RMB, a year-on-year increase of 17.3% [2] - The net profit reached about 555.6 million RMB, up 34.7% compared to the previous year, with a gross profit of approximately 3.102 billion RMB, reflecting a 15.8% increase [2] - The gross margin improved to 75.5%, marking a 1.7 percentage point increase from the previous period, indicating high-quality core business development [2] Multi-Brand Strategy - The company's strong performance is attributed to its deepening multi-brand strategy, with its main brand, Han Shu (韩束), achieving revenue of approximately 3.344 billion RMB, a 14.3% increase year-on-year [3] - Han Shu's star product, the Red Waist series, sold over 15 million units, establishing itself as a national skincare staple, while the X Peptide Super Frequency series surpassed 200 million RMB in sales [3][5] - The brand has successfully expanded into various product categories, achieving top sales in body lotion, shampoo, masks, and facial cleansers, transitioning from a facial skincare brand to a comprehensive care expert [3][5] Emerging Brands - The emerging brand, Newpage (一页), demonstrated significant growth, with revenue of 397 million RMB, a remarkable 146.5% increase year-on-year, and online sales exceeding the total for 2024 [5][6] - Newpage's flagship product, the Baby Comfort Cream, sold 330,000 units during the 618 shopping festival, ranking first in the Tmall and Douyin categories for baby creams [6] Sales Channels - The company has established a robust omnichannel sales strategy, with Han Shu ranking first in GMV on Douyin in the first half of 2025, contributing to significant growth across various e-commerce platforms [11] - This comprehensive sales ecosystem reflects the company's deep understanding of consumer behavior and market trends, enhancing brand loyalty and driving high potential across its product lines [11] Research and Development - Shiseido Holdings invested over 103 million RMB in R&D in the first half of 2025, a 31.7% increase year-on-year, resulting in nearly 200 patents and publications in global core journals [12][13] - The establishment of the "Han Shu Translational Medicine Fund" signifies the company's commitment to integrating academic and medical resources to accelerate product innovation [13] International Expansion - The company is actively pursuing international growth, particularly in Southeast Asia, aiming to enhance its global brand presence and transition from a "Chinese brand" to a "global brand" [14] - This strategic move is expected to open new growth avenues and increase the company's international influence [14] Conclusion - The impressive performance of Shiseido Holdings in the first half of 2025 is a result of its deepened multi-brand strategy, enhanced product capabilities, and optimized channel efficiency, positioning it as a key player in the domestic beauty market [14]

其中，韩束品牌对集团收入的贡献为33.44亿元人民币，较2024年上半年(29.27亿元人民币)增长14.3%。 这主要归因于韩束品牌的整体升级、品类扩充以及各渠道的持续增长。 上美股份公布截至2025年6月30日止六个月的中期业绩。报告期内，公司实现收入41.08亿元人民币，同 比增长17.29%；股东应占溢利为5.24亿元人民币，同比增长30.65%；每股基本盈利为1.32元人民币。公 司拟派发中期股息每股0.5元人民币。 在2025年上半年，韩束在线上渠道保持美妆行业的领先地位，尤其在抖音平台，其总成交额(GMV)月均 排名美妆品牌第一，并荣获"抖音电商护肤品牌总榜H1"第一名。 ...