Core Insights - Up Beauty's core brand, Han Shu, has officially announced Wang Jiaer as its global spokesperson, marking his first endorsement of a domestic beauty brand [1] - In 2024, Up Beauty's founder and CEO, Lv Yixiong, stated that "Chinese beauty is entering a golden period for domestic brands" and established a new group strategy of "single focus, multiple brands, globalization" [1] - Han Shu achieved a revenue of 5.591 billion yuan in 2024, representing a year-on-year growth of 80.9% [1] - Han Shu's self-developed "环六肽-9" ingredient has been certified as the "global self-research环六肽 pioneer" by Sullivan [1] - Up Beauty's globalization strategy is accelerating its presence in countries such as Russia, Vietnam, and Indonesia through various cooperation models [1] Company Strategy - The announcement of Wang Jiaer as the global spokesperson is a significant step in Up Beauty's globalization strategy [1] - The new strategy aims to position domestic brands to compete alongside international brands on a global stage [1] - Up Beauty is committed to expanding its reach in the global beauty market with a determined approach [1]

Core Insights - Shanghai Shangmei Cosmetics Co., Ltd. announced international superstar Jackson Wang as the global ambassador for its core brand, Han Shu, marking Wang's first endorsement of a domestic beauty brand [1] - Han Shu, founded in 2003, achieved a revenue of 5.591 billion yuan in 2024, representing a year-on-year growth of 80.9%, and maintained the top position in Douyin's beauty category with a GMV of 6.784 billion yuan [1] - The brand's success is attributed to its continuous investment in research, product development, and brand building, establishing a strong presence in various channels [1][2] Brand Development - Han Shu has developed a multi-category matrix including skincare, makeup, hair care, and personal care, with several products achieving top positions in their respective categories [2] - The flagship product, Han Shu Red Waist Set, has sold over 16.5 million sets across all channels, consistently ranking first in Douyin's skincare set category [2] - The brand's marketing strategy includes signing popular figures like Ding Yuxi, Tian Xuning, and Jackson Wang to connect deeply with younger consumers [2] Global Strategy - The appointment of Jackson Wang is a significant step in Shangmei's globalization strategy, which aims to enhance the brand's international presence and reach broader audiences [2][3] - The company is expanding its global footprint through various cooperation models in countries such as Russia, Vietnam, Mongolia, Malaysia, and Indonesia [3] - Shangmei aims for substantial growth, targeting revenues of 10 billion yuan and eventually 30 billion yuan, as it navigates the global beauty market [3]

Core Viewpoint - The announcement of international superstar Jackson Wang as the global ambassador for Han Shu signifies a transformative leap for the brand, marking a shift towards internationalization and a redefined brand image beyond traditional "national goods" labels [2][9][21]. Brand Transformation - Han Shu has evolved from a price-driven brand to one focused on scientific anti-aging, enhancing its product development and research capabilities [2][6]. - The collaboration with Jackson Wang represents a strategic upgrade in brand positioning, aiming to shed the image of being merely a "national alternative" and instead showcase a modern brand with technological and cultural depth [8][20]. Globalization Strategy - The partnership with an internationally influential figure like Jackson Wang allows Han Shu to expand its narrative and product experiences beyond China, aiming to establish itself as a representative of Chinese scientific beauty on the global stage [9][22]. - This move is part of Han Shu's ambition to become a "Chinese scientific beauty exporter," indicating a commitment to high-end transformation and international market penetration [9][21]. Market Performance - Han Shu has demonstrated strong market performance, maintaining a leading position on platforms like Douyin for 25 consecutive months and achieving significant sales milestones [10][16]. - The brand's user demographics show a concentration of over 74.95% in the 18-35 age range, indicating a strong appeal to the primary consumer base in the beauty market [10]. Research and Development - Han Shu has a robust foundation in research, having focused on peptide technology since 2003, and recently appointed a leading international expert to enhance its scientific capabilities [11][14]. - The introduction of the X Peptide series, featuring self-developed ingredients, exemplifies Han Shu's commitment to high-quality, effective skincare products that can compete with international brands [17][19]. Future Aspirations - The collaboration with Jackson Wang is seen as a strategic step towards achieving the brand's vision of becoming a billion-dollar entity, focusing on expanding its market presence and enhancing its product offerings [21][22]. - Han Shu aims to leverage its existing market dominance to build a sustainable growth trajectory that emphasizes premium positioning and international competitiveness [21].

国货美妆品牌走向全球市场，大的背景是在科研方面不断取得突破。以韩束为例，其长期深耕"肽"类研 究，通过持续22年的科研投入，韩束构建了参与国际竞争的技术底气。2024年，韩束自研的"环六 肽-9"成分成功通过备案，打破国际品牌在抗衰原料领域的技术垄断。 根据上美股份发布的财报，2025年上半年，其收入为41.08亿元，同比增长17.3%；上半年公司利润为 5.56亿元，同比增长约35%。 受益于良好的业绩表现、研发突破及全球化布局的推进，上美股份今年以来股价大幅上涨。Wind数据 显示，截至10月13日，上美股份今年以来累计上涨180%，区间最高涨幅近200%。截至10月13日，上美 股份市值382亿港元。 作为上美股份旗下核心品牌，韩束今年上半年收入为33.44亿元，同比增长14.3%，占上美股份上半年收 入的81.4%。韩束的王牌产品韩束红蛮腰套盒，全渠道累计销售额已超过1650万套，并长期占据抖音护 肤套盒榜单第一名。 上美股份（02145.HK）旗下国货美妆品牌韩束正加速全球化布局。10月13日，韩束官宣王嘉尔担任品 牌全球代言人。据了解，这是王嘉尔首次代言国货美妆品牌。韩束表示，此次合作是"国货顶流 ...

上美股份(02145)涨超3%，截至发稿，涨3.1%，报96.4港元，成交额4911.96万港元。 消息面上，据青眼情报，2025年9月抖音美妆TOP20品牌总GMV突破30亿元，市场份额为17.6%，同比 增长38.59%，韩束以超5亿元GMV继续领跑。华泰证券表示，公司上半年收入及利润增长表现均靓丽， 进入下半年以来，该行观察到上美主品牌韩束继续拓展次抛精华/香氛沐浴露等多品类，8月增长动能强 劲，趋势有望延续；多品牌拓展亦顺利，下半年以来聚光白/面包超人/NAN beauty陆续落地，催化剂不 断。当前公司多品牌/多品类孵化及运营能力已得初步验证，若能力持续复制天花板上限有望再打开， 内部高效能、强执行力组织架构奠定底层根基，维持买入评级。 ...

消息面上，据青眼情报，2025年9月抖音美妆TOP20品牌总GMV突破30亿元，市场份额为17.6%，同比 增长38.59%，韩束以超5亿元GMV继续领跑。华泰证券表示，公司上半年收入及利润增长表现均靓丽， 进入下半年以来，该行观察到上美主品牌韩束继续拓展次抛精华/香氛沐浴露等多品类，8月增长动能强 劲，趋势有望延续；多品牌拓展亦顺利，下半年以来聚光白/面包超人/NAN beauty陆续落地，催化剂不 断。当前公司多品牌/多品类孵化及运营能力已得初步验证，若能力持续复制天花板上限有望再打开， 内部高效能、强执行力组织架构奠定底层根基，维持买入评级。 智通财经APP获悉，上美股份(02145)涨超3%，截至发稿，涨3.1%，报96.4港元，成交额4911.96万港 元。 ...

Core Insights - The 34th European Academy of Dermatology and Venereology (EADV 2025) concluded successfully in Paris, where the Chinese beauty brand, Shangmei Co., made a significant debut by releasing the "2025 KANSU Peptide Research and Efficacy Skincare Application Yearbook" [1] - This publication, which encapsulates 22 years of research on peptides by KANSU, was also showcased at the 2025 China Fragrance and Cosmetic Industry Annual Conference and Expo (CAME), highlighting China's innovative contributions to anti-aging solutions [1] Group 1 - The "KANSU Peptide Yearbook" is edited by renowned dermatology experts, showcasing the brand's deep commitment to peptide research and establishing its credibility in the field [3] - The yearbook serves as a practical guide for consumers and a testament to the brand's long-term commitment to scientific development in the industry [6] - It outlines a comprehensive framework that combines global perspectives with local insights, detailing over 50 years of peptide technology evolution [6] Group 2 - The yearbook presents significant market transformation results, with the "Red Waist 2.0" series showing a 38.57% reduction in cheek wrinkle length and a 33.83% increase in skin hydration [7] - The KANSU X Peptide Super Frequency Cream demonstrated a 27.59% increase in collagen and a 30.57% improvement in elastin after 28 days of testing, setting new industry benchmarks [7] - These quantifiable results address the industry's challenge of measuring anti-aging effects, providing consumers with clear efficacy references [7] Group 3 - The yearbook emphasizes the importance of long-term research investment in building core competitiveness in the anti-aging sector, reflecting on the industry's short-termism [10] - It documents KANSU's journey from initiating peptide research in 2003 to achieving significant milestones in innovation and application [11] - The yearbook's authority stems from KANSU's unique research accumulation and international recognition, showcasing a robust peptide research system [11] Group 4 - Karl Lintner, a pioneer in peptide technology, praised KANSU's application of cyclic peptides, affirming its contributions to foundational research and product development [13] - The dual launch at EADV and CAME signifies KANSU's strategic positioning to engage globally while remaining rooted in China [13] - The yearbook sets future goals for KANSU to leverage AI and computational biology in advancing peptide research, marking a transition from "Made in China" to "Intelligent Manufacturing in China" [13]

Core Viewpoint - Natural堂 has officially submitted its IPO application to list on the Hong Kong stock market, aiming to capitalize on the favorable market conditions and competitive pressures from other domestic beauty brands [1][2]. Group 1: IPO and Market Position - Natural堂 is the third-largest domestic cosmetics group in China and the second-largest domestic cosmetics brand based on retail sales projected for 2024 [2]. - The company has seen a significant increase in its online sales channel, with the proportion rising from 59.7% in 2022 to 68.8% in the first half of 2025 [5]. - The CEO, Zheng Chunying, and her family control approximately 87.82% of the voting rights, which may limit the influence of minority shareholders [3]. Group 2: Financial Performance - Natural堂's revenue for 2022, 2023, and 2024 is projected to be 42.92 billion, 44.42 billion, and 46.01 billion respectively, with net profits of 1.39 billion, 3.02 billion, and 1.90 billion [4]. - The company's gross profit margin has improved from 66.5% in 2022 to 70.1% in the first half of 2025, but its net profit margin remains relatively low at 7.8% [6]. - Compared to competitors like Perleya and Shuangmei, which have seen significant revenue and profit growth, Natural堂's growth has been modest, with revenue growth rates of only 3.48% and 3.58% in 2023 and 2024 respectively [4][6]. Group 3: Brand Strategy and Challenges - Natural堂 operates five main cosmetic brands, with the flagship brand contributing over 94% of total revenue, indicating a lack of diversification [5][6]. - The company has not successfully developed new growth brands, unlike competitors who have launched successful new lines, which poses a challenge for future growth [6]. - The conservative management style of the founder may have contributed to the slower growth and lower profitability compared to more aggressive competitors [4][6].

Core Insights - The Chinese beauty industry is experiencing a significant transformation, with many brands exiting the market while others are rapidly launching new sub-brands to adapt to changing consumer demands and market conditions [1][8][24]. Group 1: Industry Trends - The beauty industry is facing a "winter" period, leading to the exit of several brands such as Qiaodi Shanghui and Jing Sheng Zhi Yuan [1]. - Despite the challenges, there is a surge in new brand launches, indicating a robust response from leading companies [1][8]. - Major players like Shangmei Co., Beitaini, and Polaroid are actively developing multiple sub-brands to enhance their market presence [8][24]. Group 2: Company Strategies - Shangmei Co. has launched three new brands this year, including NAN beauty, a high-end anti-aging brand Tazu, and a baby care brand [10][11]. - Beitaini is set to introduce a new acne treatment brand, Ansta, which has been in development for three years [15][16]. - Polaroid is considering overseas acquisitions to fill gaps in its product offerings, targeting markets such as baby care and men's grooming [17][24]. Group 3: Market Positioning - The multi-brand strategy allows companies to cater to diverse consumer needs across different demographics, enhancing their competitive edge [24][29]. - Companies are focusing on leveraging their main brand strengths to create differentiated sub-brands that address specific market segments [27][30]. - The trend of building a multi-brand matrix is becoming standard among leading beauty companies in China, moving away from a single-brand dominance [28][39]. Group 4: Growth Strategies - Companies are employing both internal brand incubation and external acquisitions as primary methods for expanding their brand portfolios [29][33]. - Internal incubation allows companies to innovate and meet emerging consumer demands effectively, while acquisitions provide immediate access to established brands and markets [32][38]. - The balance between these strategies is crucial for sustained growth and market relevance in a competitive landscape [39].

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9月30日 狀態: 新提交 致：香港交易及結算所有限公司 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 | | | 206,319,319 | RMB | | 1 | RMB | | 206,319,319 | | 增加 / 減少 (-) | | | 35,223 | | | | RMB | | 35,223 | | 本月底結存 | | | 206,354,542 | RMB | | 1 | RMB | | 206,354,542 | | 2. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | ...