Financial Performance - Revenue increased to RMB6,792.5 million in 2024 from RMB4,190.7 million in 2023, representing a growth of 62.2%[17] - Gross profit rose to RMB5,109.4 million in 2024 from RMB3,019.5 million in 2023, marking an increase of 69.2%[17] - Profit for the full year of 2024 was RMB803.3 million, compared to RMB461.7 million in 2023, reflecting a growth of 73.9%[17] - Total revenue generated from four primary brands in 2024 was RMB6,571.9 million, reflecting a 65.3% increase compared to 2023, contributing 96.7% of total revenue[68] - Revenue from the KANS brand surged by 80.9% to RMB5,591.0 million in 2024 from RMB3,090.4 million in 2023[122] - Revenue from the One Leaf brand decreased by 35.7% to RMB229.3 million in 2024 from RMB356.5 million in 2023[122] - Revenue from the Baby Elephant brand remained stable, increasing by 0.1% to RMB376.0 million in 2024[124] - Revenue from the newpage brand grew significantly by 146.3% to RMB375.6 million in 2024 from RMB152.5 million in 2023[125] - Other income and gains increased by 60.5% from RMB156.5 million in 2023 to RMB251.2 million in 2024, primarily due to higher government grants[141] - Cash generated from operating activities decreased to approximately RMB547.0 million in 2024 from RMB746.2 million in 2023, representing a decline of 26.7%[157] - The Group's annual profit increased to RMB803.3 million in 2024 from RMB461.7 million in 2023, reflecting a growth of 73.9%[162] Dividends and Shareholder Returns - A final dividend of RMB0.75 per share was proposed for the year ended December 31, 2024, consistent with the previous year's dividend[18] Brand Performance and Market Position - KANS ranked second in GMV among domestic cosmetics brands in 2024, with the highest growth rate among top cosmetics brands[23] - Baby Elephant was certified as the No. 1 online sales of children's makeup in China in 2024, selling a total of 0.4 million children's makeup products[47][48] - One Leaf underwent a brand revamp in 2024, targeting younger consumers with a new brand positioning and spokesperson[39][40] - Baby Elephant won the "Outstanding Performance Award for Children's Cosmetics Brand of the Year" at the 9th Cherry Awards in 2024[53] Product Development and Innovation - KANS upgraded the Polypeptide Collagen Softening series to version 2.0, introducing the new ingredient "CYCLOHEXAPEPTIDE-9" for enhanced anti-wrinkle effects[29][32] - The launch of the "X-peptide Cream" achieved over RMB 40 million in sales during the Double Eleven shopping festival[29][32] - The newly launched youth 0U series targets teenagers aged 12-18, addressing oily skin and acne issues[50] - The brand is developing a sensitive skincare brand ARMIYO using "artemisia annua oil AN+" as a core ingredient[72] - The company is preparing to launch the maternity and childcare brand Anpanman, licensed to use well-known IPs[72] Research and Development - In 2024, the company incurred R&D expenses of RMB179.9 million, accounting for 2.6% of its revenue, compared to RMB125.8 million and 3.0% in 2023[75][79] - The company applied for 76 new patents in 2024, including 36 invention patents, and was granted 27 patents, 5 of which are invention patents[78][81] - The company published 15 scientific research papers in 2024, contributing to a comprehensive research system covering basic research, process optimization, and clinical validation[83][84] - The company worked with industry departments to publish several industry standards in 2024, including methods for testing cosmetic ingredients and sun protection factors[76][79] Operational Efficiency and Strategy - The Group is committed to a "six-six" strategy to promote overall business growth through six main competitive aspects and the planning of six major sectors[95] - The Group aims to enhance R&D investments in core skincare technologies, including anti-aging and skin barrier repair, to drive product innovations[103] - The introduction of AI-powered management tools is expected to improve data analysis, resource allocation, and overall operational efficiency[103] - The Group plans to expand its marketing networks, particularly in online e-commerce platforms, to enhance user penetration and consumer engagement[105] - The strategic layout includes six major sectors: mass skincare, personal care, maternal and baby products, skin medical beauty, makeup, and high-end skincare[107] - The Group aims to enhance its international R&D capabilities and brand awareness to become a world-class cosmetics group[108] Employee and Management Information - The total remuneration cost for 2024 was RMB551.3 million, an increase from RMB494.6 million in 2023, reflecting a reasonable growth in employee compensation[89][92] - The company has a total of 2,086 full-time employees as of December 31, 2024, with 2,007 based in the PRC and 79 overseas[89][92] - The company focuses on attracting and cultivating talent, maintaining a strong R&D team with rich experience[75][79] - The management team includes experienced professionals with backgrounds in finance, operations, and product development, enhancing strategic decision-making[185][190] Financial Position and Ratios - The debt to asset ratio increased to 37.9% in 2024 from 35.1% in 2023, while the current ratio decreased to 1.8 times from 2.0 times[165] - Interest-bearing bank and other borrowings decreased by 39.9% to RMB60.1 million as of December 31, 2024, down from RMB100.0 million in 2023, due to abundant working capital[166] Management Team - Mr. Lyu Yixiong has been the CEO since the company's founding in June 2004 and is a controlling shareholder[178] - Ms. Luo Yan, who joined the group in March 2012, is currently the vice president responsible for managing and marketing several brands[181] - Mr. Feng Yifeng, the CFO since July 2016, has extensive experience in finance and asset management, previously holding senior positions at major firms[185] - Ms. Song Yang, who joined in December 2013, is responsible for research and development and product innovation within the group[190]

Core Insights - The peak profitability period for Han Shu has likely passed, with a notable decline in revenue growth in the second half of 2024 compared to the first half [3][4][22] - Han Shu's revenue surged by 80.9% year-on-year in 2024, reaching 5.591 billion RMB, contributing significantly to the overall revenue growth of the company [1][8] - The competitive landscape in the beauty industry is shifting, with increased participation in short drama marketing leading to higher costs and reduced effectiveness for Han Shu [5][19][26] Group 1: Company Performance - In 2024, the total revenue of Shangmei Co. increased by 62.1% to 6.793 billion RMB, with a profit of 803 million RMB, marking a 74% year-on-year growth [1][3] - The main brand Han Shu accounted for a significant portion of this growth, with a total revenue of 5.591 billion RMB [1][8] - The company's marketing expenses rose sharply, with sales and distribution costs reaching 3.95 billion RMB, a 76% increase, and marketing expenses alone growing by 90% to 3.317 billion RMB [27][28] Group 2: Market Dynamics - The beauty market is experiencing a transformation, with domestic brands like Han Shu and Pechoin gaining market share as international brands face declining sales [29][30] - The domestic beauty market saw a 7.46% increase in sales in 2024, with domestic brands capturing over 60% of the skincare market [30][33] - The influx of brands into short drama marketing has diluted Han Shu's competitive advantage, as other brands like Pechoin and international players also engage in similar marketing strategies [5][26] Group 3: Marketing Strategy - Han Shu's previous success was largely attributed to its early investment in short drama marketing, which generated significant sales and brand exposure [12][14] - However, the effectiveness of short drama marketing has diminished, with reports indicating a 40-fold decrease in marketing effectiveness despite increased costs [21][22] - The company is now shifting focus towards offline channels, emphasizing the importance of a balanced marketing strategy that includes both online and offline efforts [23][24]

美容护理/化妆品 上美股份（02145.HK） 2024 年归母净利润+69.4%，国货美妆龙头多面开花 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 46.150 | | 一年最高最低(港元) | 56.950/29.200 | | 总市值(亿港元) | 183.69 | | 流通市值(亿港元) | 95.19 | | 总股本(亿股) | 3.98 | | 流通港股(亿股) | 2.06 | | 近 3 个月换手率(%) | 41.75 | 股价走势图 -60% -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 2025-03 上美股份 恒生指数 数据来源：聚源 相关研究报告 《主品牌韩束势能强劲，产品+渠道+ 品牌多维成长—港股公司首次覆盖报 告》-2024.10.6 ——港股公司信息更新报告 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | ...

数据来源：聚源 相关研究报告 《主品牌韩束势能强劲，产品+渠道+ 品牌多维成长—港股公司首次覆盖报 告》-2024.10.6 美容护理/化妆品 上美股份（02145.HK） 2024 年归母净利润+69.4%，国货美妆龙头多面开花 2025 年 03 月 25 日 投资评级：买入（维持） | 日期 | 2025/3/25 | | --- | --- | | 当前股价(港元) | 46.150 | | 一年最高最低(港元) | 56.950/29.200 | | 总市值(亿港元) | 183.69 | | 流通市值(亿港元) | 95.19 | | 总股本(亿股) | 3.98 | | 流通港股(亿股) | 2.06 | | 近 3 个月换手率(%) | 41.75 | 股价走势图 -60% -40% -20% 0% 20% 40% 60% 2024-03 2024-07 2024-11 2025-03 上美股份 恒生指数 ——港股公司信息更新报告 | 黄泽鹏（分析师） | 陈思（联系人） | | --- | --- | | huangzepeng@kysec.cn | chensi@kysec.cn | | ...

上美股份 20250321 摘要 • 上美股份 2024 年营收 67.93 亿元，同比增长 62.1%，毛利率提升至 75.2%，税后净利润 8.03 亿元，同比增长 74%，每股盈利 1.96 元，股 东权益回报率达 37.7%，显示出强劲的盈利能力和增长势头。 • 上美股份旗舰品牌销售额突破 55 亿，同比增长 80.9%，占据总收入的 82.3%。New Page 销售额达 3.76 亿，同比增长 146%，占比提升至 5.5%，与红色小象持平，而一叶子则处于调整阶段，占比为 3.4%。 • 上美股份在抖音渠道表现突出，韩束在抖音销售占比 66.9%，函数超过 50%，红色小象 22%，New Page 35%。公司正积极拓展快手和视频号 等内容电商平台，实现跨平台增长。 • 上美股份在天猫渠道采取分品、分团队、分职能的精细化运营策略，1 月 在国货美妆中增速排名第一，2 月登陆京东国货排名第一，综合四大平台 1-2 月位列第二，显示出货架电商渠道的增长潜力。 • 上美股份将营销体系转变为基于 BU 的整体营销体系，加大在 B 站、小红 书等平台的投入，并聚焦大单品策略，如 X 系列抗老面霜在双十一直 ...

Financial Performance - Shanghai Chicmax Cosmetic Co., Ltd. reported a revenue increase from RMB 4,190.7 million in 2023 to RMB 6,792.5 million in 2024, representing a growth of 62.1%[4] - The gross profit rose from RMB 3,019.5 million in 2023 to RMB 5,109.4 million in 2024, marking a 69.2% increase[4] - The net profit for 2024 was RMB 803.3 million, up 74.0% from RMB 461.7 million in 2023[4] - Total revenue for 2024 was RMB 6,792.5 million, representing a significant increase of 62.2% compared to RMB 4,190.7 million in 2023[34] - Gross profit for 2024 was RMB 5,109.4 million, up 69.2% from RMB 3,019.5 million in 2023[56] - The net profit for 2024 was RMB 803.3 million, an increase of 73.9% compared to RMB 461.7 million in 2023[57] - Other income and gains increased by 60.5% to RMB 251.2 million in 2024, primarily due to increased government subsidies[41] - The total comprehensive income for 2024 was RMB 796.4 million, compared to RMB 457.5 million in 2023, marking an increase of 74.2%[57] Brand Performance - The brand Han Shu generated revenue of RMB 5,591.0 million in 2024, an increase of 80.9%, accounting for 82.3% of total revenue[10] - The brand Yi Ye Zi experienced a revenue decline of 35.7% in 2024, generating RMB 229.3 million, which represented 3.4% of total revenue[12] - The brand Hong Se Xiao Xiang sold 0.4 million children's makeup products in 2024, recognized as the top online sales brand in China for children's makeup by Frost & Sullivan[13] - In 2024, the revenue generated by the brand "Red Elephant" was RMB 376.0 million, an increase of 0.1% compared to 2023, accounting for 5.5% of total annual revenue[15] - The brand "New Page" achieved a revenue of RMB 375.6 million in 2024, a significant increase of 146.3% from 2023, also representing 5.5% of total annual revenue[17] - The total revenue from four key brands in 2024 was RMB 6,571.9 million, reflecting a 65.3% increase from 2023 and contributing 96.7% to the overall revenue[17] Research and Development - Research and development expenses for 2024 amounted to RMB 179.9 million, representing 2.6% of total revenue, compared to RMB 125.8 million and 3.0% in 2023[21] - In 2024, the company applied for 76 new patents, including 36 invention patents, and received authorization for 27 patents, with 5 being invention patents[24] - The company launched new product lines targeting different age groups, including "New Page 612" for ages 6-12 and "New Page 1218" for ages 12-18[16] - The company is preparing to launch several new brands across various categories, including a high-end anti-aging skincare brand "TAZU" and a makeup brand "NAN beauty"[18] - The company established multiple industry standards in 2024, including testing methods for cosmetic ingredients and tear-free formulations[21] - The "环六肽-9" ingredient received three invention patents and is being applied in several product lines, enhancing the company's innovation capabilities[22] - The company aims to enhance R&D investment in skincare technologies, including anti-aging and skin barrier repair, to foster product innovation[31] - The company is committed to enhancing its R&D capabilities and brand recognition to become a world-class cosmetics group[32] Marketing and Sales - The company plans to enhance its online and offline business model by opening pickup points at major train stations in Shanghai, Beijing, and Hangzhou[9] - The brand Han Shu received multiple awards for its products, including the "Best Formula Award" at the CBE China Beauty Expo 2024[9] - Online sales accounted for 90.5% of total revenue in 2024, increasing from 85.6% in 2023, with online self-operated sales rising 82.6% to RMB 5,311.7 million[36][37] - The company is expanding its marketing network, particularly in online platforms like Douyin, Tmall, and JD, to enhance brand presence[31] Financial Position - The total employee count as of December 31, 2024, was 2,086, with a total compensation cost of RMB 551.3 million, up from RMB 494.6 million in 2023[26] - Capital expenditures for 2024 amounted to RMB 242.6 million, mainly related to new properties, plants, and equipment at RMB 233.4 million[27] - Right-of-use assets were valued at RMB 125.7 million as of December 31, 2024, down from RMB 131.2 million in 2023, while lease liabilities decreased from RMB 65.6 million to RMB 51.5 million[28] - The group's debt-to-asset ratio increased to 37.9% in 2024 from 35.1% in 2023, reflecting a rise in financial leverage[50] - The current ratio as of December 31, 2024, was 1.8, down from 2.0 in 2023, indicating a slight decline in short-term liquidity[50] - The company's net asset value increased to RMB 2,234,670,000 in 2024, up from RMB 2,029,227,000 in 2023, reflecting a growth of 10.1%[60] Dividends and Shareholder Information - The board proposed a final dividend of RMB 0.75 per share for the fiscal year ending December 31, 2024[5] - The total dividend proposed for 2024 is RMB 597,038,000, up from RMB 378,060,000 in 2023, indicating a growth of 58%[83] - The proposed final dividend for the year ending December 31, 2024, is RMB 0.75 per share, consistent with the previous year[107] - The annual general meeting is scheduled for May 6, 2025, where the proposed dividend will be subject to shareholder approval[106] Operational Efficiency - The introduction of AI management tools is expected to improve operational efficiency and resource allocation[31] - The company reported a financial cost reduction of 62.3%, decreasing to RMB 6.1 million in 2024 from RMB 16.2 million in 2023[47] - Operating cash flow for 2024 was approximately RMB 547.0 million, down from RMB 746.2 million in 2023, indicating a decrease of about 26.7%[50] Inventory and Receivables - The company reported a total of RMB 690,639,000 in inventory for 2024, an increase from RMB 510,757,000 in 2023, which is a growth of 35.2%[84] - Trade receivables increased to RMB 439,090,000 in 2024 from RMB 329,453,000 in 2023, representing a growth of 33.3%[86] - The net amount of trade receivables and bills receivable rose to RMB 425,557,000 in 2024, up from RMB 321,246,000 in 2023, indicating a 32.5% increase[86] - The provision for impairment of trade receivables increased to RMB 14,438,000 in 2024 from RMB 12,005,000 in 2023, reflecting a rise of 20.2%[89] - Trade payables reached RMB 638,407,000 in 2024, compared to RMB 518,613,000 in 2023, marking a 23.1% increase[90] Corporate Governance - The audit committee reviewed the consolidated annual performance for the year ending December 31, 2024, and found it compliant with applicable accounting standards[102] - There have been no significant events affecting the group since December 31, 2024, as disclosed in the annual report[105] - The annual report for the year ending December 31, 2024, will be published on the Hong Kong Stock Exchange and the company's website[111]

上 市 公 司 -35% 15% 65% 03/04 04/04 05/04 06/04 07/04 08/04 09/04 10/04 11/04 12/04 01/04 02/04 HSCEI 上美股份 资料来源：Bloomberg 美容护理 2025 年 03 月 04 日 上美股份 (02145) —— 业绩符合预期，看好多渠道拓展及多品牌增长曲线 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 03 月 03 日 | | --- | --- | | 收盘价（港币） | 37.45 | | 恒生中国企业指数 | 8419.69 | | 52 周最高/最低（港币） | 56.95/29.20 | | H 股市值（亿港币） | 149.06 | | 流通 H 股（百万股） | 206.27 | | 汇率（人民币/港币） | 1.0840 | 一年内股价与基准指数对比走势： 证券分析师 王立平 A0230511040052 wanglp@swsresearch.com 王盼 A0230523120001 wangpan@swsresearch.com 联系人 王盼 (8621) ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its strong performance and potential in the cosmetics sector [4][52]. Core Insights - The company has been deeply engaged in the cosmetics industry for 20 years, successfully implementing a multi-brand strategy that includes brands like Han Shu, One Leaf, and Red Elephant. The main brand, Han Shu, has seen significant growth, particularly in the Douyin channel, achieving a GMV of 3.34 billion yuan in 2023, a 374% increase from 2022 [22][10]. - The company's growth is driven by a combination of product quality, innovative marketing strategies, and effective channel management, particularly through Douyin [10][41][43]. Summary by Sections 1. Multi-Brand Strategy and Performance Recovery - The company has established itself as a leader in the domestic cosmetics market, ranking among the top five in retail sales from 2015 to 2021. In 2021, it was the only domestic company with two skincare brands achieving annual retail sales exceeding 1.5 billion yuan [22][10]. - In 2022, the company faced a revenue decline of 25.4% to 2.71 billion yuan, primarily due to supply chain issues and reduced R&D spending. However, strategic adjustments in late 2022 led to a strong recovery in 2023, particularly for the Han Shu brand [22][10]. 2. Product, Marketing, and Channel Strategies - **Product**: The Han Shu brand's "Red Slim Waist" anti-aging set is positioned as a high-value product, priced at 399 yuan, which offers a competitive advantage over similar products [41][38]. - **Marketing**: The company has effectively utilized short dramas for product placement, achieving significant exposure and engagement. Collaborations with influencers have resulted in high viewership, with some dramas reaching over 1.2 billion views [41][42]. - **Channel**: The company has built a robust live-streaming matrix and adjusted its influencer collaboration strategy to optimize traffic conversion. The focus has shifted from top-tier influencers to mid-tier ones for better cost efficiency [43][44]. 3. Earnings Forecast and Valuation - The company is projected to achieve revenues of 7.13 billion, 9.11 billion, and 10.62 billion yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 69.1%, 27.9%, and 16.5%. Net profits are expected to reach 820 million, 1.15 billion, and 1.42 billion yuan, with growth rates of 77.4%, 40.4%, and 23.6% [51][8]. - The current price-to-earnings (P/E) ratios are projected to be 15, 11, and 9 for the years 2024, 2025, and 2026, respectively, indicating a favorable valuation compared to peers [51][52].

Investment Rating - The report initiates coverage on Shangmei Co., Ltd. with a "Buy" rating and sets a target price of HKD 44.0, indicating a potential upside of 41.9% from the current price of HKD 31.0 [1][4][5]. Core Insights - Shangmei Co., Ltd. is a leading domestic cosmetics company that has successfully implemented a multi-brand strategy, with its flagship brand, Han Shu, achieving significant growth through targeted marketing on platforms like Douyin [1][2][3]. - The company has a strong focus on the lower-tier markets, which is expected to drive future growth, supported by its diverse product offerings across skincare, baby care, and hair care segments [1][2][3]. - The report highlights the successful alignment of Han Shu's consumer profile with Douyin's user demographics, leveraging innovative marketing strategies such as short dramas to enhance brand visibility and sales [3][4][5]. Summary by Sections Multi-Brand Strategy - Shangmei Co., Ltd. has been practicing a multi-brand strategy for nearly 20 years, with its main revenue coming from the Han Shu brand, which has recently dominated the Douyin platform [2][3][4]. - The company aims to develop multiple brands across different consumer segments, from mass to premium, enhancing its market influence [2][3][4]. Channel and Consumer Alignment - Han Shu's success on Douyin is attributed to its alignment with the platform's user demographics, particularly targeting consumers aged 18-34 in lower-tier cities [3][4][5]. - The brand has effectively utilized short drama marketing to regain consumer attention and drive sales, achieving significant viewership and engagement [3][4][5]. Growth Potential - Despite concerns about reliance on a single channel and brand, the report suggests that Shangmei's strategies, including expanding into other channels and enhancing its product lines, will support long-term growth [3][4][5]. - The company is expected to continue benefiting from the growing lower-tier market, which represents a significant portion of China's population and consumer spending [3][4][5]. Financial Projections - Revenue is projected to grow significantly, with estimates of RMB 7,031 million in 2024, reflecting a year-on-year increase of 67.8% [6][11][141]. - The report anticipates improvements in profit margins, with gross margins expected to reach 74.7% by 2026 [6][11][141]. Valuation and Target Price - The target price of HKD 44.0 is based on a 15x PE ratio for 2025, reflecting a discount compared to leading domestic cosmetics brands [4][5][118].