Core Viewpoint - The market for new consumption in Hong Kong has shifted from a focus on short-term GMV growth to evaluating long-term operational capabilities, brand resilience, and research barriers of companies, with Up Beauty Co., Ltd. (02145) exemplifying this trend through a significant stock price increase of 150% year-to-date, reaching a new high of 104 HKD [1] Group 1: Multi-Brand Strategy - Up Beauty has abandoned the old model of betting on a single blockbuster product/brand, adopting a multi-brand matrix to meet diverse consumer needs, transitioning from "traffic support" to "user cultivation" [2] - The core brand, Han Shu, has maintained rapid growth, leading the mass skincare market and achieving high sales across multiple platforms, including being the top beauty brand on Douyin during the 2025 Double Eleven shopping festival [2][3] - The brand new page has emerged as a significant growth driver, with a total sales increase of 145% year-on-year during the 2025 Double Eleven, showcasing strong performance across various channels [3] Group 2: Channel Synergy and Category Extension - The crowded skincare market has made "category extension" a key path for domestic beauty brands to unlock growth potential, with domestic brands having an advantage in understanding local consumer needs [5] - Up Beauty has successfully entered new categories such as men's skincare and personal care, leveraging the brand value of Han Shu to educate the market and convert profits [6] - The company's full-channel strategy has enhanced sales performance, with significant growth in GMV across platforms like Douyin, Tmall, and JD during the 2025 Double Eleven [7] Group 3: Research and Development - R&D investment has shifted from a cost item to a value item, with Up Beauty's R&D spending exceeding 1.03 billion CNY in the first half of 2025, reflecting a 31.7% year-on-year increase [8] - The company has established a robust R&D system, including nearly 200 patents and participation in setting national standards, enhancing its market influence [9] - Core ingredients developed by Up Beauty, such as cyclic hexapeptide-9 and X-peptide, have become competitive advantages, allowing for higher profit margins and differentiation in a crowded market [9] Group 4: Long-term Growth Narrative - Up Beauty's strategic focus on a multi-brand matrix, full-channel strategy, and long-term R&D investment positions it well for sustainable growth in the evolving consumption landscape [10] - The company's transformation from a "traffic-driven" to a "value-driven" entity is attracting long-term capital interest, with significant potential for continued growth and value creation in the Hong Kong new consumption wave [10]

Core Insights - The market for new consumption in Hong Kong has shifted from a focus on short-term GMV growth to evaluating long-term operational capabilities, brand resilience, and research barriers [1] - Up Beauty Co., Ltd. (上美股份) has successfully capitalized on this trend, achieving a stock price increase of 150% year-to-date, reaching a new high of 104 HKD [1] Multi-Brand Matrix and Growth System - The early benefits of the new consumption sector were driven by the rise of traffic platforms, but the era of "single brand dominance" is ending due to increasing consumer segmentation [2] - Up Beauty has abandoned the old model of betting on a single blockbuster product, instead adopting a multi-brand matrix to meet diverse consumer needs [2] - The core brand, Han Shu (韩束), has maintained rapid growth, leading the mass skincare market and achieving significant sales across multiple platforms during the 2025 Double Eleven shopping festival [2] Performance of New Brands - The brand newpage has emerged as a key growth driver, with a total sales increase of 145% year-on-year during the Double Eleven period, establishing itself as a leader in the children's skincare market [3] - Other emerging brands like An Min You and Ji Fang have also seen substantial growth, with An Min You achieving a 208% increase in total sales across channels [3] Brand Development Strategy - Up Beauty has transitioned from a "single brand-driven" model to a multi-brand strategy, allowing it to tap into both mass and high-end markets [4] Channel Synergy and Category Extension - Category extension is crucial for domestic beauty brands to unlock growth potential, especially as the washing and care industry enters a golden period of domestic substitution [5] - Up Beauty has successfully entered new categories such as men's skincare and personal care, leveraging its established brand value [6] Sales and Channel Strategy - Han Shu has achieved significant sales across various platforms, becoming a core driver of online growth [7] - The company's strategy of "full-channel reach + multi-category expansion" aims to enhance profitability and revenue scale, aligning with market expectations for refined operations [7] Research and Development - R&D investments have shifted from a cost to a value item, with Up Beauty investing over 1.03 billion CNY in R&D, a 31.7% increase year-on-year [8] - The company has developed nearly 200 patents and established a strong research foundation with the appointment of Dr. Karl Lintner as chief scientific advisor [9] Long-Term Strategy - Up Beauty's R&D efforts are focused on creating a sustainable competitive advantage through innovative ingredients and formulations, which will enhance its market position [9] - The company's strategic approach demonstrates a commitment to long-term growth, with a clear path for commercializing research outcomes [10]

Core Viewpoint - The recent share purchases by director Luo Yan indicate strong confidence in the future prospects and long-term investment value of the company, which may enhance investor confidence and market recognition [1][3]. Group 1: Share Purchases - From December 12 to 19, director Luo Yan purchased an additional 472,300 shares of the company, with a total investment exceeding 35 million HKD, at an average price between 81.55 and 83.85 HKD per share [1]. - Since November, Luo Yan has frequently increased his holdings, with a total investment exceeding 60 million HKD [1]. - Cumulatively, the company has seen over 2.6 million shares purchased by its directors since its listing, with a total transaction value exceeding 130 million HKD [1]. Group 2: Market Impact - The share purchases reflect the directors' firm confidence in the company's future and their recognition of its long-term investment value, which is expected to bolster investor confidence and trust [3].

Core Viewpoint - The recent share purchases by director Luo Yan in Shangmei Co., Ltd. reflect strong confidence in the company's future prospects and long-term investment value, which may enhance investor confidence and market recognition [1][3]. Group 1: Share Purchases - From December 12 to 19, director Luo Yan acquired an additional 472,300 shares of Shangmei Co., Ltd., with a total investment exceeding 35 million HKD, at an average price between 81.55 and 83.85 HKD per share [1]. - Since November, Luo Yan has frequently increased his holdings in Shangmei Co., Ltd., with a total investment exceeding 60 million HKD [1]. - Since its listing, Shangmei Co., Ltd. has seen its directors accumulate over 2.6 million shares, with a total transaction value exceeding 130 million HKD [1]. Group 2: Implications of Share Purchases - The share purchases by the director are based on a firm belief in the company's future and recognition of its long-term investment value [3]. - These purchases further signal the director's positive expectations for the company's development, which can help strengthen investor confidence and trust [3].

Core Viewpoint - The recent share purchases by executive director Luo Yan in Shangmei Co., Ltd. reflect strong confidence in the company's future prospects and long-term investment value, which may enhance investor trust and market recognition [1] Group 1: Shareholding Activity - From December 12 to 19, 2023, Luo Yan increased her holdings by 472,300 shares, investing over 35 million HKD at an average price between 81.55 and 83.85 HKD per share [1] - Since November, Luo Yan has frequently purchased shares, with a total investment exceeding 60 million HKD [1] - Since its listing, Shangmei Co., Ltd. has seen its directors accumulate over 2.6 million shares, with total investments surpassing 130 million HKD [1] Group 2: Market Implications - The board's share purchases indicate a strong belief in the company's growth potential, which may positively influence investor sentiment and confidence in the market [1] - The increase in shareholding by directors is expected to reinforce market recognition of the company's value [1]

Core Viewpoint - The article reports on the stock purchase by executive director Luo Yan of a company, indicating a positive signal regarding the company's future prospects through insider buying [1] Group 1: Stock Purchase Details - On December 17, 2025, Luo Yan purchased 240,600 shares at an average price of HKD 82.6267 per share, totaling approximately HKD 19.88 million [1] - Following this transaction, Luo Yan's total shareholding increased to 2.2863 million shares, raising her ownership percentage from 0.99% to 1.11% [1]

Group 1 - The core focus of the event is the announcement of the "Annual Investment Value Award (Large Market Capitalization)" winners, which includes notable companies such as Alibaba, Bosideng, and Ideal Auto [1] - The award evaluates companies based on revenue and net profit growth, considering factors like company size, business model, management capability, and innovation [1] - The selection process involves quantitative data analysis and expert review to determine the final results [1] Group 2 - The "Golden Award" aims to create a valuable reference list of listed companies and unicorns, covering all companies listed on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

12月22日，格隆汇在线上举办"科技赋能·资本破局"分享会。本次分享会，备受瞩目的卓越公司评选榜 单将隆重揭晓，其中格隆汇"金格奖"年度卓越公司评选中，阿里巴巴(09988.HK/BABA.US)、波司登 (03998.HK)、均胜电子(600699.SH/00699.HK)、理想汽车(02015.HK/LI.US)、上美股份(02145.HK)、TCL 电子(01070.HK)、香港中华煤气(00003.HK)、心动公司(02400.HK)、招金矿业(01818.HK)、中国平安 (601318.SH/02318.HK) 10家企业荣获"年度投资价值奖（大市值）"奖项。（排名不分先后，按公司首部字母顺序排列） | | | 2025年度卓越公司评选榜单 | | | --- | --- | --- | --- | | 公司名称 | 公司代码 | 公司名称 | 公司代码 | | 阿里巴巴 | 09988.HK/BABA.US | TCL电子 | 01070.HK | | 波司登 | 03998.HK | 香港中华煤气 | 00003.HK | | 均胜电子 | 600699 SH/00699.HK | 心动公司 ...

| 表格序號 | 大股東/董事/最高行政人員名稱 作出披露的 買入 / 費出或涉及的股 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 份數目 | | | (請參閱上述*註解)有投票權股 (日 / 月 / 年 | | | | | | | | | 份自分比 | | | | | | | | | (%) | | | DA20251218E00416 | 罗菲 | 1101(L) | | 240.600(L | HKD 82.6267 | 2,286,300(L) | 1.11(L)17/12/2025 | | 股份代號: | 02145 | | --- | --- | | 上市法國名稱: | 上海上美化妝品股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 22/11/2025 - 22/12/2025 | 格隆汇12月22日丨根据联交所最新权益披露资料显示，2025年12月17日，上美股份(02145.HK)获执行董事罗燕在场内以每股均价 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [1] Core Insights - The report emphasizes the importance of expanding domestic demand as a strategic initiative, with multiple policies aimed at boosting consumption being introduced. The central economic work conference highlighted the need for a strong domestic market and specific measures to stimulate consumption [4] - The official launch of the Hainan Free Trade Port marks a new phase in China's high-level opening-up, with significant increases in flight bookings to Hainan, indicating a positive trend in consumer behavior [4] - The report notes a robust growth in the beauty and skincare sector, with top brands maintaining their positions and new domestic brands showing significant growth, reflecting changing consumer preferences among younger generations [5][17] Summary by Sections Industry Performance - The new consumption sector saw a weekly increase of 6.66% in the retail index from December 15 to December 19, 2025 [8] - The beauty and personal care sector increased by 2.87% during the same period [8] Policy Developments - The central government has introduced various measures to enhance service consumption, including promotional activities and optimizing service availability to meet diverse consumer needs [4] - A joint notification from multiple government departments aims to strengthen collaboration between commerce and finance to boost consumption in key areas [4] Market Trends - In the beauty and skincare market, the top five brands include Proya, L'Oreal, Han Shu, Lancôme, and Estée Lauder, with domestic brands like Proya showing strong performance [5] - The report highlights a significant increase in sales for Hainan's duty-free shops, with a 90% year-on-year growth on the first day of the free trade port's operation [5] Investment Recommendations - The report suggests focusing on high-quality domestic brands in beauty and skincare, traditional gold jewelry brands favored by younger consumers, and strong tea beverage brands with extensive market coverage [17]