Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of HKD 100.00 [5] Core Views - The company is expected to see significant revenue growth in the first half of 2025, with projected revenue between RMB 4.09 billion and RMB 4.11 billion, representing a year-on-year increase of 16.8% to 17.3%. Net profit is anticipated to be around RMB 540 million to RMB 560 million, reflecting a year-on-year growth of 30.9% to 35.8% [5][6] - The growth in revenue and profit is primarily driven by the multi-category layout of the Han Shu brand and substantial growth in the Newpage brand, which focuses on infant skincare [5][6] - The company is expected to maintain its competitive advantage in its price segment and expand its product categories, leveraging its multi-brand matrix for new opportunities [5][8] Financial Projections - Revenue projections for the company are as follows: - 2024: RMB 6,793 million (+62.08%) - 2025E: RMB 8,502 million (+25.16%) - 2026E: RMB 10,422 million (+22.59%) - 2027E: RMB 12,668 million (+21.55%) [4] - Net profit projections are: - 2024: RMB 781.21 million (+69.42%) - 2025E: RMB 1,020 million (+30.53%) - 2026E: RMB 1,283 million (+25.86%) - 2027E: RMB 1,559 million (+21.51%) [4] - The expected EPS for the upcoming years is: - 2024: RMB 1.96 - 2025E: RMB 2.56 - 2026E: RMB 3.22 - 2027E: RMB 3.92 [4] Market Performance - In the first half of 2025, Han Shu's online GMV reached RMB 5.2 billion, a year-on-year increase of 19%, ranking fourth among domestic brands [6] - The brand's performance on the Douyin platform showed a significant increase in GMV, achieving RMB 456 million in July 2025, a year-on-year growth of 68.7% [6] - The Newpage brand also demonstrated strong growth, with GMV of RMB 341 million in the first half of 2025, reflecting a year-on-year increase of 128% [6][8]

智通财经APP获悉，港股三大指数今日涨跌不一，恒指盘中重回两万五关后回落，截止收盘，恒生指数 涨0.03%或8.1点，报24910.63点，全日成交额为2152.35亿港元；恒生国企指数跌0.21%，报8932.68点； 恒生科技指数涨0.2%，报5532.17点。 浙商国际指出，港股市场基本面仍偏弱，资金面环境内外部分化，政策面后续或仅"托而不举"，情绪面 短期预计仍偏观望。鉴于市场中长期趋势已进入右侧区间，对于后续走势，该行不建议过度悲观。对于 中短期市场走势继续保持谨慎乐观的态度。 蓝筹股表现 比亚迪电子(00285)领涨蓝筹。截至收盘，涨6.72%，报37.8港元，成交额34亿港元，贡献恒指3.01点。 近期海外CSP大厂及相关液冷供应商发布25年二季度业绩及全年指引，业绩均超市场预期、Capex继续 上调。公开资料显示，公司产品线涵盖企业级通用服务器、存储服务器、AI服务器及液冷散热方案 等，公司及子公司为英伟达合作伙伴，与英伟达合作进行液冷研发。 其他蓝筹股方面，中芯国际(00981)涨3.14%，报52.6港元，贡献恒指11.33点；中国神华(01088 )涨 2.99%，报36.54港元，贡献 ...

截至8月6日收盘，上美股份（02145.HK）报87.750港元，较上个交易日上涨7.34%，当日盘中最高价触 及90.900港元，创近一年新高。 资金流向方面，当日主力流入NaN万港元，流出NaN万港元，净流出785.97万港元。 上海上美化妆品股份有限公司是科研赋能的多品牌国货化妆品行业领导者,起源于2002年,其拥有多个知 名品牌,如韩束、一叶子、红色小象等,布局多品类、多渠道,主营业务包括护肤、母婴、洗护等,自建中外 两大科研中心、国际化供应链,秉承"因为喜欢""多元、乐观、创新、传承"的企业文化价值观,上美致力 于做一家世界级有影响力的化妆品公司,做让全球消费者喜爱的产品。 （以上内容为金融界基于公开消息，由程序或算法智能生成，不作为投资建议或交易依据。） 本文源自：金融界 作者：港股君 ...

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7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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) 呈交日期: 2025年8月6日 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 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 206,319,319 | RMB | | 1 RMB | | 206,319,319 | | 2. 股份分類 ...

中金发表报告指，上美股份上半年业绩预告超预期，多品牌集团前景可期。公司预计上半年收入40.9亿 至41.1亿元，按年增16.8%至17.3%；净利润5.4亿至5.6亿元，按年增30.9%至35.8%；取区间中值计算， 对应上半年净利率13.4%。考虑到品牌势能持续释放、竞争优势不断增强，该行上调2025至2026年净利 润预测13%与13%，至11.3亿及13.9亿元，维持"跑赢行业"评级，上调目标价15%至98港元。 ...

上美股份(2145.HK)盘初一度涨超11%，报90.9港元，股价创出历史新高，市值突破360亿港元。该股年内累计最大涨幅达164%。 消息面上，上美股份昨晚发盈喜，预计2025年上半年营收40.9亿-41.1亿元，同比增长16.8%-17.3%；预计净利润5.4亿-5.6亿元，同比大幅增长 30.9%-35.8%，展现出强劲的盈利能力和持续增长态势。公告表明，上美股份营收及净利润增加或主要来自于主力品牌韩束全渠道、多品类的布局带来的 收入持续增长，及第二增长曲线newpage一页的收入同比大幅提升。 ...

Group 1 - Angelalign (06699) opened nearly 19% higher after a positive earnings forecast, driven by strategic price adjustments in its core Chinese business and continued growth in revenue outside China [1] - Songjing Technology (01079) resumed trading with an opening increase of over 40% [1] - Jingtai Holdings (02228) opened more than 9% higher after announcing a significant partnership with DoveTree, valued at approximately HKD 47 billion (USD 5.99 billion) for AI pharmaceutical development [1] Group 2 - Shunmei Co., Ltd. (02145) saw an early morning increase of over 5%, projecting a revenue of RMB 4.09 billion to RMB 4.11 billion for the first half of 2025, a year-on-year growth of 16.8%-17.3% [2] - Nine Dragons Paper (02689) rose over 10% following the successful commissioning of its PM56 production line, which can produce 250,000 tons of high-grade cultural paper annually [2] Group 3 - Giant Star Legend (06683) increased over 1% after announcing a collaboration with Jiushi Wen Chuan for a large-scale IP and cultural tourism project in Shanghai [3] - South Manganese Industry (01091) surged over 15%, expecting to turn a profit of at least HKD 150 million in the first half of 2025, compared to a loss of HKD 162.8 million in the same period of 2024 [3] Group 4 - China Shenhua (01088) rose over 3% after announcing plans to acquire significant assets from its controlling shareholder, which would enhance its coal production capacity by 74.5% [4] - Boya Interactive (00434) fell over 6% due to a profit warning, expecting a decrease of approximately 25%-35% in profit for the first half of 2025 compared to the same period in 2024 [4] Group 5 - Wuling Motors (00305) increased over 9% after announcing a projected net profit of approximately RMB 84 million for the first half of 2025, a significant increase from RMB 21.125 million in the same period of 2024 [5] Group 6 - Hims & Hers Health (HIMS.US) dropped 12.36% after reporting second-quarter sales of USD 545 million, below market expectations [6] - Palantir (PLTR.US) rose 7.85% after reporting second-quarter revenue of over USD 1 billion, a 48% year-on-year increase [6] Group 7 - Futu Holdings (FUTU.US) increased by 2.82% after UBS raised its target price, citing strong expected performance in the second quarter [7] - Daqo New Energy (DQ.US) rose 3.68% as market signals indicated positive changes in the photovoltaic polysilicon sector [7] Group 8 - Li Auto (LI.US) saw a slight increase in stock price after announcing adjustments to its electric vehicle model pricing [8] - Vertex Pharmaceuticals (VRTX.US) fell 20.60% after failing to meet key endpoints in a clinical trial [8] Group 9 - Chinese gaming stocks collectively rose, with Bilibili (BILI.US) up 2.07% following a report indicating a 14.08% year-on-year increase in the domestic gaming market [9] Group 10 - Taiwan Semiconductor Manufacturing Company (TSM.US) fell 2.70% amid reports of a potential technology leak involving its 2nm chip process [9] - Advanced Micro Devices (AMD.US) decreased by 1.40% despite reporting a 32% year-on-year revenue increase for the second quarter [10]

Core Viewpoint - The company has raised its profit forecast for 2025-2026 by 13% to 11.3 billion and 13.9 billion yuan, respectively, due to the continuous release of brand potential and enhanced competitive advantages [1] Group 1: Revenue Growth - The multi-category layout of the Han Shu brand and the sustained high growth of Newpage have driven rapid revenue growth in the first half of 2025, with expected revenue of 40.9-41.1 billion yuan, representing a year-on-year increase of 16.8%-17.3% [2] - Newpage's GMV on major platforms like Tmall, Douyin, and JD.com has increased by over 140% year-on-year in the first half of 2025, following a strategic upgrade to cover a full age range for skincare [2] Group 2: Profit Margin Improvement - The optimization of the channel structure and the increase in the proportion of high-profit brands have led to a profit margin improvement in the first half of 2025, with an expected net profit of 5.4-5.6 billion yuan, reflecting a year-on-year increase of 30.9%-35.8% [3] - The proportion of self-broadcasting and product card GMV on Douyin has increased, contributing to a profit margin improvement, with the overall profit margin expected to rise by 1.6 percentage points to 13.4% [3] Group 3: Brand Expansion Strategy - The company plans to continue expanding its brand matrix, having launched new brands in May and August, with further launches planned for the second half of 2025 [4] - The long-term strategy includes focusing on six major brands across skincare, hair care, and maternal and infant products, aiming for significant growth in the cosmetics sector over the next decade [4]

Core Viewpoint - Up Beauty Co., Ltd. (02145) experienced a significant stock increase of over 7%, reaching HKD 87.65, following the positive profit forecast for the first half of 2025 [1] Financial Performance - For the first half of 2025, Up Beauty expects revenue between RMB 4.09 billion and RMB 4.11 billion, representing a year-on-year growth of 16.8% to 17.3% [1] - The net profit is projected to be between RMB 540 million and RMB 560 million, showing a substantial year-on-year increase of 30.9% to 35.8% [1] Brand Performance - The revenue growth is primarily attributed to the main brand, Han Shu, which has a multi-channel and multi-category strategy [1] - The new growth curve from the brand "newpage" has also significantly contributed to the revenue increase [1] Market Position - Han Shu achieved a GMV of over RMB 3.63 billion in the Douyin channel from January to June, maintaining its position as the top seller in the beauty category on Douyin for 2023-2024 [1] - In the maternal and infant skincare sector, Up Beauty continues to solidify its industry-leading position through its dual-brand strategy with "newpage" and "Red Elephant" [1]

Core Viewpoint - The company is expected to see continued growth in brand strength and competitive advantages, leading to an upward revision of net profit forecasts for 2025-2026 by 13% to 1.13 billion and 1.39 billion yuan respectively, with a target price increase of 15% to 98 HKD, indicating a potential upside of 20% [1] Group 1 - The multi-channel and multi-category layout of the Han Shu brand, along with the sustained high growth of Newpage, is driving rapid revenue growth for the first half of 2025, with Han Shu's product lines diversifying and the contribution from men's skincare and makeup increasing to nearly 10% [2] - The optimization of channel structure and the increase in the proportion of high-margin brands are contributing to a better-than-expected profit margin for the first half of 2025, with the overall profit margin improving by 1.6 percentage points to 13.4% [3] Group 2 - The company is expected to continue expanding its brand matrix, with new brands launched in May and August, and plans to introduce additional brands in the second half of 2025, indicating a strong growth potential in the multi-brand and multi-category cosmetics sector [4]