Core Insights - Shanghai Shangmei Cosmetics Co., Ltd. reported a revenue of 67.93 billion yuan for 2024, marking a significant year-on-year increase of 62.1% [1] - The net profit reached 803 million yuan, reflecting a substantial growth of 74% compared to the previous year [1] - The gross profit margin improved by 3.1 percentage points to 75.2% [1] Financial Performance - Sales expenses surged by 76.2% to 3.947 billion yuan, accounting for 58.1% of total revenue [4] - Research and development investment amounted to 180 million yuan, a year-on-year increase of 43%, but the proportion decreased from 3% to 2.6% [4] - Operating cash flow net amount was 5.47 billion yuan, showing a decline of 26.7% year-on-year [4] Brand Performance - The Han Shu brand generated revenue of 5.591 billion yuan, an impressive increase of 80.9%, contributing 82.3% to total revenue [4] - The Newpage brand achieved revenue of 376 million yuan, a remarkable rise of 146.3%, surpassing the One Leaf brand to become the second business pillar [4] - One Leaf brand revenue decreased by 35.7% to 229 million yuan, indicating a need for rejuvenation [4] New Initiatives - The company is preparing to launch a high-end anti-aging brand TAZUIP in collaboration with the mother and baby brand Anpanman [4] - In 2024, the company is also expanding into new fields such as medical beauty and equipment [4] - The self-developed ingredient "Cyclohexapeptide-9" used in the Hongman Waist series received three invention patents, with 76 new patent applications filed in 2024, including 36 inventions [4] Sales Channels - The company heavily relies on online sales channels, with online sales accounting for 90.5% of total sales [5] - Self-operated e-commerce sales grew by 82.6% to 5.312 billion yuan [5] - Offline distribution saw a year-on-year increase of 63.9%, while retail channels experienced a decline of 15.2% [5]
上美股份2024年狂飙：砸39亿元营销费推高营收 研发投入占比反缩至2.6%