Core Viewpoint - Shanghai Shangmei Cosmetics Co., Ltd. (02145) has released a positive profit forecast for the first half of 2025, indicating strong revenue and net profit growth driven by its main brand Han Shu and the second growth curve brand New Page [1][2][4] Group 1: Financial Performance - For the first half of 2025, the company expects revenue to be 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 reach between RMB 540 million and RMB 560 million, showing a significant year-on-year increase of 30.9% to 35.8% [1] Group 2: Brand Strategy - The company is advancing a "single focus, multi-brand, globalization" strategy, creating a multi-brand matrix that includes the main brand Han Shu and the second curve brand New Page, achieving comprehensive layout across multiple categories and price ranges [2][12] - Han Shu has achieved a breakthrough in all-channel growth, with GMV on Douyin exceeding RMB 3.63 billion in the first half of 2025, maintaining its position as the top beauty brand on the platform [4][12] Group 3: Product Innovation - The Han Shu brand has successfully launched popular products, such as the Hong Man Yao series, which sold over 14 million sets, and the Bai Man Yao series, which continues to grow in the whitening market [4][9] - New Page has shown strong growth since its launch in 2022, with a strategic upgrade targeting "effective skincare for all ages" and achieving a sales increase of 106% during the 618 shopping festival [6][12] Group 4: Competitive Advantage - The An Min You brand targets the sensitive skin segment, utilizing innovative ingredients like Qinghao Oil AN+ to provide gentle solutions, enhancing the company's competitive edge in professional skincare [9][12] - The company has established a complete innovation matrix in the hair care sector, focusing on functional hair care and scalp anti-aging products, driven by consumer demand [9][12] Group 5: Future Outlook - The company aims to achieve a strategic goal of RMB 30 billion by 2030, leveraging clear strategic planning and ongoing research investment to transition from following international brands to leading industry development [19]
上美股份盈喜：预计2025年上半年净利润约5.4亿至5.6亿元 涨幅30.9%-35.8%