Core Viewpoint - The company reported strong performance for H1 2025, with revenue of 4.11 billion yuan, a year-on-year increase of 17.3%, and a net profit of 560 million yuan, up 34.7% year-on-year, falling within the upper range of previous forecasts [1][2]. Revenue Breakdown - The multi-brand matrix continues to grow, with online revenue increasing by 20.1% year-on-year in H1 2025. By brand, revenue for 韩束, Newpage 一页, 红色小象, 一叶子, and other brands were 3.34 billion, 400 million, 160 million, 90 million, and 120 million yuan respectively, with year-on-year changes of +14.3%, +146.5%, -8.7%, -29.0%, and +2.9% [1]. - By channel, online and offline revenues were 3.81 billion and 270 million yuan respectively, with year-on-year changes of +20.1% and -10.6% [1]. - By segment, skincare, maternal and infant care, and other categories generated revenues of 3.42 billion, 560 million, and 130 million yuan respectively, with year-on-year changes of +10.2%, +65.0%, and +124.3% [1]. Profitability Metrics - The net profit margin increased by 1.7 percentage points year-on-year to 13.5%. The gross margin for H1 2025 was 75.5%, down 1 percentage point year-on-year, while the expense ratio was 63.2%, up 0.03 percentage points [2]. Brand Performance - The main brand 韩束 showed steady growth, maintaining the top position in beauty brands on Douyin, with GMV growth of +15.5% on Douyin and +26.1% on Tmall. Star products like 红蛮腰 sold over 15 million units, and the X 肽 series generated over 200 million yuan in sales [2]. - The Newpage 一页 brand rapidly expanded, targeting skincare products for ages 0-18, with significant sales during the 618 shopping festival, achieving GMV growth of +190% on Douyin and +106% on Tmall [2]. Brand Portfolio Expansion - The company has a robust pipeline of brands across multiple segments, including a sensitive skin care brand in collaboration with 昆药集团, a high-end skincare brand 聚光白, and a high-end anti-aging brand TAZU. Additionally, it is preparing to launch IP co-branded products in maternal and infant care and new hair care and makeup brands [3]. Profit Forecast and Investment Rating - The company is expected to achieve net profits of 1.11 billion, 1.41 billion, and 1.76 billion yuan for 2025-2027, representing year-on-year growth of 42.3%, 26.5%, and 24.8% respectively. The latest closing price corresponds to PE ratios of 30, 24, and 19 times for the respective years, maintaining a "buy" rating [3].
上美股份(02145.HK)：25H1净利润同比+34.7% 多品牌矩阵贡献增量