Core Insights - The company reported a 30.7% increase in net profit attributable to shareholders for H1 2025, reaching 524 million yuan, with total revenue of 4.108 billion yuan, reflecting a 16.0% year-on-year growth, aligning with market expectations [1][2] Revenue Breakdown - The main brand, Han Shu, generated revenue of 3.344 billion yuan, up 14.3%, maintaining its leading position in the beauty market, particularly on Douyin [2] - The emerging brand, Newpage, saw significant growth with revenue of 397 million yuan, a 146.5% increase, ranking second in the Tmall baby skincare category during the 618 shopping festival [2] - Other brands, such as Hongse Xiaoxiang and Yiyezi, reported revenues of 159 million yuan (down 8.7%) and 89 million yuan (down 29.0%), respectively [2] Channel Performance - Online and offline revenue reached 3.809 billion yuan (up 20.1%) and 269 million yuan (down 10.6%), respectively, indicating improved online self-operated capabilities [2] Profitability Metrics - The company's gross margin for H1 2025 was 75.5%, a slight decrease of 1.0 percentage points, while the expense ratios for sales, management, and R&D were 56.9%, 3.6%, and 2.5%, showing minor year-on-year changes [2] Strategic Developments - The company is focusing on a "focus + fission" strategy with six major business units (BUs) collaborating for growth, while Newpage has completed its product range for all age groups [2] - New products, including the X Peptide series and various skincare items, have shown rapid sales growth, contributing to secondary growth [2] - The company plans to launch new brands, including a baby care brand and a high-end anti-aging line, expanding its product portfolio [2]
上美股份(02145.HK)：2025H1业绩亮眼 多品牌协同打开成长空间