Core Viewpoint - The company reported strong financial performance in H1 2025, with revenue of 4.108 billion yuan, a year-on-year increase of 17.3%, and a net profit of 556 million yuan, up 34.7% [1][2]. Group 1: Financial Performance - Revenue breakdown by brand shows that Han Shu generated 3.344 billion yuan, accounting for 81.4% of total revenue, with a year-on-year growth of 14.3% [1]. - Newpage achieved revenue of 397 million yuan, a significant increase of 146.5%, representing 9.6% of total revenue, driven by strong sales of its star products [1]. - One Leaf reported revenue of 89 million yuan, a decline of 29.0%, making up 2.2% of total revenue due to transformation adjustments [1]. - Red Little Elephant generated 159 million yuan, down 8.7%, accounting for 3.9% of total revenue, with a narrowing decline as brand strength improves [1]. Group 2: Strategic Initiatives - The company is implementing a "Six Six Strategy" focusing on six major sectors: mass skincare, maternal & child care, personal care, color cosmetics, functional skincare, and high-end skincare, aiming for sustainable development [2]. - The company’s gross margin decreased by 1.0 percentage points to 75.5%, while the net profit margin increased by 1.7 percentage points to 13.5%, indicating improved profitability [2]. - Sales expense ratio decreased by 0.7 percentage points to 56.9%, reflecting the release of scale effects [2]. Group 3: Future Outlook - The company forecasts net profits of 1.02 billion yuan, 1.28 billion yuan, and 1.55 billion yuan for 2025-2027, with year-on-year growth rates of 31.1%, 25.3%, and 20.9% respectively [2]. - The strong performance of the main brand Han Shu on Douyin has established significant brand momentum, with potential for other brands to replicate this success [2].
上美股份(02145.HK)：25H1业绩表现亮眼 多品牌稳步协同发展