Company Dynamics - The main brand, Han Shu, is successfully expanding its product categories and continuously broadening its audience coverage, with Q3 showing further growth in various categories [1] - The company has seen a decrease in the proportion of its main product series on Douyin to over 60%, while the share of secondary products has increased to approximately 15%, and men's, color makeup, and body care products now account for nearly 10% [1] - In August, the monthly GMV for secondary products on Douyin surpassed 200 million yuan, representing 25% of total sales, with body care and men's products exceeding 10% of total sales [1] Brand Performance - Multiple small brand models are showing promising growth, with online GMV doubling in July and August [2] - The Anminyou brand has significantly accelerated since mid-year, with Douyin GMV reaching about 20 million yuan in August [2] - The Jifang brand has also seen monthly growth since its promotion began in May, with Douyin GMV nearing 20 million yuan in August [2] - The Juguangbai brand achieved over 50 million yuan in Douyin GMV in its first month of collaboration with top KOLs and is already profitable [2] - New products from NanBeauty and the launch of the children's cream from the Bread Superhero brand are also contributing to growth [2] Organizational Support - The company emphasizes organizational drive and talent support, with a performance-oriented and flexible organizational structure that allows brand divisions high decision-making autonomy [2] - Continuous recruitment of top talent and effective incentive mechanisms are establishing a replicable brand incubation system, supporting the expansion into a multi-brand and multi-category platform [2] - The company is actively pursuing overseas expansion, with supply chain development and team building in Southeast Asia progressing steadily [2] Profit Forecast and Valuation - The profit forecast for 2025-2026 is maintained, with the current stock price corresponding to a P/E ratio of 31x for 2025 and 25x for 2026 [2] - The target price has been raised by 5% to 111 yuan, reflecting a P/E of 36x for 2025 and 29x for 2026, indicating a potential upside of 14% [2]
上美股份(02145.HK)：主品牌品类拓展顺利 多品牌逻辑逐步兑现