Core Viewpoint - The company is experiencing increased growth certainty, allowing for a valuation premium, driven by better-than-expected performance growth, particularly in its main brand, Han Shu, which has successfully identified new revenue sources and adjusted operational strategies [1][2]. Group 1: Company Performance - Han Shu achieved revenue of 3.34 billion yuan in the first half of 2025, representing a year-on-year growth of 14% [1]. - The company has shifted its operational strategy, reducing the proportion of live streaming sales, resulting in a decrease in sales expense ratio by 0.7 percentage points year-on-year in the first half of 2025 [1]. - The company has seen explosive revenue growth in 2023 and 2024, with year-on-year increases of 144% and 81%, respectively [2]. Group 2: Brand Strategy - The "All in" strategy on Douyin has allowed Han Shu to break through and achieve significant sales growth, leveraging historical experience and rapid decision-making by the founder [2]. - The company is adopting a "top-tier resources" approach to create new brands, ensuring they have attention and differentiation from the outset, as demonstrated by the successful new brand "newpage," which generated 400 million yuan in revenue in the first half of 2025, a year-on-year increase of 146% [3]. - The company is expanding its brand portfolio with multiple new brands across different categories, which is expected to further validate its operational capabilities and enhance long-term growth certainty [3]. Group 3: Financial Projections - The company has adjusted its profit forecasts, expecting net profits of 1.07 billion, 1.33 billion, and 1.59 billion yuan for 2025 to 2027, representing year-on-year growth rates of 37.2%, 24.0%, and 20.0%, respectively [3]. - The price-to-earnings ratio (PE) is projected to be 33, 26, and 22 times for 2025, 2026, and 2027, respectively, based on the closing price on October 17, 2025 [3].
上美股份(02145.HK)：数据为锚&运营驱动 向多品牌领先集团迈进