年内涨幅150%背后，上美股份(02145.HK)打开了新的价值叙事

Core Viewpoint - Up Beauty Co., Ltd. has achieved a year-to-date increase of over 150%, significantly outperforming its peers in the Hong Kong "new consumption" sector, indicating strong market confidence in the company's multi-brand and multi-category growth strategy [1][2]. Group 1: Multi-Brand Development - Up Beauty has successfully transitioned from a "single brand dependency" to a "multi-brand co-development" model, with its second-tier brands gaining momentum and contributing to overall growth [2]. - Han Shu, the leading brand, reported a revenue of 3.344 billion yuan in the first half of the year, marking a 14.3% year-on-year increase, and dominated multiple beauty rankings during the Double 11 shopping festival [2]. Group 2: Strong Performance of New Brands - The brand "Yi Ye" has emerged as a core growth driver, achieving a revenue of 397 million yuan in the first half of the year, a substantial increase of 146.5%, and a 145% year-on-year growth during Double 11 [3]. - Yi Ye's repurchase rate exceeds 50%, indicating strong customer loyalty and market presence, supported by successful product launches like the Baby Comfort Cream [3]. Group 3: Breakthroughs in New Brands - New brands such as An Min You and Ji Fang have shown remarkable growth, with An Min You's GMV reaching approximately 20 million yuan in August and a 208% year-on-year increase during Double 11 [4]. - Ji Fang's sales also surged, achieving a 302% increase in total sales during Double 11 compared to the previous month [5]. Group 4: Multi-Category Expansion - Up Beauty is strategically expanding into multiple categories, capturing diverse consumer demands and enhancing growth potential [6]. - Han Shu has made significant inroads into various segments, including men's skincare and high-end hair care, with sales exceeding 100 million yuan in ten subcategories [6]. Group 5: Multi-Channel Growth - The company has successfully diversified its sales channels, breaking previous concerns about reliance on a single platform, with strong performances across platforms like Douyin, Tmall, and JD during Double 11 [9][10]. - Han Shu achieved top rankings across multiple platforms, while other brands also experienced balanced growth, indicating a robust multi-channel strategy [9][10]. Group 6: Strengthening R&D Capabilities - Up Beauty is enhancing its core R&D capabilities by integrating top-tier scientific resources, including the appointment of Dr. Karl Lintner as Chief Scientific Advisor [11][12]. - The establishment of a joint laboratory with China Pharmaceutical University aims to accelerate the translation of research into market-ready products, enhancing the company's competitive edge in skincare innovation [13].