韩束被央视曝光“非法添加”！多名消费者要求退货退款

Core Viewpoint - The crisis surrounding Up Beauty Co., Ltd. continues to escalate, with significant stock price fluctuations and allegations of illegal additives in its products, particularly affecting its core brand, Han Shu [1][2][10]. Stock Performance - On December 30, Up Beauty's stock fell by 2.5%, closing at HKD 72.2, marking a total decline of over 15% over two days [1]. - The stock experienced a sharp drop on December 29, reaching a low of HKD 57, a decline of over 33% during the trading session [1]. Product Controversy - Han Shu's products were found to contain epidermal growth factor (EGF), which is not permitted in cosmetics due to safety concerns [2]. - Following the allegations, Han Shu removed the affected products from e-commerce platforms and issued a statement denying the presence of EGF in its products [2][4]. Consumer Reaction - Consumers have expressed distrust and demanded refunds, citing concerns over the safety of the products after the illegal additive allegations [4]. - Previous incidents of illegal additives in Han Shu products have raised further doubts about the brand's integrity [9]. Financial Performance - In the first half of 2025, Han Shu contributed approximately 81.4% of Up Beauty's revenue, amounting to CNY 3.344 billion, a 14.3% increase year-on-year [10]. - The company's online self-operated channel revenue reached CNY 3.421 billion, a 24.6% increase, with its share of total revenue rising from 78.4% to 83.3% [10]. Marketing Strategy - Up Beauty has heavily invested in marketing, particularly through collaborations with influencers and short dramas, leading to a significant increase in revenue [10][11]. - However, this strategy has resulted in rising marketing expenses, with the sales expense ratio increasing from 47.01% in 2022 to 56.88% in the first half of 2025, while R&D spending has decreased [11]. Strategic Shift - The company is shifting its strategic focus towards other brands, aiming for a pre-tax sales target of CNY 4.36 billion for 2026, with specific targets for brands like NEW PAGE and Anminyou [12][13]. - Concerns remain regarding the feasibility of these targets, given the current revenue performance of these brands [13].