彩妆合伙人离职、主品牌陷成分风波，上美股份的“新故事”怎么讲

Core Insights - The departure of Gu Mai, a key figure in the makeup business of Shangmei Co., raises concerns about the future development of the NAN beauty brand, despite the company's assurance that operations remain stable [1][2][3] - The NAN beauty brand represents Shangmei's strategic expansion from skincare to makeup, and Gu Mai's management experience was seen as crucial for its growth [2][4] - Concurrently, the main brand, Han Shu, is facing issues related to product safety, which may impact overall brand reputation and financial performance [5][6][7] Group 1: Departure of Gu Mai - Gu Mai's departure is attributed to personal career development, and he will continue to collaborate with the company in other forms [1] - Gu Mai has extensive experience in the beauty industry, having held significant positions at major companies like LVMH and Alibaba [1] - The impact of Gu Mai's exit on NAN beauty's future remains uncertain, although the company claims that the brand's operations are normal and stable [2][3] Group 2: Challenges Facing Han Shu - Han Shu's official live streaming channel on Douyin has been inactive since January 5, raising concerns about the brand's market presence [5][6] - The brand is under scrutiny due to allegations of illegal ingredient additions in its products, which could damage consumer trust and sales [6][7] - Han Shu contributes significantly to Shangmei's revenue, accounting for 81.4% of total revenue in the first half of 2025, with reported earnings of 33.44 billion yuan [6][9] Group 3: Strategic Implications - The recent challenges, including Gu Mai's departure and Han Shu's product issues, pose risks to Shangmei's ten-year strategic plan aimed at achieving 30 billion yuan in revenue by 2030 [8][10] - The company has shown strong financial growth in recent years, but the current situation may hinder its transition from a single-brand reliance to a multi-brand strategy [10][11] - Analysts suggest that acquiring a well-established makeup brand could better align with Shangmei's current development model [11]