彩妆品牌合伙人离职、超八成收入来自韩束 上美股份如何解决结构难题？

Core Viewpoint - The recent departure of Gu Mai, a partner of NAN beauty under Shangmei Co., has raised concerns about the company's reliance on a single brand and its overall business strategy in the beauty industry [1][2]. Group 1: Company Overview - Shangmei Co. has a diverse portfolio of brands, including skincare and maternal and infant products, but over 80% of its revenue still comes from the Han Shu brand [1][4]. - As of the first half of 2025, Han Shu generated revenue of 33.44 billion yuan, accounting for 81.4% of the total revenue, with a year-on-year increase of 14.3% [4][6]. - Other brands under Shangmei, such as newpage, Yiyezi, and Hongse Xiaoxiang, contributed significantly less, with revenues of 3.97 billion yuan, 0.89 billion yuan, and 1.59 billion yuan, respectively [4]. Group 2: Market Position and Challenges - The company has a strong presence on Douyin, with over 90% of its revenue coming from online channels, primarily from Douyin, indicating a high sensitivity to platform traffic [1][5]. - The departure of Gu Mai, who had expertise in the Tmall channel, highlights a gap in Shangmei's strategy, as the brand has struggled to gain traction on Tmall despite its strong performance on Douyin [2][5]. - The brand NAN beauty, launched in September 2025, has not shown significant growth in its follower count on platforms like Xiaohongshu, indicating challenges in brand performance [2]. Group 3: Financial and Operational Insights - Shangmei's marketing expenses remain high, with sales and distribution costs accounting for 56.9% of total revenue in the first half of 2025, although this is a slight decrease from 57.6% in the previous year [6]. - The company has been exploring new growth avenues, but the success of these initiatives remains uncertain [7]. - The recent controversy surrounding Han Shu's products, which were found to contain questionable ingredients, has negatively impacted the company's stock price, which fell from 85.3 HKD to 57 HKD before recovering slightly to 73.95 HKD [6].