商贸零售行业点评：上美股份：大众品牌空间广阔，小店送礼刺激增长

Investment Rating - The industry investment rating for the report is "Outperform the Market" [9][15]. Core Viewpoints - The report highlights that the main brand, Han Shu, has established a comprehensive product matrix and is experiencing significant growth, particularly in the anti-aging and men's skincare segments. The brand's performance on platforms like Douyin and Tmall is strong, with Han Shu achieving a GMV of 33.4 billion in Douyin in 2023, a year-on-year increase of 374% [15][21]. - The report suggests that the growth potential for the main brand remains robust, with a broad consumer base and a multi-category development strategy that positions it similarly to L'Oréal in China. The introduction of new products and a focus on high cost-performance ratios are expected to enhance profitability [15][17]. - The report emphasizes the importance of online channels, which have shown substantial growth, with online revenue reaching 31.72 billion in 2024H1, a year-on-year increase of 145.62% [25]. Summary by Sections Brand Performance - Han Shu's revenue for 2024H1 reached 2.927 billion, reflecting a year-on-year growth of 184.68%. In contrast, the brand "One Leaf" saw a decline of 38.56% in revenue during the same period, while "Red Elephant" experienced a smaller decline of 7.93% [17][18]. Product Matrix and Innovation - Han Shu has developed a product matrix that includes various skincare products targeting different consumer needs, such as anti-aging, moisturizing, and whitening. The introduction of new series like the X Peptide series and the "Revitalizing Water" is expected to enhance the product lineup [2][15]. Market Trends and Consumer Behavior - The report notes that the skincare market has significant growth potential, with the Douyin platform's GMV growth rate at 75.6% in 2023, surpassing the overall industry growth rate. The introduction of new gifting features on WeChat is anticipated to further boost sales, particularly for brands with strong gifting attributes like those under the company [15][21]. Multi-Brand Strategy - The company has a multi-brand strategy that includes brands like "Red Elephant" and "One Leaf," which are positioned in different market segments. The report indicates that these sub-brands have the potential to become hidden champions in their respective niches, particularly in the mother and baby care and high-end hair care markets [15][24].