Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company has shown impressive performance in H1 2025, with revenue reaching 4.108 billion RMB, a year-on-year increase of 17.3%, and a net profit of 556 million RMB, up 34.7% year-on-year [8] - The multi-brand strategy is effectively driving revenue growth, with the main brand, 韩束 (Han Shu), generating 3.344 billion RMB in revenue, a 14.3% increase, and maintaining a leading position in online beauty sales [8] - The company is implementing a "Six Six Strategy" to focus on six major segments, aiming for sustainable development and expanding its business boundaries [8] - The net profit margin has improved, with a net profit margin of 13.5% in H1 2025, an increase of 1.7 percentage points year-on-year [8] - Future earnings forecasts indicate a strong growth trajectory, with expected net profits of 1.024 billion RMB in 2025, representing a 31.1% year-on-year increase [9] Financial Summary - Revenue projections for 2025 are estimated at 8.679 billion RMB, with a growth rate of 27.8% [7] - The company’s gross margin is projected to be 76.8% in 2025, reflecting a slight increase from previous years [9] - The return on equity (ROE) is expected to be 31.8% in 2025, indicating strong profitability [7]
上美股份（02145）：25H1业绩表现亮眼，多品牌稳步协同发展