商贸零售行业跟踪周报：韩束大众护肤龙头地位稳固，上美多品牌战略接力成长-20250908

Investment Rating - The report maintains an "Accumulate" rating for the industry [1] Core Insights - The report highlights that the leading position of Han Shu in the mass skincare market remains solid, while Shangmei's multi-brand strategy is set to drive growth [4][9] - Shangmei Co., Ltd. is recognized as a leading multi-brand cosmetics company in China, focusing on skincare, maternal and infant care, and hair care products [4][9] - The company has successfully built a brand matrix that covers various consumer needs, from mass to high-end price ranges, with notable brands like Han Shu and Newpage [4][9] Summary by Sections Industry Trends - During the week from September 1 to September 7, the Shenwan retail index decreased by 0.59%, while the overall market indices showed mixed results [4][27] - Han Shu's revenue reached 3.34 billion yuan in the first half of 2025, marking a year-on-year growth of 14.3% [13][4] Brand Development - Han Shu has undergone a significant transformation over its 20-year journey, evolving from offline sales to a strong online presence, particularly on platforms like Douyin [10][12] - The brand has maintained its position as the top beauty brand on Douyin for over 23 months, indicating robust market performance [4][12] - The company has introduced several new brands, including Newpage, which focuses on sensitive skin care for infants and has seen a revenue increase of 146.5% in the first half of 2025 [17][4] Future Growth Potential - Shangmei's multi-brand strategy is expected to continue driving growth, with plans for new product launches in the cosmetics sector, including the NAN beauty brand targeting the mid-to-high-end market [25][4] - The upcoming Double Eleven shopping festival is anticipated to be a critical period for assessing brand momentum and forecasting performance [4][4] Market Performance - The report notes that the retail sector has shown a year-to-date increase of 6.15% in the Shenwan retail index, indicating a positive trend despite recent fluctuations [27][31] - The report includes a valuation table for various companies within the industry, highlighting their market capitalization and projected earnings [33]