Company Overview - Shangmei Co., Ltd. is a multi-brand cosmetics group established in 2004, listed on the Hong Kong Stock Exchange in 2022, covering skincare, maternal and infant care, personal care, and makeup products [2] - The main brand, Han Shu, launched in 2003, is the second largest domestic beauty brand by GMV in online channels for 2024 and has the highest growth rate among leading beauty brands [2] - The company has capitalized on the growth of the Douyin platform, achieving rapid revenue growth with a compound annual growth rate (CAGR) of 59.3% in revenue and 130.5% in net profit from 2022 to 2024 [2] Industry Analysis - The Chinese cosmetics industry has shown fluctuating growth since 2020, with a projected market size of 537.2 billion yuan in 2024, reflecting a 2.0% year-on-year decline [3] - Mass-market positioning is outperforming high-end positioning, indicating a consumer preference for cost-effectiveness [3] - Subcategories such as makeup and infant care are performing better than the overall cosmetics industry [3] - Domestic brands are leveraging online channels to gain market share, with Douyin emerging as a significant player, where Han Shu ranked first in GMV for beauty products in 2023 [3] Brand Growth Strategies - Han Shu focuses on mass-market positioning and scientific anti-aging, targeting a broad user base and enhancing profitability through new product launches and channel diversification [4] - The brand "Yi Ye" is capitalizing on the children's care market with triple-digit growth for two consecutive years, supported by endorsements from well-known actors and parenting experts [4] - Other potential brands include a hair care brand targeting hair loss and a makeup brand in collaboration with makeup artists, indicating a strategy to build multiple growth curves [4]
【上美股份（2145.HK）】百尺竿头更进一步，从单品牌单平台向多品牌全渠道集团化蜕变——投资价值分析报告（姜浩/孙未未等）
光大证券研究·2025-06-03 09:09