【上美股份（2145.HK）】业绩表现超预期，多品牌集团稳步壮大、提质增长——2025中期业绩预告点评（姜浩/孙未未/朱洁宇）

Core Viewpoint - Company expects significant revenue and profit growth in the first half of 2025, driven by strong performance of its main brand and smaller brands [3][4]. Group 1: Financial Performance - Company forecasts revenue between 4.09 billion to 4.11 billion yuan, representing a year-on-year growth of 16.8% to 17.3% [3]. - Expected net profit is between 540 million to 560 million yuan, indicating a year-on-year increase of 30.9% to 35.8% [3]. Group 2: Brand Performance - The main brand, 韩束 (Hanshu), continues to see revenue growth, contributing significantly to overall performance [4]. - 韩束 brand maintained the top position in sales on the Douyin platform for beauty and skincare, with substantial growth across multiple e-commerce platforms: 46% on Tmall, 81% on JD, 40% on Vipshop, and 229% on Pinduoduo [4]. - The Newpage brand also showed impressive growth, with sales increasing by 106% on Tmall, 190% on Douyin, and 158% on JD [4]. Group 3: Market Position - 韩束 brand's dominance on Douyin is reinforced, maintaining its leading position in GMV for beauty products [5].